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Information provided on this page is informational only. Nothing posted here should be considered investment advice. Please review your financial situation with a qualified financial professional before taking action. For more information please see our disclosure.

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Generosity: Making Tax-Efficient Gifts to Charity

Many people like to donate to charity. Often, people will write checks or make an online donation to a variety of charities throughout the year. Since most people now take the standard deduction instead of itemizing their deductions on their tax return, they usually don’t get the maximum bang for their buck by donating in this fashion.

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What Can I Do with a 529 Plan if My Child Doesn’t Need It?

During this back-to-school season, parents are covering their children’s education expenses by dipping into the accumulated balances in their 529 plans. These parents who saved for their children’s education costs are benefiting from the tax-free compounding that 529 plans provide. Even with the high cost of education, some parents may find that they have excess savings in the 529 plans they have set up for their children. Over-saving, unexpected scholarships, children deciding not to attend college, and the total cost of education being lower than expected are all reasons why this might happen.

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Will Your Federal Student Loan Be Forgiven?

Federal student loan borrowers have been afforded some relief during the pandemic, starting in March 2020 when all federal loans went into automatic forbearance. This relief is coming to an end on January 31, 2022, but questions remain about whether the Biden Administration or Congress will follow through with proposals made to forgive $10,000 or more of the federal student loans of all borrowers of that amount. In the meantime, the Department of Education has been working on other initiatives to make already existing student loan forgiveness programs easier to take advantage of.

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Honey, They Shrunk the Package Size – What Shrinkflation Is and How It’s Plaguing Grocery Store Shelves

Does it feel like what you are getting at the grocery store isn’t going as far as it used to? When you buy a bag of chips, do you have the sneaking suspicion that it’s filled more and more with air, and less and less with the crunchy goodness we desire? If you’ve had the hunch that your money isn’t going as far as it used to, you wouldn’t be wrong. If you’re someone with kids, you may wish that you could reduce the size of your children like they did in the ’80s cult classic Honey I Shrunk the Kids, if only to reduce the amount of your food bill.

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Creating a Savings Habit for your Kids with a Roth IRA

Arguably, one of the greatest financial lessons a parent can teach their child is how to delay gratification today for a more important goal in the future. This may be something that goes against evolution itself. That is why it is even more critical to instill this habit as early as possible. One way of doing so is encouraging your child to save in a Roth IRA. By starting your child on the path to saving at an early age, it may be possible to create the foundation to a successful retirement and overall financial wellbeing. The key to doing so lies with three key concepts: the Roth IRA, compound interest, and consistent contributions over time.

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Second Marriage Estate Planning - How Do I Protect My Spouse Without Disinheriting My Kids?

Second marriages can be complicated, especially if you have children from your first marriage. You want to protect your current spouse, but also want to make sure your children inherit assets at some point. If you leave everything to your current spouse, there is the possibility that they can change their beneficiaries to someone other than your children in the future, leaving your children without an inheritance. Below, we will discuss two ways to pass on your assets in a second marriage situation.

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The Estate Tax May Apply to You in 2022 and Beyond

Many people aren’t aware of what an estate tax is. Most of us are familiar with other forms of taxes. Estate taxes are taxes levied at your death. United States citizens currently receive a lifetime exemption from estate taxes that is high - $11.7M in 2021. – While that may seem like a lot, estate taxes are levied on any assets a person owned or controlled at death, including small businesses, life insurance proceeds, their house, cash and investments, 401(k), other retirement accounts…etc. There are deductions for debt, final expenses such as a funeral, and certain charitable bequests or other giving.

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End of the Line for Surprise Medical Bills and Balance Billing

On July 1st, 2021 the U.S. Department of Health & Human Services announced the first set of rules implementing the No Surprises Act which was signed into law in December of 2020. These rules are designed to stop so called surprise medical bills and balance billing which affect millions of Americans every year.

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Contemplating Your Compensation – What to Consider When Receiving Company Stock as a Part of Your Compensation Package

When many people consider the compensation package for an employer, they primarily look at the base pay and possible bonus potential. Beyond that, other fringe benefits such as health insurance, company paid life insurance, a 401(k) match, or other perks (like being able to work from home) may come into the equation. However, for many people who work for publicly traded companies, a portion (often significant) of their total compensation will come in some form of company stock awards. How do you quantify this part of your pay, and its risks, when evaluating your entire compensation package? Here are some things to consider when company stock is a portion of your total pay.

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Robinhood’s IPO Access Platform: Gold Mine or Financial Black Hole?

It was inevitable to hear the terms Robinhood and IPO in the same sentence. Robinhood, the investing app, has had its name all over the place in recent years. And with the company still privately held, Robinhood and IPO seemed destined to touch the headlines of financial newspapers. What may not have been foreseen was that Robinhood would not only be going through an IPO itself but would be offering its customers the opportunity to invest in other IPO offerings.

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The Inflation of Everything

If you need to buy a house or a car in this market of rapidly rising prices, what do you do? Interest rates are low, inflation is high, every month that goes by the cost of what you want to buy increases. The amount home prices, and car prices, have grown over the past year is not the point (it’s a lot), but understanding the reason behind it can help you decide what the best path is for you.

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