Joyce Streithorst, CFP®, MSFS, CDFA

How to Talk About Money and Estate Planning with your Partner
When a couple has an established relationship, it’s not unusual to find that certain routines fall into place. One partner may walk the dog and the other may like to do the cooking. One partner may prefer grocery shopping while the other handles the laundry. The same type of rhythms can carry over to finances. Maybe one partner takes care of paying the bills and the other manages savings and investments. While there isn’t anything… Show more

How to Talk About Money and Estate Planning with your Partner
When a couple has an established relationship, it’s not unusual to find that certain routines fall into place. One partner may walk the dog and the other may like to do the cooking. One partner may prefer grocery shopping while the other handles the laundry. The same type of rhythms can carry over to finances. Maybe one partner takes care of paying the bills and the other manages savings and investments. While there isn’t anything wrong with a division of responsibilities, slipping into these comfortable routines without periodic check-ins can provide a false sense of financial security. Additionally, couples may neglect speaking about the importance of estate planning and can get years into their relationship without taking a closer look at the financial structure on which they are building their lives. The good news is that it’s never too late to assess the current situation and create a plan for moving forward. Show less

Scammers are constantly coming up with new ways to steal your money and personal information. It’s important to stay ahead of them by keeping your guard up and by using some simple techniques to make yourself a hard target.

Scammers use urgency. They are experts in applying pressure and using persuasion to either gain your trust or scare you into taking immediate action. You have the power to disengage and prevent them from succeeding. Hang up the phone. Log off the social media account.… Show more

Scammers are constantly coming up with new ways to steal your money and personal information. It’s important to stay ahead of them by keeping your guard up and by using some simple techniques to make yourself a hard target.

Scammers use urgency. They are experts in applying pressure and using persuasion to either gain your trust or scare you into taking immediate action. You have the power to disengage and prevent them from succeeding. Hang up the phone. Log off the social media account. Do not continue contact through email.
Every scam begins with a scammer contacting you. Whether it’s a phone call, text message, email, or a popup on a website, scammers are hunting for victims. Think about how your conversation began. Did you respond to an email or answer a call? Were you contacted through social media? Did you call a “customer service” number that popped up on your computer or was texted to you? The scammer may sound extremely helpful and friendly, or they may be threatening, depending on the con they are running, but ultimately you have the power because a scam cannot be successful without your participation.
Take action. When you contact companies or government agencies, use their official websites or secure apps and set up multifactor authentication which will send a passcode to your phone or email to increase security. If you feel you may have been scammed, seek help quickly. It is not always possible to recover funds that have been stolen but contact your bank immediately, report it to the police, and file a report with the Federal Trade Commission. Show less

The start of a new year is an ideal time for resolutions, renewal and resetting, even from a financial perspective.

Many private wealth managers begin the year with client reviews: taking a deep dive into their clients’ portfolios, considering what areas might be fine-tuned or even drastically changed in light of prevailing market conditions, mortgage rates, Consumer Price Index and other relevant economic indicators.

In an election year, you can expect more market volatility… Show more

The start of a new year is an ideal time for resolutions, renewal and resetting, even from a financial perspective.

Many private wealth managers begin the year with client reviews: taking a deep dive into their clients’ portfolios, considering what areas might be fine-tuned or even drastically changed in light of prevailing market conditions, mortgage rates, Consumer Price Index and other relevant economic indicators.

In an election year, you can expect more market volatility, notes Joyce Streithorst, principal and wealth advisor at Frisch Financial Group in Melville.

“The market likes certainty, and we certainly are not going to have certainty,” said Streithorst, who advises keeping a diversified equity portfolio, allocating portions for stocks, fixed income and high yield interest money markets.

Currently, Streithorst said, short-term rates are higher than long term, representing an inverse yield curve, “which means people are now able to get over 5 percent on money markets and CDs, and as the Fed does lower rates, those short term rates are going to go down.”

Now would also be a good time to move cash and money market funds into longer- term fixed income, such as bonds, to lock in those interest rates for a longer period.

As mortgage rates are slated to come down, it’s also prudent to invest in a home and if the rates drop even lower, refinance at that time.

Noting the growing prevalence of scamming, Streithorst suggests checking that your credit is in good standing through www.annualcreditreport.com, which covers all three credit reporting agencies: Equifax, TransUnion and Experian.

“It’s just a good thing to monitor,” she said.

In case of an emergency or unforeseen circumstances, Streithorst advises keeping three to six months of available funds. Show less

Recently, a friend’s 19-year-old daughter was rushed to the emergency department of a hospital by her college. My friend called the hospital as she got into her car to drive the several hours to be with her but was only able to obtain minimal information regarding her daughter. Fortunately, her daughter got well quickly and was released from the hospital the next day, but my friend learned the importance of having a Health Care Proxy.

As we approach New Year’s Eve, it is often a time of reflection. While we look back on the year that has passed and take stock of the things we have accomplished, it’s a good time to consider the goals we would like to achieve moving forward. This December, in preparation of turning the calendar to 2024, we can take steps to build on the things that are working well and make changes that can improve our lives. No matter what your personal resolutions include, a healthy financial foundation can… Show more

As we approach New Year’s Eve, it is often a time of reflection. While we look back on the year that has passed and take stock of the things we have accomplished, it’s a good time to consider the goals we would like to achieve moving forward. This December, in preparation of turning the calendar to 2024, we can take steps to build on the things that are working well and make changes that can improve our lives. No matter what your personal resolutions include, a healthy financial foundation can be the perfect base from which to grow.

Here is a list of 11 helpful financial tips to get the new year off to a great start. Show less

Medicare is health insurance for people who are 65 and older, and for some younger people who have certain disabilities or conditions. If you begin getting retirement or disability benefits from Social Security before you turn 65, you’ll get Medicare automatically. If you wait until you’re 65 or older to collect Social Security benefits, you’ll have to contact Social Security to sign up. However, if you’re still working past your 65th birthday and have health insurance through your employer… Show more

Medicare is health insurance for people who are 65 and older, and for some younger people who have certain disabilities or conditions. If you begin getting retirement or disability benefits from Social Security before you turn 65, you’ll get Medicare automatically. If you wait until you’re 65 or older to collect Social Security benefits, you’ll have to contact Social Security to sign up. However, if you’re still working past your 65th birthday and have health insurance through your employer, you may want to wait before getting Medicare. But even if you think you might not need it yet, it’s important to understand all your options because if you delay signing up when you’re first eligible, you may find that you are subject to penalties. Show less

If you are one of the 65 million people on Medicare, 2023 Medicare Statistics and Fast Facts | MedicareAdvantage.com December 7th is a date you need to be aware of. Each year, beginning mid-October and running through the first week of December, there is a Medicare Open Enrollment period during which you can make selections and changes to the health plan you are enrolled in. Anyone who is on Medicare is likely familiar with the flood of advertisements that begin filling your mailbox when it’s… Show more

If you are one of the 65 million people on Medicare, 2023 Medicare Statistics and Fast Facts | MedicareAdvantage.com December 7th is a date you need to be aware of. Each year, beginning mid-October and running through the first week of December, there is a Medicare Open Enrollment period during which you can make selections and changes to the health plan you are enrolled in. Anyone who is on Medicare is likely familiar with the flood of advertisements that begin filling your mailbox when it’s close to open enrollment season and sorting through the barrage of information can be confusing.

While it’s not necessary to switch, checking in on the costs associated with your current health plan and reviewing options that might now suit your financial and health needs better is an important part of a comprehensive financial plan. So where do you begin? Show less

The Free Application for Federal Student Aid (FAFSA) is an online application that every parent of a current or prospective college student must be aware of. High school seniors preparing to enter college and currently enrolled college students file this form each school year to qualify for financial aid and for some scholarships. However, those who are familiar with the old application can expect to see some changes.

