Blog
Welcome to the Financial Plans & Strategies blog. Latest webinars, podcasts, and other information that we think is important for our clients to know will appear here.
To receive notification of all of our future blog posts and updates, please register by clicking the link below, you will then scroll to the bottom of our home page to enter your name and email: https://www.finplans.com/
Let's Talk Taxes
LET'S TALK TAXES!Happy New Year! As we look ahead to tax season, your mailbox or inbox may fill up with various tax forms. Below is our quick guide to these forms. 1) Consolidated 1099: TDA combines the 1099-Div, 1099-INT and 1099-B...
Read More
New Year's Resolutions
Happy New Year! As we begin a new year, we look back on 2022 and want to thank each of you for the trust you place in our team. We know that both the stock and bond markets have been very volatile, and we work very hard to continue to...
Read MoreAre You Eligible for Qualified Charitable Distributions?
As part of your 2022 tax planning, please review the information below to determine if you are eligible for Qualified Charitable Distributions:Guide to Qualified Charitable DistributionsIf you are already planning on donating to...
Read More2022 Capital Gain Distribution Estimates
Please note that American funds has provided their estimated 2022 year-end distributions of Long-Term Capital Gains for certain funds. Remember it is better to make money and pay taxes than not have any income.
Read MoreCan midterm elections move markets? 5 charts to watch
The November midterm elections may have a positive impact on your portfolio. The following American Funds article explains how previous elections have influenced the stock market. Please review this article and give our office a call...
Read MoreShow All
Some Long-Term Care Insurance (LTCI) Premiums are Increasing- What you Need to Know
Over the past few months, some clients have received notification that their long-term care insurance premiums are increasing. If you are considering not paying the increased premium or have questions, please contact your advisors at...
Read MoreHow Long Do Recessions and Bear Markets Last
Understanding recessions requires the analysis of important historical context from the US economy. Please review the following chart from Capital Group – American Funds.
Read MoreMaking Sure You Are in Great Hands
At Financial Plans and Strategies, we take referring our clients to other service providers very seriously. We put our clients’ interests first, and we expect the same from the people to whom we refer.We refer our clients to...
Read MoreRevisiting the Rebalancing Act
Since reaching all-time highs near the beginning of the year, markets have grown increasingly volatile and have begun to stumble over the recent months. While the volatility and uncertainty can become unsettling for clients ...
Read MoreWhat It Means To Be a Fiduciary
When it comes to investing and looking for a financial advisor or professional, there are a few crucial traits that clients should consider. The person you work with must be knowledgeable, trustworthy, and place you, the client,...
Read MoreRecurring Contributions: Taking the Emotion Out of Investing
Investing can be an overwhelming decision for many people. You must consider your goals, time horizon, and the risk you are willing to take when choosing an investment. When analyzing these options and trying to match them with ...
Read MoreBuilding Trust Through Service
BUILDING TRUST THROUGH SERVICE is more than a long-time firm motto. It is key to the success of our clients and our firm.
Read MorePeace of Mind
Peace of mind develops as you better understand the services that our team can provide to you. Those tangible services may include planning for and funding a secure retirement, education planning for children and grandchildren, or leaving
Read More2021 Capital Gain Distribution Estimates
https://www.capitalgroup.com/advisor/tax/2021-year-end-distributions.html Please note that American funds has provided their estimated year-end distributions of Long-Term Capital Gains for certain funds. Remember it is better to make...
Read MoreRoth Conversions and Taxes
Last year, we wrote a blog article about Roth Conversions. This article went into depth on what they are, how they could be beneficial for your retirement or estate plan, and other things to consider. You can read more about these...
Read MoreBe Aware of the Latest Scams
We routinely post blogs regarding email scams, cyber security and phone scams and we want to update you on the most recent scams you need to be aware of in 2021. Please see below an article posted by Experian: ------- The Latest Scams...
Read MoreGET UP TO $1K INDIANA STATE TAX CREDIT BY MAKING YOUR COLLEGE CHOICE 529 CONTRIBUTION - DEADLINES
Are you helping your child, grandchild, niece, or nephew save for college in an Indiana 529 College Choice plan? These plans are a great way for Indiana residents to save for their loved ones while also receiving a state tax credit....
Read MoreAdvantages of Investing at a Young Age
Many financial articles focus on the benefits of investing at a young age. No matter the amount, starting earlier allows your money to truly work for you, as it reaps the benefits of compounding interest. While compounding interest is...
Read MoreThe importance of being disciplined in volatile market
Volatility can be a hard pill to swallow for any kind of investor. While our tolerances for risk may vary, we all feel the ups and downs to some extent. Therefore, it is of the utmost importance to stay disciplined and avoid falling...
