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Q&A: Unused 529 Money

Question: What can I do with unused 529 money?

Short answer: There are currently four options for unused 529 assets: retain, shift, extend, or withdraw.

Long answer: Click to read…

Alyx Cox 9/27/22 Alyx Cox 9/27/22

Q&A: Managing bank accounts following marriage

Question: What is the best way for newlyweds to manage bank accounts as they transition into married life?

Short answer: The most appropriate approach for managing bank finances varies from couple to couple.

Long answer: Click to read…

Alyx Cox 9/6/22 Alyx Cox 9/6/22

4 Strategies to Increase Savings

Here are 4 useful strategies we recommend in order to increase your savings.

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Tax Tip: 2022 Annual Gift Limit

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Tax Tip: Tax Records

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Tax Tip: Retirement Plan Required Minimum Distribution (RMD) Deadline

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Q&A: How do I set better financial goals?

Question: How do I set better financial goals?

Short answer: Focus on the 3 S’s in SucceSS: schedule, start, simplify.

Long answer: Click to read…

Alyx Cox 11/17/21 Alyx Cox 11/17/21

Tax Tip: Timing of 529 Distributions

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Top 3: Death of a parent

1. Contact trusted professionals, including financial advisor and attorney

2. Compile official documents and records, including copies of the death certificate, will, and Beneficiary Directory®

3. Monitor or forward mail to collect incoming bills and statements

Alyx Cox 9/1/21 Alyx Cox 9/1/21

Q&A: What does a financial advisor do?

Question: What does a financial advisor do?

Short answer: A financial advisor helps clients achieve financial goals.

Long answer: Click to read…

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Top 3: Job Change

1. Evaluate benefits of both CURRENT and FUTURE employer

2. Review insurance coverages and prevent gaps

3. Account for your accounts

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The Three Tax Buckets

Taxes will be one of your largest expenses in retirement. In order to create optimal flexibility and improve tax management, develop buckets of money based on different tax rates.

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Q&A: Financial Advice

Question: What do you think about (insert miscellaneous financial advice) from my dad/friend/influencer/television personality/stranger?

Short answer: It depends.

Long answer: Click to read…

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529 College Savings Plans

Curious about 529 College Savings - review our introduction.

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Q&A: Education Savings

Question: Should I save for my child’s education if someone else (such as their grandparents) told me they plan to cover the cost?

Short answer: Yes. Save and save on a regular basis.

Long answer: Click to read…

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Top 3: Engagement

1. Speak openly and honestly about finances

2. Open a joint bank account

3. Create common financial goals, while still making progress with personal goals

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Top 3: Home Purchase

1. Accumulate savings for a down payment, associated costs/fees, and emergency fund

2. Complete the mortgage pre-approval process

3. Peruse homes patiently

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Top 3: New Baby

1. Complete or update Estate Planning

2. Review risk management program

3. Set up 529 college savings plan

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F: Focus your attention and time

Time is a finite resource – there are only 24 hours in each day. Therefore, it is important to focus time and attention carefully, especially regarding finances.

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E: Empower yourself financially

Talking about money makes many people feel uncomfortable - the topic is considered taboo within our culture. As a result…