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The effects of the Affordable Care Act on insurance premiums will vary, but some people may see more advantages than others. Chris Hennessey explains why some segments of the population may see a reduction in premiums. Older individuals will benefit Older individuals, particularly those with chronic illnesses, will likely benefit from the ACA. The new
For 401(k) participants with a mix of pretax and after-tax funds in their retirement plan, planning may be easier following a recent announcement from the Internal Revenue Service. The IRS issued a notice in September that provides clarification on how to distribute these funds. Participants will be able to direct pre-tax funds to a traditional
It’s not too late for taxpayers to “undo” a Roth IRA conversion. The deadline to recharacterize — or reverse — the conversion is October 15. It’s an opportune time for advisors to review Roth assets with investors. In general, individuals have until October 15 of the following year to recharacterize a Roth IRA conversion and
Cost is the top concern for many clients inquiring about the impact of the Affordable Care Act (ACA). In some states, health insurance premiums are rising, while others are experiencing a reduction. Several factors create this cost disparity, as reviewed by Chris Hennessey in the video. The ACA may cause higher or lower premiums depending
There is one certainty about the new health-care reform legislation: Clients want to know how it will affect their financial planning. As Chris Hennessey points out in the video, it is important to understand the implications of the Affordable Care Act (ACA) for all phases of financial planning, such as: 1. Many clients are confused
Following the August earthquake in Northern California, individuals and businesses may be assessing their current insurance coverage. Regardless of whether people are insured for natural disasters, differences exist in how losses are treated under the tax code. Clients may be interested in learning about some basic tax considerations when dealing with these types of losses.
This fall, some 78 million American students from kindergarten to college will head back to school. Planning for school can involve more than students Grandparents can also benefit from their own “back-to-school” preparation. Advisors can help clients understand gifting strategies that can help grandchildren cover their college costs and deliver tax benefits to grandparents at
When thinking about estate planning, clients may not consider assets held behind firewalls and encrypted passwords on the Internet. But so-called “digital assets” — including online entrepreneurial ventures, music and photography collections, copyright work, digital currency, and bank accounts — may be lost forever without advance planning. Many of these online “properties” have monetary value
The Affordable Care Act’s (ACA) employer mandate has an impact on business owners who looking to provide health coverage to their workers as well as employers who already offer insurance coverage. With deadlines approaching for the employer mandate, business owners may have many questions on the impact of health-care reform on their company. This new
It’s not too early for business owners to plan for the federal mandate that will require employers to provide to health insurance to workers. Although the deadline for smaller companies (50-99 employees) isn’t until 2016*, business owners may want to start planning early. Census year 2015 will be used as the calculation year for companies,