Congratulations! You’re expecting! From the moment you announce your big news, you’ll likely get lots of advice from well-intentioned friends and family. They’ll offer tips on everything from dealing with sleepless nights and diaper-duty to calming a cranky newborn and searching for the best pediatrician. Suddenly, you’ll find yourself comparing the merits of one crib to another and mapping out a birth plan. While this time is exciting, it’s easy for information overload to set in!
First… Show more

Congratulations! You’re expecting! From the moment you announce your big news, you’ll likely get lots of advice from well-intentioned friends and family. They’ll offer tips on everything from dealing with sleepless nights and diaper-duty to calming a cranky newborn and searching for the best pediatrician. Suddenly, you’ll find yourself comparing the merits of one crib to another and mapping out a birth plan. While this time is exciting, it’s easy for information overload to set in!
First, take a breath. Many things will fight for your attention while you’re preparing to welcome your new baby, but while you’re choosing nursery colors, consider that the costs of raising a child are estimated at $20,000 per year and projected to be over $250,000 from birth to age 18, not including higher education costs. Raising children is expensive, but you can get off to a strong parenting start by prioritizing some important financial considerations. Show less

The Secure 2.0 Act of 2022 (link to our blog) was signed into law as a follow-up to 2019’s SECURE Act. Together this legislation included major changes to retirement planning that were designed to help individuals save more.
Under the Secure 2.0 Act’s rules, beginning in 2024, individuals who earned more than $145,000 from a single company the prior year could not get a deduction for catch-up contributions made to their 401(k), 403(b) or 457(b) plan. Instead, catch-up contributions would be… Show more

The Secure 2.0 Act of 2022 (link to our blog) was signed into law as a follow-up to 2019’s SECURE Act. Together this legislation included major changes to retirement planning that were designed to help individuals save more.
Under the Secure 2.0 Act’s rules, beginning in 2024, individuals who earned more than $145,000 from a single company the prior year could not get a deduction for catch-up contributions made to their 401(k), 403(b) or 457(b) plan. Instead, catch-up contributions would be required to be made to the Roth portion.
However, the start date of this provision of the new tax law has now been pushed back by 2 years. Show less

Whether a storm is typical or surprising for an area, they all hold in common the potential of inflicting tremendous damage. The lesson we can learn from these past events is that the time to financially prepare for a weather disaster is well before it arrives.

Do you have adequate insurance? Depending on where you live, and whether you own or rent, different levels of coverage may be appropriate. Insurance policies are highly customizable and should be reviewed with a knowledgeable… Show more

Whether a storm is typical or surprising for an area, they all hold in common the potential of inflicting tremendous damage. The lesson we can learn from these past events is that the time to financially prepare for a weather disaster is well before it arrives.

Do you have adequate insurance? Depending on where you live, and whether you own or rent, different levels of coverage may be appropriate. Insurance policies are highly customizable and should be reviewed with a knowledgeable agent to make sure you are suitably covered. Show less

How You Can Avoid Falling Victim to Con Artists

Danger lurks everywhere on the internet. Whether it’s accidentally clicking on a corrupt link that installs a virus onto your computer, or discovering that your email has been hacked and is sending out unauthorized messages to all of your contacts, many of us are familiar with the frustration and potential fallout from these dreaded scenarios. It’s become necessary to use smart online practices to help in keeping our personal information… Show more

How You Can Avoid Falling Victim to Con Artists

Danger lurks everywhere on the internet. Whether it’s accidentally clicking on a corrupt link that installs a virus onto your computer, or discovering that your email has been hacked and is sending out unauthorized messages to all of your contacts, many of us are familiar with the frustration and potential fallout from these dreaded scenarios. It’s become necessary to use smart online practices to help in keeping our personal information safe. Using a paid service, such as LifeLock, to monitor if your sensitive data shows up on the dark web, proactively tracking all activity on your credit cards and bank accounts, and regularly checking your credit reports are all habits that can help defend you from a variety of scams (link to our blog.) However, The Federal Trade Commission (FTC) states that in 2022 the most reported con is the “imposter scam,” and protecting yourself from this one requires a different approach. Show less

It can be tempting to tune out the news when it feels like all we hear are warnings of the next thing we should be worried about, but unfortunately, we do not have the luxury of dropping our guard when it comes to protecting our personal information.

According to the Federal Trade Commission (FTC):

In 2018 there were 444,344 cases of identity theft, but that number skyrocketed to 1,387,615 people in 2020.
In 2020, 4.7 million consumer complaints were filed that included cases… Show more

It can be tempting to tune out the news when it feels like all we hear are warnings of the next thing we should be worried about, but unfortunately, we do not have the luxury of dropping our guard when it comes to protecting our personal information.

According to the Federal Trade Commission (FTC):

In 2018 there were 444,344 cases of identity theft, but that number skyrocketed to 1,387,615 people in 2020.
In 2020, 4.7 million consumer complaints were filed that included cases of identity theft, fraud, and issues involving bankers, lenders, and credit bureaus, with financial losses of more than $3.3 billion.
In 2022, 5.1 million consumers reported losing nearly $8.8 billion to scams!
With numbers like these on the rise, it’s more important than ever to be vigilant in protecting yourself. Any type of fraud can be frustrating to deal with, but some scenarios have been increasing and are potentially more damaging than others. Show less

College can be expensive, and you have planned ahead! You have saved into 529 plans (education savings plans) and now that all your higher-education bills have been paid, you still have funds in the 529 plan. What are some strategies to tax-efficiently withdraw these funds?
What is a 529 plan?
A 529 plan is tax-advantaged savings plan designed to encourage saving for future education costs. Funds grow tax-free when ultimately used for qualified education expenses and contributions could… Show more

College can be expensive, and you have planned ahead! You have saved into 529 plans (education savings plans) and now that all your higher-education bills have been paid, you still have funds in the 529 plan. What are some strategies to tax-efficiently withdraw these funds?
What is a 529 plan?
A 529 plan is tax-advantaged savings plan designed to encourage saving for future education costs. Funds grow tax-free when ultimately used for qualified education expenses and contributions could get a state tax deduction or tax credit (depending on your state’s rules). Show less

Jeopardy!, a show that bills itself as “America’s Favorite Quiz Show,” tests the knowledge of contestants on a wide range of topics by offering up a descriptive answer and seeking the “question” as a response. During the 2022 Tournament of Champions, the $600 answer in the category of “abbreviated jobs” was: “Advises on investing and saving for the future: CFP.” The correct reply was: “What is a CERTIFIED FINANCIAL PLANNER™?”

A few months later, contestants were challenged with the… Show more

Jeopardy!, a show that bills itself as “America’s Favorite Quiz Show,” tests the knowledge of contestants on a wide range of topics by offering up a descriptive answer and seeking the “question” as a response. During the 2022 Tournament of Champions, the $600 answer in the category of “abbreviated jobs” was: “Advises on investing and saving for the future: CFP.” The correct reply was: “What is a CERTIFIED FINANCIAL PLANNER™?”

A few months later, contestants were challenged with the category of “finance and investing” during the Double Jeopardy! round. The $2000 answer was: “To earn trust, many investment companies make it front and center that they’re this type of advisor obligated to act in a client’s interest.” The correct reply was: “What is a fiduciary?”

