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Four Ways To Make 2022 Your Most Tax-Efficient Year Yet Thumbnail

Four Ways To Make 2022 Your Most Tax-Efficient Year Yet

There are a lot of big things to plan for in a new year such as upcoming vacations, charitable goals, and everyone’s favorite… tax law changes! But don’t worry, we work together with our clients’ CPAs to monitor tax law changes so you don’t have to. While we don’t yet know all the changes that will be put into law, the IRS has released some guidance for contribution limits that you can plan on. We outline four easy ways to make 2022 your most tax-efficient year yet in this blog post.

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Letter Of Instruction: Overview And Downloadable Template Thumbnail

Letter Of Instruction: Overview And Downloadable Template

Annette is a proactive client – she and her husband Charlie have been working through our checklist of conversations with their children and are simplifying their financial records. Annette prioritizes staying organized and can easily handle her monthly cash flow but knows that an unexpected illness or accident would mean that Charlie or her children would have to step in and be her “Chief Operating Officer” as she recovers. We encouraged Annette to draft a Letter of Instruction. Read more here and access our Letter of Instruction template.

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How Long Should You Keep Financial Records? Thumbnail

How Long Should You Keep Financial Records?

When Kelly first came to FAI Wealth Management, she was drowning in paperwork. She had been told to keep important documents anywhere from one year to forever! Kelly was feeling overwhelmed by this mountain of records. She was downsizing and asked her FAI advisor if it was smart to get rid of some of these documents as she prepared to move to her new home. Below is an outline the advice we gave Kelly.

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Understanding LTC Policy Coverage Limits Thumbnail

Understanding LTC Policy Coverage Limits

Many people choose to purchase a long-term care (“LTC”) policy to help cover the high costs of in-home health care and nursing care. To help you understand long-term care insurance, here are key terms and benefits. The terminology below is most applicable to traditional long-term care policies but may be found in hybrid policies as well.

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Four Types Of Long-Term Care Insurance Thumbnail

Four Types Of Long-Term Care Insurance

Around 70% of adults over the age of 65 will need long-term care (“LTC”) support during their lives[1], ranging from in-home health care to nursing home care. The cost of this care can be high; the average cost of nursing care in Maryland is $127,750 per year[2], and most long-term care is not covered by Medicare beyond 100 days. Fortunately, your financial advisor can help you prepare for this financial impact. For many, a long-term care insurance policy is a beneficial part of a solid financial plan, protecting savings and estate values from being depleted by expensive long-term care. Here are four types of long-term care insurance to discuss with your financial advisor.

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What To Do If Your Financial Accounts Have Been Hacked Thumbnail

What To Do If Your Financial Accounts Have Been Hacked

From ordering groceries online to paying a pet sitter on Venmo, many of us rely on online transactions every day – but what happens when someone uses these platforms to access our financial accounts? Online shopping and app-based banking are easy and convenient for many people, but processing transactions online might make us more vulnerable to hackers accessing our finances. If you find a suspicious charge on your bank or credit card statement, here are 7 steps you can take to restore secure banking and recover lost funds.

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Seven Conversations to Have When Approaching Senior Age  Thumbnail

Seven Conversations to Have When Approaching Senior Age

It can be challenging to grow older and need assistance. But it can be a blessing too – an opportunity to learn, grow closer to loved ones, and prepare for the future. As you approach your senior stage of life, many people rely more on their circle of care, which could include a spouse, adult children, close family friends, or religious clergy members. Sharing your values with your circle of care can make difficult life transitions easier, and clearly expressing your wishes can be very empowering.

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The Benefits of Beneficiary Designations Thumbnail

The Benefits of Beneficiary Designations

Grace was so happy - her granddaughter, Sarah, had gotten married! The last time I had seen her this happy was when Sarah graduated college. Being a financial planner, I felt I had to tell her, “Make sure she and her husband update their beneficiary designations.” The financial planner in me continued, “If they do not change their beneficiary designation on their retirement accounts, life insurances, and annuities, the surviving spouse could get nothing.”

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