Before diving in, we’ll start with the basics of a health savings account, or HSA. A health savings account offers those who have health insurance with high deductibles the chance to save pretax funds to use for medical expenses. If there are any unused funds in the HSA at the end of the year, they roll over to the next year. Unlike with a Flexible...
In today’s high-tech world, technology has produced a new form of property that we need to think about in our estate documents. Digital assets are now an essential part of the estate planning process, but some people may still overlook them! It’s important to not only remember your digital assets when working with your estate planner, but also unde...
Some potential charitable donors are faced with quite the dilemma: how to give to charity while still maintaining wealth and financial security for their own family. The concern is that a substantial charitable gift could end up depriving their family members of funds they may need for future emergencies. But the longer the potential donor stalls, ...
According to conventional, or modern, financial theory, people are generally rational and predictable investors. Some popular conventional finance theories are the Capital Asset Pricing model, which explains the relationship between systematic risk and expected return, and the Efficient Market Hypothesis, a theory that claims it is impossible to be...
For those of you who have 529 plans, you may be asking how your contributions to the plan will affect your tax return. While for the most part they’re relatively low-maintenance, there are definitely a few times when your 529 plan could come into play during tax season. What to Do with Your 1099-Q? Let’s say you took a distribution in t...
American Opportunity Credit The American Opportunity credit gives students the chance to reduce the cost of attending college. Students must meet several requirements to be eligible for the credit. To be eligible for the credit, the student must be enrolled at least half time, for at least one semester in designated tax year, and be working to...
Americans are an incredibly charitable group. According to a 2015 study done by The Giving Institute1, Americans donated $373 billion to charitable causes, and $268 billion of that was given by individuals. To benefit these charitable individuals, the IRS provides a charitable contribution deduction. But be aware, there are some very specific stipu...