In talking with clients about the benefits their employer provides during the open enrollment season, one often overlooked benefit if clients have dependents is the Dependent Care Flexible Spending Account (FSA).
Health Savings Accounts (HSAs) are not only a savvy investment option but also offer numerous benefits, especially for high-net-worth families. An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs) to help cover out-of-pocket medical expenses. While the utility of HSAs is universal, they hold advantages for high-net-worth families and have steadily grown in popularity since their inception.
Earlier this year, I explained two principles you can follow to obtain the most happiness from your spending https://www.highlandplanning.com/learning-center-1/how-money-can-buy-happiness-part-1. In today’s article, I will cover three more concepts that can help bring more joy in your life with your spending. Below are the five principles outlined in the book Happy Money.
In a previous article titled “The Estate Planning Essentials”, I identified the documents needed for a comprehensive estate plan. Although this can be a morbid topic most want to avoid thinking about, reviewing the documents not only ensures your financial legacy is passed in accordance with your wishes as smoothly as possible but guides your agent to ensure your medical and financial wishes are addressed. So, how often should you review your estate planning documents?
When going through a divorce, there are a million things to think about and plan for - division of assets, child custody arrangements, updating beneficiaries, and more. One aspect often overlooked is what happens to your health insurance and how to manage medical expenses best going forward. This is especially important for divorcees as they will now be managing their own healthcare costs independently rather than on a family plan.
As Wealth Advisors with extensive experience guiding high net-worth families through the intricacies of planning for their transition to retirement, we have witnessed firsthand the evolving dynamics of what it means to retire well. Traditionally, the focus has been on ensuring financial security through wealth accumulation, aiming to cover the expanses of one's lifespan. The traditional definition of "Retirement Planning".
Health Savings Accounts (HSAs) are not only a savvy investment option but also offer numerous benefits, especially for high-net-worth families. An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs) to help cover out-of-pocket medical expenses. While the utility of HSAs is universal, they hold advantages for high-net-worth families and have steadily grown in popularity since their inception.
Pandemic investments and the continuation of gene therapy spurred the growth of companies in recent years. Still, these same companies are feeling the pinch due to growing economic uncertainty. Life sciences do better than other industries during economic and market drawdowns, but it is not immune to global influences.
In the past, we have discussed the benefit of a Health Savings Account or HSA. As a refresher, HSAs are designed for an individual or family to save pre-tax money up to the annual limits for either short-term medical expenses or long-term retirement planning.
Imagine you are in an accident or have a medical emergency. That can certainly be a scary situation. But what if you could not speak or were unconscious? How would the first responders or medical professionals know whether you have any ongoing medical conditions, food or drug allergies, what medications you are currently taking, or what blood type you are?
