Retirement Plan Required Minimum Distributions

Course: Retirement PlanningLesson 5: Leveraging Nonqualified Plans for Small Business and Not-For-Profit Employees and Owners Student Question: Hi I’m trying to distinguish when the required minimum distribution amounts are at 72 years old, versus when they are 70 ½.  IRA’s are now 72, correct?  Is a 401k plan and a 403b 70 1/2?  Thank you…

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2021 Child and Dependent Care Credit

Good to Know The Child and Dependent Care Credit (a potentially refundable tax credit for 2021) is to incent employment. Employed taxpayers receive a tax credit if they have dependents who need child care. The credit is available to those taxpayers currently employed and those seeking employment. Restrictions, conditions, and coordination rules apply. Restrictions The…

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Maximum Family Benefit

Course: Insurance PlanningLesson 10: Social Security Student Question: Does the maximum family benefit apply to a husband and wife that are both fully insured if the combined total between the two exceeds the maximum family limit?   If I understand correctly, the maximum family limit only applies if there are beneficiaries within the family receiving benefits…

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Cryptocurrency, Financial Planners/Advisors, and Client Expectations

CFP® Certificants in the News Cryptocurrency was considered a highly speculative, if not a suspiciously bizarre novelty, when Bitcoin was introduced anonymously in 2009. Fast forward to today – Cryptocurrency and other digital assets have skyrocketed in popularity. For example, Bitcoin holdings alone in 2021 are estimated at over one trillion dollars, and the federal…

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Social Security Widower Benefits

Course: Insurance PlanningLesson 10: Social Security Student Question: When it comes to social security widower’s benefit’s, is the widow eligible to take his/her SS benefit early (age 62) and then switch over to the deceased spouse’s full benefit at 67? Or would the widow only be eligible for one of the two benefits?  Thanks Cooper…

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Social Security Retirement Benefits

Course: Insurance PlanningLesson 10: Social Security Student Question: This question (below) doesn’t quite make sense to me.  Could you clarify why the correct answer is D? Robin Elizabeth qualifies for a retirement benefit of $250 and a spouse’s benefit of $400. At her full retirement age, she will receive which of the following? Both $250 and…

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Personal Umbrella Liability Insurance Isn’t Only for the Rich

Good to Know Conventional wisdom would have us believe that personal umbrella liability policies are needed only when one’s net worth exceeds $1,000,000. The purpose of this blog is to challenge that potentially dangerous assumption. As background, we live in an amazing country, land of the free because of the brave. Yet the United States…

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Powers of Attorney – Autonomy vs. Protection

Good to Know CFP Board expects CFP® Certificants to understand how to protect a client’s assets and guide health care decisions in the event of incapacity. Let’s make this personal – who would make medical decisions for you if you were temporarily unconscious or suffering from a debilitating disease such as Alzheimer’s? How about financial…

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Deducting Gifts to Customers

Course: Income Tax PlanningLesson 10: Recognition of Expenses, Losses, and Deductions Student Question: Hi Can you clarify for me the deductibility of gifts when we’re talking about employees of a business versus self-employed individuals?  It seems the rules have changed on these.  Thanks for your help. Kyle Instructor Response: Hi Kyle, Thank you for the…

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CFP Board of Directors Positions Open

CFP® Certificants in the News Here is your chance to add your client-facing, practical financial planning perspective to CFP Board’s governing body in 2022. The following excerpt was taken from the CFP BOARD REPORT published on May 20, 2021. “CFP Board is now accepting applications from individuals interested in serving on CFP Board’s Board of…

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