Gary W. Pelletier, CLU, ChFC, AIF®

Northeast Planning Associates, Inc.

Corporate, Estate

& Financial Planning

Blog

Hello, and welcome to my blog! Here, I will be posting articles and thoughts relevant to the financial industry, retirement, investments, and financial planning, as well as other related topics. I am also willing to answer questions and respond to any concerns you may have. If you'd like to contact me with a question you want me to address, please email me, and I can either answer directly or in this forum. 

Email me by clicking here.  

Thank you for reading!

Tuesday, May 9, 2023

If you have a certificate of deposit (CD) that is maturing soon, it’s time to make a decision. Your CD has been collecting interest for months or years, helping you to get closer to your financial goals. Now you need to decide whether...

 

Wednesday, April 12, 2023

Last month, we reviewed 529 College Savings plans, why people use them, and how the use of funds has expanded over the last few years.This month, we’ll review options for unused savings in order to minimize taxation or penalty on...

 

Thursday, March 23, 2023

Most people have heard of 529 College Savings plans and understand their value in relation to saving money for future higher education for young family member. What some may not know is that the qualifying use of these dollars as well...

 

Wednesday, February 22, 2023

Do you have 529 college savings funds that may go unused by their intended beneficiary? Your first option is to provide the money to another beneficiary. However, if you don’t have an alternate beneficiary to whom you want to transfer...

 

Wednesday, January 25, 2023

In late 2022, the SECURE Act 2.0, a bill three years in the making, was signed into law. While there are several provisions in this bi-partisan-supported bill, we’ll highlight just a few that may be particularly interesting with...

 

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Tuesday, December 20, 2022

As we wrap up another year, let’s look ahead to the first half of 2023. Here is a short list of some important upcoming dates to watch for. January 1stThe first of the year is when cost-of-living increases are effective for Social...

 

Wednesday, November 9, 2022

As we approach the end of another year, a year that has been challenging on many fronts, we thought it would be helpful to provide a list of opportunities that could end 2022 on a positive note.Roth IRA Conversions: When market values...

 

Wednesday, October 26, 2022

The Social Security Administration has announced the Cost of Living Adjustment (COLA) for 2023. Based on the Consumer Price Index (CPI-W) from the third quarter of 2021 through the third quarter of 2022, recipients of Social Security...

 

Tuesday, September 20, 2022

Traffic jams are unwelcome nuisances. Unless we know the cause and what every other driver on the road is going to do at any given time (which is of course impossible), we can’t know the right route to get to our destination quickly...

 

Thursday, August 11, 2022

ESG (Environmental, Social, Governance) investing involves a set of characteristics used to evaluate potential investments, and their impact on society at-large. These factors generally include how a company cares for and impacts the...

 

Wednesday, July 13, 2022

With the significant increase in property values in many areas of the U.S., if you own a home, now may be a good time to review your homeowner’s insurance policy. Why? Well first off, one in twenty insured homes has a claim each year,...

 

Monday, June 13, 2022

If you missed last month’s Digital Assets Part I, take a quick read as to why we should be concerned about this area.As we shared in our last post, Digital Assets can include information stored on an individual’s digital devices...

 

Thursday, May 19, 2022

This is first part of an updated series on Digital Assets, which we hope will be helpful as the things we purchase and memories we store are more and more intertwined with technology.Part I: What is a Digital Asset, and Why Should I...

 

Thursday, April 28, 2022

Legacy can be a subjective, even philosophical topic. What should be handed down to the next generation and how should a person or family be remembered? When it comes to financial legacy, often a critical part of the definition...

 

Monday, March 28, 2022

Once you file your tax return each year, it’s a good idea to start planning for next year’s return. Here are a few things you can look at doing today to help set yourself up for success in tax year 2022. Did you owe more than $1,000 or...

 

Wednesday, February 23, 2022

Depending on your tax situation, your investment and tax advisors may have suggested looking at converting some of your Traditional IRA assets to a Roth IRA. Potential benefits of a Roth conversion include tax-free growth and no...

