When opening your TD accounts, you signed applications authorizing an ACH link between each TD account and the checking/savings account of your choosing. If you have a taxable brokerage account(s), links were also created to/from this account. These permissions, called Standing Letters of Authorization (SLOA), allow us to transfer funds between accounts on your behalf, […]

The IRS has updated contribution limits for pension plans and other retirement accounts for the 2020 tax year. See the chart below for details on the new limits for 2020 and prior tax years.   2020 2019 2018 RETIREMENT PLANS       Annual Compensation Limits 285,000 280,000 275,000 Elective Deferrals 401(k) & 403(b) 19,500 19,000 […]

You can assign beneficiaries to practically any type of investment account. In fact, most account applications embed a section where beneficiaries can be named.  You may also see “Per Stirpes” checkboxes in this section. From the Latin meaning “by the branch” a Per Stirpes election divides an estate among the branches of a family. These […]

You’ve heard the charming little gecko say it a million times: “Fifteen minutes could save you 15% or more on car insurance!” And Geico is hardly alone; advertising low-cost coverage is a staple of home and auto insurance marketing. Unfortunately, many consumers misinterpret these ads, leaving themselves underinsured. Confusing the price of insurance with amount of coverage […]

Like any group of parents, the folks at our office share our parenting successes and commiserate about our failures. Opinions vary on most parenting topics, but there’s a solid consensus around here about the benefit of giving kids an allowance. It turns out there’s some pretty good data to back it up; not only can […]

The IRS just announced increases to retirement plan savings limits and the Social Security wage base for next year.  If you want to continue max funding your retirement plan, you may need to take action.   The 401(k) Deferral Limit is going up What is it? The amount of your annual salary you can put […]

Legislation guaranteeing free credit freezes is now the law of the land! Sure, it was your busy life, not the $5-$10 charge, that was the real impediment, but let’s take this moment as an important reminder to take action now. The legislation, passed earlier this year, eliminates charges nationwide on both credit freezes and lifting […]

Have a child in college? Let’s skip the pumpkin spiced latte and call October the start of the  Free Application for Federal Student Aid (FAFSA) season. Even if you don’t think you’ll qualify for financial aid, submitting the FAFSA (as soon as possible) is absolutely worth it. FAFSA Basics: It’s an application required to qualify […]

Many clients have generously offered feedback and suggestions ever since our newest website went live. Our “Frequently Asked Questions” section – and specifically our minimum asset requirements for new clients – prompted questions that I thought were worth answering for everyone. By way of background, a heartfelt “thank you!” is where we’ll start. Almost 15 […]

As discussed in January’s post, due to the newly-doubled standard deduction, many families will no longer be able to itemize contributions to qualifying charities starting this year. But don’t throw out the baby with the bathwater! You can still save on taxes by giving to charity. But start by putting away your checkbook. Charitable donations […]