So, how would you do as a contestant on Jeopardy!? Show less

There are lots of reasons you might rent a car, but the process of actually getting the vehicle can be more complicated than you realize when you are booking the reservation. Whether you’re flying to Florida with your family and need a vehicle during your stay, or you are a city-dweller who doesn’t own a car and want to take a road trip, when you arrive at the rental counter you can expect that you’ll be presented with numerous add-on insurance options that can be confusing. Fortunately, with a… Show more

There are lots of reasons you might rent a car, but the process of actually getting the vehicle can be more complicated than you realize when you are booking the reservation. Whether you’re flying to Florida with your family and need a vehicle during your stay, or you are a city-dweller who doesn’t own a car and want to take a road trip, when you arrive at the rental counter you can expect that you’ll be presented with numerous add-on insurance options that can be confusing. Fortunately, with a little homework in advance, you’ll know what you might need, and what you don’t. Show less

Since 1986, the age one was required to begin taking RMDs was set at 70 ½. Then the SECURE Act was signed in December 2019, raising the age for RMDs from 70 ½ to 72. As we adjusted to this new age, Secure Act 2.0 came along in 2022 and extended the age two more times to 73 and 75. Ultimately, this has made things a little more confusing for individuals who just want to know when they have to begin taking distributions from their retirement accounts.

Criminals steal checks that are already filled out and chemically wash them to remove payee and dollar amount information. They then write in a new payee and amount before fraudulently depositing the washed check. According to the United States Postal Inspection Service (USPIS), this is a very big problem as Postal Inspectors recover more than $1 billion in counterfeit checks and money orders each year. But there are ways to protect yourself.

Consider this scenario: A woman and a man each graduate from the same college with the same advanced degree. Each is hired for a promising job in their chosen professional field at similar-sized companies. Each one is well-qualified, dedicated to their career, and puts in countless hours in pursuit of climbing the company’s ranks. The only difference? The woman will be paid less.

There are many ways to lower your homeowners insurance costs by qualifying for various discounts that might be offered through your policy. But did you know that there are home improvements you can make that will improve the functionality and safety of your home, while also helping you to save money on your insurance?

The end of the year brought lots of changes to retirement planning. On December 29, 2022, the “Consolidated Appropriations Act, 2023” was signed into law. It includes the Secure 2.0 Act of 2022, which is follow-up legislation to the SECURE Act that became law at the end of 2019. Combined, they include sweeping changes to retirement planning, in an effort to help individuals save more for their retirements.

Here are some of the highlights from Secure 2.0. As the effective date for… Show more

The end of the year brought lots of changes to retirement planning. On December 29, 2022, the “Consolidated Appropriations Act, 2023” was signed into law. It includes the Secure 2.0 Act of 2022, which is follow-up legislation to the SECURE Act that became law at the end of 2019. Combined, they include sweeping changes to retirement planning, in an effort to help individuals save more for their retirements.

Here are some of the highlights from Secure 2.0. As the effective date for each provision varies, we have organized them by the year that they become effective. Show less

Charitable giving of time, goods, and/or money is an endeavor that many people find rewarding simply because they know they are helping others who may be less fortunate, or are helping further the work of a cause that is important to them. While some enjoy spending time volunteering and others like to donate goods that their charitable organization needs, many prefer to make financial contributions. In fact, charitable giving by Americans in 2021 is estimated at $480 billion, according to… Show more

Charitable giving of time, goods, and/or money is an endeavor that many people find rewarding simply because they know they are helping others who may be less fortunate, or are helping further the work of a cause that is important to them. While some enjoy spending time volunteering and others like to donate goods that their charitable organization needs, many prefer to make financial contributions. In fact, charitable giving by Americans in 2021 is estimated at $480 billion, according to Giving USA’s Annual Report on Philanthropy. Unfortunately, with a number that large, scammers appear to try to separate givers from their dollars. Here are some tips and resources you should be aware of to both vet charitable organizations and ensure that your donations are going to the charity of your choice. Show less

The end of the year is a time when our to-do lists can overflow, and it can feel like there’s not enough hours in the day. However, as busy as you may find yourself, this is an ideal time to make some strategic financial decisions that can benefit you when tax time arrives.

For the first time, 401(k) statements will feature a lifetime income illustration which shows the monthly income you would receive from your current 401(k) savings when you’re 67. In essence, it shows you roughly how much income you’d get per month for the rest of your life if you were to purchase an annuity with your current 401(k) savings at age 67.

While the mission of the snapshot illustration is an admirable one — helping you get a sense of whether your retirement stockpile is… Show more

For the first time, 401(k) statements will feature a lifetime income illustration which shows the monthly income you would receive from your current 401(k) savings when you’re 67. In essence, it shows you roughly how much income you’d get per month for the rest of your life if you were to purchase an annuity with your current 401(k) savings at age 67.

While the mission of the snapshot illustration is an admirable one — helping you get a sense of whether your retirement stockpile is likely to last your lifetime — some experts worry these may cause additional confusion and won’t have the intended effect of nudging Americans to ramp up their savings shortcomings. Show less

President Joe Biden signed the Inflation Reduction Act into law on August 16, 2022. This legislation contains multiple components that can be categorized as either revenue or investment. According to estimates, the total revenue raised will be $737 billion, investments will be $437 billion and that will leave about $300 billion for deficit reduction.

If your son or daughter is home from college or out of high school for the summer, it’s possible they will be among those young adults who join the seasonal workforce. Whether they are temping in an office, or watching over beachgoers from a lifeguard stand, their summer earnings are something they should be proud of. It’s also a great time for them to learn about money management and saving for the future.

Whether a woman is a full-time caregiver or takes on this role in addition to employment outside of the home, she may find herself balancing numerous responsibilities at the compromise of her own physical, mental, and financial wellbeing.

Selecting a roommate to share a living space with can be challenging on many levels. Do you like to keep an orderly, quiet, and clean environment where shoes are removed at the front door and a dish never sits in a sink? Or do you prefer to keep things casual with friends popping by for a spontaneous pizza and movie night? A likeminded roommate will make for a much more enjoyable living arrangement and honest conversations about lifestyles well in advance of moving into a shared space will go… Show more

Selecting a roommate to share a living space with can be challenging on many levels. Do you like to keep an orderly, quiet, and clean environment where shoes are removed at the front door and a dish never sits in a sink? Or do you prefer to keep things casual with friends popping by for a spontaneous pizza and movie night? A likeminded roommate will make for a much more enjoyable living arrangement and honest conversations about lifestyles well in advance of moving into a shared space will go a long way in avoiding frustrations. However, one of the highest priorities you should have in finding a suitable roommate is determining their financial compatibility. Show less

Tips for avoiding lifestyle creep

At the end of 2020, Congress signed the Consolidated Appropriations Act of 2021 which included changes to the FAFSA. These changes will be phased in over the next few years. The new rules will eventually simplify the application process, but aside from a visual refresh, this year’s FAFSA will be similar to the form from previous years.

Regardless of where you live, the undeniable fact is that storms in one form or another will happen and when they arrive in your neighborhood, they can cause tremendous physical and financial damage. When forecasters warn that bad weather is on the way, it’s a good time to stock up on supplies and ready your property for what might be coming, but the time to prepare financially is right now.

Regardless of whether it is a seller’s market or a buyer’s market when you are ready to purchase a home, there are steps you should take to ensure that you are well-prepared to make an offer on a home that fits within your lifestyle needs and overall financial goals.

Although many couples have gotten years into their relationship without taking a closer look at the financial structure on which they are building their lives, it’s never too late to assess their current situation and create a plan for moving forward.

One of the greatest gifts we can give our children is an ability to confidently provide for themselves when they are ready to leave the comfort of home and begin their lives as independent adults. If you have young children, you may think that day is way ahead in the distant future. Yet, if you speak to just about any parent of a twenty-something, they’ll tell you that time goes by in a blink.