 

Tuesday, January 25, 2022

Each January many people reflect on the past year and set new goals for the next 12 months and beyond. When it comes to retirement, a “bucket list” is a common reference to checking off a list of activities in which you want to...

 

Thursday, December 16, 2021

This is the time of year for festive gatherings and generosity. It’s also the time of year when we get a glimpse of expected financial changes for 2022. Contribution limits for some retirement accounts will be increasing in 2022. We...

 

Tuesday, November 16, 2021

As we approach the end of each year, giving is often our minds. However, with close to 90% of US taxpayers now taking the standard deduction on their tax return, is there still also a financial incentive to give to charity? Good news:...

 

Monday, October 25, 2021

Public Service Student Loan Forgiveness While we wait for possible tax changes coming from Washington, one temporary modification already in place is the expansion of eligibility for the Public Service Loan Forgiveness program. On...

 

Tuesday, September 21, 2021

As we approach the cooler months, it is likely an important time to check in on your parents and aging relatives regarding their physical and financial health, to ensure they were not derailed by last year’s events. Financial...

 

Tuesday, August 17, 2021

We continue our two-part series mid-year planning opportunities. Last month, we covered reviewing retirement plan contributions and the new enhanced child tax credit. Manage assets in light of potential tax changes There have been many...

 

Tuesday, July 27, 2021

As we pass the midpoint of 2021, we thought it would be good to take a look at a few important planning opportunities/updates that are worth considering depending on your situation. This is a two-part posting and this month we look at...

 

Thursday, June 24, 2021

You may be familiar with the Section 121 Residence Exclusion without really being aware of it. This is the actual name for the tax benefit that protects owners from taxation on the sale of their primary residence, specifically gains of...

 

Thursday, May 13, 2021

One of the lesser-known impacts of the Consolidated Appropriations Act of 2021 (the act that brought us the second round of COVID-related stimulus payments) is a series of changes to the Free Application for Federal Student Aid (FAFSA)...

 

Monday, April 26, 2021

We return to our Budgeting series. In February, we explored the importance of savings to building your personal budget. This month, we will look at finding a balance between spending and giving. Spending Besides increased online...

 

Wednesday, March 17, 2021

Part 2 of our Budgeting series started last month, will continue next month. On March 11, 2021, President Biden signed the $1.9 trillion coronavirus relief package known as the American Rescue Plan (ARP) into law. This is the third...

 

Friday, February 26, 2021

The last 12+ months have likely had a financial impact on everyone. What kind of impact runs the gamut, from those who lost their jobs or some part of their income to those who managed to save additional money due to their limited...

 

Thursday, January 14, 2021

On December 27, 2020, President Trump signed into a law a new $900 billion coronavirus relief package. This much-anticipated bill was paired with a $1.4 trillion bill to continue government funding into September. We are already in the...

 

Monday, January 11, 2021

The Week on Wall Street Shrugging off COVID-19 infections and the disruption at the Capitol on January 6, stocks powered higher to kick off a new year of trading.The Dow Jones Industrial Average gained 1.61%, while the Standard &...

 

Monday, January 4, 2021

The Week on Wall Street Stocks moved higher during a holiday-shortened week of trading, capping off a turbulent, but otherwise strong year for equity investors. The Dow Jones Industrial Average gained 1.35%, while the Standard &...

 

Monday, December 21, 2020

The Week on Wall Street Stocks climbed higher amid the COVID-19 vaccine rollout and an improving outlook for a fiscal stimulus bill.The Dow Jones Industrial Average, which has lagged all year, gained 0.44%. The Standard & Poor’s 500...

 

Monday, December 21, 2020

What’s one positive that can come from an unexpected challenge, whether a natural disaster or a health event? We take a step back from the daily grind and look at how well we are prepared if and when another challenge comes. Many...

