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The Latest From Our Blog

When a Loved One Dies – FAQs and Checklist Thumbnail

When a Loved One Dies – FAQs and Checklist

Unfortunately, losing a loved one not only brings a tidal wave of grief, but what may seem like a flood of overwhelming tasks and responsibilities. Before and after the funeral, you may find yourself having to tackle tasks like administering a Trust, filing insurance claims, and retitling accounts. To keep the process organized, this checklist outlines next steps for you to take in managing the financial affairs of your loved one’s estate. Remember, not everything has to be done today.

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Tax Efficient Charitable Giving  Thumbnail

Tax Efficient Charitable Giving

It’s an amazing feeling to give to those in need through organizations you are passionate about. Many donors assume that giving to a charity automatically gets them a tax deduction, but this is not always the case. If you’re looking to give and feel the tax benefits, choose a tax-efficient way to give. This blog gives a brief outline of how much donors can deduct on their tax return and outlines three giving methods to achieve a tax reduction.

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How Can I Save For My Grandchild’s Education? 4 FAQs Thumbnail

How Can I Save For My Grandchild’s Education? 4 FAQs

Nadine was overjoyed when she called to tell us the news: her daughter and son-in-law were expecting – she was going to be a grandma! While Nadine is most looking forward to spoiling her future grandson or granddaughter with playdates and lots of sweets, she also wants to make sure her grandchild can pay for college someday. Read our blog to learn about 4 strategies for college savings.

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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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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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