Not many people would say that they look forward to sitting down with their aging parents to discuss their finances. If your family has a history of open discussions about money, this task might be slightly less intimidating, but if you’ve never broached this subject, it can be hard to know where to begin. Regardless of how uncomfortable you may feel, speaking with your parents about money during times that are calm can help avoid hurt feelings and confusion in the future.

f the thought of talking about money makes you uncomfortable, you’re not alone. Many Americans shy away from discussions about their personal finances for various reasons ranging from the desire to avoid tension or competition in professional and personal relationships, or simply wanting to retain privacy. While it’s certainly understandable you’d want to keep details of your finances discreet, it’s also important to consider bringing your immediate family members into financial discussions… Show more

f the thought of talking about money makes you uncomfortable, you’re not alone. Many Americans shy away from discussions about their personal finances for various reasons ranging from the desire to avoid tension or competition in professional and personal relationships, or simply wanting to retain privacy. While it’s certainly understandable you’d want to keep details of your finances discreet, it’s also important to consider bringing your immediate family members into financial discussions which may impact their lives. Show less

In the early stages of a relationship, there’s so much to learn about a new partner. What are their dreams and ambitions? What’s their favorite food? Favorite movie? Do they like the beach or the country? Are they a dog person or a cat person? Or none of the above? Before you know it, time passes, you have fallen in love and are ready to take your commitment to each other to the next level. But have you discussed money?

Reaching age 50 is a milestone that most of us celebrate. Still, after you’ve blown out the candles and bid farewell to your guests, you may have a headache from too much champagne, but otherwise feel the same as before.
Wake up! This is the time to reassess and make sure that your financial plan is in order. If you push it off until later, you may make serious mistakes that will jeopardize your future financial security.

Due to the pandemic and the recent passing of the American Rescue Plan Act, the IRS has moved this year’s tax filing deadline from April 15 to May 17, 2021 in order to give taxpayers more time to organize their documents, adjust to changes made in the new tax law and pay their 2020 tax liability. Most states have changed their deadlines as well to match the new federal date. Only Iowa, Maryland, Oklahoma, Hawaii and Arizona have different dates from the federal and Arizona is currently trying… Show more

Due to the pandemic and the recent passing of the American Rescue Plan Act, the IRS has moved this year’s tax filing deadline from April 15 to May 17, 2021 in order to give taxpayers more time to organize their documents, adjust to changes made in the new tax law and pay their 2020 tax liability. Most states have changed their deadlines as well to match the new federal date. Only Iowa, Maryland, Oklahoma, Hawaii and Arizona have different dates from the federal and Arizona is currently trying to extend their deadline. Let's review in greater detail. Show less

Women of different generations have always faced unique challenges. Baby boomers born between 1945 and 1964 redefined the expectations of traditional women’s roles as they sought more empowerment in their choices, pursuing equality in both the workplace and home. Women of Generation X, born between 1965 and 1980, have benefitted in building upon the inroads made by baby boomers but have found themselves dealing with different sources of stress. Sandwiched between raising their children while… Show more

Women of different generations have always faced unique challenges. Baby boomers born between 1945 and 1964 redefined the expectations of traditional women’s roles as they sought more empowerment in their choices, pursuing equality in both the workplace and home. Women of Generation X, born between 1965 and 1980, have benefitted in building upon the inroads made by baby boomers but have found themselves dealing with different sources of stress. Sandwiched between raising their children while also caring for aging parents, Gen X women continue striving to succeed in the workplace as they pursue ways to manage their own health and happiness. Simultaneously, they must prepare for nearing retirement. Meanwhile, millennial women born between 1981 and 1996 are the most educated group of women in American history. As a result, they have high levels of confidence and career ambition. Many choose to get married or start a family later in life than generations before, if they select this path at all. It would be wise for women of all generations to learn everything they can about managing their finances so that they are an equal partner in making informed decisions. Show less

The “American Rescue Plan Act of 2021” has now been signed into law by President Biden on March 11, 2021. This $1.9 trillion coronavirus relief package is best known for the new round of stimulus checks which are expected to start going out this weekend. Let’s take a look at some of the details.

Many Americans put their retirement savings goals on the back-burner this past year to handle more immediate cash flow needs arising from the pandemic and ensuing shutdown of much of American life.

As the COVID-19 vaccines roll out and the economy begins to look more like normal, many people may start again thinking about their golden years and how to plan to get there. But they may feel paralyzed on how to restart their savings.

Whether it’s a smartphone, laptop, tablet, or desktop computer, most of us are dependent on our connection to the internet at some point during the day. We use technology for school, work, and leisure without giving much thought to the dangers that wait for us every time we log in, yet we should proceed with caution. Using many elaborate scams and creative ploys designed to steal your money or identity, cyberthieves will try to get your social security number, banking information, account… Show more

Whether it’s a smartphone, laptop, tablet, or desktop computer, most of us are dependent on our connection to the internet at some point during the day. We use technology for school, work, and leisure without giving much thought to the dangers that wait for us every time we log in, yet we should proceed with caution. Using many elaborate scams and creative ploys designed to steal your money or identity, cyberthieves will try to get your social security number, banking information, account numbers, birthdate, passwords, and anything else they can obtain. As it is much harder to undo damage than prevent it, it’s important we take measures to protect our personal information whenever online so that we don’t fall victim to internet scammers. Show less

When the CARES (Coronavirus Aid, Relief, and Economic Security) Act passed in March 2020, changes were made to the charitable deductions tax filers could take. Under this act, these changes were only effective in 2020. Once the Consolidated Appropriations Act of 2021 (CAA) was signed into law at the end of December 2020, these changes to charitable deductions were extended into 2021. Let’s review the details.

The Taxpayer Certainty and Disaster Tax Relief Act of 2020, a part of the Consolidated Appropriations Act of 2021, was signed into law by then-President Trump on December 27, 2020. Containing $900 billion in pandemic relief, here are some highlights of the tax changes for individuals and small businesses.

Lifestyle creep occurs when your standard of living starts to outpace your actual income. While it’s tempting to start spending any extra money you earn as soon as you, well, earn it, lifestyle creep can expose you and your family to a certain amount of financial risk. After all, there’s no guarantee that you’ll stay at a given income level.

As evidenced by the 263,700 people who posted the results of their “first-time baker” kitchen experiments on social media in May, 2020, people were trying new things last year. There was also a resurgence in doing puzzles, reading books, family game nights and many other activities that people enjoy but somehow had lost the time for. Pandemic stay-at-home orders suddenly and drastically changed our lives, leaving us searching for ways to manage our physical, mental and financial… Show more

As evidenced by the 263,700 people who posted the results of their “first-time baker” kitchen experiments on social media in May, 2020, people were trying new things last year. There was also a resurgence in doing puzzles, reading books, family game nights and many other activities that people enjoy but somehow had lost the time for. Pandemic stay-at-home orders suddenly and drastically changed our lives, leaving us searching for ways to manage our physical, mental and financial wellbeing.