 

Monday, December 14, 2020

The Week on Wall Street Stocks retreated last week on rising COVID-19 infections and slow progress on an economic relief bill. The Dow Jones Industrial Average dipped 0.57%, while the Standard & Poor’s 500 dropped 0.96%. The Nasdaq...

 

Tuesday, December 8, 2020

The Week on Wall Street Stocks marched higher last week on an improving outlook for the passage of a fiscal stimulus package. The Dow Jones Industrial Average rose 1.03%, while the Standard & Poor’s 500 tacked on 1.67%. The Nasdaq...

 

Monday, November 30, 2020

The Week on Wall Street Stocks surged last week, ignited by another COVID-19 vaccine announcement, encouraging economic data, and the easing of political uncertainty.The Dow Jones Industrial Average rose 2.21%, while the Standard &...

 

Monday, November 23, 2020

The Week on Wall StreetDespite news of another COVID-19 vaccine candidate, stocks were mixed amid investor anxiety over an increase in new infections and economic lockdowns.The Dow Jones Industrial Average fell 0.73%, while the...

 

Wednesday, November 18, 2020

The Social Security Administration announced that the official Cost of Living Adjustment (COLA) for 2021 will be an increase of 1.30%. This is slightly less than the 1.60% bump we saw in 2020, and much smaller than the 2.80% increase...

 

Monday, November 16, 2020

The Week on Wall Street News of a COVID-19 vaccine ignited a rally in economically sensitive stocks and a broad retreat in technology companies last week, though enthusiasm was tempered by reports of rising new infections and fresh...

 

Monday, November 9, 2020

The Week on Wall Street Stocks soared last week as investors anticipated that a split Congress would raise legislative hurdles to changing corporate taxes and adjusting regulatory oversight of big technology companies.The Dow Jones...

 

Monday, November 2, 2020

The Week on Wall Street Stock prices dropped last week as hopes for a fiscal stimulus bill faded and investors focused on rising COVID-19 infections, here and abroad. The Dow Jones Industrial Average slid 6.47%, while the Standard &...

 

Monday, October 26, 2020

The Week on Wall Street The failure to reach an agreement on a new fiscal stimulus bill soured investor sentiment and sent stocks modestly lower for the week. The Dow Jones Industrial Average fell 0.95%, while the Standard & Poor’s...

 

Monday, October 26, 2020

As we continue to navigate a world with COVID, many parents and students are reconsidering the traditional college experience and, as such, may be wondering what their options are with college savings. The most popular college savings...

 

Monday, October 19, 2020

The Week on Wall Street Stocks treaded water last week amid fading prospects for a stimulus bill, fears of a second wave of COVID-19 cases, and increasing political and regulatory pressures on Big Tech companies.The Dow Jones...

 

Monday, October 12, 2020

The Week on Wall Street Stocks staged a powerful rally last week, riding a wave of optimism over the prospect of the passage of a new fiscal stimulus bill.The Dow Jones Industrial Average rose 3.27%, while the Standard & Poor’s 500...

 

Monday, October 5, 2020

The Week on Wall Street Stocks advanced last week, propelled by hopes that legislators may reach an agreement for a new fiscal stimulus package and optimism generated by a few corporate deal announcements and initial public offerings....

 

Wednesday, September 30, 2020

It’s been quite a year so far, where we saw volatility in the market, a global pandemic that lingers, and significant policy action by Washington D.C. to assist our citizens. For those who have taken advantage of some of these policy...

 

Monday, September 28, 2020

The Week on Wall Street Stocks were mixed last week as worries that stretched from Washington D.C., where prospects of a new fiscal stimulus bill dimmed, to Europe, which saw an increase of new COVID-19 cases.The Dow Jones Industrial...

 

Monday, September 21, 2020

The Week on Wall Street Stocks slipped as the technology sector remained under pressure and a mid-week announcement by the Federal Reserve failed to inspire investors.The Dow Jones Industrial Average declined 0.03%, while the Standard...

