BFSG Blog

Financial Resources & News

Monthly Market Update (September 2023): 3 Things You Need to Know

The boogie man (i.e., the Federal Reserve) showed up early rather than waiting for Halloween and major stock and bond market indices were down for the month keeping the historical pattern typically seen during September intact. Here are 3 things you need to know: The S&P 500 index closed the month down 4.87% - its worst month since December 2022 and the fourth year in a row that the index...

read more

College Financial Aid: FAFSA Changes Coming Soon

The Free Application for Federal Student Aid (FAFSA) is a financial aid form administered by the Department of Education that helps students qualify for loans and financial aid. The FAFSA window typically opens every year on October 1 for high school seniors planning to attend college in the following year and for returning college students. However, due to an extensive redesign of the FAFSA,...

read more

College Financial Aid: FAFSA Changes Coming Soon

The Free Application for Federal Student Aid (FAFSA) is a financial aid form administered by the Department of Education that helps students qualify for loans and financial aid. The FAFSA window typically opens every year on October 1 for high school seniors planning to attend college in the following year and for returning college students. However, due to an extensive redesign of the...

read more

What’s Happening in the World of Higher Education?

A 2023 survey revealed a notable shift in public opinion over the past decade about the value of a college degree: 56% of Americans think a four-year college degree isn't worth the cost due to students graduating with significant debt and a lack of specific job skills vs. 42% who believe college is worth it. The survey numbers have almost reversed from ten years ago, while college enrollment has...

read more

Claiming the Home Energy Audit Tax Credit

When considering making energy-saving home improvements, it may be helpful to have a home energy audit done. A home energy audit is an inspection and written report for a dwelling located in the United States. Fortunately, there is a federal income tax credit available equal to 30% of the amount paid for home energy audits, up to $150 per tax year. There are also credits available for many other...

read more

New SAVE Income-Driven Repayment Plan

The Department of Education recently launched the most generous federal student loan income-driven repayment (IDR) plan to date — the Saving on a Valuable Education (SAVE) Plan. The SAVE Plan comes after the U.S. Supreme Court blocked federal student loan cancellation in June and before payments are set to restart in October after   more than three years of payment pauses. The SAVE Plan will be...

read more

Primer: Medicare Prescription Drug Coverage (Part D)

If you're covered by Medicare, here's some welcome news — Medicare drug coverage can help you handle the rising cost of prescriptions. If you're covered by Original Medicare, some Medicare Cost Plans, Medicare Private Fee-For-Service Plans, or Medicare Medical Savings Account Plans, you can sign up for a Medicare Prescription Drug Plan (Part D) offered in your area by a private company or...

read more

Watch Out for Student Loan Repayment Scams

This past June, the Supreme Court struck down President Biden's plan to cancel up to $20,000 in federal student loan debt for qualified borrowers.  As a result, millions of student loan borrowers are scheduled to start paying back their loans in October after a three-and-a-half-year reprieve. Fraudsters and scam artists have already begun to prey on vulnerable borrowers by posing as legitimate...

read more

Monthly Market Update (August 2023): 3 Things You Need to Know

Most global assets were down on the month. The general weakness in the month came from a few different angles. Here are 3 things you need to know: 10-yr. U.S. Treasury yields hit their highest level (4.36%) since 2007 driven partially by a larger-than-expected Treasury supply announcement. Fitch downgraded U.S. government debt from AAA to AA+. China's property crisis is rippling through its...

read more

The Essentials of Financial Literacy Webinar Series

We are proud to support the upcoming “The Essentials of Financial Literacy” webinar series presented by FPA Orange County. In this series Certified Financial Planner™ professionals will teach the building blocks you need to create greater financial stability in your life. Michael Allbee, CFP®, will be presenting on “The Importance of Saving and Investing” on September 23rd. For more information...

read more

The GRAT Advantage: Strategies for Smart Estate Planning

When it comes to effective estate planning and wealth transfer strategies, Grantor Retained Annuity Trusts (GRATs) stand out as one of the best tools. They were popularized by the Walton family (best known for founding the retailers Walmart and Sam's Club) as a way to get around owing the IRS millions in taxes. This strategy has been used by many other notable individuals like Phil Knight, the...

read more

New FAFSA Rules Around Grandparent Owned 529 Plans

By: Henry VanBuskirk, CFP®, Wealth Manager One of the biggest decisions that a person about to graduate from high school can make in life is whether or not they choose to go to college. That’s also why it’s no coincidence that when toymaker Milton Bradley was designing the board game, The Game of Life®, one of the first things you do in the game is to decide whether or not your character will go...

read more

2024 Key Numbers for Health Savings Accounts (HSAs)

The IRS recently released the 2024 contribution limits for health savings accounts (HSAs), as well as the 2024 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). What is an HSA? An HSA is a tax-advantaged account that enables you to save money to cover healthcare and medical costs that your insurance doesn't pay. The funds contributed are made with...

read more

Bonds: Is your plan covered?

The Employee Retirement Income Security Act (ERISA) requires coverage to protect the plan from losses due to fraud and dishonesty. There are three main types of bond coverage for retirement plans: fidelity bonds, fiduciary liability insurance, and cyber liability insurance. Not all three coverages are required, but understanding what is available and what they cover will help you determine the...

read more

It doesn’t hurt to double check! We’re here for you!

As situations arise during the plan year, it’s always better to double check the plan provisions rather than address a plan failure after the fact. In some situations, it’s easier to ask for forgiveness rather than permission, but that isn’t true in retirement plans. Correcting mistakes can be very costly. Do not hesitate to reach out to us for clarification on what the plan allows. For example:...

read more

Latest From The Blog

Archives

Our Services

Investment Management

Tailor portfolios to your needs and goals.

Retirement Planning

Investing and saving wisely is vital to success in retirement.

Financial Planning

Navigating the complexities of your financial affairs can be simplified.

Tax Management

Help to increase the amount you “take home”.

Estate Planning

Protect your loved ones and make sure your legacy endures.

Executive Compensation Analysis

Simplify the many options and decision points of executive compensation plans.

Education Planning

Confidently plan for your children’s future.

Charitable Giving

Give in a tax-smart, simple way.

*Please Note: Limitations.  The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent.  BFSG does not prepare legal documents or tax returns, nor does it sell insurance products.  Please Also Note: Different types of investments involve varying degrees of risk.  Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.

Sign Up For Our Newsletters

(They're great, we promise)

Connect With Us