Ask an Advisor: When Can I Withdraw the $10K I Converted When I Was 72?
A 72‑year‑old converted $10,000 from a traditional IRA to a Roth IRA and, now age 73, can withdraw the converted amount without any early‑withdrawal penalty because he is over the 59½ threshold. The conversion triggers a five‑year waiting period that applies only to earnings, not the principal, meaning taxes may still apply to any growth until the rule is satisfied. Each Roth conversion starts its own five‑year clock, and the ability to withdraw earnings tax‑free also depends on when the first Roth contribution was made. Beneficiaries inherit these rules, with non‑spouse heirs required to empty the account within ten years.
Who Pays Property Taxes on a Land Contract? Rules and Examples
Land contracts let buyers gain equitable ownership while the seller retains legal title, but property tax responsibilities usually fall on the buyer. The contract may dictate direct tax payments, seller‑collected payments, or an escrow arrangement, making precise language essential. Failure...
Small-Cap Value Vs. Growth: Strategies and Examples
Small‑cap investing splits into two distinct styles: value stocks that trade below intrinsic worth and growth stocks that command premium multiples based on rapid earnings expansion. Value firms typically show lower P/E and P/B ratios, modest dividends, and appeal to...
America’s Most Active Seniors — 2026 Study
SmartAsset’s 2026 study ranks U.S. states by the average daily minutes seniors (65+) spend exercising, gardening, traveling and volunteering. Montana, Wyoming and Utah lead the pack, while Indiana, Nevada and Delaware fall at the bottom. The analysis draws on the...
Life Insurance for Seniors Over 70: Costs, Factors and Tips
Seniors over 70 can still benefit from life insurance to cover funeral costs, settle debts, support dependents, or provide estate‑planning liquidity. Premiums rise sharply with age, with typical monthly costs ranging from $150‑$200 for standard policies and $75‑$100 for modest...
How Financial Advisors Track Their Clients’ Alternative Investments
Alternative investments have moved from niche to mainstream, with nine‑in‑ten financial advisors now allocating to them and nearly half assigning more than 10% of client assets to alternatives, according to the fourth CAIS‑Mercer survey. Advisors need reliable tracking systems to...
4 Ways to Leave Money to Your Grandchildren
Grandparents have four primary tools to transfer wealth to grandchildren: annual tax‑free gifts, 529 college savings plans, custodial UGMA/UTMA accounts, and tailored trusts. The IRS permits $19,000 per recipient each year without gift tax, while 529 plans allow five‑year front‑loading...
How to Use IRS Form 843: Refund Claims and Tax Abatements
IRS Form 843 is the dedicated request vehicle for taxpayers seeking refunds of overpaid taxes, or abatements of penalties and interest. It is used for first‑time penalty relief, reasonable‑cause claims, and corrections of erroneous IRS written advice, but not for...
Family Office Advisor: Client Services and Examples
Family office advisors act as a single point of contact for ultra‑wealthy families, coordinating investment, tax, estate, insurance, philanthropy, and lifestyle services. They operate through three models—single‑family, multi‑family, and outsourced—each with different asset minimums ranging from roughly $5 million to over...
PocketGuard Review: Features, Pricing and Competitors
PocketGuard is a personal‑finance app that centralizes bank, credit‑card and loan data to give users a real‑time view of disposable cash after bills and savings goals. Its free tier provides basic transaction syncing, spending tracking and the signature “In My...
Rental Property Analysis: 5 Valuation Methods and Examples
The article outlines five core methods for valuing rental properties: sales comparison, income approach, gross rent multiplier, cost approach, and a hybrid strategy that blends multiple techniques. Each method offers a distinct lens—comps gauge market prices, income focus highlights cash...
7 Low-Risk Investments for Beginners: Pros and Cons
The article lists seven low‑risk investments—CDs, money‑market funds, Treasury bonds, T‑Bills, TIPS, dividend‑paying stock funds, and fixed annuities—detailing how each works, its upside and downside, and suitability for beginners. It stresses capital preservation, predictable income, and the importance of matching...