 

Monday, September 14, 2020

The Week on Wall Street Stocks traveled a volatile path last week as investors appeared concerned about the upcoming elections, an uncertain economy, and more delays with additional fiscal stimulus. The Dow Jones Industrial Average...

 

Tuesday, September 8, 2020

The Week on Wall Street A late week sell-off sent stocks broadly lower as investors took some profits after stocks reached all-time highs earlier in the week. The Dow Jones Industrial Average slid 1.82%, while the Standard & Poor’s...

 

Monday, August 31, 2020

The Week on Wall Street Stocks advanced relentlessly last week on positive COVID-19 developments, encouraging economic data, and a supportive policy shift in the Fed’s approach to its target inflation rate. The Dow Jones Industrial...

 

Monday, August 24, 2020

The Week on Wall Street Stocks powered to another week of gains as the S&P 500 and Nasdaq Composite set multiple new record highs along the way.The Dow Jones Industrial Average was essentially unchanged while the Standard & Poor’s 500...

 

Monday, August 17, 2020

The Week on Wall StreetStock prices drifted higher in an otherwise quiet news week, as a slowdown in new COVID-19 cases outweighed a Congressional impasse on a new fiscal-spending measure. The Dow Jones Industrial Average gained 1.81%...

 

Monday, August 17, 2020

The rise in identity theft scams continues. According to Javelin Strategy & Research, fraud losses increased 15% in 2019 to $16.9 billion. This was led by account takeovers – ID theft where a criminal gains unauthorized access to an...

 

Monday, August 10, 2020

The Week on Wall StreetOverlooking stalled efforts by Congress to pass a new fiscal stimulus bill, stocks marched higher last week with the Dow Jones Industrials leading the way and the NASDAQ Composite setting multiple fresh record...

 

Monday, August 3, 2020

The Week on Wall Street Stocks were mixed last week amid a busy week of earnings, some troubling economic data, and seemingly little progress on a new fiscal stimulus package.The Dow Jones Industrial Average slipped 0.16%, while the...

 

Monday, July 27, 2020

The Week on Wall Street Stocks slipped in the final days of trading last week on higher jobless claims and rising tensions in the U.S.-China relationship. The Dow Jones Industrial Average lost 0.76%, while the Standard & Poor's 500...

 

Tuesday, July 21, 2020

Were you on the ball and already took your required minimum distribution (RMD) early? As many now know, as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, RMDs were waived for 2020 for all retirement...

 

Monday, July 20, 2020

The Week on Wall StreetStocks were mixed last week as investors reacted to positive economic data, progress on a COVID-19 vaccine, and the continued nationwide increase in COVID-19 cases. The Dow Jones Industrial Average gained 2.29%,...

 

Monday, July 13, 2020

The Week on Wall StreetStock prices notched solid gains last week, looking past an increase in COVID-19 cases and any potential economic concerns raised by the trend. The Dow Jones Industrial Average increased by 0.96%, while the...

 

Monday, July 6, 2020

The Week on Wall StreetIn a holiday-shortened week, stock prices turned higher as encouraging economic data outweighed an increase in COVID-19 cases and a rollback in economic re-openings.The Dow Jones Industrial Average rose 3.25%,...

 

Monday, June 29, 2020

The Week on Wall StreetA jump in COVID-19 cases dampened investor enthusiasm last week, sending stock prices lower on worries that rising infections could derail the economic recovery. The Dow Jones Industrial Average slumped 3.31%,...

 

Monday, June 22, 2020

The Week on Wall StreetStocks moved higher last week on news of more Federal Reserve market support and diminished concerns that new COVID-19 cases might lead to another economic shutdown. The Dow Jones Industrial Average rose 1.04%,...

 

Monday, June 22, 2020

In last month’s blog, we talked through the details regarding the stimulus payments, but there has since been a new development: Pre-Paid Debit Cards.That’s right. Even with all this talk of checks, for some it’s not going to be a...

