Financial Strategies for Major Life Events
As you encounter major life events, different
financial matters will be of primary concern. For instance, your
financial concerns when you start your first job will be very
different from your concerns as you approach retirement age. Some
tips to consider as you encounter major life events include.
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Make Your Resolutions Work
How often have you drawn up an ambitious
list of new year's resolutions, only to find you've given up on
them after a few weeks? Don't let that happen to you in 2006.
If you want to make significant strides toward achieving your
financial goals, determine why your resolutions have failed in
the past and find ways to overcome those obstacles.
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Tips for This Housing Market
Who isn't worried about the value of their
home in this market? Numerous articles have been written about
whether we're in the midst of a housing bubble and when the housing
boom will end. The tone is reminiscent of discussions that occurred
right before technology stocks tumbled in 2000. How concerned
should you be about your home's value?
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Consider Splitting Your IRA
The distribution rules for inherited individual
retirement accounts (IRAs) generally make it advantageous to separate
accounts for each beneficiary, which can be done during your life
or by December 31 of the year following your death. If you plan
to leave an IRA balance to several beneficiaries, consider splitting
each beneficiary's share into a separate account during your life.
Why is it important to have separate accounts?
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Caring for Aging Parents
As life expectancies continue to increase,
it becomes increasingly likely that you may need to financially
help an aging parent. If you find yourself in that situation,
review the tax laws to determine whether you can obtain some tax
relief. The key is to determine whether you can
deduct your parent as a dependent, which entitles you to an additional
personal exemption on your tax return, reducing your taxable income
by $3,200 in 2005.
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David K. Sebastian, CFP®, and his team of experts at The Physicians Wealth Management Group specialize in working with individual physicians and group medical practices. David is considered to be one of the top financial advisors in the country with more than twenty five years of Wall Street experience as a chief investment officer, portfolio manager, institutional bond trader, and estate planning, benefits planning and retirement consultant.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600
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