Bruce Starks, CPA, CFP® – Page 47

Good to Know: 50,000 Reasons to Care About the Restricted Claim Strategy for Social Security Spousal Benefits

Good to Know This blog builds upon the foundation we established for Spousal Social Security Retirement benefits in our last blog. To summarize our last blog, the spouse of a covered worker who claims retirement benefits at his or her full retirement age is entitled to a retirement benefit of the greater of their own…

Maximum Loss on a Short/Long Put

Course: Investment Planning Lesson 15: Fundamentals of Derivatives – Futures and Options Student Question: So, if the max loss on a short put is the strike price less the premium, and the breakeven point is also the strike price minus the premium, does that mean the max loss is breaking even? And does the same…

CFP® Certificants in the News: Rick’s Story

CFP® Certificant in the News People Helping People It was the way I was raised – you help people out who need help. That is why I got into this business as a financial planner. It is meaningful to me to help people make changes in their lives.” –Rick Fingerman, CFP® When a cancer diagnosis…

Challenging Three Mistaken Beliefs About Spousal Retirement Benefits from Social Security

Good to Know The earth is flat. At least that’s what the mistaken belief was during the middle ages. If you told someone that the earth is flat today, you could get a laugh (or a raised eyebrow doubting your sanity). Yet, some of those who would laugh at the prospect of a flat earth…

Are Gifts Taxable as Income?

Course: Income Tax Planning Lesson 5: Gross Income Exclusions Student Question: In the Gifts & Inheritance section of Income Tax Planning and, how come there is not mention of the $15,000 gift tax limit. All it says is that gifts can be excluded from Gross Income. The amount of gifts excluded from taxable income is limited,…

Good to Know: Who Needs Long-Term Care Insurance?

What are the odds you’ll need long-term care? Long-term care is a distinct possibility for millions of Americans. Today’s baby-boomers and their parents are living longer, but longer life expectancies are often accompanied by a need for extended long-term care. According to the American Society on Aging, 70% of Americans 65 and older will need…

In the Money versus Out of the Money

Course: Investment Planning Lesson 3: Equity Securities Student Question: Hi Bruce, In reviewing the tax implications of derivatives, I had a question about the terms in & out of money. Is premium price factored into whether something is in or out of money? Or is it strictly referring to market and strike price? Thanks, Instructor…

Good to Know: 4 Dangerous Gaps in Long-Term Disability Coverage

Saying “I have a long-term disability policy” is very much like saying “I have a car.” There’s a big difference between a new Mercedes S-Class and a 40-year old AMC Concord (for any Millennials reading this, the Concord was manufactured just after the extinction of the dinosaurs by a now-defunct automaker). Here’s my point –…

Charitable Organization Vehicle and Liability

Course: Insurance Planning Lesson 5: Personal Auto and Umbrella Liability Policies Student Question: Hi If I have liability insurance and I’m driving a vehicle that belongs to a charity (not my own vehicle) and I get into an accident, then my insurance covers this? Sarah Instructor Response: Hi Sarah- Liability coverage generally follows the car,…

CFP® Certificants in the News: Sarah’s Story

CFP® Certificant in the News People Helping People “I see how much I can change the lives of Samir and her family by providing them with good financial principles and understanding.” –Sarah Barker As Americans, we can take for granted our basic understanding of how the U.S. financial system operates. For example, we know how…