 

Monday, June 15, 2020

The Week on Wall StreetInvestor sentiment turned negative last week, amid an increasing number of COVID-19 cases in states where reopening has been underway as well as a subdued economic forecast from the Federal Reserve. The Dow Jones...

 

Monday, June 8, 2020

The Week on Wall StreetA positive jobs report sent stocks soaring last Friday, capping a solid week as evidence of a global economic recovery outweighed concerns over civil unrest and tensions with China.The Dow Jones Industrial...

 

Monday, June 1, 2020

The Week on Wall StreetThe shortened week, which began with a powerful two-day rally of trading, was enough to drive the markets into another week of solid gains. The Dow Jones Industrial Average rose 3.75%, while the Standard &...

 

Tuesday, May 26, 2020

The Week on Wall StreetUpbeat comments by the Federal Reserve Chairman and more signs of an economic turnaround combined to help fuel a powerful rally in the stock market last week.The Dow Jones Industrial Average rose 3.29%, while...

 

Monday, May 18, 2020

The Week on Wall StreetStocks drifted lower last week, weighed down by Federal Reserve Chairman Jerome Powell's unsettling comments on the economy and signs of renewed tensions with China.The Dow Jones Industrial Average fell 2.65%,...

 

Monday, May 11, 2020

One of the key components of the CARES Act to help lessen the financial impact of the COVID-19 pandemic was a direct payment to a majority of Americans, called Recovery Rebates or stimulus checks. First, what are these rebates, and...

 

Tuesday, April 14, 2020

Recently, there were two key orders from the federal government in response to the COVID-19 pandemic: the extension of the tax filing and payment deadlines, and the CARES Act. Let’s take a look. Extension of Tax Filing and Payment Due...

 

Thursday, March 26, 2020

A Roth conversion can be a great way to move retirement savings from tax-deferred vehicles to a Roth IRA, where withdrawals on the earnings are not subject to income tax. The “cost” of the conversion is fairly simple: income taxes are...

 

Thursday, February 13, 2020

As you may have heard, the SECURE Act was passed in late December of 2019, with what many are calling the most comprehensive changes to retirement in over a decade. SECURE stands for Setting Every Community Up for Retirement...

 

Monday, January 13, 2020

It’s a new year and a new decade. There seems to be extra incentive to move towards our goals and resolutions, so we wanted to briefly mention two simple but important tips to help keep you on track. Write out the full year 2020. When...

 

Monday, December 16, 2019

The holiday season is usually full of reconnecting with family and friends. As you get updates on the lives of those closest to you, it’s a good idea to consider whether the beneficiaries on your investment accounts are up to date. The...

 

Wednesday, November 20, 2019

The last couple of posts we’ve talked about giving to and investing in causes that are important to you. For the next two posts, we’re going to bring the topic of giving a little closer to home. This month, we’re going to cover giving...

 

Wednesday, October 30, 2019

More and more it appears that people prefer companies to not only have a solid product at a competitive price, but also provide a positive impact on our world. We are also starting to see this spill over into the investing space as...

 

Tuesday, September 17, 2019

In last month’s post on technology scams, we reviewed robocalls and tips to avoid getting duped by this rampant problem. In our follow-up posting we look at another scam to watch out for: Sweetheart Scams. Research tells us that...

 

Wednesday, August 14, 2019

Technology is great. Think of all the advances in healthcare, communication and transportation just in the past decade. Like anything else, though, you must take the bad along with the good. Advancements in technology open the door to...

 

Friday, July 12, 2019

That’s a very philosophical question, but important nonetheless, especially when it comes to your relationship with money. Healthy relationships with money can often be illustrated by generosity and charitable intent. This can also be...

 

Wednesday, June 12, 2019

There are a couple of bills that are before each of the two houses that could have small but meaningful impact on personal finances and retirement planning. While they are similar, let’s focus on the bill before the House of...

