Archive - August 18, 2020

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College contingency plans
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The CARES Act Offers More Savings with HSAs and FSAs
3
New Advantages to Long Term Care Planning

College contingency plans

Aug 18 2020
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Danielle L. Schultz, CFP®, CDFA

Danielle L. Schultz, the principal financial planner of Haven Financial Solutions, is a CERTIFIED FINANCIAL PLANNER™ (CFP®), a NAPFA-registered Financial Advisor, and a Registered Investment Advisor in the State of Illinois. She studied financial planning at Northwestern University’s Certified Financial Planner™ certification program. She also holds a Series 65 license (Registered Investment Advisor Representative) and a CCPS (Certified College Planning Specialist).

She writes a regular column for Better Investing magazine and is currently working on a revision of their mutual funds handbook. In addition to academic training and professional experience, Ms. Schultz has personally managed Social Security, Medicare, retirement and long-term care issues; college funding concerns; and cash flow and transition planning in self-employment and divorce situations. Her social work background gives her an innovative perspective on financial planning issues; for her, financial planning is not only about money, but also a key component in a satisfying and well-lived life.

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I’m a big fan of always having a plan B, and having more than one stream of income. You can only control you own actions, and try to have a plan on how you might cope with unexpected events. That’s why we diversify our portfolios, have an emergency fund, and try to think of some type of side job that keeps some money coming in if the main gig goes kaput. The era we’re currently enduring highlights the worth of these principles. So let’s apply them if you, or your nearly-adult child, is in college at the moment.

If you’re …

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The CARES Act Offers More Savings with HSAs and FSAs

Aug 18 2020
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Claire Emory, MBA, CFA, CFP® All posts from Claire Emory, MBA, CFA, CFP®
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While a lot has been said about the Coronavirus stimulus checks and the temporary increase to the amount of unemployment  benefits one could receive, the changes to regulations for FSAs (flexible spending accounts) and HSAs (health savings accounts) accounts have not been given as much attention. In “Health Savings Accounts Get Even Better,” Kiplinger.com informs readers of how they can take advantage of these changes which are part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, some of which are permanent.

This legislation offers more leeway with regards to what items are eligible for purchase with …

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New Advantages to Long Term Care Planning

Aug 18 2020
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Forrest Baumhover

Forrest Baumhover joined Lawrence Financial Planning in 2018 after a rewarding 24-year Navy career. He holds a B.S. in English from the United States Naval Academy and an M.B.A from Old Dominion University. Forrest has been a CFP® professional since 2015. He is also enrolled before the IRS as a tax practitioner.

As a veteran and a financial planner, Forrest understands the difficulties of being financially prepared for the unexpected. His personal experience in helping sailors resolve their own financial challenges inspired him to become a financial planner.

Forrest has been quoted in USA Today, Forbes.com, Christian Science Monitor, Business Insider, and other industry publications.

Originally a native of Dade City, Florida, Forrest has lived in Tampa since 2014. In his spare time, he volunteers as a transportation specialist, transporting his three children from activity to activity.

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Disclosure: This article is sponsored by Navy Mutual.

Have you ever considered long term care coverage? If not, you should. An overwhelmingly large percentage of the population will need some form of long term care as they age.

As many as 69% of the people turning 65 this year will need some level of long term care. 15% of those people will spend $250,000 or more on those care costs.

Let that sink in for a moment. Without proper planning, long term care expenses have the potential to significantly impact your life savings or create an excessive financial burden …

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