Ask an Advisor: Will Collecting My Late Husband’s Social Security Impact My Paycheck?
A surviving spouse can claim the deceased partner’s Social Security survivor benefit, which equals the higher of the two spouses’ amounts. Because Sharon turned 66, she is just shy of her full retirement age (66 years 10 months), so filing now would trigger...
Principal Vs. Escrow: Which Should You Pay First?
The article explains the difference between mortgage principal and escrow components and how each affects a homeowner’s budget. It advises that extra payments toward principal reduce interest costs, build equity faster, and can shorten a 30‑year loan. Conversely, escrow funds...
How to Finance Home Improvements: Options and Examples
Homeowners facing costly renovations—often exceeding five figures—can tap a range of financing tools, from home‑equity loans and HELOCs to cash‑out refinancing, personal loans, and government‑backed programs. Each option carries distinct interest structures, repayment terms, and collateral requirements, making it essential...
Trump Accounts for Kids: How Much Your Child Could Have by Age 18 and Beyond
Trump Accounts for kids are a new federal savings vehicle that deposits a $1,000 government seed at birth and allows families to add up to $5,000 per year, with an additional $2,500 possible from an employer. The accounts must be...
Estate Planning for Couples Without Children: Services and Examples
Childless couples face distinct estate‑planning choices because they lack direct heirs. They must pinpoint beneficiaries—relatives, friends, or charities—and appoint trusted agents for financial and healthcare decisions. Core documents such as a will, revocable living trust, and advance healthcare directive provide...
Do You Need a Lawyer for Estate Planning? Professional Help Vs. DIY
Estate planning can be tackled with DIY online templates or with an attorney’s guidance. Simple estates often only need a will, power of attorney, and healthcare directive, which many platforms can generate affordably. Complex assets, blended families, or significant tax...
4 Alternative Investments for Accredited Investors
Accredited investors—those meeting SEC income or net‑worth thresholds—can tap into alternative assets such as private equity, venture capital, private credit, real estate, and hedge funds. These options promise higher return potential and portfolio diversification but often involve illiquidity, higher fees,...
How to Save for a Car: Savings Plan and Example
Buying a car requires a disciplined savings plan that accounts for the full cost of ownership, not just the sticker price. Experts recommend keeping total transportation expenses—including loan, insurance, fuel and maintenance—under 15‑20% of take‑home pay and setting a concrete,...
AI Attitudes, Adoption, and Benefits by State – 2026 Study
SmartAsset’s 2026 AI Adoption study ranks every U.S. state by workplace AI use, ChatGPT activity, and AI‑related job density. Nationwide, 18.1% of workers have incorporated AI tools into their daily tasks, but adoption varies widely. Washington tops the list with...
Ask an Advisor: What Taxes Will My Daughter and Granddaughter Pay When They Inherit My IRA?
The article outlines how a daughter and granddaughter will be taxed on an inherited IRA. Federal law treats traditional IRA withdrawals as ordinary income, while Roth IRA distributions can be tax‑free if requirements are met. There is no federal inheritance...
Real Estate Holding Company: How It Works, Pros and Cons
A real estate holding company is a legal entity that centralizes ownership of multiple properties while separating liability. Typically structured as a parent LLC or corporation owning subsidiary LLCs that hold individual assets, the model isolates risk and streamlines portfolio...
REIT Mutual Funds: How They Generate Income, Benefits and Risks
REIT mutual funds aggregate shares of publicly traded REITs, offering investors diversified exposure to multiple property sectors through a single vehicle. They generate income primarily via rental revenues passed through as dividends, which must distribute at least 90% of taxable...
