How Tax Reform Affects Your Alimony (Apr 13, 2018)

Alimony, also known as spousal support or maintenance, is typically paid by the higher earning spouse following divorce. While some states still award lifetime alimony, it’s barred in others, so today, most alimony is rehabilitative and durational: paid for a set amount of time following divorce, or until the recipient remarries.

Recent tax reform changes have shaken up the divorce planning arena. The previous tax status for alimony (in place since 1942) is soon to reverse. If you’re wondering how new tax laws impact your existing or upcoming divorce settlement, SageVest Wealth Management has a number of answers for you.

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Healthy Financial Parenting And Managing Parental Differences (Feb 23, 2018)

One of the most fundamental aspects of teaching your kids about financial literacy is being a strong money role model. Healthy financial parenting starts with understanding your own approach to money, and, if you’re part of a couple, your partner’s outlook on money too. If you have differing financial perspectives, it can be difficult to manage parental differences. This can be especially true if the family’s divided by separation or divorce. SageVest Wealth Management’s sister site, SageVest Kids, offers some helpful insights into how to manage parental differences about money and establish healthy financial parenting behaviors.

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Six Reasons Why You Might Not Elect Joint Ownership (Mar 15, 2017)

Joint ownership is one of the most common forms of asset titling. It offers numerous benefits centered on sharing use and control, it allows transparency of assets, and it helps with daily money management and bill paying.

While the decision to jointly title assets often seems straightforward, there are underlying considerations to be taken into account, particularly when it comes to non-spousal shared assets. For the following reasons, think carefully before you sign on the dotted line to initiate joint ownership with a significant other, family member or friend.

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Retirement Funds And Divorce (Aug 29, 2016)

When a couple divorces, the fall-out can affect your finances too. Retirement funds in particular can prove complex in how they’re divided during the divorce settlement and restructured for the future. Professional financial advice can help preserve your share if you’re the retirement fund owner, or ensure equitable distribution if you’re the other party.  Michael Fuhr of SageVest Wealth Management recently highlighted the importance of retirement fund tax rates during divorce negotiations in US News & World Report’s Investment article: ‘12 Steps To Protect Your Money In Divorce‘.

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Time Runs Out For Popular Social Security Strategies (Nov 6, 2015)

Dramatic changes were recently announced to Social Security benefit provisions.

The Bipartisan Budget Act of 2015, signed into law on November 2nd, effectively eliminated the Restricted Application and the File-and-Suspend strategies. Those already utilizing these options will be grandfathered in; some will have a short six-month window in which to act; and, others need to be aware of how future benefits will be more limited. The media has focused on how the termination of these unintended, but popular, strategies will impact married couples. The truth is that the changes will impact single individuals as well. If your retirement plan included anticipated Social Security benefits, please take the time to read more.

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