Strategies to Minimize Estate Taxes in New York
Navigating the complexities of estate planning can be overwhelming, especially when it comes to tax implications. In New York, estates valued above a certain threshold are subject to estate tax, which can significantly impact your loved ones’ inheritance. This article identifies strategies to help you maximize your estate while keeping it below the tax limit. […]
Why Lock in Longer-Term Rates?
It’s good to be a saver right now. For the first time in years, investors are being paid a competitive rate to hold cash and other short term fixed rate investments. Many investors are starting to question why they should lock in longer-term rates at all with short term rates being higher. There are several […]
Considering Exchanging Your Life Insurance for LTC Insurance?
Considering Exchanging Your Life Insurance for LTC Insurance? Life insurance and long-term care (LTC) insurance are two essential financial tools that can provide valuable protection and security for individuals and their families. While both types of insurance serve distinct purposes, there may be instances where individuals consider exchanging their life insurance policy for LTC […]
Making Your Inheritance Last a Lifetime
Inheriting a large sum of money can be a life-changing event, but it can also be overwhelming. Without proper planning and management, the money can quickly disappear. To make your inheritance last a lifetime and secure your financial future, consider these five strategies. Create a Financial Plan The first step in making your inheritance […]
What to Know About Biden’s Student Loan Debt Relief Plan
On August 24, 2022, President Biden announced his long-awaited plan to cancel student debt for millions of borrowers. While critics will argue that this bill did not do anything to bring down the high costs associated with higher education, the debt forgiveness will provide relief to many that are scheduled to resume paying their student […]
Deconstructing your Debt-to-Income Ratio
Your debt-to-income ratio (or DTI) measures your monthly debt payment against your monthly income (before taxes or before other deductions have been made). To calculate your DTI, add your total monthly debt payments and divide them by your total pretax monthly income. For example, if you pay $200 a month toward your car loan and […]
Common Retirement Investment Mistakes
Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report.1 While the number is up slightly from the 2018 survey (23%), it underscores a pervasive sense of uncertainty among those approaching retirement age. While there is no […]
Car Shopping in the Time of COVID
The COVID pandemic has had many unexpected consequences. A booming stock market. An overheated housing market. A glut of office space. But who would have ever thought it would have such a profound impact on buying or renting a car? Yet that’s exactly the case. Car prices have skyrocketed, delays are common, and shortages are […]
My Day at the Fed
My Day at the Fed As many of you know, cognitive impairment is an issue that is very important to me. I lost my father earlier this year to Lewy Body dementia. The experience gave me a new perspective on managing a family’s finances. Without a plan and the right advice, it can be like […]
Giving Through a Donor Advised Fund
How Your Charitable Giving Can Benefit From a Donor Advised Fund It’s not easy keeping up with the proposals by the GOP regarding tax reform. However, two common goals that keep coming up are to decrease income tax rates and increase the standard deduction. This could effectively decrease the benefit of charitable deductions. A decrease in income […]