A 60-second read by Anthony Benante, CFA: What value does a Comprehensive Financial Advisor offer? There is the obvious – offering expertise in investment management and financial planning, and then there is the not-so-obvious.
A 45-second read by Victor Cannillo: If you want to help a relative pay for college, you can pay the money to the college directly without incurring any gift taxes. However, you need to ask the school if this would affect the need-based aid eligibility of the student because each school handles this differently. For example, if the school views the money as a payment of the student’s account, then most likely it would not affect financial aid. But if the money is treated as a resource, then it will reduce the student’s aid “dollar-for dollar.”
Rebalancing is one of the most important tasks we perform as we manage our clients’ investments.
A 90-second read by Anthony Benante: The first thing you need to do to see if you qualify for financial aid is fill out the FAFSA form: In order to apply for financial aid, you must complete the FAFSA (Free Application for Federal Student Aid) form. There are certain criteria to first apply for financial aid – Go to the Federal Student Aid website – StudentAid.ed.gov to see that you meet all required criteria to apply.
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.
A 30-second read by Nicholas Scheibner: You may have a stock in your brokerage account that has a very large gain since you originally purchased it. If you were to go and sell the stock, outside of a retirement account, you would pay taxes on the profit you made on the investment. This is called a “capital gain”.
If you are the owner of an IRA (Individual Retirement Account) you may be aware that at age 70 ½ you are required to withdraw a small portion of your account and pay taxes on the amount withdrawn.
Baron Financial Group’s New Investor Blog Series will consist of monthly blog posts that provide general information on a range of investment topics. The series aims to provide new investors with basic investment information.
This time of year it is not uncommon to find yourself burdened with an abundance of credit card debt. The National Association of Personal Financial Advisors (NAPFA) provides this list of their top six tips to help you come out from under the weight of credit card debt.
A 45-second read by Nicholas Scheibner: Many young people face the dilemma of looking to purchase a home while still having student loan obligations. For example, you might question, is it better to pay off the student loan in its entirety and then work towards saving for a home purchase? Or continue paying off the student loan while saving for the home purchase?
“5 Steps to Take if the Bull Market Run Has You Thinking of Unloading Stocks”, an article written by Tara Siegel Bernard in the Aug. 22, 2018 edition of The New York Times, discusses the extended bull market that we are currently experiencing and what, if anything, we should do differently with our investments.
A 60-second read by Victor Cannillo: If you haven’t completed your estate planning documents yet, consider making it a priority. Having your estate planning documents in place can help to prevent issues down the road and ensures that your specific wants and wishes will be carried out. For example, did you know that technically, everyone has a will? The question is do you have a personalized will or the standard state version?