Wealth Wednesdays

Wealth Wednesdays

Fresh tips and financial insights for a smarter, happier, and hopefully richer life

Straight from the financial planning front lines, our own Megan Brinsfield, CPA, CFP® joins Good Morning Washington every Wednesday to talk about topics that are top of mind for investors – especially those who are in, or preparing for retirement. From tax strategies to market volatility, and everything in between, Megan is here to help keep us cool, calm, and focused on the future.

Check out her latest segment below…

Are your beneficiary designations up-to-date?

When singer Barry White sang “Never, Never Gonna Give Ya Up,” we don’t think he was crooning about keeping his ex-wife as his beneficiary. But that’s just what happened, and when he died, his loved ones were left with nothing. This week Megan tells you what you need to know about beneficiary designations.

 

Doesn’t My Will Express My Wishes?

When it comes to your assets, your beneficiary designations override your will. So make sure you choose the people you want to inherit your money, and review your plan periodically. What else should you consider?

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Is your estate in order?

Estate planning involves thinking through what happens to your wealth, possessions and children should you die or become incapacitated, making a plan with full knowledge of tax and inheritance laws, then creating legal documents to ensure your wishes come to pass. Megan walks us through the basics.

 

So what documents do you need?

Many people think a will is all they need, but it typically only covers your property if you die. A basic plan usually includes at least these six documents, and sometimes more.

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Are your retirement savings where they should be?

If so, you’re in an elite group. Because many other Americans are facing a retirement crisis. So much so, the government is proposing enhancements to the SECURE Act. Megan discusses the important details.

 

How could SECURE Act 2.0 affect your long-term wealth?

From raising the age for required minimum distributions to more ways to save in a Roth, here are five possible improvements you should be aware of.

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Saving for Your Kids Can Be a Lifelong Lesson in Financial Literacy

How do you get your kids excited to save money? Start early, involve them in the process, and perhaps they’ll learn a thing or two about long-term investing for the future. Megan explains how to start. 

 

What to learn more?

Discover 4 types of accounts for minors – and the possible tax benefits too! Another piece of advice? Use these savings to teach financial literacy to your kids. It may be one of your greatest life lessons.

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Working Remotely and Considering Moving to a New State?

Why live in areas with high housing and other costs (including the cost of your happiness) when you no longer need to be near the office? Instead, some people are considering moving to a different state. Megan discusses what relocating could mean for your finances. 

 

Are You Ready to Pack Your Bags...

...and head towards a state offering a lower cost of living, better climate, or closer (or possibly farther!) proximity to family? Before making the move, consider these four factors.

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Did you receive a tax refund this year?

Any large lump sum of money can dramatically affect your trajectory towards your life goals. For example, you could hypothetically turn the average refund of $3,400 into roughly $13,000 in 20 years by investing it at a 7% annual rate of return. Magic? No, it’s the potential of the power of investing. Press play to learn more.

 

Have an influx of cash coming your way?

For example are you selling your business? Or maybe you recently got a large bonus or are receiving an inheritance. We offer a 5-step guide to help you manage any large or sudden cash windfall.

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5 Tax Tips: For the Last Minute and Year-Round

Tax Day is April 18, 2022. While you technically get an extra few days to file, the deadline will be here before you know it. So if you're like many Americans who waited until the last minute, here are some tips to proceed with speed.

 

Want more tax tips?

Megan discusses other considerations for tax planning before Tax Day and year round. Click on the button below to get all the details.

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