 

Thursday, May 2, 2019

Unless you’ve filed for an extension, you now know the impact of the new tax changes on your individual income taxes. Whether positive or negative, many people are noticing that their tax withholding was either too high or not high...

 

Tuesday, March 26, 2019

Spring is here. The birds are singing, the flowers are blooming – and families are making college decisions. While college enrollment in the U.S. has been flat for the last few years, the rate still hovers around 70%. College remains a...

 

Tuesday, February 19, 2019

Towards the beginning of a new year is often a good time to review the named beneficiaries on your investment accounts. This is important to do this on an annual basis as life can change quickly and it may not be on your radar to make...

 

Friday, December 28, 2018

As 2018 winds to a close, it’s a good time for reflection on the past year. The 2017 Tax Cuts and Jobs Act was officially signed in to law on December 22, 2017. 2018 tax returns will be the first time that we all get to see the...

 

Monday, November 26, 2018

As the year winds down, there are some important actions you may want to take before the clock runs out on 2018. Roth IRA First and foremost, check your eligibility to contribute to a Roth IRA. With most of us seeing a tax deduction in...

 

Thursday, October 25, 2018

Beginning September 21, 2018, those concerned about identity theft can freeze their credit and place one-year fraud alerts at no cost. Due to the passage of the new Economic Growth, Regulatory Relief, and Consumer Protection Act,...

 

Monday, September 24, 2018

Many recent college graduates find they have a difficult decision to make: contribute to their employer’s 401(k) plan or focus on student loan repayments. The choice between paying down debt and funding retirement can be a tough one,...

 

Friday, August 17, 2018

In July’s post we covered changes to deductions for IRAs resulting from the 2017 Tax Cuts and Jobs Act. For this month’s, we’ll look at the change to the “do-over” option on Roth Conversions. Prior to 2018, those who converted money...

 

Tuesday, July 24, 2018

The tax changes that went into effect this year have widespread implications. It will take a while to see how these changes affect larger aspects of our financial system, like the impact on the Federal deficit and economic growth. But...

 

Wednesday, June 27, 2018

As we saw in our last post, Digital Assets can include information stored on an individual’s digital devices (documents, photos, movies, music, etc.), content uploaded to websites (photos, videos, social media posts, blog posts, etc.),...

 

Thursday, May 31, 2018

This is Part 1 in a series on Digital Assets, which I hope will be helpful as the things we purchase and memories we store are more and more intertwined with technology. Part I: What is a Digital Asset, and why should I care? It has...

 

Monday, April 30, 2018

You’re 54, you’ve been diligent about saving, and are looking forward to retiring soon. Like most people you have the majority of your retirement savings in your employer-sponsored plan – think 401(k) – and you’ll need to use some of...

 

Wednesday, March 14, 2018

Since the president signed the Tax Cuts and Jobs Act into law on December 22 of last year, many clients have been asking if they should make and changes to withholding from their paycheck. The Tax Cuts and Jobs Act made significant...

 

Tuesday, February 20, 2018

Last month we looked at a high-level summary of the changes as a result of the recent Tax Cuts and Jobs Act. One of the more significant changes outside of tax brackets is the classification of secondary school expenses as qualified. A...

 

Thursday, January 18, 2018

The 2017 Tax Cuts and Jobs Act was officially signed in to law on December 22, 2017. This is the most sweeping tax legislation in more than three decades, and it affects both individuals and businesses.The most significant change for...

 

Friday, December 29, 2017

You might start by asking, “What’s an RMD?” RMD stands for Required Minimum Distribution and refers to the amount that traditional, SEP or SIMPLE IRA owners and qualified plan participants must begin distributing from their retirement...

 

Wednesday, November 29, 2017

“We make a living by what we get. We make a life by what we give.” - Winston Churchill As a follow up to last month’s blog on end-of-year planning, here are a couple of ideas for giving, with an eye on what must be done by year-end in...

