Each year on May 29 the calendar reminds us of the 529 educational savings plan, and opportunities to fund the plan. However, many people funded 529 plans years ago and are now ready to withdraw the funds for their intended use. Distributed properly, all the earnings in the plan can be income tax free as long as the funds are used for Qualified Higher Education Expenses (QHEE). However, as is sometimes the case, the devil
According to the Federal Trade Commission, identity theft is at the top of the list of consumer complaints. Despite the best safeguards, it has become clear that we can’t always control the way people access or use our personal information. Even the IRS isn’t immune to scammers. The Government Accountability Office reported that $5 billion in erroneous refunds were paid in 2014 as a result of fraudulent filings. In 2018 Equifax, one of the three
Wealth management for medical professionals requires a different planning approach. Medical professionals typically earn less income in early earning cycles compared to the traditional American worker. When their earnings balloon, they often do so quickly and then stabilize at a high base. Fortunately, you can compensate for the dramatic drop in a healthcare professional’s salary. All it takes is wise planning during the earning years. A Smart Approach to Wealth Management for Medical Professionals We
As parents and grandparents, we want to do all we can to lead our kids to a financially sound future. In this podcast Steve Yeager, Senior Vice President at SYM Financial Advisors, explains the process of using the Roth IRA in a unique way – to encourage, teach, and assist kids in saving for their retirement, as young as 12 or 13. Add the power of compound interest and this becomes an exciting opportunity for
Most Americans are familiar with the radio and television ads that appeal for donations of unneeded cars, boats, or real estate. Though the process seems quite simple, those who attempt such a donation know it’s not always as straightforward as it seems. Securities, however, can be gifted with relative ease and have significant advantages. The simplest way to donate to charity is to write a check or to drop some bills into a collection basket.
