- How Is Child Supported Calculated in Illinois?
In Illinois, child support is calculated using the income shares model. The income shares model takes into account the number of affected children, the parents’ combined income, and the time each parent spends caring for the child or children, among other factors. If you are divorcing or separating, and have minor children from the partnership,… read more…
- How Is Child Support Calculated in New York?
When parents of minor children divorce or separate in New York, one of the parents may be ordered to provide financial support to make sure the child’s needs are met. The court uses a guideline set out by the state to determine how much the non-custodial parent will pay. The payment is based on the… read more…
- How Child Support Is Calculated in Pennsylvania
Child support is generally calculated by using a set of guidelines established by the state, which consider the income of both parents, the number of children and the custody arrangement. In Pennsylvania, these guidelines use an income shares model, which estimates the amount of money that would have been available for the child’s care if… read more…
- 10 Personal Financial Planning Tips to Live By
Financial planning planning is a proactive approach to managing your finances and achieving long-term financial goals. By establishing a comprehensive plan, you can effectively allocate resources, prepare for significant life events and make informed decisions that support your overall financial well-being. Whether you’re saving for retirement, funding education expenses, or building an emergency fund, a… read more…
- 3 Types of Inflation and How to Prepare
As prices climb and the cost of living increases, the question on many minds is how to safeguard their financial future against inflation. Understanding different types of inflation — demand-pull, cost-push and built-in — and how they impact purchasing power will help you strategize effectively. From investment diversification to energy-efficient practices and fixed-rate loans, the strategies… read more…
- How Is Child Support Calculated in Florida?
When a couple with minor children splits up in Florida, the state uses a formula to determine the amount of child support. This formula is based on the parents’ combined net income as well as the number of children, the shared parenting schedule, and the cost of health insurance. The court has some discretion ihere,… read more…
- When Do You Stop Paying Child Support in Florida?
For parents in the Sunshine State who pay court-ordered child support, knowing when child support ends in Florida can be an important detail when it comes to their budgeting and financial planning. The obligation to pay child support usually ends in Florida when the child reaches age 18. Exceptions include children who have not graduated… read more…
- How Is Alimony Calculated in Florida?
Alimony payments can be a substantial cost or income, depending on whether you’re an alimony payer or recipient. When alimony is calculated in Florida, divorce law sets out a simple guideline on alimony amounts using a percentage of the income of the higher-earning member of a divorcing couple to generate a maximum payment size. The… read more…
- 9 Ways Divorce Can Impact Your Finances
The dissolution of a marriage can result in a dramatic shift in one’s financial landscape. From the division of retirement accounts and other financial assets to changes in your tax filing status and insurance needs, each aspect demands careful consideration to mitigate the long-term impact on your financial well-being. A financial advisor can be a… read more…
- How Alimony Is Calculated
In the wake of a divorce, many face the daunting prospect of financial uncertainty, particularly when one spouse has sacrificed career advancement for family commitments. But alimony, a legal provision, can help balance the scales of economic fairness post-divorce. Calculating how much alimony one spouse receives from the other often involves weighing numerous factors, including… read more…
- Financial Planning Resources to Help You Build Wealth
Financial planning resources can provide a structured approach to help manage your finances effectively. From books and workshops to online calculators and budgeting apps, these tools are designed to meet the needs of individuals at every stage of their financial journey. The key to maximizing their potential lies in selecting resources that align with your… read more…
- How to Build Philanthropic Giving Into Your Financial Plan
Philanthropic giving refers to the allocation of funds or assets towards charitable causes or organizations that align with personal financial goals and values. This is typically structured as long-term support through standing contributions and donations that are built into your estate. And to make philanthropy most successful, it’s important to incorporate it into your overall… read more…
- Financial Planning Strategies for Physicians
Physicians are among the best-paid professionals but that doesn’t make them immune from financial challenges. From coping with sudden wealth when just starting to work to planning for business succession at the end of many years of owning a practice, physicians may face special needs for careful financial planning. If you’re a physician contemplating your… read more…
- Guide to Financial Planning for Executives
Top business executives earn more money than many workers, but they also face a variety of challenges when planning personal finances. Complex compensation plans, risk reduction, tax management and portfolio diversification are top challenges for many executives. Additionally, executives often have access to exotic retirement saving options that call for expert advice. Financial planning for… read more…
- How to Split Assets During a Divorce
Getting divorced is already difficult enough with the end of the relationship, family complications and stress. Unfortunately, talking about money is an unwelcome but necessary part of the process. To finalize a divorce, couples must write up a legal document showing how they’ll split their assets. A judge can only validate this document if it’s… read more…
- What Are the Tax Benefits of a 529 Plan in California?
