The IDA Blog

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The IDA Blog2023-08-24T17:22:08+00:00
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October 16, 20183:50 am

Top 5 Duties of An Estate Executor: And How to Carry Them Out

The main responsibility of an executor of a will is to carry out the final wishes of the person who bestowed that position of trust. Usually, the executor is a close family member, but the executor could be a qualified, compensated person duly appointed under the laws of the state. THE TOP DUTIES OF AN EXECUTOR FALL INTO 5 GENERAL CATEGORIES: 1. Gathering the documents necessary for distributing the estate 2. Paying the debts and taxes and collecting from the estate’s debtors 3. Closing out the deceased’s insurance, retirement, and Social Security accounts 4. Maintaining the willed property prior to its disposal 5. Choosing the type of will probate and filing the will accordingly Depending on the size of the estate, complications in probating the will, etc., the duties of the Executor can include much more. The Executor may require qualified legal assistance to navigate the complexities of probate and [...]

September 19, 20183:16 am

The ABCs of Education Investing

With school back in session in most of the country, many parents are likely thinking about how best to prepare for their children’s future college expenses. Now is a good time to sharpen one’s pencil for a few important lessons before heading back into the investing classroom to tackle the issue. THE CALCULUS OF PLANNING FOR FUTURE COLLEGE EXPENSES According to recent data published by the College Board, the annual cost of attending college in the US in 2017–2018 averaged $20,770 at public schools, plus an additional $15,650 if one is attending from out of state. At private schools, tuition and fees averaged $46,950. It is important to note that these figures are averages, meaning actual costs will be higher at certain schools and lower at others. Additionally, these figures do not include the separate cost of books and supplies or the potential benefit of scholarships and other types of [...]

September 19, 20182:56 am

6 Simple Ways to Increase Your Net Worth

“Net worth” is the simplest indicator of your overall financial well-being. Simply defined, it’s the difference between your assets (such as investment accounts, retirement funds and properties) minus all liabilities (including mortgages, credit card debt and other loans). Your net worth is very important in helping you determine how much debt you have and how it can affect your future wealth. It also helps you to highlight critical areas in your financial life that you should focus on early enough. If you have already calculated your net worth and found that it’s lower than you expected, or that you need to increase it starting now; here are a few simple ways to help. 1. REVIEW YOUR LIABILITIES AND PAY OFF DEBT This is one of the simplest ways to raise your net worth. Review all your liabilities keenly and try to reduce or eliminate them all-together. Your liabilities may include [...]

September 4, 20183:22 am

Questions To Ask Your Financial Advisor Before Getting Started

When you hire a financial advisor, you are entering a long-term relationship with a person who will know almost everything about your financial life. It is nearly impossible to know who to trust with your money especially when some financial advisors are only looking to line their pockets rather than offer the best investment advice. Hence the importance to carefully vet potential candidates. To protect yourself and your money, here are some essential questions to ask your financial advisor before making your next move. WHAT IS YOUR INVESTMENT APPROACH AND PHILOSOPHY? There is not one accepted approach or philosophy when it comes to investment. Different professionals follow different approaches and philosophies. Ask the financial advisor to describe their approach and philosophy in simple terms that you can easily understand. An investment philosophy can be described as a set of guiding principles underlying the process of choosing an investment in [...]

August 30, 20183:25 am

10 Signs Your Should Invest In a Financial Planner

Investing in a financial planner may sometimes seem like it’s only meant for those with considerable assets, but a financial planner is really a valuable resource that everyone can use to get the most out of their money. Financial planners make it easier to make both big and small decisions so that you can have the comfort and security you desire for yourself and your family. Here are 10 clear signs that you could use a little extra help to get all of your numbers in order. 1. YOUR ASSETS HAVE RECENTLY CHANGED When something drastic happens in your life — be it a huge windfall or a major catastrophe — it can help to get in touch with someone who isn’t so close to the situation. A financial planner can make it easier to see the situation objectively, so you can manage everything correctly. 2. YOU’RE CONSISTENTLY GETTING [...]

July 25, 20183:53 am

Are You a Henry?

Are you among a growing group of people in the U.S. who have a high household income, yet whose savings never seem to grow significantly year after year? Believe it or not, there is a name for people like you, and there is a very good chance that you might be a HENRY. HENRY stands for “High Earners, Not Rich Yet,” and it is just the newest socio-economic acronym from a long list of media catchwords. You may remember the popularity of terms like YUPPIES (Young Urban Professionals), DINKS (Dual Incomes, No Kids) couples, or even BOBOs (Bourgeois Bohemians) in the past. Today it is all about HENRYs. But what in the world does this term mean? DEFINING HENRYS The definition of a HENRY tends to be much more fluid than similar acronyms and can change based on who you are asking. The confusion usually centers on exactly how [...]

June 29, 20182:59 am

What To Do With Your Old 401(k) When You Switch Jobs

Switching jobs? If you have a 401(k) plan it’s a good time to review your financial decisions and choices linked to it — a process that’s much easier if you understand the options. There are three workable opportunities for continuing the growth of retirement funds. You can leave it where it is, roll it over to the new employer’s plan or create an individual account of your own. A fourth option — cashing out the account — involves early withdrawal penalties, tax implications and loss of any long-term growth. Figuring out which route offers more advantages for continued investment is the first step. ASSESSMENT If you read the plan’s agreement, you know that some employer plans accept rollovers, others may not. Plan sponsors maintain the membership guidelines. In some cases, the former employer’s plan allows the sponsor to cash-out the account when you end employment. Withdrawals could trigger income [...]

May 21, 20183:02 am

How to Secure Retirement in Your 50’s and 60’s

A comfortable and financially stable retirement is one of the most important goals for many Americans today. However, not many individuals plan for their retirement well during the last decades of employment, making them fall short of achieving their retirement American dream. Of the most common dilemmas for individuals in their 50s and 60s is how best they will fund their lifestyle once they get into retirement. According to the Social Security Administration, baby boomers have a life expectancy of around 85 years. But seven out of 10 baby boomers are never confident that they have adequate financial resources to sustain them up to 85 years, according to a study by Bankers Life Center. For you to secure your retirement, your 50s and 60s are the years to aggressively eliminate debt from your life, save more than you did in your previous years, and work to develop a sound [...]

May 16, 20183:29 am

Financial Life Planning – What it is and How it’s Different

Taking the first steps in financial planning is a big leap in your life as a person or as a couple. However, financial planning is not just about having the right amount of money in savings, insurance coverage, retirement savings, or other forms of savings. Although these are important, financial planning should first emphasize on helping you live a full, fun and “rich life.” Your money should not just act as a safety net but also as a means for you to reach your goals and enjoy life in the best way you know how. WHAT IS FINANCIAL LIFE PLANNING? Financial life planning can be well described as a holistic financial planning process that puts the interests of a client first when drawing up a plan to help them manage their finances. Financial life planning focuses on increasing the client’s well-being and ability to reach their personal goals, instead [...]

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