While we now look forward with optimism as vaccine distributions have begun, we still have a way to go in our efforts to limit the spread of the coronavirus. For many, that means at least several more months ahead where we are home more often than not. Traditionally, we look at this time of year with an eye toward resolutions designed to change or improve our lives. Here is a list of helpful tips to get the new year off to a great start financially as well as physically & mentally. Show less

Whether you are shopping for a car, applying to refinance a mortgage, switching auto insurance providers, or looking for a new job, the information contained in your credit report can impact the options available to you. The lowest interest rates and most favorable terms are generally reserved for those with excellent credit, and while potential employers cannot see your credit score, in circumstances when applying for a position in certain fields such as finance, sensitive data management or… Show more

Whether you are shopping for a car, applying to refinance a mortgage, switching auto insurance providers, or looking for a new job, the information contained in your credit report can impact the options available to you. The lowest interest rates and most favorable terms are generally reserved for those with excellent credit, and while potential employers cannot see your credit score, in circumstances when applying for a position in certain fields such as finance, sensitive data management or law enforcement, some may request permission to access your reports. With three separate credit bureaus gathering information about you, there is potential for errors or incorrect information to be included, and given that even one error can affect your credit, it’s wise to monitor your reports on a regular basis. Show less

As President-elect Joe Biden prepares to take office, let’s take a look at some of the proposed tax law changes he has suggested and how, if they were to pass, they might affect your financial decisions. It’s important to remember that from proposing changes to passing ideas through Congress and signing them into law, there are many steps in the process, and these may or may not come to fruition.
Joe Biden has stated that he would not increase income taxes for families with incomes below… Show more

As President-elect Joe Biden prepares to take office, let’s take a look at some of the proposed tax law changes he has suggested and how, if they were to pass, they might affect your financial decisions. It’s important to remember that from proposing changes to passing ideas through Congress and signing them into law, there are many steps in the process, and these may or may not come to fruition.
Joe Biden has stated that he would not increase income taxes for families with incomes below $400,000 and many of his proposals look to raise taxes on individuals with incomes in excess of $400,000. As future tax laws are passed, we will share specifics with you at that time. Here is a summary of some of the highlights of Biden’s Tax Plan. Show less

As the holiday season approaches, you might be looking toward making a donation to a charitable organization. For many people, supporting a favorite cause is as much a part of annual traditions as family get-togethers and turkey dinners. However, as so much around the world has been affected by COVID-19, many charities are struggling. The good news is that if you make a donation this year, there are two new tax rules, that apply only for 2020, which offer benefits in exchange for your… Show more

As the holiday season approaches, you might be looking toward making a donation to a charitable organization. For many people, supporting a favorite cause is as much a part of annual traditions as family get-togethers and turkey dinners. However, as so much around the world has been affected by COVID-19, many charities are struggling. The good news is that if you make a donation this year, there are two new tax rules, that apply only for 2020, which offer benefits in exchange for your generosity. Show less

When COVID-19 began impacting the United States during early 2020, many Americans were left feeling blindsided. Businesses suddenly closed, kids were unable to go to school, and people from all walks of life became concerned about serious risks to their health. While some people were able to hunker down and take comfort in knowing they had financial stability that would carry them through the uncertainty we all faced, others struggled. Regardless of where you may have found yourself at the… Show more

When COVID-19 began impacting the United States during early 2020, many Americans were left feeling blindsided. Businesses suddenly closed, kids were unable to go to school, and people from all walks of life became concerned about serious risks to their health. While some people were able to hunker down and take comfort in knowing they had financial stability that would carry them through the uncertainty we all faced, others struggled. Regardless of where you may have found yourself at the beginning of the pandemic, now might be a good time to review your financial position. Show less

As a result of the COVID-19 pandemic, schools everywhere needed to adapt to how they were able to provide an education to their students. During the spring of 2020, many colleges had no alternative but to close their campuses and send dorming students home. As the fall semester began it was still necessary to implement coronavirus precautions and colleges were again forced to make adjustments. Whether it meant switching to a virtual learning format or opening campuses with limited amenities… Show more

As a result of the COVID-19 pandemic, schools everywhere needed to adapt to how they were able to provide an education to their students. During the spring of 2020, many colleges had no alternative but to close their campuses and send dorming students home. As the fall semester began it was still necessary to implement coronavirus precautions and colleges were again forced to make adjustments. Whether it meant switching to a virtual learning format or opening campuses with limited amenities and extracurriculars available, the college landscape looked and felt different than it had only the year before. Due to these changes, some have schools offered refunds to students who had already paid for various unused services such as housing, dining, or parking fees. Show less

Have you talked about your financial values with your future heirs? Have you shared some specifics about your portfolio with your adult children? Have you had an open discussion about any of the details of your finances with your family? If you’re like most people, you likely recoiled at the mention of having any of those conversations. However, speaking about money with your family doesn’t have to be a painful experience.

If your child is a senior in high school, or already a college student, this is an important time of year. Financial aid for next year’s tuition costs might seem like a distant concern, but now is the time to apply. While there are many forms of financial aid available through the federal government, private organizations, individual states and directly from colleges, some sources are limited and awarded on a first-come, first-served basis. The first step toward accessing any of these funds… Show more

If your child is a senior in high school, or already a college student, this is an important time of year. Financial aid for next year’s tuition costs might seem like a distant concern, but now is the time to apply. While there are many forms of financial aid available through the federal government, private organizations, individual states and directly from colleges, some sources are limited and awarded on a first-come, first-served basis. The first step toward accessing any of these funds is to complete the FAFSA (Free Application for Federal Student Aid) as soon as possible. Show less

A couple's situation is examined to help determine if retirement now or later is a better financial decision.

In response to the global coronavirus pandemic, the U.S. government has passed several significant relief bills in March and April of 2020. Here is an overview.

2020 has been unprecedented in so many ways. Given the Coronavirus, the taxing authorities have decided to extend a number of tax deadlines to ensure that taxpayers have sufficient time to adequately prepare and pay their taxes. Here are some of the recent tax changes you should be aware of.

The Paycheck Protection Program (PPP) is a component of the CARES Act, which was signed into law on March 27, 2020. It offers small businesses meeting specific criteria the ability to apply for low interest loans. These loans can be forgiven if guidelines are properly followed. Loans are available for the lesser of up to $10 million or 2.5 times the average monthly payroll of the business, subject to certain limits. Costs that can be forgiven include payroll, business mortgage interest… Show more

The Paycheck Protection Program (PPP) is a component of the CARES Act, which was signed into law on March 27, 2020. It offers small businesses meeting specific criteria the ability to apply for low interest loans. These loans can be forgiven if guidelines are properly followed. Loans are available for the lesser of up to $10 million or 2.5 times the average monthly payroll of the business, subject to certain limits. Costs that can be forgiven include payroll, business mortgage interest payments, business rent or lease payments and business utilities that are made in the first eight weeks following the date that the first loan proceeds are received, subject to MANY rules. Show less

Imagine that you are the lucky winner of the lottery (jackpot, for example). How will you handle that huge amount? What will you do? After the initial excitement, make sure you are prepared to face a range of problems – or even risks.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency bill was created with the intention of providing financial relief for individuals and businesses while the country struggles with the economic impact of the coronavirus pandemic. In addition to stimulus checks, forgivable loans and expanded unemployment insurance, the legislation includes provisions regarding retirement accounts.

