...individuals who have both the means and desire can ‘overfund’ one or more 529 plan accounts (either by making periodic contributions over many years or by a large lump sum contribution), effectively creating a “Dynasty 529 Plan”, which can be used to pay for qualified education expenses of not only their children and grandchildren (or any number of qualified members in their extended family), but potentially for multiple generations of family members to come...

...A simple way to dig deeper into the underlying reason for your financial goals is by peeling back the layers and asking yourself “why?” three times...

...No matter the market conditions, there are always messages from the media or the investing community that a market event, such as an extreme drop or increase, was foreseen, perhaps even obvious. If you begin to believe you’ve missed opportunities or you’re at risk for losses, you might attempt to overcorrect by trying to time the markets or weighting your portfolio too heavily in one area...

Presidential election years bring a lot of uncertainty and stress. And that's not just for the candidates who are running...

...Each year, the IRS compiles a list of common tax scams of which Americans should be aware, especially during tax season. See below for a list of the IRS’ 12 tax scams to avoid...

...We all know that prices typically go up over time: that's called inflation. But does everything get more expensive over time?...

...Against this challenging backdrop, new grads in your life will almost certainly benefit from any efforts to help them begin the rest of their lives on solid financial footing...

...Before you invest your money by paying your own costs or footing the bill for a loved one to attend a particular college, understand that the responsibility for doing research and asking questions is on you...

...First, don’t wait to ask for more money if you truly need it. There is no telling what may happen to aid budgets in the coming months, given a likely deluge of families seeking relief from financial pain...

...Health Savings Accounts (HSAs) offer a further incentive for HDHP enrollment, as they provide a very attractive ‘triple-tax’ set of potential benefits...

...Specifically, the GPO rule applies to individuals who meet three criteria: 1) worked at a federal, state or local government job where they did not pay Social Security taxes; 2) qualified for a pension from that job (that did not pay into Social Security); and 3) are eligible to receive spousal or survivor’s benefits from a spouse who did work in a job covered by Social Security...

...These three maneuvers will tend to deliver a higher tax benefit than writing a check and deducting it, and may even improve your portfolio...

...the key point is that retiree should be aware of the circumstances under which the Windfall Elimination Provision applies to a retiree’s benefits, and the various rules around how their retiree’s total retirement benefit (as well as any family/auxiliary Social Security benefits based on the retiree’s own record) may be impacted by the WEP...

...A QCD is a direct transfer of funds from an IRA custodian, payable to a qualified charity, as described in the QCD provision in the Internal Revenue Code. Amounts distributed as a QCD can be counted toward satisfying your RMD for the year, up to $100,000, and can also be excluded from your taxable income (note-discuss with your financial professional regarding changes to RMD rules in December 2019 and how they might impact any QCD's)...

...the key point is that, although not nearly as sweeping as the Tax Cuts and Jobs Act of 2017, the SECURE Act of 2019 makes numerous updates to the rules around retirement plans in an effort to increase access to employer-sponsored retirement plans...

...Ultimately, the key point is that a QDRO offers some flexibility in planning strategies for both the Participant and the Alternate Payee. While the Shared Payment method must be used if the Participant has already begun payments when the QDRO is implemented, either the Shared Payment or Separate Interest strategy can be chosen if the QDRO is implemented before pension benefits begin...

...If you're signing up for employer-provided benefits, don't just re-up for last year's choices...

...Addressing portfolio problem spots often involves a tax bill; here's how to avoid paying extra and possibly even save...

...Everyone should start a small Roth IRA as soon as they can, so they will get the five-year waiting period started for every Roth IRA they will ever own...

...Tiny, nearly imperceptible changes can make a huge difference when you factor in time...