- How to Amend a Pennsylvania Will With a Codicil
In Pennsylvania, one of the most efficient ways to amend a will is through a legal document known as a codicil. This tool allows individuals to make changes to their estate plans without the need to draft an entirely new will, saving both time and money. Whether you’re looking to update beneficiaries, change executors or… read more…
- How to Amend a Virginia Will With a Codicil
One effective way to update a will in Virginia is by using a codicil. A codicil is a legal amendment that allows you to make specific changes to your existing will without drafting a new one. This process is a cost-effective way to preserve the original intent of your will while allowing you to make… read more…
- How to Amend a Texas Will With a Codicil
One of the most efficient ways to amend a will is through a legal document known as a codicil. Texas, like most other states, allows you to make adjustments to your will using a codicil, which eliminates the need to draft an entirely new document This can be particularly helpful for the minor changes associated… read more…
- The Value of a Financial Advisor: What’s It Really Worth?
Abstract Given the diverse spectrum of financial needs and advice, the exact financial impact of employing a financial advisor remains largely unquantified. But with clients putting their hard-earned dollars up for the unknown, it may be difficult to pull the trigger employing a financial advisor, despite the potential for long-term payoffs. This model aims to… read more…
- Ask an Advisor: When Should I Work With a Financial Advisor versus a CPA?
With the exception of tax preparation, how do you determine when a certified public accountant (CPA) is needed versus a financial advisor for financial guidance? – Joyce In many cases, most people would benefit from having both a certified public accountant (CPA) or other professional tax preparer and a financial advisor. Each has their own… read more…
- Types of Power of Attorney in Indiana
Understanding the types of power of attorney in Indiana is crucial for anyone who wants to ensure their affairs are managed according to their wishes, whether due to illness, absence or other circumstances. In Indiana, a power of attorney is a legal document that grants one person the authority to act on behalf of another… read more…
- Types of Power of Attorney in New Mexico
A power of attorney (POA) is a legal document that allows you to appoint someone to make decisions on your behalf. Creating a power of attorney can help you manage your financial and personal affairs according to your wishes. In New Mexico, several types of POAs serve distinct purposes and offer varying levels of control.… read more…
- Ask an Advisor: Can I Roll Over $120k in After-Tax 401(k) Contributions to a Roth IRA Without Paying Taxes?
I have $120,000 in after-tax contributions in my traditional 401(k) at work. Can I roll over just the after-tax money into my Roth IRA? I would like to avoid creating a taxable event. – Daniel Daniel, this is a great question. Your ability to roll over these after-tax 401(k) contributions to your Roth IRA may… read more…
- 5 Fastest Ways to Pay Off Your Mortgage
Owning a home is a dream for many, but the reality of a long-term mortgage can feel daunting. The good news is that there are strategies to help you pay off your mortgage faster, potentially saving you thousands in interest and freeing you from debt sooner than expected. Whether you are looking to increase your… read more…
- Where to Find Professional Financial Advice Online
Finding professional financial advice online has become more accessible with the growth of digital platforms and services. Now, individuals can connect with financial advisors through many websites, apps and online networks, receiving guidance on topics ranging from retirement planning to investment strategies. These services often offer flexible options, allowing users to choose from robo-advisors that… read more…
- Operating Cash Flow vs. Free Cash Flow
Understanding the nuances between operating cash flow and free cash flow is crucial for both investors and business owners. These two financial metrics, while related, serve distinct purposes in evaluating a company’s financial health and operational efficiency. Knowing the difference between operating cash flow vs free cash flow can help investors better understand a company’s… read more…
- What Is a Swap Execution Facility (SEF)?
Understanding the mechanisms that facilitate trading is crucial for both seasoned investors and newcomers alike. One such mechanism is the Swap Execution Facility, or SEF, which plays a pivotal role in the trading of swaps and other derivatives. Established as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, SEFs were designed to… read more…
- How to Apply for a Home Equity Line of Credit (HELOC)
A home equity line of credit (HELOC) can be a valuable tool for homeowners looking to leverage the equity in their homes. Whether you are planning a major renovation, consolidating debt or funding a significant purchase, understanding how to apply for a HELOC is crucial. This type of credit allows you to borrow against the… read more…
- Ask an Advisor: Does a Military Pension Count Toward Income Limits for Roth Contributions?
