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

What to Know About the Healthcare Exchange Open Enrollment and Tax Credit for 2021

November 5, 2021 Insurance Nick Prigitano

Health insurance open enrollment comes around the same time every year. Last week, we wrote a post about open enrollment for those people who are already on or who are going to soon be on Medicare. This week we’re going to review open enrollment for the health insurance exchanges. Having adequate health insurance is a foundational part of any complete financial plan. Many people are offered health insurance coverage through their employer or, if they are old enough, from Medicare. It gets a little more complicated for self-employed people or for those who are currently out of a job.

Medicare and Me? Making the Most of Open Enrollment

October 29, 2021 Insurance Jonathan Harrington

The annual open enrollment period for Medicare started on October 15 and goes until December 7. It is the one time every year that Medicare beneficiaries have an opportunity to modify their Medicare coverage. During the open enrollment period, you can switch or add a Medicare Advantage plan, switch or add a Part D prescription drug plan and, in some states, like Massachusetts, switch or add a Medigap plan. Any changes that you make take effect on January 1 of next year. We’ll try and cover the basics to give you a general understanding of Medicare and your options during the open enrollment period.

Generosity: Making Tax-Efficient Gifts to Individuals

October 22, 2021 Jennifer Climo Taxes

What makes people happy, content and fulfilled? More money and more stuff can give a temporary boost to someone’s mood, but it can’t make them truly happy. Financial contentment is understanding that money and things are not what provide fulfillment. What makes most people happy is having a sense of purpose, having a sense of contentment, spending time with family and friends, and making a difference in the world. Today we are going to discuss why you should give—and how to give—to individuals in a tax-efficient way.

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.

FAFSA Changes Ahead: What to Know about the FAFSA Simplification Act

October 8, 2021 College Kyle Labelle

On December 27th, 2020, the FAFSA Simplification Act was passed as a part of the larger Consolidated Appropriations Act. The new legislation included several changes to the financial aid process and the FAFSA form. Parents who have had to fill out the FAFSA form in the past understand how overwhelming it could be, as the old form had 108 different questions and was 8 pages in length. To help decrease the instances of families choosing to just skip filling out the FAFSA altogether, legislators worked to streamline the form and, in the process of doing so, made several other notable changes to federal student aid determination.

End of the Backdoor Roth? New Tax Law Proposal Aims to Quash This Powerful Retirement Savings Move

September 24, 2021 Nick Prigitano Retirement Taxes Working Professionals

An incredibly wise man, Benjamin Franklin, once said, “In this world nothing can be said to be certain except death and taxes.” While there isn’t anything we as financial planners can do about death, one of our main goals is to help our clients reduce their total lifetime taxes paid. One of the best ways to accomplish this is to contribute money to a Roth retirement account (either a Roth IRA or a Roth 401(k)). The trouble with this is that not everyone is eligible to contribute to a Roth IRA directly or has an employer that offers a Roth 401(k) option. In these instances, another avenue to pursue is evaluating whether it makes sense to do what’s called a backdoor Roth contribution instead.

Generosity: Making Tax-Efficient Gifts to Charity

September 10, 2021 Jennifer Climo Taxes

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.

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

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

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 Families Jonathan Harrington Student Loans Working Professionals

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 Cash Management Families 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 Cash Management Families 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 Estate Planning Families 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.