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In our December 2020 post, we detailed “investing with a purpose.” In that post, we stated, “Accumulating wealth is not a purpose. It may be an outcome, but it is not the reason why people make long-term financial decisions.”

The Good News Is That You Owe More Taxes Than You Expected. No Really! This is the time of year that savvy people who have experienced business success in 2021 think hard about their tax bill.

With Your Investments, It All Boils Down to This When investing your money for retirement, tuition expenses, or large purchases, people sometimes focus on topics that don’t matter too much. To achieve your investment goals, the brand of investments or the financial services company you choose matters very little.

After Your Death, Do You Want the State to Make Decisions About Your Estate? The answer is NO (capital letters and italics intended)! Without an estate plan in place, the state’s probate court will decide how your assets are distributed—who gets what and how much—and even who shall be a guardian for your children. And the cost for probate proceedings will take a chunk out of your inheritable assets.  

As our localities lift restrictions and open more fully, the COVID-19 pandemic will eventually cease becoming the dominant theme of our daily lives. The COVID-19 pandemic changed a lot of people’s plans, because it affected their ability to save money, plan for the future, and pay their ordinary expenses. If you’re like me, you may be eager to break out of “pandemic thinking.” For many, the pandemic was a painful financial learning experience. Loss of jobs, cuts in hours worked, significant slowing of business, and children schooling at home resulted in big impacts on our monetary reserves.

Ms. Bass is a single mother with two children, earning between $80,000 and $85,000 each year. She wasn’t falling behind in her debt payments, but she felt she was living paycheck to paycheck. She was contributing to a 401K at work, but she would take out loans on her 401K savings to cover any shortfalls she incurred. She contacted Isakov Planning Group, asking, “How can I save money for the future?”

When speaking with our clients, we often mention the term “financial peace.” What is it? Like the name implies, it means achieving a sense of security that your financial needs are being met today and will be met tomorrow. That is pretty much the same definition for everyone.

This year has been a strange one for all of us! In light of the alarming events that we’ve experienced in 2020, this is also the anniversary of my 10th year at Isakov Planning Group! This year in particular, it is easy to overlook the true basis of business relationships—our connection to you. We are grateful for our close association with you! Thank you for your trust in Isakov Planning Group and for your past referrals.

“Barbara, I don’t mean to pry,” said her family’s long-time attorney, “but did you or Roger manage your home finances?”

Two weeks earlier, Barbara lost her husband of 30 years only to a heart attack. The emotional toll has been terrible, but still she knew the importance of this question. Barbara worried about it often. “It was Roger,” she replied. “He wrote the checks, paid the bills, managed the budgets, everything. And I’m not even sure how to order new checks. What should I do next?”

Owning life insurance gives you the peace of mind knowing that your family will be financially protected if something happened to you. But your policy isn’t a set it and forget it product and it’s important to give your life insurance policy a review once in a while. It’s not something you are thinking about on a regular basis, so it can be easy to forget. Out of sight, out of mind, right?

Getting a Big Refund Check: What’s not to Like? Actually, the US Treasury check you received last April and paid for your 2-week summer vacation may not be the best approach. Think of it another way: instead of saving, investing, or pocketing all that money yourself, you are giving the federal government (and possibly the state government as well) interest-free loan.

The Double-Tax Free Benefits of 529 College Savings Plans The 529 college savings plan is an attractive way to save for a child’s or grandchild’s education for a number of reasons. However, one of the best arguments for opening a plan is that it is double-tax free. In some states, it may even have an additional tax benefit.