How Much Umbrella Insurance Do I Need?
Umbrella insurance is one of the least talked about insurances, which is highly problematic. Umbrella insurance is an important risk management tool, particularly for people who have wealth, income, or future income potential. Plus, it’s cheap relative to most other types of insurance! I’m always amazed at the number of people who forgo umbrella insurance […]
What is the Best App To Track Spending?
Look, I’m not a fan of budgeting. This isn’t an article about why you should budget, how to deprive yourself of everyday comforts, or the need to scrutinize your spending line-by-line. However, I do think it’s important to review your spending every once in a while. It’s easy to start spending on something, leave it […]
Are Your Beneficiaries Correct? Costly Beneficiary Mistakes to Avoid
Are your beneficiaries correct? Are you sure? Because beneficiary mistakes can be one of the most costly and heartbreaking mistakes in financial planning. Plus, they are easy to make. Someone gets married or divorced and forgets to update a retirement account beneficiary. An account is opened quickly naming one child as the beneficiary, but they […]
Investment Policy Statement: Free Sample Template and Checklist
An investment policy statement is an important document outlining an investor’s goals and the strategies and rules that will be used to manage their investment portfolio. Another way to think about an investment policy statement is that it is a roadmap or guidebook to get from Point A to Point B because it’s impossible to […]
Gifting Money to Family Members Tax-Free: 5 Strategies to Understand (2025 Updates)
There are five key strategies about gifting money to family that you need to understand. Most people spend a good portion of their lives working towards financial independence. They enjoy it for some time. Then, many people start wondering what to do after they feel they have enough. The next question becomes, “what next?” They […]
Elder Care Consultant: What Do They Do?
I received the question, “What does an elder care consultant do?” last week, and thought it would be a great question to answer. I frequently recommend an elder care consultant, often known as a senior care consultant, to families with aging parents. Elder care consultants, or senior care consultants, can fill a variety of roles: […]
Roth Conversion: Is it Right for You?
Do you feel confident you are minimizing taxes over your lifetime? If you are like many people, the answer is no. Most people are focused on today. They want to reduce taxes today, but fail to consider how much in taxes they may pay in the future. Roth IRA conversions can be an excellent strategy […]
Superfund a 529 Plan: What You Should Know
A powerful way to start saving for college and remove money from your estate is to superfund a 529 plan. Superfunding a 529 plan is where you contribute multiple years’ worth of the gift tax exclusion amount to a 529 plan, file a gift tax return using Form 709, and average the gifts over five […]
529 Plans: The Complete Guide to Saving for College
College is expensive. The average public, out-of-state tuition is $24,513 for the 2023-2024 school year. If tuition rates increase at a 3% rate per year over the next 18 years, the average public, out-of-state tuition could cost about $41,731. The total cost over four years would be $174,590. For most people, paying out of pocket […]
Donor-Advised Funds: How to Use to Reduce Taxes and Give to Charity
Have you ever wondered if there was a better way to give? Do you get tired of tracking receipts, writing checks, and inputting credit card information on charity websites? I know I did. $100 here, $50 there, and by the end of the year, I’m trying to remember and track down the charities to which […]
