BFSG Blog

Financial Resources & News

Primer on Life Insurance

By:  Henry VanBuskirk, CFP®, Wealth Manager One of the most crucial financial planning topics that almost nobody likes to talk about is life insurance. In our line of work, it’s akin to discussing politics or religion. Don’t worry, I’m not going to discuss politics or religion here. There are enough outlets online that proselytize on those topics already and you are free to find your preachers...

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There’s Still Time to Fund an IRA for 2022

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2022. If you had earned income last year, you may be able to contribute up to $6,000 for 2022 ($7,000 for those age 50 or older by December 31, 2022) up until your tax return due date, excluding extensions. For most people, that date is Tuesday, April 18, 2023. The IRS has postponed the deadline to...

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Don’t Let the Regional Bank Crisis Go to Waste: Protect Your Assets

There has been a flurry of news articles on the collapse of Silicon Valley Bank (SIVB) coming out recently, and rightfully so. It is the largest bank to collapse since Washington Mutual failed in 2008. Silicon Valley Bank had $173 billion of customer deposits at the end of 2022 and served businesses such as Roku and Etsy. Two other banks, Silvergate (had $11.36 billion in assets) and Signature...

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California Tax Update: IRS Extends Tax Relief for Storm Victims

By:  Henry VanBuskirk, CFP®, Wealth Manager Our team would like to provide an update on a recent blog post discussing tax relief and the tax filing deadline for certain counties in California. The individuals in counties originally discussed in that posting will have until May 15th, 2023, to file tax returns, but some counties are automatically extending that tax filing deadline to October...

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Financial Misadvise: Common mistakes and assumptions made by Financial Advisors (Part 4: Annuities)

(This is the fourth article in a four-part series. Click here to read Part 1, Part 2, and Part 3.) By:  Henry VanBuskirk, CFP®, Wealth Manager Everyone’s had that story of their friend or family member that said they got shafted by some seedy financial advisor. However, there is a huge difference between what is legal and what is ethical. The majority of these “seedy” financial advisors are...

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Financial Misadvise: Common mistakes and assumptions made by Financial Advisors (Part 3: Roth Conversions)

(This is the third article in a four-part series. Click here to read Part 1 and Part 2.) By:  Henry VanBuskirk, CFP®, Wealth Manager Mr. Hill arrived in Texas and is eager to talk to his parents about the Roth Conversion idea that he overheard his boss talking about at work last week. Mr. Hill does not know his parents’ finances and just believes that a Roth Conversion will be a good idea...

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Financial Misadvise: Common mistakes and assumptions made by Financial Advisors (Part 2: Sequence of Returns Risk)

(This is the second article in a four-part series. Click here to read Part 1). By:  Henry VanBuskirk, CFP®, Wealth Manager We last left off our story with Mr. Fox understanding that the stock market doesn’t predictably earn a set 4% per year. While you may be able to predict the day that you retire, the market is indifferent to your projected retirement date and will do whatever it’s going to do...

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Financial Misadvice: Common mistakes and assumptions used by Financial Advisors (Part 1: Return Assumptions)

(This is the first article in a four-part series) By:  Henry VanBuskirk, CFP®, Wealth Manager Let me just start off and say that nobody’s perfect or infallible (including BFSG).  As a wise man once said, “To Err is Human, to Forgive is Divine”. It is one thing to make a mistake, but another to learn from it. We pride ourselves on working to avoid pitfalls and always being eager to...

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California Tax Update: Storm victims qualify for tax relief

By:  Henry VanBuskirk, CFP®, Wealth Manager Our thoughts go out to the victims of the recent California storms, and we hope that you and your family are safe. The IRS has declared the following counties to be within a federally declared disaster area and eligible for tax relief. Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa,...

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College Cost Data for 2022-2023 School Year

Every year, the College Board releases new college cost data and trends in its annual report. The figures published are average cost figures based on a survey of approximately 4,000 colleges across the country. Over the past 20 years, the average price for tuition, fees, and room and board has increased 46% at public colleges and 30% at private colleges over and above increases in the Consumer...

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Understanding Executive Compensation: Deferred Compensation (Part 1)

By:  Paul Horn, CFP®, CPWA®, Senior Financial Planner You’ve likely daydreamed about the future. A future where you spend the weekend relaxing in front of the lake, and your grandkids run while you open a bottle of fine wine. Reducing preoccupations and enjoying the small details in life come from hard work and dedication. Undeniably, money buys necessities and luxuries in life. Though somewhat...

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What is the Biggest Enemy of Your Retirement?

By:  Henry VanBuskirk, CFP®, Wealth Manager When you google “Biggest Enemy of Retirement” you will get around 20 million results with answers such as (1) inflation, (2) lower interest rates, (3) higher interest rates, (4) procrastination, (5) taxes, (6) overspending, (7) whatever politician a talking head doesn’t like that day and (8) you.  The answers to your questions, “I’ve saved...

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Directed Trusts: A Powerful Estate Planning Solution

A trust is a fiduciary arrangement that allows a third party or trustee to execute fiduciary functions on behalf of the beneficiaries. Under the traditional trust model, a trust names one trustee (or co-trustees) to oversee the investment management, coordinate trust distributions and perform all administrative responsibilities of the trust. In this model, nearly all decisions surrounding the...

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Save on Taxes: Year-End Investment Decisions

As we wrap up 2022, it’s important to take a closer look at any year-end investment decisions that could result in substantial tax savings. In terms of investment planning, investing in capital assets may increase your ability to time the recognition of some of your income and may help you to take advantage of tax rates that are lower than the ordinary income tax rates. You have the flexibility...

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Where can you get home loans below 5%? The First National Bank of Mom and Dad (Intra-Family Loans)

By:  Henry VanBuskirk, CFP®, Wealth Manager With all of the recent headlines in the news about mortgage rates increasing and waning home affordability, it seems daunting for the first-time home buyer.  A 30-year fixed mortgage now exceeds 7%, a level that hasn’t been seen since 2008. That same 30-year fixed mortgage was around 3% just a year ago.  The reality here is that you aren’t going...

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