Financial Planning, Wealth & Tax Advisory

Contributing to a Health Savings Account (HSA) in 5 Easy Steps

What is an HSA?  An HSA is a tax-advantaged medical savings account that can be used tax-free for qualified medical expenses. HSAs are designed to be used in conjunction with a High Deductible Health Plan (HDHP). HSAs offer triple tax advantages: contributions are deductible, earnings are tax-deferred while in the HSA, and distributions are tax-free […]

Fixing Missed 60-Day Rollover Deadlines with Self-Certification

If I miss the 60-day deadline for completing an IRA rollover, is there any way to save the rollover amount from tax? Failing to complete a 60-day rollover on time can cause the rollover amount to be taxed as income and perhaps subject to a 10% early withdrawal penalty. However, the deadline may have been […]

Avoiding Non-Spouse Beneficiary Mistakes

How can I avoid making costly mistakes when I inherit an IRA from a person who was not my spouse? Inheriting an IRA can be a financial windfall, but it’s important to understand the complex, specific rules that apply to non-spouse IRA beneficiaries to avoid critical errors. At first, don’t do anything! Especially, don’t take […]

Choosing the Right Tax Professional in 5 Easy Steps

Why do you need a tax professional? Managing taxes during retirement will be the single most important factor in determining your ultimate lifestyle. In addition to a financial planner and estate planning attorney, a qualified tax professional is an integral part of any planning team. Ask for references Have you ever stopped to think about […]

A Deep Dive into Retirement Expense Dynamics

For retirees, understanding your spending and budgeting can be tricky. They often grapple with concerns about their spending habits, questioning if they are depleting their funds too quickly and risking financial insecurity down the road. It’s a legitimate worry, as some households tend to indulge in higher spending at the outset of retirement only to […]