Money & Finance

Navigating the financial world.
Why Age Is Important

Why Age Is Important

I really don’t like change! My parents used to tell me, “Nothing is as constant as change.” I didn’t understand exactly what that meant as a child, but now I experience a change in one form or another almost daily. My clients often discuss changes in such things as their current job, a promotion or new work benefit, a new business opportunity, adjusting their savings plan, their income needs, retirement goals, estate planning, buying a new home, upgrading a vehicle, etc. As we go through life and adapt to the many different situations we encounter, we must adjust our plans accordingly.

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Be S M A R T

Be S M A R T

Using an IRA or employer retirement plan is a smart way to save! In addition to saving, there are tax advantages to using an IRA or employer retirement plan.

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Tax Planning Tools

Tax Planning Tools

Every year it seems the tax code becomes more and more complicated; as some opportunities disappear, others are created that can lower taxes due when tax returns are filed. Below are two common techniques tax professionals use to lower their clients’ tax burden.

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Financially Independent

Financially Independent

Between rising housing costs, student loan burdens and credit mistakes, achieving financial independence can seem like an impossible undertaking to young adults. Mentors and parents still have many life lessons to impart to young adults, especially around managing money.

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Providing for Your Furry Friends

Providing for Your Furry Friends

A clause in your trust, or a standalone pet trust, can help protect your animals and possibly assure placement. Charities can help, particularly if you are making a gift donation as part of the request to place your animals. In choosing which documents to use to express your intent, do not rely on a will alone. Attorneys say only a trust can help assure prompt response to an animal’s needs (wills may need to be probated, and the probate process can take time. In the interim, the animal must be cared for).

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Finding the Right Balance 

Finding the Right Balance 

Socially responsible investing—that which aligns an investor’s personal beliefs and faith with their investments—has gained in popularity. As a result, so have ways to invest with social conscience.

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Your New Home Office

Your New Home Office

COVID-19 turned millions of you into stay-at-home workers. You had to create space for desks, computers, printers, fax machines, and office supplies. Some of these expenses weren’t paid by your employer. In addition, your utility bills, internet access or telephone expenses may have increased during that time. And while expenses increased, your income most likely didn’t.

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New Look, New Name, Same Family

New Look, New Name, Same Family

Although the name is changing, the legacy continues: Schott Financial Management—formerly Tomlinson Wealth Management—brings to Prescott three generations of financial expertise. Advisor Steve Schott, a ten-year veteran of the financial business and the son-in-law of Andy Tomlinson, will take the helm.

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Watch For Con Artists

Watch For Con Artists

I received a call from a retired attorney who was seeking advice about a threatening letter he received from the IRS.  He said he had been working with a “tax person” on past IRS issues; sadly, she died in an accident a few months prior and he didn’t know who to talk to.  The “Intent to Levy” letter showed an October 10 deadline for response or payment of $12,113. The man called me October 7.

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Your Final Wishes

Your Final Wishes

While many of us understand what it is to inherit, some may not understand the legal and tax structures necessary to assure investments pass to heirs as intended.  The transfer of assets to heirs is an important part of estate planning.  One must understand the difference between a will and a trust document, the scope of a power of attorney, and why to list beneficiaries on an account.

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