Read MoreEXCITING NEWS FROM SALVADOR PEREZ, CFP®
We are excited to announce that Salvador Perez, Investment Advisor Representative, is now a Certified Financial Planner (CFP®). Sal completed the CFP® Certification Process on July 21, 2021. The standard of excellence for...
Read MoreChild Tax Credit Payments: Everything You Need to Know
Child Tax Credit Payments: Everything You Need to Know Did you receive $300 from the IRS last week? Millions of families woke up this past Thursday to a little more in their bank accounts. This article from CBNC tells you everything...
Read MoreMidyear Outlook: U.S. looks set to boom, zoom and consume – Capital Group
In our own way, we have all faced the devastating effects of the COVID-19 pandemic. Be it social, financial, or health related, each of us has dealt with the difficulties posed by this global health-crisis. Thankfully, as the threat...
Read MoreCybersecurity, FPS, and You
In today’s world of online access, it is very important to be aware of precautions you should take and ways to avoid identity theft, email hacking, phishing scams and more. You may want to revisit our blog post that provides...
Read MoreBitcoin Blues Part 2
In March 2018, our team published a blog post titled “Bitcoin Blues”. In the article, we answered common client crypto-related questions such as “What is Bitcoin?” and “Should I invest in...
Read MoreMinor Accounts: Start Saving Early!
Summer is a great time for a variety of reasons: nice weather, children are out of school, and, of course, vacation time! But one other important reason many look forward to summer is the ability for the kids to pick up summer jobs and...
Read MoreIs Your Savings Account Working for You?
It’s a problem we all wish we had, having too much money in savings. However, although keeping a high balance in a bank savings account might not seem like such a big deal, this is often money that can be earning more elsewhere....
Read MoreEconomic and Market Outlook for 2021
It’s no secret that 2020 strained the markets in a number of ways. Whether you want to look at the U.S. election cycle, the coronavirus, or civil unrest, news agencies had their fill of headlines. So, what possible pitfalls...
Read MoreTraditional IRA vs Roth IRA: Which is better for you?
Though retirement may seem a lifetime away when you are just starting off in the working world, saving for retirement should always be a priority. In a FINRA survey conducted at the end of 2018, they found that only 58% of the adult...
Read MorePaying Down Student Debt
An increasing number of young adults are returning home from our colleges and universities with student debt in tow. As each year passes, it becomes increasingly clear that paying the massive cost of tuition and fees cannot be taken...
Read More
FIVE MOST OVERLOOKED TAX DEDUCTIONS
Who among us wants to pay the IRS more taxes than we have to?1 While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five...
Read MoreLet's Talk Taxes (2020)
Please note: We are not a tax advisory firm and do not give tax advice. However, we have gathered some important information that may help you in your tax preparation. If you have additional questions, please speak with your tax...
Read More
FPS 2020 Holiday Hours
To our valued clients, Our office will be closed: Thursday December 24th and Friday, December 25th. We will also be closed: Thursday, December 31st and Friday, January 1st. Merry Christmas! All of us at Financial Plans & Strategies...
Read MoreSpecial Charitable Giving Deduction in 2020
The holiday season is often a time of giving, not only to our loved ones, but also to our favorite charities. With many charities and non-profit organizations currently working above and beyond their normal capacities to help those...
Read MoreAn HSA Can Work Three Ways
Health Savings Accounts (HSAs) can be a great way not only to protect your family from medical bills, but also to save for retirement and more. HSAs are offered to employees who have high deductible heath plans through their employer....
Read MoreTwo Questions to Consider Before Taking on Debt
While many financial gurus advocate for avoiding debt altogether, we recognize that some kinds of debt are advantageous because they help build wealth. However, even the wealth-building kinds of debt can place too heavy a burden on...
Read MoreThe Importance of Budgeting
As discussed in previous blog posts, identifying items and goals that “spark joy” is one of the first ways you can simplify your financial life. While identifying these items and goals may be easy, they are only half the...
Read More2020 Estimated Year-End Capital Gains Distributions from American Funds
Please note that American funds has provided their estimated year-end distributions of Long-Term Capital Gains for certain funds. Remember it is better to make money and pay taxes than not have any income. Some funds may pay a year-end...
Read MoreEmployer Matching and More: Take Advantage of Your Benefits at Work
Employer Matching and More: Take Advantage of Your Benefits at Work Do you know what benefits your employer provides? Do they offer a health savings account, stock purchase plan or matching contributions to your retirement savings...
Read MoreTake another look: “Social Security: Why Wait?”
The Social Security Administration states that Social Security benefits make up roughly 33% of income for the elderly. Knowing that the Social Security is such a key part of retirement income leaves many clients wondering when they...
Read MoreRoth Conversions: Do they enhance your financial plan?
A Roth IRA conversion is the process of moving money from an existing Traditional, Rollover or SEP IRA to a Roth IRA. There is no minimum or maximum dollar limit that you can convert in a year. However, when you convert assets, the...
