Benefit Financial Services Group (BFSG), a multi-faceted registered investment advisory (RIA) firm serving both institutional and individual clients, is pleased to announce it has been ranked for the third consecutive year in Financial Advisor’s (FA) magazine. “We are thrilled to be counted among the nationally ranked Registered Investment Adviser’s by FAMagazine for a 3rd year in a row,” said...
BFSG Blog
Financial Resources & News
Golden Years: A Primer on Long-Term Care Insurance
By: Henry VanBuskirk, CFP®, Wealth Manager A goal that many Americans have when approaching retirement is finding that “forever home” to enjoy their golden years in. When a loved one does pass away, they typically want to pass away in their own home. One of the main expenses that occurs during retirement is healthcare and this is typically an expense that increases with age. A big culprit of...
Upcoming Webinar (July 19th): Planning For Loved Ones
Caring for your aging loved ones can be challenging—especially if you are unfamiliar with all the unique challenges and obstacles that come with elder care. Fortunately, BFSG is here to help. On July 19th at 10 AM PDT, we will discuss the ins and outs of elder care and outline your options with special guest John Clark of Pathfinder Senior Care Consulting. Register today for this important...
Welcome to the Team – Henry VanBuskirk
Please join us in welcoming Henry VanBuskirk, CFP® to Benefit Financial Services Group. Henry joins BFSG as a Wealth Manager. He will be working with our clients to help them realize their short and long-term goals by delivering personalized financial plans and retirement analysis. Previously, he worked as an Investment Analyst for an advisor in Woodland Hills, CA. Henry graduated from the...
Monthly Market Update (June): 3 Things You Need to Know
The first half of the year was difficult for investors as the Federal Reserve (the “Fed”) began an aggressive tightening cycle to fight inflation sitting at 40-year highs and risk-off sentiment pervaded. Here are 3 things you need to know: The S&P 500 index dropped 20.6%, marking its worst first half of a year since 1970.Bonds, as measured by the U.S. Aggregate Index, had their worst first...
Can the IRS waive the 60-day IRA rollover deadline?
Remember, you can make only one tax-free, 60-day rollover from any IRA you own (traditional or Roth) to any other IRA you own in any 12-month period, regardless of the number of IRAs you own. This limit does not apply to direct rollovers or trustee-to-trustee transfers or to Roth IRA conversions. While it may be tempting to give yourself a free 60-day loan, there's no need to taunt the rollover...
Help is on the way for parents and students: Education-related tax benefits
For parents and students trying to manage college bills and student loan payments, the federal government offers education-related tax benefits. The requirements for each are different, so here's what you need to know. American Opportunity Credit The American Opportunity Credit (formerly the Hope credit) is a tax credit available for the first four years of a student's undergraduate education,...
Emergency Reserves Can Help You Stick to Your Goals
By: Michael Allbee, CFP®, Senior Portfolio Manager Volatility or down markets only become a problem if you’re forced to liquidate at the wrong time. If you have enough cash to get you through, you’re going to come out fine on the other side most of the time. We generally recommend setting aside funds to cover 3-6 months’ (6-12 months’ if retired) worth of non-discretionary living expenses...
IRS Releases 2023 Key Numbers for Health Savings Accounts
The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that's paired with an HDHP. An HSA offers several valuable tax benefits: You may be able to make pre-tax contributions via payroll deduction through your...
Qualifying for the Home Office Deduction
For some, one of the positives arising from the pandemic is the perk of working from home. Working from home can certainly provide you with personal benefits, such as a flexible schedule and more family time. But increasing numbers of people are discovering the tax advantages as well. It's no secret that you generally can't deduct certain personal expenses (i.e., homeowners’ insurance,...
Tax Consequences of Selling Interest in a Business
When selling your interest in a business, you must consider several factors. One very important factor is taxation. Typically, you will transfer your interest in the business to others or to your corporation in return for cash or property. This will generally result in capital gain (or in some cases, dividends) or ordinary gains. The tax consequences to you of selling your interest in a business...
Warning: Social Security Retroactive Checks
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner Deciding when to claim Social Security benefits will have a permanent impact on the benefit you receive. Claiming before your full retirement age (66-67 based on birth year) can significantly reduce your benefit, while delaying increases it. More than ever, we are seeing more individuals not collect their Social Security until they...
Set the Bear Trap: The Well-Worn Bearish Narrative
By: Thomas Steffanci, PhD, Senior Portfolio Manager Some say it is a chaotic and frustrating time to be an investor. Rising employment and wages and resilient consumer spending are offset by rising inflation driven mostly by volatile commodity markets and supply chain disruptions. Higher corporate earnings estimates are being met by declining price-earnings multiples. And the Russia-Ukraine...
Monthly Market Update (May): 3 Things You Need to Know
From the end of the Global Financial Crisis in 2009 until now, the combined balance sheets of the Fed, European Central Bank and the Bank of Japan grew from approximately $5.3 trillion to over $23.7 trillion.(1) The markets were awash in liquidity over the past decade, and the rising tide lifted virtually all financial assets. Central banks around the world are on track to hike rates more than...
Points to Consider as you Approach Retirement
If you're a decade or so away from retirement, you've probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up a new sport or hobby, or spend more time with friends and family? Should you consider relocating? Will you continue to work in some capacity? Will changes in your income sources affect your standard of living?...
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