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?
In today's discussion, we embark on the second step of enhancing financial health for pharmaceutical executives: the strategic utilization of non-cash benefits. Led by AnnaMarie Mock, a fee-only certified financial adviser at Highland Financial Advisors, this video aims to shed light on the often underestimated yet impactful facet of compensation packages.
In personal finance, the attraction of cash equivalents for long-term goals has persisted as a seemingly safe and stable investment strategy. Cash equivalents, including savings accounts, money market funds, certificates of deposit (CDs), and Treasury bills, are often viewed as low-risk options that offer liquidity and "preservation of capital." However, the belief that investing primarily in cash equivalents can secure one's financial future in the long term is a myth that should be challenged.
In this comprehensive guide, Ed Leach from Highland Financial Advisors extends his expertise to dental practice owners, outlining essential strategies for optimizing financial health. As a seasoned partner and wealth adviser, Ed emphasizes the significance of understanding and evaluating various financial aspects crucial for professional practices and personal wealth management. From analyzing financial reports to assessing net worth and diversifying assets, this guide offers invaluable insights tailored to the unique needs of dental entrepreneurs.
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".
As we’re in the throes of tax season, you may be surprised by the potential tax liability you face. In the realm of tax planning, savvy investors are always on the lookout for strategies to minimize their tax burden while maximizing their charitable contributions. One such strategy gaining traction is donating appreciated stock, funds, and equity compensation. By strategically leveraging these assets for charitable giving, individuals can support causes they care about and reduce their tax liability meaningfully.
As the April 15th tax filing deadline rapidly approaches, so does the 2023 Roth IRA contribution deadline. Roth IRAs are among the most efficient yet under-utilized retirement saving strategies. By saving after-tax money in a retirement account, individuals can enjoy tax-free investment growth and distributions in retirement.
I'm reading Daniel Kahneman's book Thinking, Fast and Slow. Kahneman is the 2002 Nobel Prize-winning psychologist and economist known for his work in behavioral economics. One section of the book discusses how investing can resemble gambling when individuals overestimate their ability to predict market movements, a phenomenon deeply connected to Daniel Kahneman's concepts of the "Illusion of Skill" and "Illusion of Validity." These cognitive biases describe the human tendency to overvalue our ability to make accurate predictions or decisions in situations where chance plays a significant role or the information is unreliable.
Sarah, a savvy pharmaceutical executive, has accumulated Non-Qualified Stock Options (NQSOs) and Restricted Stock Units (RSUs) as part of her compensation package. Sarah had always been meticulous with her finances and records of her stock option grants, exercise dates, and the fair market values at the time of exercise. As her stock compensation vested over the years, she knew proper tax reporting was crucial to avoid any IRS headaches.
In this video, Joe Goldy from Highland Financial Advisors discusses the significance of cash flow as a critical tool in financial planning, emphasizing its universal application for all clients, particularly divorcees. He distinguishes cash flow from a budget and outlines its three main benefits: providing peace of mind by showing clear income and expenses, being a reusable tool for various financial scenarios, and aiding divorcees in accurately filling out the Case Information Statement.
The decision between a Roth 401(k) and a Pre-tax 401(k) can significantly impact your financial future. While both accounts offer unique advantages, certain scenarios may make a Roth 401(k) a more attractive option. This article delves into the top five reasons you might consider a Roth 401(k) over its Pre-tax counterpart.
Reed Fraasa, a wealth advisor and founder at Highland Financial Advisors, discusses the evolving landscape of financial services where professionals are increasingly shifting towards independent advisory roles. He emphasizes the importance of understanding a firm's purpose, uniqueness, and process when seeking a financial advisor. Fraasa advocates for a fiduciary approach, personalized wealth management for accredited investors, and a collaborative team structure. He encourages prospective clients to utilize a list of questions provided by the Certified Financial Planner Board of Standards to ensure they find the right advisor to put their interests first.