Risk Management for Small Business: Services and Examples
Small businesses confront a spectrum of threats—from lawsuits and property damage to cyber attacks and cash‑flow volatility. Effective risk management follows a four‑step cycle: identify, evaluate, prioritize, and then avoid, reduce, transfer, or accept each risk. Professional services—including business continuity...
Retirement Planning for Federal Employees: Services and Examples
Federal employees under the Federal Employees Retirement System (FERS) receive a three‑part retirement package: a defined‑benefit pension, Social Security, and the Thrift Savings Plan (TSP). The pension formula is 1% of years of service times salary, rising to 1.1% after...
A Family Office Experience For Everyday Investors: Melissa Day’s Success Story
Melissa and Todd Day launched the Independent Advisor Team in Winston‑Salem in 2023, positioning it as a boutique firm that delivers a family‑office experience to everyday investors. By leveraging SmartAsset’s Advisor Marketing Platform, roughly 70% of their pipeline now originates...
Where Home Prices Increased Most – 2026 Study
SmartAsset’s 2026 study of 100 major U.S. metros shows a mixed picture for home values. While the typical home price fell in 70% of cities, the year‑over‑year change ranged from a 9.1% decline in Oakland to a 5.6% increase in...
How Long Does It Take to Improve Your Credit Score?
Improving a credit score varies widely based on starting point and the specific negative items on a report. Quick wins like lowering credit utilization can show gains in 30‑45 days, while moving from poor to fair credit typically requires six...
How Life Insurance Can Fund a Buy-Sell Agreement
Business co‑owners face uncertainty if a partner dies without a plan. A buy‑sell agreement outlines how ownership shares transfer, and life insurance is the most common method to fund that transfer by providing an immediate lump‑sum death benefit. The agreement...
Understanding Client Acquisition Cost and How Financial Advisors Can Lower It
Client acquisition cost (CAC) measures the total marketing and sales spend required to win a new financial‑advisor client, typically calculated by dividing total acquisition expenses by the number of new clients. In 2024 the average CAC for advisors was about...
What a Roommate Can Save You in 100 U.S. Cities – 2026 Study
SmartAsset’s 2026 study shows that sharing a two‑bedroom apartment can save the average renter about $541 per month, roughly $6,500 a year. Cleveland, Ohio leads with a 47.8% rent reduction, while New York City offers the biggest dollar savings at...
Ask an Advisor: Can I Invest in a Real Estate Project Within My Roth IRA? Will the Future Growth and...
A self‑directed Roth IRA can be used to fund a commercial real‑estate build, but only if the property title is transferred to the IRA. The investor must avoid any prohibited transactions with disqualified persons, meaning they cannot lend to themselves,...
Bank-Owned Life Insurance: How It Works, Benefits and Tax Rules
Bank-owned life insurance (BOLI) is a corporate‑owned policy banks purchase on key employees, allowing the institution to collect tax‑deferred cash value and a tax‑free death benefit. The tool helps offset rising executive benefit costs and adds a stable, long‑term asset...
Investment Management for HNWI: Services and Examples
Investment management for high‑net‑worth individuals (HNWI) differs markedly from retail investing, with thresholds of $1 million, $5 million and $30 million defining HNWI, very‑high‑net‑worth and ultra‑high‑net‑worth categories. Wealth at these levels unlocks access to private equity, hedge funds, private credit, direct real‑estate and...
Gas Prices Hit Records in 2026: State by State Breakdown
U.S. gasoline prices have surged to multi‑year highs, with the national average for regular unleaded reaching $4.06 per gallon as of April 1, 2026. California tops the list at $5.89 per gallon, while Oklahoma offers the cheapest fuel at $3.27. Year‑over‑year increases...
Retirement Planning for Families: Services and Examples
Families juggling childcare, education costs, and elder care often push retirement to the back burner, but coordinated planning can keep long‑term security on track. The article stresses aligning partner contributions, leveraging employer‑matched 401(k)s and Roth IRAs, and treating household accounts...
