How the South Carolina 529 Plan Works
As financial planners, we meet with many parents concerned about how they will pay for their child’s college education. These parents often ask about the Future Scholar program, the 529 college savings plan for residents of South Carolina. We created our educational savings guide below to explain how a 529 program works, the benefits of […]
Backdoor Roth IRA Contributions Explained
How High Earners Can Diversify the Taxability of Their Retirement Assets Our fee only financial advisors often recommend executing a backdoor Roth IRA contribution strategy for high earning clients who max out their tax-deferred and/or after-tax employer sponsored plans and are seeking additional tax favorable approaches to save and grow assets. These clients often accumulate […]
The Perfect Time to Invest
There’s an old story in the investment industry that may be true or may be just a parable–but it certainly is appropriate to remember when the stock market is panicking. The story goes, a very smart advisor would tell each of the investors who opened an account with her the following: “Mr. and Mrs. Smith, […]
What’s in the COVID Relief Package for You?
This is being written as the bill is still in progress. Edits may be required as more information becomes available. Please check back for updates and be sure to consult a financial professional before implementing any of the strategies suggested in this post. The Senate has passed an emergency relief bill that is expected to […]
Coronavirus COVID-19: What it Could Mean for the Stock Market
I don’t want to add flames to the fire regarding the new coronavirus– COVID-19, however, the time to have a lifeboat drill is prior to the ship sinking. Investors should contemplate what this virus can do to the markets and world economies while they are still thinking rationally, rather than waiting until widespread panic clouds their […]
Solutions to the SECURE Act Stretch IRA Problem
What’s the Problem? IRAs that will be inherited by anyone except a spouse, minor children, beneficiaries with disabilities, and anyone who is ten years or less younger than the IRA owner, are now to be completely distributed over 10 years, rather than the lifetime of the heir. Why is this a Problem? With a shortened […]
Year End Tax Planning
With the end of the year approaching, now is the time to look for opportunities to save on income taxes. Here are some items you should look for: Determine whether bunching deductions into 2019 or 2020 will enable you to itemize. Maximize the $15,000 per donee annual gift tax exclusion if estate taxes are a concern […]
How to Keep the Premium Tax Credit While Making Over $100,000
In Charleston and Myrtle Beach, clients and potential clients often assume the Affordable Care Act (ACA) only helps low earning individuals and families. This is far from the case. When using proper financial planning strategies, some families can make up to $239,000 and still qualify for the healthcare subsidy. Over 10 million Americans utilized Affordable […]
What Is Slowing the Economy and Why it Matters to Investors
By James Liu, CFA Some investors and economists have been worried about a recession for some time. This is only natural after over a decade of steady economic growth and the spectacular rise of both stocks and bonds. On the one hand, the economy is still quite healthy by many measures, especially based consumer spending and […]
Do I Need Long-Term Care Insurance?
With nursing home care running north of $68,000 per year, many families who have a “comfortable retirement” could find themselves facing the prospect of spending down a large chunk of their savings and investments should the need for nursing home care arise. Without long-term care insurance some will find their only option may be to […]