When conducting a financial analysis for retirement planning, you should review the factors that will contribute to your ability to achieve the retirement lifestyle you want. When you retire, you will probably spend less money on some things, and more money on others, but you don’t want to find yourself in a position where you are unable to sustain the lifestyle you had worked for. You have worked your entire adult life, saving with every paycheck, dreaming of the time when you will be able… Show more

When conducting a financial analysis for retirement planning, you should review the factors that will contribute to your ability to achieve the retirement lifestyle you want. When you retire, you will probably spend less money on some things, and more money on others, but you don’t want to find yourself in a position where you are unable to sustain the lifestyle you had worked for. You have worked your entire adult life, saving with every paycheck, dreaming of the time when you will be able to shift gears into a new pace which will allow you to enjoy the fruits of your labor. Your income, future expenses, liabilities and life expectancy should all be considered when conducting a financial analysis for retirement planning, to ensure that the vision you have for your future can become a reality with your resources. Whether you are five years away from retirement or are just beginning your career, there are steps you can take to establish a retirement plan that will keep you on track to achieve your goals. Show less

Medical personnel are trained to adhere to established protocols regarding care. Essentially, unless otherwise legally directed, they will continue to fight to save your life by whatever means are available to them. This may involve invasive tests, tube feeding, mechanical ventilation and other measures. Every patient is different, and every reason for accepting or declining medical intervention is personal.
For instance, an older cancer patient with a poor prognosis may decide they only… Show more

Medical personnel are trained to adhere to established protocols regarding care. Essentially, unless otherwise legally directed, they will continue to fight to save your life by whatever means are available to them. This may involve invasive tests, tube feeding, mechanical ventilation and other measures. Every patient is different, and every reason for accepting or declining medical intervention is personal.
For instance, an older cancer patient with a poor prognosis may decide they only want palliative care to manage pain and maintain as much comfort as possible. On the other hand, a previously healthy young father who has tested positive for COVID-19 may want every possible attempt at medical support to fight off and recover from the illness. Both patients are within their rights to request the care of their choosing. However, the only way to ensure your wishes are known, is with a living will. Show less

Financial planning for families doesn’t have to be overwhelming. Whether a family is comprised of young newlyweds looking to create a solid plan for the future, middle-aged income earners eyeing both retirement and college tuition payments for their children, or multiple generations that aim to protect and enhance established wealth, the principles of financial planning remain the same. There are simple steps you can take to create the best financial future for your family, no matter where… Show more

Financial planning for families doesn’t have to be overwhelming. Whether a family is comprised of young newlyweds looking to create a solid plan for the future, middle-aged income earners eyeing both retirement and college tuition payments for their children, or multiple generations that aim to protect and enhance established wealth, the principles of financial planning remain the same. There are simple steps you can take to create the best financial future for your family, no matter where your starting point is. Show less

Hiring financial advisors is not something most people do every day. With the uncertainty of any unfamiliar task comes questions. Should I hire a financial advisor? How do I know when to hire a financial advisor? I don’t even know how to hire a financial advisor!
When learning how to do financial planning for families, many people figure out the basics required to manage their money. They pay their monthly bills, try to keep their expenses below their income and know they should be… Show more

Hiring financial advisors is not something most people do every day. With the uncertainty of any unfamiliar task comes questions. Should I hire a financial advisor? How do I know when to hire a financial advisor? I don’t even know how to hire a financial advisor!
When learning how to do financial planning for families, many people figure out the basics required to manage their money. They pay their monthly bills, try to keep their expenses below their income and know they should be saving for unexpected emergencies and retirement. Yet, without professional guidance, there can be a tremendous amount of untapped potential for moving beyond the basics and experiencing real financial growth and security. Show less

Con artists are always active and looking for ways to take advantage of any situation they can exploit. Beyond the price-gougers who are selling hand sanitizer for $100 per bottle and are upfront about how they want to get your money, online and phone scammers are sophisticated. They will use many creative approaches in their attempts to manipulate you. It’s common to see an uptick in malicious activity anytime there is a tragedy or natural disaster, and the coronavirus pandemic is proving… Show more

Con artists are always active and looking for ways to take advantage of any situation they can exploit. Beyond the price-gougers who are selling hand sanitizer for $100 per bottle and are upfront about how they want to get your money, online and phone scammers are sophisticated. They will use many creative approaches in their attempts to manipulate you. It’s common to see an uptick in malicious activity anytime there is a tragedy or natural disaster, and the coronavirus pandemic is proving this true once again. Show less

Recently, a friend’s mother was rushed to the emergency department of a Long Island hospital. She had a high fever and was experiencing symptoms that the family felt were indicating she might test positive for the coronavirus. As is the case in a growing number of filled-to-capacity hospitals, no one aside from the patient was permitted entry. My friend was forced to leave his mother at the hospital, knowing that there was nothing he could do beyond going home to wait to hear more.
The… Show more

Recently, a friend’s mother was rushed to the emergency department of a Long Island hospital. She had a high fever and was experiencing symptoms that the family felt were indicating she might test positive for the coronavirus. As is the case in a growing number of filled-to-capacity hospitals, no one aside from the patient was permitted entry. My friend was forced to leave his mother at the hospital, knowing that there was nothing he could do beyond going home to wait to hear more.
The federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was established to protect a patient’s personal and health information. If health organizations do not adhere to HIPAA, they can face heavy fines. This has led many hospitals to create strict protocols regarding releasing any information about patients. My friend was only able to obtain minimal information regarding his mother. Fortunately, she was released from the hospital the following day. However, had her condition gotten progressively worse to the point of her incapacitation, without a health care proxy in place, her son may not have been included in decisions regarding her care. Show less

As the excitement of a fresh new decade starts settling into a routine, many people are finding that they are beginning to stumble in their efforts to maintain their New Year’s resolutions. Whether it is a decision to hit the gym every day or bring their home organization to a new level, according to U.S. News & World Report, 40% of Americans make resolutions and most fail by mid-February. Why is it that so many people view the start of a new year as the ideal time to make big changes in… Show more

As the excitement of a fresh new decade starts settling into a routine, many people are finding that they are beginning to stumble in their efforts to maintain their New Year’s resolutions. Whether it is a decision to hit the gym every day or bring their home organization to a new level, according to U.S. News & World Report, 40% of Americans make resolutions and most fail by mid-February. Why is it that so many people view the start of a new year as the ideal time to make big changes in their lives? And why do so many fall short in their attempts? Show less

The SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) was signed into law on December 20th. It previously passed the U.S. House of Representatives in July 2019 and then the Senate on December 19th. It is a bi-partisan bill designed to help Americans save for retirement. Below is a brief summary of some of the provisions.

Money can be used in limitless ways. Funding retirement, investing in businesses, traveling, purchasing real estate and giving the family members who come after you a head start in life are endeavors on which many people choose to use their wealth. Yet, what if there was a way to pass on more than finances alone to the younger people in your life? You’ve spent a lifetime defining values and gaining wisdom that helped you accrue your wealth. Why not use these unique perspectives to connect with… Show more

Money can be used in limitless ways. Funding retirement, investing in businesses, traveling, purchasing real estate and giving the family members who come after you a head start in life are endeavors on which many people choose to use their wealth. Yet, what if there was a way to pass on more than finances alone to the younger people in your life? You’ve spent a lifetime defining values and gaining wisdom that helped you accrue your wealth. Why not use these unique perspectives to connect with your grandchildren and give them direct insight into the legacy you want to leave? Show less

Con artists and scammers alike pose a very real threat to your financial security. With access to the internet and a few keystrokes, it’s possible for almost anyone to learn at least some basic details about complete strangers. If they can use this information to manipulate you into revealing more specifics, it can potentially leave you vulnerable to identity theft, credit fraud and a host of financial difficulties that can take months or years to recover from once you’re aware of what has… Show more

Con artists and scammers alike pose a very real threat to your financial security. With access to the internet and a few keystrokes, it’s possible for almost anyone to learn at least some basic details about complete strangers. If they can use this information to manipulate you into revealing more specifics, it can potentially leave you vulnerable to identity theft, credit fraud and a host of financial difficulties that can take months or years to recover from once you’re aware of what has happened. And while some schemes that have made the rounds for years might be more easily identified and rebuffed, the criminals who are out to steal your personal information and/or money have adapted their cons accordingly. Even the most intelligent people can fall victim to these predators, as this is their “profession” and they can be very good at what they do. Whether you’re a senior or a millennial, there’s a scam that’s been tailor-made for you. Show less

According to the U.S. Bureau of Labor Statistics, in 2018 there were approximately 270,000 Personal Financial Advisors in the United States. With so many people referring to themselves as financial professionals, what distinguishes one from the next? Where do you begin the search for someone right for you and your financial future?

