There's no doubt about it — going through a divorce can be an emotionally trying time. Ironing out a divorce settlement, attending various court hearings, and dealing with competing attorneys can all weigh heavily on the parties involved. In addition to the emotional impact a divorce can have, it's important to be aware of how your financial position will be impacted. Now, more than ever, you...
Parenthood can be both wonderfully rewarding and frighteningly challenging. Children give gifts only a parent can understand — from sticky-finger hugs to heartfelt pleas to tag along on Saturday morning errands. As you raise them and make sure they get a good, strong start in life, one thing is obvious — children are expensive! Fortunately, you can take steps to prepare for the financial...
529 College Savings Plans are tax-advantaged education-savings accounts. Federal tax rules allow an account owner to give up to $15,000 a year ($30,000 for married couples) to a child without incurring a gift tax. However, there is a unique provision to employ a “superfunding” strategy by front-loading your 529 contributions without triggering gift taxes. Here’s how superfunding works: By...
So far 2020 has not impacted the current home buying boom and it does not appear to be slowing down. The National Association of Realtors reported that existing-home sales grew nearly 21% from one year ago and homes sold faster in September than what we normally see during this season as low-interest rates drove pent-up buyer demand.(1) Forbes magazine reports housing is in a “full-fledged...
One of the most common questions people ask is why they need (or what is the best) to use an LLC or umbrella coverage if they own rentals. If you are sued, you will want to have some form of protection to make sure your other assets like your primary residence and retirement accounts are safe. This is an important part of planning when you have rental property but unfortunately is often...
Last week was a very intense week that left most people, regardless of political leanings, very anxious as ballot counting continued through the end of the week. It appears that former Vice President Joe Biden will be the next President (legal challenges and recounts leave some uncertainty but are not likely to shift the overall outcome). His inauguration is January 20th, so let us look at what...
COVID has impacted us all and unfortunately forced many individuals to be laid off or business owners to close their doors. As relief runs out and with no further relief in sight it is expected that bankruptcy filings will increase in 2021. The good news is that there is protection for people’s retirement accounts, but the coverage varies depending on state law and the type of retirement...
Congratulations to BFSG’s @Tina Schackman for being named as an “All-Star” on the 2020 NAPA Top Women Advisors List! Disclaimer: Awards and recognitions by unaffiliated rating services, companies, and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if the Firm is engaged, or continues to be engaged,...
Beginning on November 1, 2020, individuals (including families) may apply for new health insurance, switch to a different health-care plan, or re-enroll in their current plan through a Health Insurance Marketplace under the Affordable Care Act (ACA). The open enrollment period for 2021 health coverage ends on December 15, 2020. If you don't have health insurance through a job, Medicare,...
The IRS announced cost of living adjustments that will impact the 2021 tax year. Contribution limits for pension plans and other retirement related items are affected. We encourage you to review the updated figures by clicking here.
Managing finances for many people is difficult and for some can be overwhelming. This is not because people are incapable of managing their finances, but rather they have never been shown how to do so. Basic finance like paying bills and understanding taxes is not taught in schools and most of us did not learn from our parents (or were taught bad habits instead). Below are some tips to help you...
In today’s busy word one of the most important skills to learn is how to say “No”. We are very busy and it is easy to become overwhelmed if you overcommit. If you are like most people, you do not like saying “No.” This could be because you genuinely like to help others, or maybe you do not want to reject others. Perhaps you are afraid this will reflect poorly on you if you say “No”. The reality...
As of October 15th Medicare beneficiaries can make changes to their Medicare benefits. This is the time to review your current benefits and make any changes. If you are unhappy with your current plan or perhaps your health has changed during the past year, now is the time to make any necessary changes like switching Medicare health and prescription drug plans. Each year, Medicare plan costs and...
The American Bar Association published at the end of 2017 that there were 1.3 million lawyers in the United States. That is one lawyer for every 300 people, the most per capita of any country in the world. Now there are a few more. In today’s litigious society, many of us may be concerned about keeping that for which we have worked so hard. What are some of the tools that you can use to...
Using a Health Savings Account (HSA) is a prudent financial decision that many Americans overlook or simply do not understand. One of their primary benefits is that contributed funds do not run out each year like a medical savings account. Instead, unused funds roll over each year and can be used for future medical expenses. This feature creates a unique planning opportunity to help cover future...
Tailor portfolios to your needs and goals.
Investing and saving wisely is vital to success in retirement.
Navigating the complexities of your financial affairs can be simplified.
Help to increase the amount you “take home”.
Protect your loved ones and make sure your legacy endures.
Simplify the many options and decision points of executive compensation plans.
Confidently plan for your children’s future.
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*Please Note: Limitations. The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent. BFSG does not prepare legal documents or tax returns, nor does it sell insurance products. Please Also Note: Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.
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Wealth Management & Institutional Services
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Wealth Management
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