If you’ve received, or will soon receive, a significant inheritance, it may be tempting to view it as “found money” that can be spent freely. But unless your current financial plan ensures that you’ll comfortably reach all your goals, it’s a good idea to have a plan of action for managing your newfound wealth. Take
Financial Planning Archives - Crawford Ellenbogen
Jun 28, 2023
You’ve received a sizable inheritance: Now what?
- By Joan Ellenbogen
- Estate, Financial Planning
- 0 Comments
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Dec 27, 2022
Save for retirement by getting the most out of your 401(k) plan
- By Victor Dozzi
- Financial Planning, Taxes
- 0 Comments
Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution. Because
Dec 15, 2022
Understand your spouse’s inheritance rights if you’re getting remarried
- By Victor Dozzi
- Estate, Financial Planning
- 0 Comments
If you’re taking a second trip down the aisle, you may have different expectations than you did when you got married the first time — especially when it comes to estate planning. For example, if you have children from a previous marriage, your priority may be to provide for them. Or perhaps you feel that
Dec 16, 2021
Stock market investors: Year-end tax strategies to consider
- By Joan Ellenbogen
- Financial Planning, Taxes
- 0 Comments
Year-end is a good time to plan to save taxes by structuring your capital gains and losses. Consider some possibilities. For example, suppose you lost money this year on some stock and have other stock that has appreciated. Consider selling appreciated assets before Dec. 31 (if you think the value has peaked) and offset gains
Sep 21, 2021
Is a Health Savings Account right for you?
- By Joan Ellenbogen
- Deductions, Financial Planning, Health Insurance, Medical, Taxes
- 0 Comments
Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. Here are the main tax benefits: Contributions made to an
Aug 5, 2021
5 possible tax aspects of a parent moving into a nursing home
- By Joan Ellenbogen
- Deductions, Estate, Financial Planning, Medical, Retirement
- 0 Comments
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical
Feb 2, 2021
Reduce gift and estate tax exposure by making direct payments of tuition and medical expenses
- By Joan Ellenbogen
- Estate, Financial Planning
- 0 Comments
Now that the gift and estate tax exemption has risen to $11.7 million for 2021, you may be less concerned about these taxes. But if you have children or grandchildren in college or with medical expenses, you may want to take advantage of the exemption for direct payments of tuition and medical expenses. It can
May 20, 2020
IRA account value down? It might be a good time for a Roth conversion
- By Joan Ellenbogen
- Financial Planning
- 0 Comments
The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. The key differences
Mar 17, 2020
Information for Pennsylvania Employees Impacted by COVID-19
- By Ellenbogen
- Financial Planning
- 0 Comments
Mar 5, 2020
What weddings cost — and how to keep yours affordable
- By Ellenbogen
- Financial Planning
- 0 Comments