Looking Ahead: 529 to Roth Transfers Starting in 2024, eligible 529 Account funds can be rolled over tax free into a Roth IRA. The provision is included in a $1.7 trillion dollar government funding package. What’s the big deal? Leftover money originally intended for a child’s education can now go toward retirement [...]
Inheriting IRA's can be a blessing, and a headache. It's comparable to walking into an Ice Cream shop and having your excitement quickly replaced with uncertainty of which flavors to get. There are a variety of ways to go about inheriting IRA's, all are listed below. We searched the web for the best [...]
Term Life Insurance in a Financial Plan What is Term Life Insurance? Term Life Insurance, also known as Pure Life Insurance, is a type of life insurance policy that covers the policyholder for a “Term” (a specific amount of time). Term life insurance guarantees payment of a stated death benefit, to the [...]
Trusts Many people view trust funds as tools to protect the wealth of the very rich or to provide their heirs. However, trust funds vary in complexity and purpose—preserving assets designated for charities, retirement funds, public works, and more. Trust funds may be used by individuals, even some of modest means, who [...]
Saving for Future Education A dive into 529 Plans. Everyone well is aware of the extraordinary rise in college tuition cost. “Between 1980 and 2020, the average price of tuition, fees, and room and board for an undergraduate degree increased 169%” according to a recent report from the Georgetown University Center. The [...]
Estate Planning One important aspect of a comprehensive financial plan is Estate Planning. While nobody enjoys thinking of our mortality, it is important to have a plan in place to ensure your hard-earned assets end up in the right hands. Estate Plan Checklist: Take Inventory and Value All Assets. Houses, cars, collectibles, [...]
Medicare Supplement Insurance For retired individuals living on a planned income amount, out of pocket medical costs can be a real risk to financial security. Especially when combined with the persistent inflation we are dealing with in America. That’s where a Medicare Supplement Insurance plan can come into play. A Medicare supplement [...]
About the Student Loan Forgiveness Plan On August 24th, President Biden announced a Student Debt Relief Plan. Below are some brief details about the plan, along with additional resources. Student Loan Forgiveness Eligibility Criteria Up to $10,000 in forgiveness if: You're a current federal student loan holder, (private student loans are excluded) AND... [...]
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