Article by Dan Flanagan featured in MSCPA SumNews magazine
Posted by Canby Financial Advisors on Fri, 09/08/2017 - 11:21
Dan Flanagan's article titled “How You Know When Your Client Needs a Referral to a CFP" was published in the Massachusetts Society of CPA's publication, SumNews. You can see the original magazine version or read the full text below.
The Family Conversation: Addressing Your Health Care Needs in Retirement
Posted by Christopher P. Gullotti, MSFP, CFP® on Tue, 08/08/2017 - 21:08
Maybe you and your family have already attempted to have “the conversation.” You know the one: the discussion about your and your spouse’s assets and what will be done with those assets during the rest of your lives and after you pass away. Perhaps, because of your children’s sibling rivalries, the family conversation turned to one about gifts and inheritances and about who deserves more or less of the assets based on “good” or “bad” behavior.
Kickstart Your College Fund with a 529 Plan
Posted by Canby Financial Advisors on Tue, 08/08/2017 - 21:01
If you're looking to save money for college, one option to consider is a 529 college savings plan. Created over 20 years ago and named after the section of the tax code that governs them, 529 plans offer a unique combination of features that have made them the 401(k)s of the college savings world.
How do 529 plans work?
How do the Economic Milestones of Young Adults Today Compare with Prior Generations?
Posted by Canby Financial Advisors on Tue, 08/08/2017 - 20:59
If you're the parent of a young adult who is still living at home, you might be wondering whether this situation is commonplace. According to a recent U.S. Census Bureau study, it is: One in three young people (ages 18 to 34) lived in their parents' home in 2015.
Wedding Finances: A Survival Guide
Posted by Joelle D. Spear, CFP® on Fri, 07/28/2017 - 11:02
With the average cost of a wedding at an all-time high of more than $31,000, the tradition of the bride’s family covering all of the expenses is becoming a thing of the past. Today, the couple themselves and the groom’s family often share the costs of hosting the event.
Don’t Let Rising Interest Rates Catch you by Surprise
Posted by Canby Financial Advisors on Mon, 07/10/2017 - 13:00
You've probably heard the news that the Federal Reserve has been raising its benchmark federal funds rate. The Fed doesn't directly control consumer interest rates, but changes to the federal funds rate (which is the rate banks use to lend funds to each other overnight within the Federal Reserve system) often affect consumer borrowing costs.
The Health-Wealth Connection
Posted by Canby Financial Advisors on Mon, 07/10/2017 - 12:54
It's a vicious cycle: Money is one of the greatest causes of stress, prolonged stress can lead to serious health issues, and health issues often result in yet more financial struggles.¹ The clear connection between health and wealth is why it's so important to develop and maintain lifelong plans to manage both.
The big picture
Consider the following statistics:
1. More than 20% of Americans say they have either considered skipping or skipped going to the doctor due to financial worries. (American Psychological Association, 2015)
What We Learned from the WannaCry Ransomware Attack
Posted by Christopher S. Borden, CRPS® on Mon, 07/10/2017 - 12:52
If you’ve checked the news in the past month, you’ve likely heard of the WannaCry ransomware attack, one of the most widespread cyber attacks to date. Security experts estimate that more than 200,000 users have been infected with this malware. Once infected, all information on the user’s computer is encrypted (i.e., locked away) unless a ransom of $300–$600 is paid to the attackers in Bitcoin.
Why You Need an Estate Plan for Your Digital Assets
Posted by Daniel J. Flanagan, CPA/PFS, CFP®, AEP® on Fri, 06/09/2017 - 11:50
According to the Pew Research Center, 87 percent of Americans use the Internet. This means most of us maintain at least some personal and financial information online. We pay bills online, keep contact records digitally, and rarely print a photo—because it’s in our online photo album. Although this digitizing of information makes it easier to store and recall, it also presents some concerns when it comes to accounting for all of these “assets” in your estate.
What are digital assets?
The Cost of a Wedding
Posted by Canby Financial Advisors on Fri, 06/09/2017 - 11:49