Not All Sunsets Are Beautiful

Good to Know Income taxes and transfer taxes will rise—in some cases painfully—after December 31, 2025. Transfer taxes include gift, estate, and generation-skipping taxes. Income tax rates will increase and transfer taxes may rise as taxpayer friendly provisions of the Tax Cuts and Jobs Act (TCJA) expire (sunset) for years beginning on or after January…

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529 To Roth IRA Rollover

Good to Know Your prospect started saving for their child’s college education early and consistently. Fast forward to when the child graduates from college. Now it’s obvious there’s $35,000 in the 529 plan that will not be needed for college.  When they turn to you for advice, how do you advise them? Here’s an interesting…

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Student Loan Forgiveness Fraud

Good to Know The Federal Trade Commission cautions that “scammers might try and tell you they can help you avoid repayments, lower your payments, or get your loans forgiven — for a price.” That sage advice could not be more timely. Whenever there’s confusion over student loans and dishonest money to be had, scammers flock…

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Relationships, Psychology, and Financial Issues

Good to Know CFP Board’s focus on the psychology of financial planning led to a new domain topic— The Psychology of Financial Planning. Our focus in today’s article is on financial tensions in relationships. According to The Practitioner Resource Guide (Guide) offered by CFP Board, three common relationship tensions include Financial Enabling, Financial Control, and,…

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Artificial Intelligence in Insurance

Good to Know The promise of AI must be tempered by the responsibility for its use by insurance companies according to a guidance bulletin published December 4 by the National Association of Insurance Commissioners (NAIC). According NAIC Commissioner Birrane, “This initiative represents a collaborative effort to set clear expectations for state Departments of Insurance regarding…

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When Do Gen Z, Gen X, and Millennial Investors Seek Financial Advice?

Good to Know “Advisors may need to connect to younger prospects on social media and tailor services to such life events as marriage, buying a home or starting a family, according to a recent survey…” according to a recent article published by Financial Advisor IQ. The article was based on a survey of 1,000 investors…

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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.…

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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…

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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…

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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…

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