How often do you find yourself saying,” I can’t believe we are already halfway through the year”? Time moves fast and it can be challenging to manage all the parts of our life. Birthdays sneak up on us, milestones come and go, and before you know it – it’s a new year! While much[…]
When Should You Update Your Trust?
By diamondcpas Best Practices, Estate Planning, Estate Planning, Money, Personal Finance, Personal Finance, Personal Taxes, Succession Sep 08, 2022
There has been a lot of discouraging financial news of late. But don’t despair. There is some positive news as well. Let’s start by looking at interest rates, which are on their way up, quite possibly very significantly so. While the last dozen-plus years have seen unprecedented low interest rates, those rates have benefited borrowers,[…]
When it comes to deciding whether you need an accountant or a financial advisor, the answer is, you likely need both. Each of these specialists in money management has unique skills and knowledge that, when used in tandem, can be very beneficial to your financial health. One expert is not interchangeable with the other. To[…]
Inheriting an IRA presents a number of choices for the beneficiary. Whether it’s a Roth or Traditional IRA, the rules surrounding the inheritance can be complicated and your decisions can have a significant impact on your financial planning. When the so-called “stretch IRA,” was virtually eliminated by passage of the 2019 SECURE Act, beneficiaries of[…]
How to choose the right life insurance
By diamondcpas Estate Planning, Personal Finance Feb 03, 2021
Life insurance is an investment vehicle that provides your family with financial security and peace of mind once you are deceased and no longer around to take care of them. In addition, if you are a business owner, life insurance can provide your business with the resources necessary to sustain continuity or to recover from[…]
If you, or someone you know, are headed to college, be sure to familiarize yourself with FAFSA – Free Application for Student Aid. Regardless of your family’s income, everyone should complete the form, and the sooner, the better, according to financial advisors and college admission officials. The application became available Oct. 1 for the 2021-2022[…]
Anyone who already took a required minimum distribution (RMD) this year from certain retirement accounts now has more time to roll that money back into the savings plan, according to the Internal Revenue Service, which recently announced that the CARES Act RMD waiver has been extended until August 31, 2020. “The 60-day rollover period for[…]
Most people are familiar with the term FICO score – that’s your credit score -and it can have an enormous impact on one’s life, affecting your ability to buy a home, a car and much more. So, it’s worth noting that changes are coming this summer to the scoring system, used widely by credit agencies[…]