The Republican tax plan is out and you may be wondering, “How does this affect me?” Unfortunately, the details are scant. Before determining the impact on individuals, corporations and the nation’s balance sheet, the following questions must be resolved:
Read MoreForget the goblins of Halloween or even the fact that many of the big stock market crashes occur during the month. Now there is yet another reason to dread the spooky month of October—it’s time to complete the dreaded the Free Application for Federal Student Aid or FAFSA form. Of course I am only slightly exaggerating, but as of October 1, families will be able to start the process of applying for college funding for students attending school in academic year 2018-2019. FAFSA is the gateway document because it is used to determine how much students and their families will receive in terms of college grants, scholarships and loans.
Read MoreNon-professional family caregivers shoulder a huge burden. According to research from the Transamerica Institute, many “are providing care at their own risk.” Across a diverse population, 55 percent of respondents “say that their own health is taking a back seat to the health of their care recipient,” while a whopping 69 percent gave “little or no consideration to their own financial situation when deciding to become a caregiver.” While the vast majority of caregivers (87 percent) are caring for a family member, the demographic breakdown of the group is changing: 53 percent are women and 47 percent are men, spread across a variety of age groups and income levels.
Read MoreSenate Republicans are expected to unveil their tax plan this week and while we don’t yet know the details, the rumors are that there will be $1.5 trillion in tax cuts over the 10-year budget window. Even days before the announcement, lawmakers are divided on some key issues. In a surprise move, Republicans are reportedly considering maintaining the top income tax bracket of 39.6 percent, which applies to ordinary income above $470K for married filing jointly (MFJ) and $418,400 for single filers. Earlier this month, the President said, “the rich will not be gaining at all with this plan…the wealthy will be pretty much where they are…If they have to go higher, they’ll go higher, frankly.”
Read MoreThe fall out from the Equifax data breach is mounting. Frustrated consumers, who can’t access web sites or get a human being on the phone, are angry and bewildered, are left wondering: How can these companies have so much power with so little accountability?
Read MoreHere we go again: Another massive data breach, reminding us how vulnerable we are to thieves seeking our personal information and identity. Last week, credit monitoring company Equifax announced that a “Cybersecurity Incident” had exposed names, Social Security numbers, birth dates, addresses and, in some cases, driver's license and credit card numbers, from a whopping 143 million Americans. “Incident” sounds a little tepid for the magnitude of this event, but more critically, consumers who were instructed to go to the Equifax emergency web site, equifaxsecurity2017.com to determine if their information had been compromised, ran into a brick wall: After entering the required information, people could not get confirmation about whether or not they were affected.
Read MoreI've been spooning out a healthy portion of financial planning vegetables in the aftermath of Hurricane Harvey. Now that we have covered the ins and outs of navigating the property insurance claims process, it's time for another helping of what’s good for you…because it’s Life Insurance Awareness Month! I know people really don’t like to think about this topic. But not addressing this cornerstone of planning can leave your heirs with big financial problems. According to the 2017 Insurance Barometer Study, conducted by Life Happens and LIMRA, while 84 percent of respondents agree most people require life insurance, only 70 percent said they themselves needed coverage.
Read MoreThe aftermath of Hurricane Harvey will unfold for months to come. Unfortunately, natural disasters have a way of pointing out some of the more unsexy aspects of our financial lives, like the details of property and casualty insurance coverage. Of course the time to review and become familiar with the terms of your policies is not in the aftermath of a severe event, but before it occurs. That said, many victims of a flood learn quickly that standard homeowners’ policies cover structural and water damage only in limited circumstances, like when a falling tree knocks a hole in a roof or breaks a window, allowing rain to fall inside.
Read MoreHurricane Harvey had a devastating catastrophic and life threatening impact across the Gulf and as the region prepares to clean up, analysts are worried that the economic effect could be devastating. The Texas Gulf Coast oil and gas industries are likely to see the first wave of problems. It is estimated that the region accounts for nearly a third of the nation's refinery capability. Given that many refineries had to close ahead of the storm, Americans could see gas prices spike by between 5-15 cents a gallon, especially in the South, Southeast and mid-Atlantic. Prior to the storm, the region enjoyed some of the lowest prices at the pump, ranging from about $2.10 to $2.21 per gallon, versus the national average of $2.36, according to AAA. Although the increase could be dramatic, it is likely to be brief.
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