Read MoreUpdated IRS Guidelines for 2020 RMD Waiver
Note: This blog post is directed to those who are of Required Minimum Distribution age in 2020 (i.e., those who turned 70 ½ in 2019), as well as those who have Beneficiary IRAs. When the Coronavirus Aid, Relief, and Economic...
Read MoreUnemployment Benefits Fraud Alert
Protect Yourself from Unemployment Benefits Fraud Both the unemployed and employed are at risk of being victimized by unemployment benefits fraud: criminals have targeted federal CARES Act unemployment financial assistance by...
Read MoreGuide to Market Recoveries
The below article from American Funds does an excellent job of explaining facts about market recoveries, mistakes to avoid during a volatile market and actions to consider taking in your portfolio during these unprecedented times....
Read MoreStimulus Check & CARES Act update
In the wake of the historic passing of the CARES Act, we at Financial Plans & Strategies are trying to stay up-to-date with the legislation and how it affects our clients. We have several new developments to share with you. Update 1:...
Read MoreCARES Act - Part 3: Making the Most of Your Stimulus Money
This week the IRS began sending the Economic Impact Payments to individuals. While there have been a few hiccups with this process, many Americans have already seen the funds show up in their bank accounts. Before buying a new wardrobe...
Read More
Exciting news from Evan Stout, CFP®
We are excited to announce that Evan Stout, Investment Advisor Representative, is now a Certified Financial Planner (CFP®). Evan completed the CFP® Certification Process on April 10, 2020. The standard of excellence for...
Read More
CARES Act – Part 2: Small Business Stimulus Package
As a part of the CARES Act stimulus bill passed last month aimed towards combating the economic impact of the coronavirus, $2 trillion of federal aid has been made available to small businesses. Businesses and nonprofit organizations...
Read MoreApril 2nd Webinar: “Investing in an Uncertain Market”
Invitation: “Investing in an Uncertain Market” Webinar Thursday, April 2nd @ 10:30 – 11am eastern time We invite you to listen in on a webinar which we are hosting along with a partner from American Funds this...
Read MoreCARES Act suspends RMD for 2020
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020.1 This bill contains provisions for many different kinds of relief during this difficult time, but we are writing to you today...
Read MoreFPS Update 3-19-2020
First and foremost, all of us at Financial Plans & Strategies hope you and your family are healthy and have not had any direct experience with the coronavirus so far. The most important thing we can do is work together as a community...
Read MoreFPS & Coronavirus: Short-term volatility: What's your move?
The financial markets don’t like bad news. The current coronavirus outbreak is no exception, and many investors are tempted once more to “do something.” But in times of volatile markets, the best move of all for...
Read More
Coronavirus and Its Impact on Markets
Recently, coronavirus has been rapidly spreading throughout the world and news headlines. As Chinese authorities are trying to get a grasp on this virus, investors around the world are becoming skeptical about what sort of impact the...
Read MoreThe SECURE Act - Penalty-free Distributions from Retirement Accounts
The following is part 5 of a 5-part series on the SECURE Act. Under the recently passed SECURE Act, parents can now leverage an additional sum of money to assist in paying off expenses for a newborn baby or an adopted child. New...
Read MoreThe SECURE Act - Expanding Eligible Expenses for 529 Accounts
The following is part 4 of a 5-part series on the SECURE Act. Under the SECURE Act, tax-favored savings accounts known as 529 plans can now be utilized to help pay off the beneficiary’s student loan debt up to a $10,000 lifetime...
Read MoreThe SECURE Act - No Age Limit on IRA Contributions
By Michael Meiners & Mikayla Kinley The following is part 3 of a 5-part series on the SECURE Act. Hand in hand with raising the starting age for Required Minimum Distributions (RMDs) to age 72, the SECURE Act also removes the age...
Read More
The SECURE Act - Planning for Your Descendants
The following is part 2 of a 5 part series on the SECURE Act. The SECURE Act, which was passed in December of 2019, eliminated the use of stretch IRAs (in most cases). For those unfamiliar with the term, a stretch IRA retains its...
Read MoreSECURE Act - 72 is the RMD Age
The following is part 1 of a 5 part series on the SECURE Act. Happy New Year! It’s time to ring in the new year and a new decade! As we look forward to exciting changes ahead, the federal government has also made changes to some...
Read More2020 Contribution Limits
The IRS has announced the 2020 contribution limits for retirement savings accounts, including contribution limits for 401(k),...
Read MoreThe SECURE Act- What it Means for You
On December 20, 2019, President Trump signed The SECURE Act into law. While there are many ways this new law might affect you, here are the top five changes we’d like our clients to be aware of: 1. 72 is the new starting age for...
