Posts by Scarlet Oak
Why I Chose The Revocable Living Trust For My Family’s Estate Plan
As a married father of three children, there is nothing more important than my family. And so, in order to protect my family if I should pass, much like my clients, I have an estate plan. I chose to use what is referred to as the “Revocable Living Trust” as the backbone of my estate…
Read More529 Plans Tax Deduction Deadline Approaches
In most states, December 31 is an important deadline for parents and grandparents contributing to 529 plans. To qualify for a state tax credit or deduction this year related to your contribution, you may have to meet that year-end deadline. More than 30 states offer potential tax benefits. Usually, you only qualify for…
Read MoreCollege Funding Choices
Explore the different ways you can help finance the costs of higher education. How can you help cover your child’s future college costs? Saving early (and often) may be key for most families. Here are some college savings vehicles to consider. 529 college savings plans. Offered by states and some educational institutions, these plans…
Read MoreUnderstanding Thrift Savings Plans
Thrift Savings Plans are retirement plans offered to federal employees and uniformed service members. These plans mirror 401(k) programs that are provided to employees in the private sector. [1] Key aspects of Thrift Savings Plans (TSPs): Contributions are either pre-or post-tax. Participants are allowed to contribute to the plan with their tax needs in mind.…
Read MoreUnderstanding Spousal IRAs
A Spousal Individual Retirement Account (IRA) is a personal account that allows a couple where one partner helps a non-working spouse or a spouse with very little income save for retirement. The higher-earning spouse can put aside money into a Traditional or Roth IRA in the non-breadwinning spouse’s name, and control. [1] ,[2],[3] Key aspects…
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