A good financial advisor will be an important ally in building your financial growth and working toward helping you fulfill dreams you may have for your… Show more

According to the U.S. Bureau of Labor Statistics, in 2018 there were approximately 270,000 Personal Financial Advisors in the United States. With so many people referring to themselves as financial professionals, what distinguishes one from the next? Where do you begin the search for someone right for you and your financial future?

A good financial advisor will be an important ally in building your financial growth and working toward helping you fulfill dreams you may have for your future. Do you want to retire early? Amass wealth to pass down to future generations? Create a lifestyle that allows extensive travel? Or, maybe you are looking to create a solid financial plan that will grow along with your career and family’s changing needs and will give you a stable structure to build on. Advisors will use their experience to work with you in designing a plan that is customized to your needs, not just one-size fits all. They will help you to establish both short and long-term financial goals, and as life happens, will adjust the course of action to achieve them as necessary. On the other hand, a bad relationship with the wrong financial advisor can leave you frustrated, stressed out, wondering what went wrong and potentially no closer to realizing your financial goals. Show less

The FAFSA (Free Application for Federal Student Aid) is one of the most commonly misunderstood forms involved in the college financing process, but one of the most important ones to address in a timely manner. During October, with many high school seniors still in the process of making college visits and narrowing down the schools they may want to attend, it can be easy to lose track of time, feeling like there are still many months ahead before decisions must be made. That’s not necessarily… Show more

The FAFSA (Free Application for Federal Student Aid) is one of the most commonly misunderstood forms involved in the college financing process, but one of the most important ones to address in a timely manner. During October, with many high school seniors still in the process of making college visits and narrowing down the schools they may want to attend, it can be easy to lose track of time, feeling like there are still many months ahead before decisions must be made. That’s not necessarily the case when it comes to the FAFSA. Additionally, students who are already enrolled in college must remember that unlike the college application, the FAFSA must be completed every year to continue to be considered for financial aid. Show less

Your tickets are booked, your bags are packed and all that’s left to do is count down the days until you head off on that dream trip you’ve been looking forward to. If you worked with a travel agent in planning your trip, it’s likely that you were offered the option to purchase travel insurance. While many experienced travelers will automatically choose to select a policy, not everyone is aware of the potential value of this extra expense. However, without the security of a travel insurance… Show more

Your tickets are booked, your bags are packed and all that’s left to do is count down the days until you head off on that dream trip you’ve been looking forward to. If you worked with a travel agent in planning your trip, it’s likely that you were offered the option to purchase travel insurance. While many experienced travelers will automatically choose to select a policy, not everyone is aware of the potential value of this extra expense. However, without the security of a travel insurance policy, you may find yourself facing significant out-of-pocket expenses should you experience an unexpected situation. Show less

As you think back on your years in school, at times it may have felt like graduation day would never arrive, but now in retrospect you may ask yourself – Where did the time go? Many people could say the same thing about their adult financial lives. Without a plan, it’s easy to get caught up in work, life, and all its moments, only to wake up one day near retirement age and realize you’re not nearly as prepared as you thought you would be. Now that college is over, and you’ve got a diploma in… Show more

As you think back on your years in school, at times it may have felt like graduation day would never arrive, but now in retrospect you may ask yourself – Where did the time go? Many people could say the same thing about their adult financial lives. Without a plan, it’s easy to get caught up in work, life, and all its moments, only to wake up one day near retirement age and realize you’re not nearly as prepared as you thought you would be. Now that college is over, and you’ve got a diploma in hand with your future ahead of you, it’s a good time to create a plan for financial success. Show less

Your “baby” is turning 18. Such a milestone! He/she is now considered an adult and with that comes many new responsibilities. As parents, we want to continue to be there for our children as they strike out on their own, be it college, a job, or maybe even a gap year. Until now, as they were minors, we automatically had both the right and responsibility to make decisions we deemed in their best interest. It can be a shock to realize that as the 18th birthday candle is being blown out, without… Show more

Your “baby” is turning 18. Such a milestone! He/she is now considered an adult and with that comes many new responsibilities. As parents, we want to continue to be there for our children as they strike out on their own, be it college, a job, or maybe even a gap year. Until now, as they were minors, we automatically had both the right and responsibility to make decisions we deemed in their best interest. It can be a shock to realize that as the 18th birthday candle is being blown out, without express written consent from our child, we might no longer be informed about or legally capable of being included in potentially life-altering situations. Show less

Millions of Americans live in blended families, but bringing families together means combining two sets of finances and raises questions about how to save for the children’s education.

Women must approach retirement planning differently than men. While there are always exceptions to the rule, statistics show that women both live longer and make less money than men. These two truths simply require looking at long term planning carefully and preparing in a way that will help to strengthen a woman’s financial future for when she is ready to retire.

Breaking up is hard to do. Many times, when a marriage comes to an end and divorce proceedings begin, the business of dividing a couple’s finances can be frustrating even in the most amicable situations. As a result of the Tax Cuts and Jobs Act of 2017, any divorce agreement signed after December 31, 2018 will be subject to some significant changes in tax obligations which could have serious impact on settlements.

For individuals 70 ½ or older, Qualified Charitable Distributions (QCD) can be an excellent way to donate to qualified organizations which may be close to the heart, while also enjoying the financial benefits made possible by supporting a charitable cause. Using QCDs is a way to give directly to a charity, from your IRA, while taking advantage of the many tax benefits available as a result.

As you are compiling and preparing your 2018 tax returns, you can now see more of the impact of the new tax law.

The recent United States Government shutdown provided us with a new reminder of the importance of maintaining an emergency fund. An estimated 380,000 federal workers were furloughed and an additional 420,000 were working without pay. As the situation played out over 35 days, many of these workers faced significant financial hardship due to their sudden loss of income and dealt with growing stress over how they would make ends meet.

Emergencies can hit at any time. Unexpected expenses are… Show more

The recent United States Government shutdown provided us with a new reminder of the importance of maintaining an emergency fund. An estimated 380,000 federal workers were furloughed and an additional 420,000 were working without pay. As the situation played out over 35 days, many of these workers faced significant financial hardship due to their sudden loss of income and dealt with growing stress over how they would make ends meet.

Emergencies can hit at any time. Unexpected expenses are just that: Unexpected! It doesn’t take a government shutdown to cause a problem. A job loss, a hospitalization, a car transmission that quits or unplanned home improvement expenses all can come seemingly out of nowhere. A FINRA Investor Education Foundation National Financial Capability Study found that 56% of people in the United States do not have an emergency fund that can cover 3 months of their expenses and, according to a survey by GoBankingRates, 71% of Americans have less than $1,000 saved in their savings accounts. Show less

Merging your 401(k)s and IRAs can minimize taxes, avoid penalties and simplify RMDs. Just be sure to follow the rules.

According to the Social Security Administration, “A man reaching age 65 today can expect to live, on average, until age 84.3. A woman turning age 65 today can expect to live, on average, until age 86.7.” Factoring in significant advances in modern medicine and that many people are now taking an informed, proactive approach toward their health, life expectancy can be even higher. Baby Boomers keep retiring and there are fewer workers paying into the system than previously projected. With growing… Show more

According to the Social Security Administration, “A man reaching age 65 today can expect to live, on average, until age 84.3. A woman turning age 65 today can expect to live, on average, until age 86.7.” Factoring in significant advances in modern medicine and that many people are now taking an informed, proactive approach toward their health, life expectancy can be even higher. Baby Boomers keep retiring and there are fewer workers paying into the system than previously projected. With growing strains on an already burdened system, will your social security benefits be what you expected when you are ready to take them? Show less

It seems like it was just yesterday that you were watching your little one start kindergarten, full of dreams and excitement. Back then you thought you had all the time in the world before talks of college became reality. Now, it feels like you blinked your eyes and here you are, with a child either in college or about to start college.

