2021

American Families Plan Would Provide Benefits for Some, More Taxes for Others

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On April 28, 2021, the White House released a fact sheet for President Biden\’s American Families Plan (AFP), which proposes about $1 trillion in investments and $800 billion in tax cuts. There would also be tax increases for those making more than $400,000 per year. Major provisions proposed in the plan are summarized here, including […]

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The Backdoor Roth IRA in a Nutshell

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If you are wondering what in the world a “backdoor Roth IRA” is, you\’re not alone! In short, if you\’ve been frustrated by the contribution limits associated with Roth IRAs, then read on – this article describes a strategy that designed to help. We all know that the IRS imposes annual contribution limits for both traditional and

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What to Know About Investing After Marriage

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Getting married can be one of the most momentous occasions in one\’s life—and, for many, having two people working toward a common financial goal can also be the key to helping secure your financial future. If you and your spouse are on the same page when it comes to investing, you\’re already a step ahead

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Donor-Advised Funds: A Solution to Gifting with Tax Benefits

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Gifting, for many investors, is about the philanthropic support they want to give charities. Gifting to help make the world better by benefitting society is one reason many families choose to donate. The charitable giving tax deduction they received in the past was a bonus. The above-the-line deduction for charitable giving is $300 per calendar

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High Net-Worth Individuals: Are You Missing Opportunities in Your Financial Planning?

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High Net-Worth executives and those that have been self-employed, can experience common problems in their financial planning journey. Often, they have missed opportunities in their financial planning because they haven’t planned adequately for their retirement even though they make a high income. It’s easy to think that everything will work out with their retirement plan,

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Dreaming of Owning a Second Home?

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The start of summer brings aspirations of owning that special spot Summer is here and with it are fanciful dreams of owning a second, seasonal home. Maybe it’s a beachside bungalow or a mountain cabin or a lakefront cottage with a front porch and a sweeping view of the sunlight on the water. All of

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529 Savings Plans vs. Prepaid Tuition Plans

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Section 529 plans are popular education savings vehicles. To choose the type of 529 plan that\’s right for you, it\’s important to understand how 529 savings plans and 529 prepaid tuition plans work and the differences between them. Who can offer each type of plan? At one time, only states could offer 529 savings plans

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5 Types of Retirement Plans for Small Business Owners

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Small business owners are different from the average hourly employee in a lot of ways. One often-overlooked difference is how they plan for retirement. Although small business owners may offer a classic 401(k) for their workers along with other benefits such as insurance and other perks, such a plan may not be the right option

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Adding a Personal Backup With a Living Trust

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The managers of well-run businesses usually name \”backups\” to keep things going smoothly — just in case. That\’s also a smart plan for your personal finances, where you risk experiencing financial losses or other difficulties if you can\’t make your own decisions because of a long illness or other unexpected problem. You might prepare for

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Our National Debt and Gross Domestic Product

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Should you worry that debt relative to GDP is rising fast here and globally?   You hear a lot of worrying about mounting government debt because many people are convinced that public debt is a main source of problems for any economy. And currently the debt ceiling limit – the legislative limit on the amount

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