Archive - February 2013

1
Should Couples Combine Finances?
2
Pros And Cons Of The Roth 401(k)
3
Do You Need A Prenup?
4
Why Money Can’t Solve Your Problems
5
5 Things You Need To Know About The New Tax Laws

Should Couples Combine Finances?

As hard as it is to believe, the world is changing! The topic of combining finances is one that frequently comes up with younger clients and clients that are remarrying, although it is certainly applicable to all couples. Couples can be traditional married couples, same-sex couples, engaged couples, life-long roommate couples, and every set of 2 (or more?) people in between. As more people wait until they are older to get married, there is a level of independence that has been achieved they may not want to give up. Combining finances can represent a loss of independence, control, and even …

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Pros And Cons Of The Roth 401(k)

The Roth 401(k) first became available in January 2006, is an option available for employers to provide as a part of “normal” 401(k) plans, either existing or new.  The Roth provision allows the employee to choose to direct all or part of his or her salary deferrals into the 401(k) plan to a separate account, called a Designated Roth Account, or DRAC.

The DRAC account is segregated from the regular 401(k) account, because of the way the funds are treated.  When you direct a portion of your salary into a DRAC, you pay tax on the deferred salary just the …

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Do You Need A Prenup?

According to news reports, when Katie Holmes and Tom Cruise announced their divorce, there wasn’t much of a question of how the couple’s assets would be split. That’s because a detailed prenuptial agreement outlined exactly what would happen, financially speaking, if the couple split. It’s been said that Holmes walked away with only those assets that she brought into the marriage.

Prenups aren’t unusual for celebrity types or the super wealthy, but they aren’t as common for the simply well-off folks who aren’t in the spotlight. This could be a mistake. There are social trends that make having a prenup …

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Why Money Can’t Solve Your Problems

“I don’t know who I am or what I want. I just know I want to make more money and then I’ll figure it out and be happy.”  Ever felt this way?  At one time in my life, I sure did.

If you are reading this, most likely, you have a full tummy most of the time, shoes to protect your feet, a closet full of clothes, and an apartment or a house to keep you dry and comfy.   You were taught to read.  You have several years, maybe close to two decades, of education.  You may have participated in …

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5 Things You Need To Know About The New Tax Laws

When I was twenty years old in college, I calculated that the biggest lifetime expense I’ll have is not a mortgage or my college education but it is income taxes. From then on, I read everything I could about the tax code and how to get the most after-tax mileage out of every dollar I earn and save. The new tax law is the “American Tax Relief Act of 2012”. Essentially, the new act extends many of the tax breaks we have been using for years.

There are new income thresholds for ‘high income earners’. High income earners are joint …

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