Eliminate the Guesswork in an Estate Plan
Mar 22, 2024
Creating an estate plan is a key component of achieving financial wellness
Most people don’t spend too much time thinking about end-of-life planning on a daily basis. But you may have loved ones who will soon face those issues. While it’s not pleasant to think about, you may be the one who ends up having to sort out their affairs. In addition, there will come a time when you need to think about yourself and your own family. (more…)
Tags: Certified Financial Planner Charlotte NC, Estate Planning, Family Wealth, financial advisor charlotte nc, Personal Finance
Managing Money as a Couple
Mar 20, 2024
When you marry or simply share a household with someone, your financial life changes—and your approach to managing your money may change as well. The good news is that it is usually not so difficult. (more…)
Tags: Certified Financial Planner Charlotte NC, Family Wealth, financial advisor charlotte nc, Investment Planning, Personal Finance, Retirement Planning, Tax Planning, Wealth Building
Tax Efficiency in Retirement
Mar 1, 2024
Will you pay higher taxes in retirement? Do you have a 401(k) or a traditional IRA? If so, you will receive income from both after age 73. However, if you have saved and invested much of your life, you may also end up retiring at a higher marginal tax rate than your current one. Tax efficiency in retirement is paramount and many people forget it. In fact, the income alone resulting from a Required Minimum Distribution could push you into a higher tax bracket. (more…)
Tags: Certified Financial Planner Charlotte NC, Investing, retirement, Retirement Planning, Tax Planning, taxes
What Are Personal Tax Credits?
Feb 28, 2024
Have you ever thought that you’re paying too much income tax? You may be, if you’re not claiming all of the tax credits for which you are eligible when you file your federal tax return. These credits may significantly reduce your tax liability.
Tags: Certified Financial Planner Charlotte NC, Current Events, Family Wealth, financial advisor charlotte nc, tax guide, Tax Planning, taxes
Mutual Fund Distributions
Feb 5, 2024
This time of year as you prepare for taxes, you might glance at documents and see some capital gains taxes you may have overlooked.
Many mutual funds in December pay shareholders capital gains distributions that they have accumulated throughout the year.1
Typically, mutual fund companies start making estimates about distributions as early as November and most finalize the payment by mid-December. Unfortunately for us, this can cause undesirable tax consequences. (more…)
Tags: Certified Financial Planner Charlotte NC, financial advisor charlotte nc, Investment Planning, Investment Portfolio, Tax Advantages, tax guide, taxes
Tax Planning Tips: Life Insurance
Jan 26, 2024
Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has grown blurry. To differentiate between the two, a mix of complex rules and exceptions now governs the taxation of insurance products. If you have neither the time nor the inclination to decipher the IRS regulations, here are some life insurance tax tips and background information to help you make sense of it all.
Tags: Certified Financial Planner Charlotte NC, Insurance, Investing, Retirement Tax Savings, Tax Advantages, taxes
Health Insurance in Retirement
Jan 24, 2024
At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever before. Staying healthy is your goal, and this can mean more visits to the doctor for preventive tests and routine checkups. There’s also a chance that your health will decline as you grow older, increasing your need for costly prescription drugs or medical treatments. That’s why having health insurance is extremely important.Tags: Certified Financial Planner Charlotte NC, Insurance, Medicare, Personal Finance, retirement
Social Security Survivor Benefits
Jan 17, 2024
When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier.Your family members may be eligible to receive survivor benefits if you worked, paid Social Security taxes, and earned enough work credits. The number of credits you need depends on your age when you die. The younger you are when you die, the fewer credits you’ll need for survivor benefits. However, no one needs more than 40 credits (10 years of work) to be “fully insured” for benefits. And under a special rule, if you’re only “currently insured” at the time of your death (i.e., you have 6 credits in the 13 quarters prior to your death), your children and your spouse who is caring for them can still receive benefits.
Tags: Certified Financial Planner Charlotte NC, Family Wealth, financial advisor charlotte nc, Financial Help, Financial Planner Charlotte NC
Time and Money – The Power of Compounding
Jan 12, 2024
Father Time doesn’t always have a good reputation, particularly when it comes to birthdays. But when it comes to saving for retirement, time might be one of your strongest allies. Why? When time teams up with the growth potential of compounding, the results can be powerful.
Tags: Certified Financial Planner Charlotte NC, financial advisor, Retirement Planning
Wills: The Cornerstone of Your Estate Plan
Jan 8, 2024
If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you’re young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only legal way you can name a guardian for them. Although a will doesn’t have to be drafted by an attorney to be valid, seeking an attorney’s help can ensure that your will accomplishes what you intend.
Tags: Certified Financial Advisor Charlotte NC, Certified Financial Planner Charlotte NC, Estate Planning, Retirement Planning, Retirement Tax Savings, tax guide, Wealth Building
More Insights
Jul 26, 2024
Key Takeaways Volatility came back with a vengeance this week as selling pressure in the mega cap space dragged down the broader market. Counterbalancing weakness in these heavyweight names poses a challenge for the rest of the market. Overbought conditions can also be blamed for the recent weakness. The S&P 500 reached a 14.9% premium … Continue reading “Market Update – Assessing the Technical Damange”
Jul 24, 2024
Life insurance can be an excellent tool for charitable giving. Not only does life insurance allow you to make a substantial gift to charity at relatively little cost to you, but you may also benefit from tax rules that apply to gifts of life insurance.
Jul 22, 2024
When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier. Your family members may be eligible to receive survivor benefits if you worked, paid Social Security taxes, and earned enough work credits. The number … Continue reading “Social Security Survivor Benefits”
Jul 19, 2024
Information vs. instinct. When it comes to investment choices, many people believe they have a “knack” for choosing good investments. But what exactly is that “knack” based on? The fact is, the choices we make with our assets can be strongly influenced by factors, many of them emotional, that we may not even be aware … Continue reading “Making Investment Choices”
Jul 17, 2024
As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed certain tax benefits for establishing an employer-sponsored retirement plan, including a tax credit for establishing the plan and a deduction for contributions you make. In return, however, you’re required to include certain employees in the plan, … Continue reading “Retirement Plans for Small Businesses”
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