Inspired Financial

With or without a tax write-off, many Americans want to give generously to the charities of their choice. After all, financial incentives aren’t usually the main motivation for giving. We give to support the causes we cherish. We give because we’re grateful for the good fortune we’ve enjoyed. We give because it elevates us, too. Good giving feels great for donor and recipient alike. That said, a tax break can feel good, too, and it may help you give more than you otherwise could.

Among the many things concerning our clients now, potential changes in tax law pending a change in party in the White House is starting to make its way up the worry list. The differences in tax policy between Presidential candidates Donald Trump and Joe Biden are quite significant. Current polls show the Democratic candidate with a substantial lead, which suggests that all of us should prepare for the possibility of a different tax regime in 2021. But what, specifically, should we consider doing as the elections approach?

As my grandmother used to say, Growing old isn’t for the faint of heart! This sage observation was usually in the context of the aches and pains of declining physical (or cognitive) health and she could have easily added Or, for the skinny of pocketbook! because healthcare costsespecially long term care costscontinue to grow much faster than most our other expenses. Historically, long-term care insurance was one way to help offset those costs but traditional long-term care insurance providers are dwindling and those that remain are increasing their rates dramatically. Bijan Noori, our guest writer, is an expert in the life and health insurance industry and in this article, he shares an innovative development in solutions to address long-term care insurance needs.

What will happen to my investments if [the candidate I dislike] becomes President? People are always worried that if the candidate they oppose becomes President, it will be devastating for the markets and their portfolio. It’s hard not to be tempted to do something.

Often unloved and maligned, reverse mortgages are a tool in the financial planner’s toolkit that don’t see a lot of use. The current interest rate environment combined with ongoing market uncertainty make this a good time to give them a second look. Like any tool in the toolkit, they’re not needed for every job (or every client situation) but for the right one, they’re the perfect solution.

At Inspired Financial, we work with a wide variety of professionals that serve our clients in tax, legal, insurance, and other services. We enjoy collaborative relationships with our colleagues and often share our expertise with them to help them better serve all their clients. Recently, we prepared this blog with suggestions for when their clients are facing a prolonged hospital stay. This already unhappy situation can be made much worse without preparation and we thought our clients would appreciate these tips, too. Call if you have questions or we can help you be better prepared!

While our income tax system has developed significantly since 1943, its broadest adoption all started with the biggest quack of them all: Mr. Donald Duck.

More than 30 million Americans remain unemployed amid the ongoing coronavirus pandemic, which means many people are looking to the federal government to help them pay bills and stay afloat during these unprecedented times. Here’s how to prioritize paying your bills.

If you are leaving your employer (whether voluntarily or involuntarily), it’s important you get familiar with COBRA insurance, what it is, how it works and what it will cost you.

A Registered Investment Advisor (RIA) is a type of financial company that provides its clients with financial advice. RIAs are a class of advisors who have a fiduciary duty to act in your financial best interest. Here’s what you need to know about RIAs and how to determine if an RIA is the right kind of financial advisor for you. Learn more athttps://www.forbes.com/advisor/investing/what-is-registered-investment-advisor/

As economies worldwide continue to suffer reverberations from the pandemic, I have spent a fair amount of time reflecting on recessions in recent history, (think early 2000s, and the Great Recession) in comparison to that which we are living through today. Like many others, I am often tempted to look for patterns because they offer a sense of control in otherwise uncontrollable situations. In my search for logic through statistics, I stumbled upon a glaring apparency: all recessions are not created equal (shocker), and in fact, they are quite gendered in who are hardest hit.

In this season of uncertainty, it makes sense to ensure that you protect yourself from the risks that you can in your life. For your home and car, that means checking that your auto and homeowner (or renters) policies have appropriate liability limits and deductibles for your situation. This guest blog features our friend and colleague, Fred Giron, with PHD Insurance Brokers. Fred is an expert on property and casualty insurance (15 years of experience!) and he shares some of his favorite, most-interesting facts about auto and homeowners insurance.

As re-opening is delayed and the return to normal appears distant, consumers can take proactive steps to adjust their spending and improve their financial situation rather than just waiting to receive a maybe second stimulus check. Read on for some fresh ideas!