Family Finances | Unbiased financial advice from fee-only financial planners

April 29, 2016 is a new Social Security deadline. Does it apply to you?

Feb 22 2016

A little know congressional act which became law late in 2015 affects some of the most popular Social Security strategies and may directly impact you. You need to understand whether or not the new rules apply to your situation and whether you need to take action with Social Security by the April 29^th deadline.

The rule changes to Social Security are the result of the PATH Act of 2015, which was enacted on Dec. 17^th, 2015. This Congressional Act was not focused on Social Security but nevertheless, impacted many individuals and couples because of a few key …

Six Creative Beneficiary Designation Ideas

Jan 13 2016

The majority of beneficiary designations are straightforward. Spouses leave retirement accounts primarily to each other and contingently divided among their children. If their children have not yet reached the age of majority, a trust may be involved.

For many, these simple and common beneficiary designations are the perfect fit for their wishes. For others, they want something more but haven’t yet thought of it. Here are 6 beneficiary designation ideas to inspire your estate planning creativity.

1. Use per stirpes to include your children’s families.

If you set your contingent beneficiary designations to divide your estate between your children, you …

Find ways to save money when you fund College education

Dec 26 2015

It is a well-known fact that funding a child’s college education costs tremendous amounts of money these days. No denial about that. I know it first-hand having funded college education for three children in the last eight years! In fact, that is the reason why we all should carefully examine any whichever method that helps us reduce these costs. So, the question is: is there a way you can save money in the process? Thanks to tax laws (and some very recent tax deals), yes you can. While the finest details are in IRS Publication 970, let me try… Read More

What you need to know when you acquire debt?

Dec 17 2015

You may have a great credit score, and perhaps many lenders are eager to offer you debt. Should you jump in and acquire the debt? Not so fast. Acquiring debt puts you in an obligation to pay back in time and as per the terms of the debt. Moreover, if you fail to pay, there are consequences. Also, financial savviness 101 says, “You should never borrow more than what you can afford” and “you should get the best deal possible”. Accordingly, this blog post: to encourage you to think twice, thrice before getting into debt. Perhaps, the checklist below will …

When Millennials Move Back Home

Oct 06 2015

Cheryl J. Sherrard, CFP was quoted in a September 21st article in the Wall Street Journal, focused on what parents should know, and do, about the financial challenges of boomerang children.

More millennials are spending early adulthood in the same place where they spent their formative years: in their parents’ homes.

It’s crucial that both parties understand the financial implications of this homecoming. For parents, a child’s return often means a greater financial burden, just as the parents may be struggling to meet their own savings and retirement goals. It also can make it more difficult for the millennials to …

Category - Family Finances