UTMA and UGMA Accounts UTMA and UGMA accounts allow you to provide a minor with financial savings and a head start. UTMA stands for Uniform Transfer to Minors Act. UGMA stands for Uniform Gift to Minors Act. These accounts can give adults an opportunity to transfer assets to a minor without setting up a [...]
529 Plan Frequently Asked Questions A 529 plan is a type of education savings plan. It comes with certain tax advantages. But often these plans are not used to the full. In this article, we will go over 529 plan frequently asked questions to help you better utilize these plans. 1. Who Can Utilize [...]
401k Plans vs 403b Plans 401k and 403b plans are both types of retirement accounts. They are offered by different types of employers. 401k plans are an offering from for-profit companies whereas 403b plans are an offering from nonprofits or public schools. In this article, we will go over 401k plans vs 403b plans. [...]
Investing in Dividend Stocks Dividend stocks are a type of stock that pays out a set sum of money without having to sell the stock. Many people enjoy this type of stock as another way to provide themselves with income. In this article, we will go over the basics of investing in dividend stocks. [...]
Index Fund Basics An index fund is a group of investments that’s aim is to mirror an existing index’s performance. It is usually made up of the same investments as the index it tracks. Some benchmarks include the S&P 500, Dow Jones Industrial Average, Nasdaq, Russell 2000 index, Wilshire 5000 Total Market Index, and [...]
Cryptocurrency Basics Cryptocurrency is a type of decentralized digital currency. Bitcoin was the first type of cryptocurrency. In this article, we will go over the basics of how cryptocurrency works. How It Works Each type of cryptocurrency has a blockchain. A blockchain is a constantly changing record of every transaction that was made with [...]
Derivative Basics A derivative is a financial contract. Its value is contingent on an underlying asset or group of assets. The price of a derivative will fluctuate with the value of the underlying asset. The underlying assets can include stocks, bonds, commodities, currencies, interest rates, and market indexes. They are often used to hedge [...]
Secure 2.0 Act The Secure 2.0 Act was signed in to law on December 29, 2022, by Joe Biden. This Act increases contribution limits, raises the RMD age, enacts changes to employer sponsored plans, and more. In this article, we will go over some of the changes brought about by the Secure 2.0 Act. [...]
Guide to 529 Plans 529 plans are tax advantaged plans used to fund education. They get their name from Section 529 of the Internal Revenue Code. Typically, parents or grandparents establish them for the benefit of a child, also known as a beneficiary. In this article, we will go over how 529 plans work. Types [...]
7 Things to Know About Inherited IRAs Inheriting an IRA is an intersection of estate planning, financial planning, and tax planning. What is an inherited IRA? It is when you inherit an account with tax advantages after the death of the owner. You will need to move the assets from the original owner’s name [...]
