Last Updated:
April 2, 2024

Posts tagged "family"
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What to Know About the Financial Side of Divorce 2023

AdGoing through a divorce is a difficult process. The emotional, mental, and physical aspects take a toll on both parties and the family unit. On top of that, the financial side of divorce can be complicated and create additional stress and anxiety for everyone. Throughout the duration of the divorce, you and your spouse will need to make decisions that will impact your finances, both now and in the future. While making these decisions can be difficult, understanding the implications of each choice is important when trying to plan for financial security for both spouses and any children involved. To help you get educated, here’s what to know about the financial side of divorce. Understanding the Financial Side of Divorce There are hundreds of small details that need to be discussed regarding finances during a divorce, which is often why spouses decide to hire an attorney. Taking time to prepare for the process can help, but financial aspects of divorce can get messy. Some of the main things that need to be discussed include property, child support, debt, taxes, retirement plans, and alimony. Dividing Property in Divorce Dividing marital assets between spouses is one of the lengthiest processes in divorce. There are […] read more
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Advantages of Roth IRA Conversions in 2023

For anyone with a traditional IRA, the option of converting to a Roth IRA is something to consider. Each individual and their circumstances ultimately determine if a conversion is right for them; but some years offer more reasons to convert than others. 2023 is shaping up to be one of those years.   Before I list the reasons why, I recommend that if you have an IRA you begin a relationship with a fiduciary advisor, like myself. RIAs offer unbiased, personalized recommendations regarding important financial planning decisions, such as Roth IRA conversions. As a Fiduciary learn how I help clients achieve their financial goals.  What is a Roth IRA? A Roth IRA is an individual retirement account designed for after-tax contributions. There are no current-year tax benefits for this type of account, but earnings can grow tax-free. Withdrawals after age 59 ½ may be made tax- and penalty-free. What exactly is a Roth IRA conversion? A Roth IRA conversion is the moving of assets from a tax-deferred traditional IRA to a non-deductible Roth IRA. What are the benefits of a Roth IRA conversion? Roth IRAs do not mandate required minimum distributions (RMDs), whereas traditional IRAs do. Assets in Roth IRAs grow tax-free for qualified distributions. Roth IRA […] read more
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