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AUTHORS: Jennifer Climo Jean Fullerton Jonathan Harrington Nick Prigitano Jenna-Rose Finnie Kyle Labelle

Holiday Shopping in 2021 — Supply Chain Troubles, and Why You Should Be Getting Your Gifts Now!

October 15, 2021 Families Nick Prigitano

Although the leaves have just turned and started to fall and the first snow of the season has yet to arrive, economic experts can already hear the Christmas bells in the distance. Last year, we wrote a post about the holiday shopping season starting earlier, and it appears that 2021 will be much of the same, if at least partially for different reasons. If you haven’t started thinking about getting gifts for the holiday season, although it’s only October, now is probably a good time to start. There are significant supply chain issues that are already impacting retailers, and those who start their shopping earlier are likely to come out ahead this year. Here’s what you should know about the holiday shopping season and the headwinds facing retailers in 2021.

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

September 3, 2021 College Families Student Loans Jenna-Rose Finnie

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.

Will Your Federal Student Loan Be Forgiven?

August 26, 2021 College Working Professionals Families Student Loans Jonathan Harrington

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.

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

August 20, 2021 Families Cash Management Nick Prigitano

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.

Creating a Savings Habit for your Kids with a Roth IRA

August 17, 2021 Families Cash Management Kyle Labelle

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.

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

August 6, 2021 Families Estate Planning Jennifer Climo

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.

Live in NH but Work in MA? What to Know About Your State Tax Returns

July 8, 2021 Taxes Working Professionals Families

When it comes to financial planning, taxes are always a top concern. They can become even more tricky when someone lives in one state but works in another. Do you need to file a state return? What income gets reported where? If you're one of the many who live in NH but work in MA, make sure to report your income correctly so you're not overpaying this year.

9 Ways to Protect Your Money and Accounts from Hackers

May 24, 2021 Retirement Working Professionals Families Small Business Jennifer Climo

From fraudulent transactions to identity theft, securing online accounts is a hot topic in financial planning discussions in today’s cyber-connected world. There are some things you can do to protect yourself. Just like locking your doors and installing a security alarm and security cameras can protect your physical assets, there are similar approaches that can protect your online accounts.

Making Kids a Little Less Expensive - Big Changes to the Child Tax Credit in 2021

April 29, 2021 Taxes Families

Kids aren't cheap. Between providing for their food, clothes, childcare, activities, toys, possibly college, and countless other things, the financial cost of raising children can be quite high. However, most parents will admit that the joys and wonders of having children far outweigh the financial costs (at least until their adolescent years). Luckily for those who have qualifying children, many will receive an expanded tax benefit in the form of a tax credit from the recently passed American Rescue Plan. This credit is in addition to the enhancements of the Child and Dependent Care Tax Credit that was discussed in a previous blog. Here's what you should know about the Child Tax Credit, and what expanded benefits may apply to you.

Big Changes to the Child and Dependent Care Tax Credits & FSAs in 2021

March 22, 2021 Taxes Families

The American Recovery Plan Act (ARPA) has temporarily expanded two key provisions of the tax code that affect families with children 18 or under along with other types of dependents. Not that anything in the tax code is simple, but the new Child Tax Credit and Child & Dependent Care Tax Credit have now become super complicated to understand for 2021. For now, these rules only apply to 2021 and then revert to the old rules in 2022 (pending permanent changes in future tax legislation). In this week’s blog we are going to look at the Child and Dependent Care Tax Credit. We will analyze the Child tax Credit in a future blog.

Don't File Your 2020 Tax Return Yet! - More Tax Law Changes Coming From The American Rescue Plan Act (ARP)

March 12, 2021 Taxes Working Professionals Families

Just this week, both the House and Senate passed new legislation called the American Rescue Plan Act of 2021, or ARP for short, and was signed by the President. Within this bill, there are significant changes to the tax code that will apply to 2021 and beyond. In this post we will review the changes that apply to 2020 returns. In this instance, maybe the early bird does not get the worm, and if you have not filed your return yet it may make sense to hold off until some of these changes are implemented or you may need to amend your taxes later. Here's what you should know about the new tax law and how it may impact your 2020 taxes.

Financial Planning for your 50s - What to Consider

February 19, 2021 Fiduciary Retirement Working Professionals Families Insurance Estate Planning

The financial planning considerations when entering your 50s can be quite extensive. Between retirement rapidly approaching, life changes, and estate planning issues, there's a lot on the to-do list! For many, this is their last full decade before retirement. It is one of the last chances to save, plan, and make sure you are on track to meeting your long-term financial planning goals. While there are many topics to review, some of the big ones are: - Overall retirement planning considerations - Big life changes - Reviewing your insurance - Updating and reviewing your estate plan