There are a lot of scams that prey on elderly people. Sadly, the most common perpetrators of elder financial abuse are family members. The elderly are very susceptible to abuse in the earliest stages of cognitive decline. In fact, the inability to handle financial affairs is often the first sign. This is true often before the cause of the dementia (such as Alzheimer’s) is even identified. If you find yourself in the position of having to help a loved oneRead More
Savant offers perspective on a variety of topics. Entries range from current events to timeless insights in the world of finance and investments.
It’s no secret that college isn’t cheap. In 2014-15 the average cost of one year at an in-state public university was $23,410. Average cost for one year at a private college was $46,272. Also, annual increases in the cost of higher education are outpacing inflation. With rising costs in mind, it’s important to start saving early in order to get the most out of every dollar you put away.
Enter the 529 plan.
A 529 planRead More
There are two camps among income tax-paying individuals: The one that owes tax upon filing their return and the one that receives a refund (technically, there is a third camp that neither owes nor receives). Tax professionals and financial gurus within each group have their own reasons for believing their camp is the right camp to pitch their tent and start roasting marshmallows. Here are the main arguments from both sides to help you determine if you needRead More
So there you are, in your mid-40s, and you receive an email from one of your parents telling you that they think it is time. It is time to discuss their finances with you in preparation for the day when one or both of them are no longer around or able to manage their affairs.
The truth is, no matter the level of wealth or complexity you think your parents have, and no matter your own levelRead More
We all work hard and live within our means, investing what we can. Then, after time, we look at our nest egg and it appears to be big enough for us to finally retire or proceed with an exciting life goal, often with the help of someone who presents himself to the public as a financial professional. At this point, you need to ask yourself, “What kind of financial advisor do I want to work with?” The key word: fiduciary.