Bruce Starks, CPA, CFP® – Page 4

Unconventional Ways to Payoff Student Loans

Good to Know Student loan debt is a financial albatross, voraciously consuming discretionary income and obstructing saving for home down payments, retirement, and more. Take this uber short quiz to see just how challenging the repayment of student loan debt can be. 1. The average student requires years1 to pay off their student loans. Correct.…

529 PLAN FUNDS FOR CFP® CERTIFICATION

CFP® Certificants in the News CFP Board joined the American Institute of Certified Public Accountants, the Financial Planning Association, and 13 other organizations nationwide to support the Freedom to Invest in Tomorrow’s Workforce bill (the bill) currently being considered in the House of Representatives. Refreshingly, the bill has broad bipartisan support from more than 65…

Social Security Retirement Benefits

Course: Estate PlanningLesson 3: Understanding Trusts and Trust Documents 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?…

Penalty-Free Withdrawals for Domestic Abuse Survivors

Good to Know Domestic abuse happens far too frequently and more often than is commonly thought. The National Institute of Health warns that: One of every four women “will experience physical violence…by their intimate partner at some point during their lifetime.” The incidence of physical violence against men by their intimate partners is lower but…

Premium Payments on Buy-Sell Agreements

Course: Insurance PlanningLesson 17: Business Uses of Life and Disability Insurance Student Question: I have a quick question regarding buy/sell agreement; not clear who would pay the premiums on disability and or life insurance on the principals and the key employees? Instructor Response: Great question. A buy-sell agreement relates to owners of the business while…

Early Holiday Gifts from Secure 2.0 Act

Good to Know Secure 2.0 Act is dramatically more impactful than is commonly appreciated. Not-to-be-missed “gift” opportunities range from employer 401(k) plan matches for student loan repayments to Roth account rollovers from 529 plans and more. This article will summarize the most powerful opportunities. Employer 401(k) Match for Student Loan Repayments Employers have the…

Social Security Retirement Benefits

Course: Investment PlanningLesson 14: Evaluation Portfolio Performance 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? Instructor Response:…

Passing Property Via Will

Course: Investment PlanningLesson 14: Evaluation Portfolio Performance Student Question: Hello – I’m a little confused about the example (below) discussing an heirloom of only sentimental value. Why would this be titled at all for a will, especially since an earlier lecture said items of no value would pass through will as the situation does not…

Alternatives to Medicare, Part IV

Good to Know This is the final article of a IV-part series to help early retirees make informed healthcare coverage choices when they retire before age 65—and are ineligible for Medicare. The previous three parts in the series were: Faith-Based Cost-Sharing Affordable Care Act Policies Short-Term Limited Duration Insurance We’ll begin with an application summary…

Percentage of Completion Method

Course: Income Tax PlanningLesson 10: Recognition of Expenses, Losses, and Deductions Student Question: Question 5 (below) did not make sense to me. I started out by breaking down by year — 400,000/2,100,000*3,000,000 and so forth, but did not arrive at the correct answer. So then I tried adding up 3 year — 400+650+700/2100000*3,000,000. That wasn’t…