According to an article in the Detroit Free Press, Aretha Franklin died without a will or trust despite being repeatedly urged by her entertainment lawyer to get her legal affairs in order. Jimi Hendrix and Bob Marley each died without a will. Legal battles over their respective estates continued for over 30 years. Heath Ledger did have a will, but it was created before the birth of his daughter and never updated. The findings of a 2016 Gallup Poll show that only 44% of Americans have a… Show more

According to an article in the Detroit Free Press, Aretha Franklin died without a will or trust despite being repeatedly urged by her entertainment lawyer to get her legal affairs in order. Jimi Hendrix and Bob Marley each died without a will. Legal battles over their respective estates continued for over 30 years. Heath Ledger did have a will, but it was created before the birth of his daughter and never updated. The findings of a 2016 Gallup Poll show that only 44% of Americans have a will. While not every fortune is of the magnitude of those belonging to these celebrities, even a modest estate should be protected with a will. Show less

It has been estimated that every 13 seconds someone files for divorce. This sounds like a staggering statistic when most people don’t enter the union of marriage expecting it to fail. However, even in the best of marriages, there are financial steps you can take which can contribute to the health of the relationship.

Surprisingly, even in modern day when great strides have been made toward equality in the workplace, it is not uncommon for women to leave investing and other financial… Show more

It has been estimated that every 13 seconds someone files for divorce. This sounds like a staggering statistic when most people don’t enter the union of marriage expecting it to fail. However, even in the best of marriages, there are financial steps you can take which can contribute to the health of the relationship.

Surprisingly, even in modern day when great strides have been made toward equality in the workplace, it is not uncommon for women to leave investing and other financial decisions in the hands of their spouse. At some point, possibly when a woman is divorcing or widowed, she may learn of debts, spending, accounts and even outdated beneficiary designations she was unaware of. This may leave her unprepared to manage her new circumstances. This does not have to be the case.

Either partner in a marriage may not feel comfortable taking the lead when it comes to handling financial responsibilities, but this should not mean that they be kept in the dark either. By taking steps to clearly understand the complete current financial picture, future plans can be made with informed accuracy. Show less

Dreaming of tiny rompers and knitted baby booties? Before you start a family, take some time to put your financial house in order.

Dreaming of tiny rompers and knitted baby booties? Before you start a family, take some time to put your financial house in order. Start these money conversations before getting pregnant so you and your partner can begin the next stage of your life on the same page.

At the beginning of the summer, it seems like every kid is vying for a summer job. As a parent, this can be the perfect opportunity for a lesson about managing money. Teenagers can get experience with different jobs, learn about possible future careers and earn some money in the process.

Saving for Big and Small Expenses

Encouraging your child to save a portion of their earnings is one learning tool. Learning the importance of saving will serve them well during their lifetimes… Show more

At the beginning of the summer, it seems like every kid is vying for a summer job. As a parent, this can be the perfect opportunity for a lesson about managing money. Teenagers can get experience with different jobs, learn about possible future careers and earn some money in the process.

Saving for Big and Small Expenses

Encouraging your child to save a portion of their earnings is one learning tool. Learning the importance of saving will serve them well during their lifetimes. Whether they save for a certain purchase (i.e., concert tickets, new clothing, etc.) or for a longer-term goal (i.e., car, college, house, retirement), or even a little for each, the lessons learned at an early age will help them in the future. Ultimately if you can teach your children to make saving a habit, they will enjoy watching their funds grow. Show less

Financial advisors give advice on what to do before you reach your mid-thirties.

Congratulations. A second marriage can be a wonderful new beginning! Whether you are remarrying after a divorce or the death of a spouse, it is important to enter your new union with smart financial planning on your side. From previously named beneficiaries to income taxes, there are many things which must be considered to set you on a healthy financial path.

Your phone rings and the caller ID displays an unfamiliar number. When you answer, you’re met with an aggressive-sounding individual who immediately begins scolding you for “back taxes” you owe. He quickly demands that you must make a payment in full, on the phone with him, or a warrant will be issued for your arrest. You try to ask for more information about what taxes he is referring to and he asks you if you think this is a joke.

Unfortunately, this is not. There are too many tax… Show more

Your phone rings and the caller ID displays an unfamiliar number. When you answer, you’re met with an aggressive-sounding individual who immediately begins scolding you for “back taxes” you owe. He quickly demands that you must make a payment in full, on the phone with him, or a warrant will be issued for your arrest. You try to ask for more information about what taxes he is referring to and he asks you if you think this is a joke.

Unfortunately, this is not. There are too many tax scams and variations to count, but similarities do tend to show up year after year. Show less

Today President Trump signed The Tax Cuts and Jobs Act into law. It will take some time to analyze the new law and its many implications, however below are some highlights.

Do you and the Benjamins have a healthy relationship? Several certified financial planners, all members of the National Association of Personal Financial Advisors (NAPFA), weighed in on their personal finance red flags — and how women can get on better terms with their balance sheets.

On November 2, 2017 the long-awaited tax reform bill was released by the Republican members of the House Ways and Means Committee. The 429-page “Tax Cuts and Jobs Act” includes many proposed changes to both individual and corporate income taxes. This bill may change and needs to be voted upon before it becomes law. Most proposed changes would take effect in 2018. Here are some of the highlights.

We don’t think twice about insuring our cars and homes because we’ve worked hard to earn them and clearly understand how much they are worth. The value of what it would cost if we needed to replace them is clear. But, life insurance? How do we put a price on what our earnings potential is now and in years to come?

"You are your own best advocate," said certified financial planner Joyce Streithorst, director of financial planning at Frisch Financial Group in Melville, New York.

We are often asked the question of whether or not retirement plan contributions should be made to a Roth. Unfortunately, there is no one blanket answer because it often depends on the specific situation. A Roth is a designated feature of certain retirement plan accounts, including IRA, 401(k), 403(b), and governmental 457(b) plans.

"Learning how to handle such a large sum takes time," warns Joyce Streithorst, a planner in Melville, N.Y.

Congratulations, you just had a baby or know someone who did….is it too early to start thinking about saving for college? College costs are astronomical and are forecasted to only keep rising. However, there are ways to help save for these future expenses. A 529 college savings plan is a good place to start.

Over the past few decades, there has been an ongoing debate over which investment style works best…active vs. passive management. There are statistics that support both styles. For example, it is believed that passive management may produce better results in a stock market that has more transparency, such as the U.S. stock market vs. the Chinese stock market. Others believe that active managers may produce better results as markets peak and then decline. Costs are obviously a factor, however… Show more

Over the past few decades, there has been an ongoing debate over which investment style works best…active vs. passive management. There are statistics that support both styles. For example, it is believed that passive management may produce better results in a stock market that has more transparency, such as the U.S. stock market vs. the Chinese stock market. Others believe that active managers may produce better results as markets peak and then decline. Costs are obviously a factor, however, there is not as much of a cost difference as there used to be years ago. All that being said, let’s define both investment styles to try to get a better understanding of each. Show less

Retiring early is a big decision that must be carefully considered. There are many advantages and disadvantages associated with early retirement.

As the tax deadline is approaching, what can you do now to help save taxes for 2016?

Even though we are now in 2017, as you are preparing to file your 2016 taxes, there are a few strategies you can still utilize.

Joyce cautions retirees to withdraw enough to avoid excess taxes-sometimes up to 90%!

Joyce adds critical information to end-of-year contribution strategies.

Joyce shares end-of-year strategies with 401(k) contributors.

In this article, Joyce acts as financial planner for a "Financial Make-over" of a couple desiring to learn more about their options.