Financing your child’s education is an important milestone goal. And for California residents, 529 plans, and the state tax laws that govern them, are a big part of their education planning. Whether you’re creating a plan or making adjustments, here’s a general overview of what you need to know. For a hands-on approach to your… read more…
- Why Budgeting Is Important (Even If You’re Wealthy)
Budgeting is a practical strategy, especially when you don’t have much money. But having a clear understanding of you finances, even when you’re wealthy, will help keep your spending aligned with your long-term financial goals and prevent unnecessary expenses. Additionally, budgeting could help you set money aside for other strategic investments, philanthropy and more financial… read more…
- 8 Ways to Use Your Health Savings Account
A health savings account (HSA) is a tax-advantaged medical savings account available to U.S. taxpayers enrolled in a high-deductible health plan (HDHP). The primary purpose of an HSA is to assist these individuals in paying for out-of-pocket medical expenses. HSAs are particularly beneficial for individuals with high healthcare needs, self-employed individuals, and those who wish… read more…
- 5 Ways to Save for a Down Payment While Renting
Saving for a down payment to buy a home is an important financial milestone. But doing so while paying rent and living expenses can be challenging, especially if you live in a city where those costs are significantly higher than the national median. Here are five ways you can save for a down payment while… read more…
- Guide to Financial Planning for Nurses
Personal financial planning can be challenging. And nurses face specific challenges that can affect different stages of their financial planning lives. General steps like paying down debt, building emergency savings and investing for major financial milestones like homebuying and retirement can help nurses reach their goals. Here’s an overview of a financial plan for nurses.… read more…
- How to Create a Financial Power of Attorney in Wisconsin
A financial power of attorney can be a valuable tool to help protect your finances and empower you to make important financial decisions for a loved one who can’t make decisions for themselves. It’s often used as part of an estate plan, but might also be needed to sell a house, pay bills or even… read more…
- How to Change the Beneficiary of Your 529 Plan
The 529 Plan is a tax-advantaged savings plan designed to encourage saving for future education costs. The beneficiary of the plan is the individual designated to use the funds for educational expenses. This plan is an excellent way to secure the educational future of a child or any designated individual. However, there can be instances… read more…
- What Is the Meaning of Median vs. Average Income?
You can get useful perspective about your financial condition and performance by benchmarking your income against peers using figures for average and median income. Each of these measures offers a somewhat different snapshot. While medians better reflect typical middle-of-the-road incomes, averages capture collective earnings across a group. Understanding the nuances helps savers and investors select… read more…
- What’s the U.S. Debt Ceiling and How Can It Affect Your Finances?
The debt ceiling is a limit that Congress imposes on how much debt the federal government can carry at any given time. When the ceiling is reached, the U.S. Treasury Department cannot issue any more Treasury bonds, bills, or notes. It can only pay bills as it receives tax revenues. If the revenue isn’t enough,… read more…
- We Have a $500k Brokerage Account and $250k in Retirement Accounts. How Can We Increase Financial Aid to Help Pay for Our Child’s College?
Paying for a college education is a major financial commitment. While much easier said than done, restructuring your finances can help modestly. Student aid is calculated based on a formula called Expected Family Contribution, “EFC.” This is the amount that the government assumes a family can pay for their student to attend college. For a… read more…