Author - Tom Orecchio, CFA, CFP®

1
How Do You Raise Financially Competent Children? (Part 2 of 2)
2
Preparing To Help Aging Parents
3
Financial Planning Overview
4
Is a Wealth Management Firm Right for You?
5
What The New Fiscal Cliff And Health Care Tax Legislations Mean For You

How Do You Raise Financially Competent Children? (Part 2 of 2)

Congratulations!   You’re thrilled that you are no longer paying for your children’s college education and feel they’ve spent the last four years excelling in rigorous coursework amongst other things.  However, are they prepared to handle their own finances? What can you do to help them get on the right track now?   Here are a few suggestions for parents to share with recent graduates entering the work-force:

  • Get organized:  Encourage your recent college graduate to get organized.  First, there’s the paperwork.  For most children, it is their first experience with bank statements, tax documents, pay stubs, health insurance claim forms,
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Preparing To Help Aging Parents

We often find ourselves so engrossed in how fast our children are growing up that it’s easy to sometimes forget that our own parents are also aging.  It’s never too early to start preparing for the responsibility of caring for parents in the future.   Whether they want the role or not, more and more adult children are finding themselves in the position of primary caregiver for their aging parents.  Unfortunately, many are not prepared for that role.

Finances:

  • Create a durable Power of Attorney to name a person to control your parents’ finances when they no longer can
  • Compile all
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Financial Planning Overview

In order to achieve your goals, you need a well thought out plan.  Before investing your money you should focus on making sure that your personal finances are in order.  Without understanding your cash flows it would be difficult, if not impossible to know if you are on track toward your goals or if you are taking too much or too little risk in your portfolio.

Financial planning is a multi-discipline approach to creating a roadmap for your financial future.  Comprehensive financial planning includes a six step process:

1. Establish and define your relationship with your financial planner.

Your financial …

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Is a Wealth Management Firm Right for You?

Wealth management integrates comprehensive financial planning with customized portfolio management in an all-encompassing service to accomplish the long-term financial goals of high net worth individuals and their families, charitable foundations and trusts.   Financial planning is the process that assesses a client’s current economic condition, and helps them structure realistic long-term financial goals.

Portfolio management provides the means of managing their wealth so they can accomplish those goals while minimizing risks, taxes and expenses along the way.

The objective of the financial planning process is to gather, organize, and analyze a client’s existing financial information, and create a comprehensive plan which …

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What The New Fiscal Cliff And Health Care Tax Legislations Mean For You

The American Taxpayer Relief Act of 2012 (ARTA) was signed into law by President Obama on January 2, 2013, averting some of the large tax increases that would otherwise have been effective this year.  This article provides a summary of some of the key provisions of this law.

Personal Income Taxes

Income tax brackets- The income tax brackets from the Bush tax cuts are permanently retained for taxable income under $400,000 for individuals and under $450,000 for couples.   Taxable income above these levels is taxed at 39.6%.  These brackets will be annually adjusted for inflation.

Payroll taxes- The employee portion …

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