CFG Planner Blog

Posted by Judith Sanborn, CFP®, AIF®

What you should know in order to benefit the most from this type of inheritance.

An inherited individual retirement account or IRA, lies at the tricky 3-way intersection of estate planning, financial planning and tax planning.  One wrong decision can lead to expensive consequences.  The first thing to do if you are a beneficiary of an IRA is to meet with a financial adviser who can explain your options.  The worst thing you can do is to cash out the plan.  Distributions from an inherited traditional IRA are 100% taxable as ordinary income.  Distributions from inherited Roth IRAs are not taxable.

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Posted by Denise Kovach, CFP®, AIF®, NSSA®

Things happen throughout the year that could have a big impact on your taxes, such as changing jobs, getting married, or retiring. Now is the time to ask yourself some questions in order to maximize any potential tax benefit and reduce any additional tax liability.

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Posted by Nancy Hecht, CFP®, AIF®

We were promised that the Affordable Care Act (ACA) would provide choice, innovation, lower premiums, and no need to change your Doctor. We have seen that this has not actually been the case. The biggest concern for many of us now is the insurance companies are dropping like flies.

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Posted by Gary Abely, CFP®, AIF®, CPA

“Have you and your child had a frank conversation about college costs and responsibility for payment of tuition, fees, books, room and board?”

In the past, I would ask the above question to individuals attending my “Financial Basics for Life” workshop.  This workshop is designed to teach young adults the basics of saving, investing, debt and general financial management in a two-hour cram course.  What I found: Less than 1 in 3 had discussed this topic with their teenage child.

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Posted by Nancy Hecht, CFP®, AIF®

A generation or so back, many people retired with a pension, social security, and personal retirement savings. This is no longer the case. Hardly anyone receives a pension, we still have social security, but the personal savings rate is so low it is scary. A survey conducted in 2014 by the Federal Reserve has shown that over a third of Americans have no retirement savings. NO RETIREMENT SAVINGS! Many of those Americans never plan to retire. Many are working well into their 80’s just trying to make ends meet while dealing with health issues. What is the solution?

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Posted by Denise Kovach, CFP®, AIF®

Retirement planning is complex. There are so many moving parts that it can be a challenge to know if you’ve done enough. You run retirement calculators, rebalance your investment portfolio, and get a second opinion from an unbiased financial planner… all of which are positive. But here’s some other things you can be doing as well:

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Posted by Gary Abely, CPA, CFP®, AIF®

Exchange Traded Funds (ETFs) have become popular for their low cost and tax efficiency, but are they liquid and appropriate for your portfolio? As we enter the lower trading volume and often more volatile period of the summer months, it is an important question to ask yourself, especially if you utilize stop loss orders (explained later).

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Posted by Gary Abely, CPA, CFP®, AIF®

Even if you don’t need credit, your FICO score is still important to monitor.  A FICO score is used not only by creditors to evaluate your credit worthiness, but also by insurance carriers, landlords, and even employers.  Your score could impact your ability to land the job you want, rent the apartment you wish to live in, land a favorable mortgage rate or obtain the lowest cost insurance quote.  It turns out that people with higher credit scores are also less apt to get in auto accidents and more likely to be reliable at work.  It turns out those who avoid financial delinquency also avoid some of life’s other risks as well.

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Posted by Nancy Hecht, CFP®, AIF®

It is that time of year again, hurricane season. Each year, we prepare by stock piling water and canned goods, flashlights and batteries. What about your important papers? A little bit of water can cause a lot of damage. If your important papers are not protected, it is very hard to get help. Here are a few tips from the Chief Financial Office for the State of Florida:

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