 

Wednesday, October 25, 2017

“Time moves slowly, but passes quickly” - Alice Walker As winter approaches, it’s again time to look at end-of-year planning that is important to do now before the holidays take over. Here are some key things you may want to take a...

 

Tuesday, September 26, 2017

There are situations when requesting a “do-over” would be ideal. Think about when you respond to your spouse thoughtlessly – as it leaves your lips you probably immediately apologize and call for a do-over. When you’re playing tennis...

 

Tuesday, August 8, 2017

Most people in the military and their families are familiar with the ongoing benefits afforded to individuals who served our country, like pensions, inexpensive life insurance and retirement plans, tax-free housing allowances, and...

 

Wednesday, June 28, 2017

On June 14, 2017 the Fed announced its fourth increase in their interest rate targets in the past 18 months. Are the interest rate increases we’ve been threatened with for the past 5+ years finally here? If so, this this begs the...

 

Tuesday, May 23, 2017

The older you get, the more you realize that celebrities are just like us, only rich and famous. They make mistakes like anyone else, and those mistakes are often magnified by the money involved and the attention afforded their...

 

Thursday, April 27, 2017

One of the key tax initiatives rumored to be part of the new administration’s tax overhaul is a repeal of the federal estate tax. Even if this were to take place, it seems likely that estate planning will remain an integral part in...

 

Friday, March 24, 2017

If I asked you: “What is the maximum amount you are allowed to contribute to your 401(k) this year?” you would most likely answer either $18,000 or $24,000 depending on your age (50+) and ability to contribute an additional $6,000 as a...

 

Tuesday, February 21, 2017

There’s a bit of administrative business that can have impactful consequences if not dealt with in a timely manner: naming and/or updating beneficiaries and the various types of beneficiary designations. Let’s take a look at a...

 

Thursday, January 26, 2017

Along with a hiring freeze, the Social Security Administration (SSA) will mail fewer paper statements in an attempt to cut costs. You may recall that the most recent change to statements was that those not registered for an online...

 

Monday, December 12, 2016

Last month I outlined the upcoming cost of living increase in Social Security benefits for 2017. Another recent announcement for 2017 was in regards to estate taxes. While the annual gift tax exclusion ($14,000 per donee) and the top...

 

Tuesday, November 29, 2016

The Social Security Administration recently announced that Social Security and Supplemental Security Income (SSI) benefits for more than 65 million Americans will increase 0.3 percent beginning in 2017. There was no Cost-of-Living...

 

Tuesday, October 18, 2016

For the first time, the Free Application for Student Aid (FAFSA) is available prior to January 1st. Starting in 2016 and going forward, the FAFSA will be made available on October 1st for the following year. How the FAFSA and Data...

 

Tuesday, August 2, 2016

Grandparents looking to help their grandchildren defray college costs have a variety of options. But no good deed goes unpunished! Let’s look at a couple of options and some of their pros and cons. Make Payment Direct to SchoolBecause...

 

Tuesday, July 5, 2016

With the most recent estate tax changes, the majority of investors will not have an issue with the federal estate tax due to the high current level of exemption ($5.45 Million in 2016). Unfortunately, in addition to the federal estate...

 

Tuesday, May 31, 2016

Whether you have a graduating senior going off to college in a few months or you are planning college visits this summer, you may have begun to consider what you need to do in order to realize the full benefit of your 529 College...

 

Wednesday, April 13, 2016

Inherited IRA rules may seem straight forward, when a loved one passes away and you are the named beneficiary, you take over the IRA and have to begin taking distributions. But when the death of a beneficiary occurs or a trust gets...

 

Monday, March 21, 2016

We are down to a month remaining until your tax returns are due. If you haven’t yet taken action in the following areas, you have up until at least the tax filing deadline to do so: Contribute to a Traditional or Roth IRA for...