What Is the 7-Step CFP® Financial Planning Process?
Obtaining the Certified Financial Planner (CFP®) credential equips advisors with a structured seven‑step planning process that enhances client acquisition, assets under management, and revenue. The process begins with gathering quantitative and qualitative client data, proceeds through goal identification, analysis of...
Retirement Planning for Dentists: Services and Examples
Dentists face distinctive retirement challenges because their income often comes from practice ownership, fluctuating patient volumes, and substantial business expenses. They can tap a suite of retirement vehicles—including 401(k)s, solo 401(k)s, SEP IRAs, and defined benefit plans—to leverage higher contribution...
What Is an Exchange Fund? Investment Benefits and Risks
Exchange funds, also called swap funds, let high‑net‑worth investors exchange a large, concentrated stock position for a diversified basket of equities without triggering an immediate capital‑gains tax. The vehicle is a private partnership managed by banks or wealth‑management firms and...
How to Use a Living Trust for Estate Planning
A living trust is a legal vehicle that lets you transfer ownership of assets while you’re alive, giving you control and allowing seamless distribution after death. By funding the trust—retitling real estate, bank and investment accounts—you can bypass probate, preserve...
Wealth Management for Doctors: Services and Examples
Wealth management for doctors blends investment, tax, risk, and retirement planning to address the profession’s unique financial challenges. Physicians often start saving later, carry six‑figure student loans, and earn income through complex compensation structures, making coordinated strategies essential. Core services...
Where Rent Increased and Decreased Most – 2026 Study
The SmartAsset 2026 rent study finds average rent across the 100 largest U.S. cities rose 1.73% year‑over‑year, from $1,810 to $1,843, trailing the 2.41% national inflation rate. San Francisco led the gains with a 13.94% increase, pushing median rent to...
What Is the IRS Penalty for Failing to File a Tax Return?
The IRS imposes a failure‑to‑file penalty of 5% of unpaid taxes for each month a return is late, capping at 25% after five months, with daily‑compounded interest added on top. Filing even after the deadline stops the steeper failure‑to‑file clock,...
Wealth Management for Families: Milestones, Services and Examples
Family wealth management expands traditional financial planning to address the interconnected needs of multiple household members across generations. It aligns investment, tax, insurance, education, and estate strategies around key life milestones such as buying a home, starting a family, career...
How to Use Trusts for Estate Planning
Trusts are a versatile estate‑planning tool that let grantors transfer ownership of assets to a trustee, enabling probate avoidance and greater control over distribution. The article outlines common trust types—revocable living, irrevocable, special‑needs, and charitable—highlighting their distinct benefits and tax...
Ask an Advisor: I Feel ‘Very Uncomfortable’ Sharing My Investment Info With a Financial Planner. Do They Need to Know...
The article tackles a retiree’s discomfort sharing investment statements with a financial planner, emphasizing that full portfolio visibility is essential for truly personalized advice. It advises starting with a transparent conversation to assess trust, understand why data is needed, and...
How Paying Off Your Mortgage Early Can Affect Your Taxes
Paying off a mortgage early eliminates interest payments but also removes the mortgage interest deduction, potentially increasing taxable income. Homeowners must weigh the loss of that deduction against the interest savings, especially if they currently itemize. Property tax deductions remain,...
Long-Term Stock Investments: Tax Rules and Growth
The article outlines how long‑term stock investing leverages lower capital‑gains taxes, compounding returns, and reduced trading costs to build wealth. Holding assets for more than a year qualifies gains for 0‑15‑20 % rates versus higher ordinary‑income taxes, and a 7 % annual...
Financial Counselor Vs. Financial Advisor: Services and Examples
The article clarifies the distinct roles of financial counselors and financial advisors, outlining their core services, typical client bases, and compensation structures. Counselors concentrate on budgeting, debt reduction, and short‑term cash‑flow stabilization, often through nonprofit or salaried positions. Advisors handle...