View Post

The Tax Benefits of Home Ownership

In Articles, Estate Planning, Taxes by Mission Wealth

In tax lingo, your principal residence is the place where you legally reside. It’s typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax benefits associated with home ownership apply mainly to your principal residence — different rules apply to second homes and investment properties. Here’s what you need to know to make owning a home really pay off at tax time.

View Post

How a Financial Professional Can Help You

In Articles, Estate Planning, Investments, Wealth Management by Mission Wealth

Are you suddenly on your own or forced to assume greater responsibility for your financial future? Unsure about whether you’re on the right track with your savings and investments? Finding yourself with new responsibilities, such as the care of a child or an aging parent? Facing other life events, such as marriage, divorce, the sale of a family business, or a career change? Too busy to become a financial expert but needing to make sure your assets are being managed appropriately? Or maybe you simply feel your assets could be invested or protected better than they are now. These are only some of the many circumstances that prompt people to contact someone who can help them address their financial questions and issues.

View Post

4 Smarter Ways to Financially Help Your Adult Children

In Articles, Estate Planning, Wealth Management by Mission Wealth

According to a recent study by TD Ameritrade, 25% of baby boomers are supporting their family members.. Support to adult children averages out to $10,000 per year. That’s $10,000 that boomers aren’t saving, contributing to retirement accounts, or investing. Can your retirement afford that kind of generosity? If you fall short of your retirement goals, is the adult you’re bailing out going to bail you out during your golden years? Before you write your struggling young adult another big check, we’ve identified four key questions you can ask yourself.

View Post

How to Help Manage a Child’s Inheritance

In Articles, Estate Planning by Brad Stark

As “baby boomers” age into retirement and a lot of trusts set up by the grandparents years ago begin distributing funds to the grandkids (typically by ages 25-35), many of our clients are wondering how to counsel their adult children on using this windfall. Regardless of the source of funds, many parents are grappling with the issue of how much money is appropriate for their grown child and how the funds can either enhance their lives or potentially send them down a negative path.

View Post

Tips on Managing Your New Inheritance

In Articles, Estate Planning, Wealth Management by Dannell Stuart

The last thing you want to do is add any extra stress to your life as a result of your inheritance. Hiring experts will help because they can educate you about what you should know about investing your windfall to give you the highest probability of achieving your short and long term goals. A financial advisor can help you plan …

View Post

How to Select a Finance Firm

In Articles, Estate Planning, Investments, Risk Management, Taxes, Wealth Management by Seth Streeter

How many services does the advisor and firm provide? How are they handling your investment portfolio—by strategically placing you into outside funds or by being a “hands on” manager? Beyond investments, are financial planning, insurance, estate planning, tax, real estate and bookkeeping services also provided by the firm or its affiliates? Below are basic definitions of different types of advisors: …