Financial Planning for the Changing Family

Part I: Marriage and Children

All families are in constant states of change.  At various stages of our lives we may marry, have children, send them to college, begin, change, and advance in our careers, and retire.  Some couples divorce and begin new and separate financial lives.  Sometimes unexpected events, such as unemployment, illness, or other hardships arise.  And although we generally prefer not to think about it, all families experience death.  Each phase of a family’s financial journey necessitates a different approach to financial planning and investment.

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Our previous two blogs have highlighted credits and above-the-line deductions that you may be able to claim on your 2013 return.  Although maximizing your credits and above-the-line deductions is essential to minimizing your tax owed, below-the-line deductions are also important to taxpayers who itemize. Read more

Many Americans miss out on tax credits because they either are not aware of all of their opportunities or because they simply overlook some of them when organizing their documents.  Remember to keep these frequently overlooked credits on your radar as you prepare to file your 2013 taxes. Read more

If you are planning on selling your home, it is important to plan for any resulting tax consequences.  What those consequences will be depends upon a number of factors.

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Like an immediate annuity, the purpose of a deferred annuity is to provide an income stream in retirement.  It can have either fixed or variable returns, and it can offer a variety of term options, including life, joint life, a predetermined period of years, or a hybrid of these.  Deferred annuities can be part of a sound investment strategy, but one should invest in them only after understanding the precise costs and benefits of doing so.  An independent, qualified investment planning professional can help you understand how these annuities might fit into your overall strategy.

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Many people at or near retirement age are advised to invest in annuities in order to guarantee an income stream in retirement.  It is important for anyone considering purchasing an annuity to understand all of the costs and benefits involved.  Before investing in an annuity, understand how it fits into your overall investment strategy, and compare it to other financial products that can serve the same goals.  Seeking the advice of an independent financial advisor who is knowledgeable about investment planning is the best way to get clear, honest answers to your questions. Read more

With 2013’s new tax provisions, you will need to adjust your tax and investment strategies.  The Net Investment Income Tax (NIIT) requires a new approach to tax and investment planning.  Boelman Shaw Capital Partners in Des Moines offers these tips to help you plan to minimize your liability under the NIIT.