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Five Reasons Your Financial Advisor Should Work With Your Tax Professional, Not Against Them

In the world of financial advice, there seems to be a horrendous rift between ‘investment advice’ and ‘tax advice.’ In most situations, sound investment advice should incorporate some semblance of tax planning, or at least a rough calculation of the tax impact of a given transaction. What’s more likely, though, is that when you ask your ‘financial advisor’ about what your tax liability will be, you’ll hear, “I can’t give you advice on that. You’ll have to talk to your tax expert.”

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How NOT to do a Backdoor Roth Conversion - A Client Case Study

There are lots of articles out there touting the benefits of ‘backdoor’ Roth conversions. Many of these articles will even ‘show’ you how to do them. As straightforward as they might appear in a Forbes article, there are many things that might trip you up if you’ve never done a backdoor Roth conversion before.

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What Happens to My Child’s 529 Plan in a Divorce?

In many divorces, parents spend a lot of their time negotiating the terms of equitable distribution of their assets and spousal support. Because child support terms are largely dictated by state law, there’s not as much deliberation in that area. And caught in the middle are things like 529 plans, which are assumed to be the ‘child’s’ asset, but are in fact usually the asset of one of the parents. Not accounting for this in a divorce might lead to unfortunate consequences down the road, even for the most well-intentioned families.

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6 Ways To Avoid Going Into Debt After a Divorce

In many divorces, money is a primary cause of the divorce. This is supported by numerous studies conducted by a range of people. Whether it’s from Dave Ramsey or academia, it’s pretty clear that many divorces happen because of fights over money.

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9 Mistakes You Can Make When Transferring Your Ex-Spouse’s Defined Contribution Plan into an IRA—And How to Avoid Them

In many divorces, a qualified retirement plan (such as a 401k) can be the largest asset for the spouses to divide. This is especially true when there isn’t a house at stake. While each employee should be familiar with the rules (or be able to talk with their plan administrator), this can be a big challenge for the non-employee spouse. In most cases, the spouse has had little or no knowledge of the qualified plan details, because that’s what the employee spouse usually did.