 

Friday, February 26, 2016

The key to saving for an anticipated expense or season of life (i.e. retirement) is starting early. The benefits of the concept of compound interest is well-documented, with the main difference-maker being time. Hypothetical Example:...

 

Thursday, January 21, 2016

When helping clients plan, one aspect that is becoming more and more important is planning for health care costs. One question I get asked often is: “How much should I plan to spend on Medicare and other health care costs in...

 

Friday, December 11, 2015

The Bipartisan Budget Act of 2015 was recently passed and signed into law as a way to avoid a government shut-down due to previously-imposed debt ceiling limits. Part of this bill results in closing so-called “unintended...

 

Monday, November 23, 2015

As expected, the Social Security Administration recently announced that there will be no cost-of-living adjustment (COLA) for Social Security benefits in 2016. For those under the income limits ($85,000 single/$170,000 joint) and...

 

Tuesday, October 20, 2015

Where has 2015 gone? We are already in the last quarter of the year and with that comes some end-of-year planning that’s important to do now before the holidays take over. Here are some key things to take a look at today:IRA...

 

Thursday, October 8, 2015

Can you ever save too much? The answer to this question is, of course, different for everyone. So, below are a few tips to help everyone identify and strive towards a better prepared retirement. No matter your age, income, or where you...

 

Wednesday, September 9, 2015

When preparing to send a child to college, there are a lot of things to think about. First, there is finding the right school. But then you have the application process, the aid application process, the supplies, the classes, and the...

 

Friday, September 4, 2015

As a New Englander, we live in the backyard of America’s best colleges, where there is a rich and deep talent pool. However, those bright minds are highly sought after, which is why it is important to offer a compelling corporate...

 

Monday, August 10, 2015

Tax-deferral can be a powerful tool. It’s generally recommended to maintain tax-deferral as long as possible. If, however, there is a need to access money saved in a tax-deferred IRA or employer-sponsored retirement plan before you...

 

Wednesday, August 5, 2015

In this post, we focus on retirement plans for new businesses and the importance of a well-conceived design. As a business owner, you had to take a chance – actually a leap of faith. You left your 9 to 5 job and started out on your own...

 

Tuesday, July 21, 2015

From 1982 to 2012, costs of tuition, room, and board for 4-year institutions increased at an average rate of over 14% per year. This increase has been more modest recently (4.65% per year between 2007 and 2012), but still outpacing...

 

Thursday, July 9, 2015

So many times we have heard our new entrepreneurial client’s share the ‘Hard Years’ stories that are usually wonderful gut wrenching uphill battles - with the world against them. It is the struggle of today and the preparation for...

 

Tuesday, June 30, 2015

Higher-income Medicare beneficiaries have been paying more for their Parts B and D coverage for several years now in the form of income-related monthly adjustment amounts (IRMAA). A new bill signed into law by President Obama in April...

 

Wednesday, April 15, 2015

The Social Security Administration recently announced that their mySocialSecurity online accounts now offer the capability to regenerate misplaced 1099 or SSA-1042S forms for tax purposes. In order to access, go to www.socialsecurity...

 

Tuesday, March 24, 2015

In October of this year, the IRS announced upcoming changes for 2015 in the area of retirement contributions, income phase-out ranges and Social Security. Below is an overview of the highlights, and if you are interested in learning...

 

Tuesday, March 24, 2015

In general to establish an IRA (Traditional or Roth) an individual: 1. Must have compensation (either earned income of an employee or self-employed, or alimony). AND 2. Must meet the following income guidelines: Traditional IRA – Fully...

 

Tuesday, March 24, 2015

Your digital assets can include email accounts, social media accounts, music, ebooks, and movie accounts, among others. Unfortunately, problems often arise upon the owner’s death due to fine print in the user agreement for a website or...

 

Tuesday, March 24, 2015

With the cost of long-term care insurance rising – 8.6% in 2014(1), we want to review some helpful tips for the time when you may be considering coverage for the more common and costly need of long term care for a loved one. 1. Put the...