Anyone who has gone through a divorce knows how emotionally challenging and financially complex it can be. While attorneys handle the legal aspects, a Certified Divorce Financial Analyst® focuses specifically on the financial implications of divorce. This specialized designation equips professionals with the expertise to guide clients through the intricate financial aspects of divorce proceedings, ensuring better outcomes for their financial future.
Anna Marie Mock, a fee-only certified financial planner at Highland Financial Advisors, discusses the dynamic interplay between art and science in financial planning. Drawing inspiration from Leonardo da Vinci's philosophy that "everything connects to everything else," she emphasizes that financial planning is an art involving subjective goal-setting and a science-driven by objective analysis tools. In this video, Anna explains how the scientific method can be applied to financial planning, using equity compensation as a concrete example.
What are your thoughts, feelings, and beliefs about money? What about your partner, and do they differ from your own? Sometimes, the conflict we experience around money in our personal lives can be attributed to incongruent money scripts with those with whom we share finances. Let’s dive into the term money script and how understanding it can help us achieve our financial goals.
In talking with clients about the benefits their employer provides during the open enrollment season, one often overlooked benefit if clients have dependents is the Dependent Care Flexible Spending Account (FSA).
Health Savings Accounts (HSAs) are not only a savvy investment option but also offer numerous benefits, especially for high-net-worth families. An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs) to help cover out-of-pocket medical expenses. While the utility of HSAs is universal, they hold advantages for high-net-worth families and have steadily grown in popularity since their inception.
A 529 plan is a powerful tool designed to help families save for future education expenses. The primary allure of a 529 plan lies in its tax benefits—some states allow state-tax deductions or credits on account contributions, and the investments in the account grow tax-free. Withdrawals from 529 plans are tax-free if used for qualified educational expenses, including tuition, room and board, books and supplies, private elementary and secondary school education, and student loan repayments.
U.S. college tuition costs have skyrocketed over the last few decades, leading to an unprecedented number of students needing to finance the burden through student loans. As of August 2022, student loan borrowers owed a collective nearly $1,750,000,000,000 in federal and private student loan debt, with the average borrower owing $28,950.
There are myriad ways to save for higher education expenses and choosing the best college savings account depends on your personal needs and preferences. Ever since Congress passed the Small Business Job Protection Act in 1996, which established 529 college savings plans as a tax-advantaged investment vehicle, 529 plans have become the most popular college savings account for Americans. 529 plans have gained favor because some states offer tax deductibility for contributions, earnings grow state and federally tax-deferred, and withdrawals are tax-free as long as the money is used to pay for qualified education expenses.
The Free Application for Federal Student Aid (FAFSA) collects demographic, income, and asset information from student applicants and their families. This information is used to calculate a student’s eligibility to receive any financial aid for college expenses based on the Expected Family Contribution (EFC). The EFC is calculated according to a formula that is established by the federal government and is a measure of a family’s financial strength. Schools consider the EFC as one of several factors to determine the amount, if any, a student may be awarded for that school year. Simply put, students are eligible to receive need-based student aid if the sum of their EFC and other estimated financial assistance is less than the total cost of attendance.
