When done the right way, charitable contributions can lower your tax bill. Of course, this only applies if you itemize your deductions. If you take the standard deduction, you’re not eligible to deduct charitable contributions from your tax bill. Here are some key pointers in giving to charity while also reducing your tax burden. 1. Audit […]
Why Long-Term Care Is Important
Even a well-developed investment plan can fail for reasons that have nothing to do with investments. It could fail because the family breadwinner dies prematurely and doesn’t have enough life insurance to cover her loved ones. Or it could fail because of an auto accident that results in a large judgment, and there’s insufficient liability […]
Goal Setting – Where are you going?
As the famous philosopher and hall of fame catcher, Yogi Berra once said, “If you don’t know where you are going, you might wind up someplace else.” Unfortunately, this is exactly how most people run their family finances. The focus of your financial plan today should be on goal setting and developing such a compelling […]
Eight Commandments of Building a Strong Financial Foundation
1. Compare your monthly income versus your monthly expenses. Establishing a spending plan can help you get a hold of your financial situation. Live within your means and do not spend more than you make! 2. Pay off credit card balances each month. If you have current credit card debt, attack it each month by paying more than […]
Best Ways to Give Your Heirs Money While You’re Alive
Several years ago, a new theme emerged in the financial planning industry. Clients were beginning to truly worry about their children’s financial futures. Increasingly, the demand to find ways to assist their kids now, rather than waiting to leave them money and assets in their wills, is on the rise. The parents in their 50s […]
Midyear Budget Checkup: Are your current finances still healthy?
When you’re halfway through the year, it’s time for a fiscal checkup. Just as you do with your annual physical, you need to determine if your budget is healthy or if expenses are bleeding enough red ink to cause financial anemia. Are you shedding pounds of debt or are you over-stressed? Will you reach your […]
Stretch Your Retirement Nest Egg So It Lasts as Long as You
During the month of May, Vermillion Financial Advisors work with their clients to review their retirement goals and work to make sure their retirement plans are on track. We would like to provide you, our readers, with an article to supplement your retirement planning process! Americans are living longer than ever before, with an average […]
How Do You Know When It’s Time to Sell?
In April, Vermillion Financial Advisors review their clients’ investment portfolios and their financial objectives. To supplement this work, VFA has chosen to provide you, our readers, with an article to provide more insight into your investments. Most investors have a process for purchasing an investment. It usually involves performing research, comparing similar investments or investment […]
Five Red Flags of Tax Returns
In March, Vermillion Financial Advisors prepare their clients for the upcoming tax season. We would like to provide you, our readers, with an article to supplement you in the preparation process of your taxes! Audits normally total just over one percent of total tax returns filed, with big income and very low income earners more […]
Ten Questions When Planning for Financial Security
In February, Vermillion Financial Advisors review their clients’ financial inventories and their cash-flow management. To supplement this work, VFA has chosen to provide you, our readers, with an article on how to decide what’s important in your financial inventories. When thinking about how to protect your livelihood or build the financial resources you will need […]