Does a military pension count toward income levels for Roth contributions? – Gail Congratulations on earning your service pension. Whether it’s due to your own service or a spouse’s service, you’ve earned it. On one hand, military pensions don’t meet the “earned income” requirement necessary to qualify for a Roth contribution, meaning a pension alone… read more…
- IRS Doubles the Number of States Eligible to Use Free ‘Direct Filing’ in 2025
Direct File has been one of the IRS’s most popular and successful programs in recent years. In 2025, it will expand significantly and become available to twice as many states. In the coming tax year, residents of 24 states will be able to use Direct File for their taxes. While some financial advisors only manage investments, others… read more…
- 7 Popular Financial Gurus
There are several popular financial gurus today that offer valuable wealth-building, investing and money management insights. When you want to grow your financial knowledge, each provides a unique perspective on how you can build strong financial practices for yourself. Whether you want to learn how to invest in the stock market or build for your… read more…
- Pros and Cons of a Home Equity Line of Credit (HELOC)
A home equity line of credit, or HELOC, is a popular financing option for homeowners looking to leverage the equity they have in their homes. Unlike a traditional loan, a HELOC provides a revolving line of credit that allows you to borrow against your home’s value as needed, offering flexibility for various expenses such as… read more…
- Step-by-Step Overview of How to Choose a Health Insurance Plan
With so many options available, choosing the right health insurance plan can feel overwhelming. To make the best choice, it is critical you understand your options, compare different plan types and evaluate out-of-pocket costs. Whether exploring employer-sponsored plans, purchasing through the Health Insurance Marketplace or considering private options, a methodical approach can help you find… read more…
- How a Solo 401(k) Plan Works for a Controlled Group
A solo 401(k) plan is a retirement savings option for self-employed individuals or small business owners with no employees, aside from a spouse. When an individual owns multiple businesses or has a controlling interest in more than one company, these businesses may be considered a controlled group under IRS rules. That can affect eligibility for… read more…
- Facultative vs. Treaty Reinsurance: What’s the Difference?
Facultative reinsurance and treaty reinsurance represent two distinct approaches within the reinsurance framework. Facultative reinsurance is a more tailored solution, where individual risks are assessed and negotiated on a case-by-case basis. This allows for flexibility and specificity, making it ideal for unique or high-value risks. On the other hand, treaty reinsurance involves a broader agreement… read more…
- What Is Treaty Reinsurance?
Reinsurance is one of the key strategies employed by insurers to manage risk. It serves as an agreement between an insurer and a reinsurer, where the reinsurer agrees to cover a specified portion of the insurer’s risk portfolio. This arrangement is typically comprehensive, covering a wide range of policies rather than individual risks. Doing so… read more…
- Ask an Advisor: I Withdrew $60k from My Retirement Plan This Year Which Increased My Medicare Premiums. Is It Permanent?
I’m 71 years old and my current Thrift Savings Plan (TSP) balance is $315,000 after withdrawing $60,000 this year. This is putting me in a higher tax bracket and I must pay a large amount of federal/state taxes. In addition, my monthly Medicare premium will increase. Will the Medicare premium increase permanently or only the… read more…
- 7 Tips for Finding a Financial Advisor
Finding a financial advisor involves more than just looking for someone with the right credentials. It requires identifying a professional who aligns with your financial goals, communication style and long-term needs. Key tips for finding a financial advisor include reviewing their qualifications, understanding fee structures and assessing how well the advisor’s approach matches your needs… read more…
- What Is Disinvestment and How Can It Impact Your Portfolio?
Disinvestment refers to the process of reducing or eliminating investments in a company, asset or industry, often for financial, ethical or environmental reasons. It can occur when businesses sell off assets, withdraw capital or cease further investments in specific areas. For investors, disinvestment might impact a portfolio by shifting the focus away from certain sectors or… read more…
- Negative Gearing: What Is It and How Does It Work?
Negative gearing is a financial strategy commonly used by rental property investors. It occurs when the rental income generated from an investment property is less than the costs associated with owning and maintaining it, including mortgage interest and maintenance expenses. In this scenario, the investor incurs a loss, which can potentially be offset against other… read more…