One of the questions we receive most frequently is, “How can I reduce my taxes?” When asked to elaborate, many prospective clients cannot give more detail; they just know they want to reduce their tax burden. While there are no magical strategies to completely erase taxes, there are strategies we help our clients employ that […]
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In this series Empirical advisors answer common questions about financial planning and investing as an individual. If you have a question for our advisors, please leave your name and question in the comment section at the bottom of this article.
[Ask an Advisor] What Does the New IRS Rollover Rule Mean For Me?
With 2015 quickly approaching, there is a new IRS rule investors should be aware of that begins on January 1. It is the one-rollover-per-year rule for IRAs. What this rule states is that investors can only make one non-trustee-to-trustee rollover from one IRA to another IRA in a 12-month period. This limitation applies to rollovers […]
[Ask an Advisor] Health Care Planning: What Are My Options?
Not many of us enjoy learning about health insurance or dealing with insurance providers. Whether it is about the cost, trying to compare the coverage under each kind of insurance, or simply learning about the different available options, chances are that you may find the effort confounding. Here we delve into a few aspects of […]
[Ask an Advisor] Insurance 101: Are You Covered?
Fire, auto accident, earthquake, hurricane and death. These might make for an exciting movie, but are not generally subjects for in-depth personal reflection. Especially if we mean thinking about these disasters happening to us or our loved ones! This may be why many savvy investors and fiscally responsible individuals don’t spend much time contemplating their […]
[Ask an Advisor] What Are MyRA Accounts, And How Do They Work?
In the 2014 State of the Union Address, President Obama proposed a new retirement savings program known as “myRA” retirement accounts. This program, created by executive order of the President and managed by the US Treasury, is intended to provide a simple and affordable method to begin saving for retirement, particularly for people who may […]
[Ask an Advisor] How Can I Use An IRA Stretch Trust To My Advantage?
Estate planning is vital, but not necessarily straightforward. It can be complex, and to be effective must be tailored to an individual’s circumstances and preferences. This article describes one of the many estate planning techniques that can be used to target client needs, IRA Stretch Trusts. This tactic is becoming increasingly relevant, given that IRAs […]
[Ask an Advisor] What Are Health Savings Accounts And Who Is Eligible To Participate?
Overview Health Savings Accounts (HSAs) allow people who are enrolled in high-deductible health plans (HDHP) to receive tax-advantaged treatment on money saved, invested and used for qualified medical expenses. To be eligible to use a HSA, you need to meet the following conditions: You must be covered by a HDHP that meets IRS requirements You […]
[Ask an Advisor] Choosing an Executor
A crucial part of any complete financial plan is the estate plan that specifies how your assets will be distributed upon your death. The cornerstone of an estate plan is the will, the purpose of which is to communicate your intentions for your estate. In the absence of a will (also known as “dying intestate”), […]