Author - jim@blankenshipfinancial.com (Jim Blankenship)

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Just Starting Out – Resources to Help With Money Stuff
2
IRA Rollover Waiver Denied When Funds Used as a Loan
3
Is It Time to Rethink the Emergency Fund?
4
Inherit an IRA? Don’t forget to name a beneficiary!
5
Non-Parent Owned 529 Plans

Just Starting Out – Resources to Help With Money Stuff

 

Photo credit: jb

A recent college graduate approached me recently to ask about saving and investing. He had begun investing using one of the micro-brokerage apps, and had a few questions about getting started with saving and investing.

We briefly talked about saving concepts, including emergency funds, goals for saving activities and whatnot, as well as the concept of diversification. But I knew that the brief amount of time we had available to talk would not be enough to answer all of his questions. In addition, although at one time I was in his very shoes (starting his first …

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IRA Rollover Waiver Denied When Funds Used as a Loan

A recent Private Letter Ruling (PLR) from the IRS may be of interest to IRA owners who are thinking about using IRA funds as a short-term loan. There are a couple of factors in this ruling that you need to understand if you’re looking to use IRA funds for a short-term loan (hint: it’s not recommended!).

PLR 202033008 was issued August 14, 2020. The taxpayer had, upon the advice of his real estate agent, taken a withdrawal from his IRA in order to purchase a home. At the time, his old home had not yet sold, so he needed a …

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Is It Time to Rethink the Emergency Fund?

For the longest time in wealth management the recommended amount of money to have in an emergency fund has been three to six months of non-discretionary expenses (mortgage, rent, utilities, groceries).

Typically, three months was the recommendation for a single individual or married couple with dual incomes. Six months was generally for married couples with one income earner.

Every so often, something comes along challenging conventional wisdom, and that can be a good thing. In this case, it’s a pandemic that’s changing how we think – about many things.

The pandemic has wreaked havoc on many lives. People have been …

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Inherit an IRA? Don’t forget to name a beneficiary!

After the death of a loved one, there are many things that you have to deal with, not the least of which is handling your own emotions and grief over the loss. In addition to this very difficult transition, there often are lots of financial things to take care of as well. One of those matters is to make sure you have your own beneficiary designations properly assigned to any inherited IRAs or other retirement plans.

As with any IRA, if you haven’t properly designated a beneficiary, you’re dependent on the IRA custodian’s rules (and often your state probate rules) …

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Non-Parent Owned 529 Plans

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Photo credit: jb

Grandparents often find themselves looking for a way to help their children or grandchildren with education expenses. There are a few strategies grandparents may consider depending on their preferences. The following are a few strategies grandparents may consider to help with higher education expenses.

Grandparent-owned 529 plan. In this strategy the grandparent owns the 529 plan in their name and makes contributions to the plan. The benefit of this is that the grandparent can reduce their estate, take a potential state tax deduction (if their state allows), control the investments, take tax-free qualified distributions, and name/change …

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