If you are working with a financial professional it is important to know what it means to be a fiduciary. Not all financial professionals are the same. Not all financial professionals put their clients’ interests first. We do.
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A 60-Second Read by Anthony Benante, CFA: Though everyone’s financial situation, or what we call your personal economy, is different, developing the right investment strategy starts with identifying your risk profile. To do this you need to determine your willingness to take risk and your ability to take risk.
Continue reading “Do You Have the Right Investment Strategy?”
A 30-second read by Nicholas Scheibner: One of the easiest ways to gift money to a charity in your estate plan is to name the charity as a beneficiary on your IRA or 401(k). Upon your death, the beneficiary designated on an IRA or 401(k) will receive their percentage of the assets very quickly. In addition, the designated beneficiary is independent of the will.
If you have an IRA, with $100,000, for example, you can name your children as 80% beneficiaries and a charitable organization as a 20% beneficiary. When you pass, your children will inherit $80,000 and the charity will receive $20,000. You can do this very easily by contacting the custodian who holds your investments. You do not need to update your will in order to name a beneficiary on a retirement account.
Contact Baron Financial Group to discuss tax-saving gifting strategies.
Disclosure: This material is not intended to be relied upon as a forecast, research, tax or investment advice. Please consult your financial planning and tax professional for personal advice.
A 60-second read by Nicholas Scheibner: You will receive a form 1099-R if any money has been moved out of a retirement account. How much you will pay in taxes will depend on how the money is moved. You want to make sure any movement out of a retirement account is done properly, and the correct code is applied when you file your taxes. The code will appear in box 7 of the 1099-R.
Here are some of the most common codes used on the form, and what they mean:
Continue reading “The Most Common 1099-R Codes When Filing Your Taxes”
Would you start building a house without a plan?
Many investors are missing a clear and defined plan to guide their financial planning and investment decisions.
You deserve a custom blueprint.
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