By John C. Fales For families of affluence, transferring wealth to the next generation is about much more than numbers and legal documents. It’s about values, legacy, and responsibility. Without thoughtful preparation, wealth can do more harm than good, leading to...
By Marc Shaffer National Infertility Awareness Month and National Infertility Awareness Week are a time to share stories, provide support, and bring awareness to the realities of infertility - both the emotional and financial toll it takes. My wife, Bridgette, and I...
Many parents wonder how their own finances will change as their children become independent. Where should you draw the line with your children? What level of involvement and/or support should you maintain with your children? What are some planning points that you, as...
You might have heard some buzz about the SECURE Act 2.0 and the ability to transfer 529 funds to a Roth IRA. You may also be wondering if you can take advantage of this new rule. To help clear up some of the questions you may have, we’re offering this flowchart for you. It covers important issues such as:
By John Fales
Did you know September is College Savings Month? A great reminder to consider how saving for college (or any education) fits into your overall financial plan. There are steps you can take to help ease the burden of education costs and many you can start at any age.
As a parent, you of course want to give your child the best opportunity for success, and for many, attending the “right” university or college is that opportunity. Additionally, the earlier you consider how you expect to pay for college costs, the better.
Today, the average college graduate owes $28,950 in debt, while the average salary for a recent graduate is $55,360.
Preparing for college means setting goals, staying focused, and tackling a few key milestones along the way—starting in the first year of high school.
By Marc C. Shaffer
My wife recently gave birth to our first child, a baby boy. Not only was he an infertility miracle in the making (that’s another financial story for another day!), but his birth also created the need for estate planning updates across the board.
Caring.com’s 2021 Wills and Estate Planning Study showed a promising statistic for young parents: In 2021, 18-34 year-olds are, for the first time, more likely to have a will than 35 – 54 year-olds. Bringing a child into the world means you’re responsible not just for keeping them alive and healthy each day, but for setting them up for success in the event that you’re not around to care for them any time in the future, which is where a strong estate plan comes into play. Here are three main steps to help you get started:
By Jessica Searcy Kmetty
A child turning 18 is as much a milestone for them as it is for their parents or guardian.
When your child turns 18, they could find themselves in a variety of life stages. They could be heading off to college, starting a job and forging out on their own, or even still be in high school and living in your home.
For parents, no matter where your child finds themselves at this age, you will now be in a position where information about them isn’t available to you. At 18, parents are abruptly cut off from their child’s protected information, such as medical, financial and academic records.
By Marc Shaffer
Congratulations! Your child has received a scholarship and now you’re probably wondering how this will factor into your 529 Plan.
By Marc Shaffer
A UTMA could be a beneficial choice for your family if you have children or grandchildren. Often, adults open these accounts for minors for future education needs, but they are not strictly for education funding purposes. I have friends who have used their UTMA accounts for a down payment on a home, to fund an overseas adoption, and to open a business. Not only did they provide them with funds, but they were also a learning opportunity. Most of these friends had to manage their accounts from the time they were no longer a minor to the time the funds were used. The account became their responsibility to oversee and manage for their future.