Understanding New FDIC Rules for Trust Accounts
In April, the Federal Deposit Insurance Corporation (FDIC) implemented a final rule to simplify deposit insurance regulations for trust accounts. These changes aim to make the rules easier to understand for both depositors and bankers. Here are the key highlights: Trust Accounts: The previous categories of revocable and irrevocable trust accounts have been merged into […]
Emergency Reserve Fund
An emergency fund is a crucial component of any sound personal financial plan. The fund acts as a financial reserve or safety net, to cover unexpected expenses, or interruptions in income without disrupting your long-term investments, which potentially could cause financial loss or adverse income tax consequences. The first step in the creation of an […]
Know the Difference Between a Credit Freeze and a Credit Lock!
In the realm of personal financial planning, safeguarding your credit is crucial. Two powerful tools to protect your credit from fraud and identity theft are a credit freeze and a credit lock, but do you know the difference? While they may seem similar, there are significant differences between the two. In this blog, we’ll explore […]
Passwords: Safeguarding Your Financial Information
In today’s digital age, managing your personal finances often involves navigating online banking, investment platforms, and financial management tools. While these technologies offer convenience and efficiency, they also pose significant security risks. One of the most critical aspects of safeguarding your financial information is creating and maintaining strong passwords. Let’s explore why strong passwords are […]
HSA – A powerful tool in the Personal Financial Planning Process
Health Savings Accounts (HSAs) are a powerful, yet often underutilized tool, used to manage healthcare expenses and build long-term wealth as part of the personal financial planning process. Understanding how to effectively incorporate an HSA into your personal financial plan can provide significant tax advantages and help you save for future medical costs. A Health […]
Things You Need to Know about a Qualified Personal Residence Trust
Personal financial planning can be a complex process, especially when it comes to managing high-value assets such as a home. One effective tool for minimizing estate taxes and securing your property for future generations is the Qualified Personal Residence Trust (QPRT). What is a Qualified Personal Residence Trust? A QPRT is a type of irrevocable […]
Understanding Sustainable Withdrawal Rates in Personal Financial Planning
Planning for financial independence requires careful consideration of various factors, including how much you can safely withdraw from your investments each year without running out of money. This concept, known as the sustainable withdrawal rate, is crucial for ensuring your financial independence. In this blog post, we’ll explore what sustainable withdrawal rates are, why they […]
Personal Financial Planning at AICPA’s 2024 Engage Conference
The AICPA’s 2024 Engage Conference is right around the corner and is one of the premier personal financial planning events each year. Scheduled to take place from June 2- 6 in Las Vegas, this conference is the premier gathering for CPAs, financial planners, and business advisors. With a focus on personal financial planning, attendees can […]
Managing Uncertainty: The Personal Financial Planning Process
Currently, tax planning, including estate planning, as part of the personal financial planning process is uncertain given the Biden administration’s tax proposals, the 2024 elections, and record deficit spending on the part of government. The primary reason for this uncertainty relates back to the Tax Cuts and Jobs Act (TCJA) of 2017, which made sweeping […]
Retirement and Snake Oil
Snake oil is an idiom used to describe deceptive marketing, or some type of scam. As authors and public speakers, we are often asked to opine on “saving for retirement.” To which we reply, retirement is just ‘snake oil.’ We have gone round-and-round with our publishers on our crusade to pull back the curtain on […]
