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.
There has been no shortage of volatility with global equity markets on a rollercoaster ride this year. A steep drop in prices scares investors and heightens our senses to pay attention to avoid making mistakes. However, this fear can lead to indecision or taking no action.
An incentive stock option (ISO) is a form of equity compensation where the employee has the right to buy shares of the company at a discounted price with special tax treatment. An ISO is a long-term incentive that replaces cash compensation and encourages employees to contribute to the company’s growth and development, hoping the options grow in value over time.
In Part 1 of F.I.R.E., we explored the meaning behind the movement and the different variations, while Part 2 of F.I.R.E. provided some context on common misconceptions. With that backdrop, we are going to outline how to quantify your definition of F.I.R.E.
The two worlds of financial services are not clearly labeled so that you would necessarily know from which world you are receiving services. If you seek the services of a doctor, you will know if that doctor is a dentist, an internist, an oral surgeon, or a neurosurgeon by the sign on the door. Unfortunately, the titles used in financial services are less indicative of any professional standard.
When going through a divorce, many challenging topics need to be talked through before things become finalized. When it is time to discuss marital assets, particularly among those 50 and older, retirement assets or pension benefits tend to be at the top of the list since they often have the most significant balances.
Arguably one of the most important documents a divorcing couple in New Jersey will complete is their Case Information Statement or CIS as it is commonly known. The CIS is a required form in New Jersey divorces, and its purpose is to paint an accurate picture of each party's financial situation.
In Part 1 of F.I.R.E., we explored the meaning behind the movement and the different variations. According to a survey conducted by T.D. Ameritrade and the Harris Poll, only 11% of 1,500 respondents, have heard of the movement, while 26% are not familiar with the term but know the concept.
With the recent popularity of long-term care insurance, it is not surprising that the demand for hybrid long-term care (LTC) policies are rising. The American Association for Long-Term Care Insurance (AALTCI) reported that in 2019 the industry sold 250,000 hybrid LTC policies. This figure represents more than five times the amount of stand-alone long-term care policies sold in the same period.
Anyone who has watched the Britney Spears conservatorship saga unfold in the news recently can appreciate how distressing it is when a person loses control of their financial life. Britney's situation highlights the importance of proper planning and the downside of having a court decide who is best to act as someone's caretaker.
As the world continues to evolve, it comes as no surprise that life expectancy in the United States has vastly increased over the last four decades and will most likely continue to rise as new technological advancements in health care continue to emerge. The U.S. Census Bureau recently conducted a report analyzing the change in life expectancy over the 100 years from 1960 to 2060.
Old ways of tracking finances included using a pen and paper combined with envelopes to “bucket” different spending needs. Then came along Excel, where people began using spreadsheets to keep their budget and spending. Today, we have apps available on our phones with software to create the budget for you and even track each transaction on your credit card.
Gap years are no longer just for recent graduates but are now for seniors who may not have had the time to pursue their passions or try something new during their working years. For many retirees coming from a work-centric culture, retirement may feel like crossing the finish line, followed by winding down and boredom.
When it comes to investing and managing your finances, many people wouldn’t think that the skills and mindset needed for success would be similar to the skills and attitude necessary for success with martial arts. However, I have come to realize that investing and practicing Brazilian Jiu-Jitsu, a type of Mixed Martial Art (MMA), have much more in common than one would think. Both require similar skills and disciplines to be successful.
The recent release of the American Families Plan marks the third part of President Biden's Build Back Better Initiative. Several proposals make up this plan, but it is important to note that they are just proposals at this point and will have to make their way through Congress, where legislators will undoubtedly modify many of the provisions.
Financial elder abuse involves family members, caregivers, or professionals that illegally exploit an older individual for their monetary assets and property for their financial gain. It is estimated that elder financial abuse costs older Americans upwards of $36 billion. According to the National Council On Aging, 1 in 10 Americans aged 60+ have experienced some form of abuse, but only 1 in 14 cases are estimated to be reported to authorities.
For many people utilizing a Roth IRA to help save for retirement, they enjoy the benefits of tax-free growth and tax-free withdrawals after the age of 59 ½. An additional advantage of the Roth IRA, in contrast to a Traditional IRA, is that you are not required to take minimum withdrawals at age 72, enabling the account to continue to grow tax-free.