Read More
Estate Planning: Celebrate Day of the Dead Worry-Free
If you’ve seen the movie Coco or have learned about Latin American culture, you know that Día de los Muertos (Day of the Dead) is a commemoration of loved ones lost and a vibrant celebration of life on November 1st and 2nd...
Read More2019 Year-End Distributions from American Funds
Click here for 2019 Year-End Distributions Please note that there will be significant year-end distributions of Long-Term Capital Gains this year for certain funds. Remember it is better to make money and pay taxes than not make any...
Read More
Simplifying Your Financial Life
Spark joy. That's Marie Kondo's catchphrase, as well as the title of her follow-up book to her original bestseller The Life-Changing Magic of Tidying Up. Lost? Do a quick google search for Marie Kondo, and you'll find a plethora of...
Read MoreLife After Death: Estate Strategy for Your Digital Assets
When you think about planning for death, the most apparent assets to plan for include personal property, real estate, and investments. But you probably don’t think about your digital assets – and they deserve your attention...
Read More
Equifax Breach Settlement Update
In October 2017, I had to deal with the grueling process of getting a new credit card and debit cards, changing my passwords, freezing my credit and signing up for a credit monitoring service. I was a victim of identity fraud, and I...
Read MoreFundamentals of Fund Selection
One of the most common questions clients ask is, "How do you choose which funds I am invested in?". This responsibility does not fall to one individual, but rather it is the responsibility of our Investment Committee. The committee is...
Read More
Social Security: Why Wait?
Financial Plans & Strategies understands that each client’s situation is different. As each client approaches retirement, we analyze the decision on when they should start taking their social security income benefit. We factor in...
Read MoreThe Randomness of Global Equity Returns
At Financial Plans & Strategies, we build globally diversified portfolios to help our clients reduce their risk exposure. Please watch the video below from Dimensional Fund Advisors to gain more insight into our thought process...
Read More
Expect cautious markets amid U.S.-China trade tension
At Financial Plans & Strategies, we continually monitor economic situations, including the US-China trade talks. As always, we take a long-term approach to your investment portfolio. Financial Plans & Strategies, Inc. firmly believes...
Read MoreYours, Mine and Ours: Investment Strategies with the Whole Household in Mind
In client meetings, I have often been asked why one spouse’s IRA is doing better than the other’s. For some clients, it is a contest to see whose investments can outperform the other. Who doesn’t enjoy a little...
Read More"Stocks, and REITs and Gold: Oh My!" There’s No Investment Like Mutual Funds
Investment fads are nothing new. When selecting strategies for their portfolios, investors are often tempted to seek out the latest and greatest investment opportunities. But long-term investors should be aware that letting short-term...
Read MoreBest Practices: Avoiding Identity Theft
What steps are you taking to prevent identity thieves from stealing your personal information? The most important first step you should take is to freeze your credit, but there are many good habits you can develop and use every day....
Read More
Reminder: It is now free to freeze your credit in all 50 states
Placing a freeze on your credit used to be free in only certain states but is now free for everyone in the United States. If you have not frozen your credit with the 3 primary credit agencies or with the 3 additional agencies that...
Read More
The Financial Plans & Strategies Team: Hitting a Home Run for Your Investments
Spring is in the air! The end of March brings a special treat: Major League Baseball’s first pitch crosses home plate earlier than ever this year. As we dusted off the old mitts, we started thinking of the Financial Plans &...
Read More
Don't Fall for Apparent New Twist on IRS Phone Scams
The following is an article from Forbes dated February 20, 2019. In our recent survey, many of you requested to be kept abreast of the latest tax scams. If you receive a phone call from someone claiming to be with the IRS, do not give...
Read MoreQ & A's of Market Volatility
Market volatility is a phrase on many investors’ lips since last year. Market turmoil began in early 2018 and intensified later in the year. Back in February, we wrote an article addressing the volatility. Today, we’d like...
Read MoreThank You for Your Generosity
Thank you for your generous donations during Financial Plans & Strategies second annual holiday charity drive. This year, we collected many items for KIC-IT thanks to your giving. Kids in Crisis Intervention Team (KIC-IT) is a...
Read More
Contribution Limits for 2019
Happy New Year!! As we look forward to 2019, we wanted to let you know of the important changes below regarding the amounts you can contribute to your retirement plans: In 2019, the retirement contribution limits increased to the...
Read More
The Rebalancing Act
Last week’s blog post featured a video from Dimensional Fund Advisors about the importance of tuning out investment noise. This week, we want to share with you how the Financial Plans & Strategies team works daily to manage your...
Read MoreTune Out the Noise
Financial Plans & Strategies is here to help you focus on your goals and tune out the noise. Please take two minutes to watch the attached video provided by Dimensional Fund Advisors.
Read More
FinPlans Holiday Charity Drive 2018
This holiday season, Financial Plans & Strategies is proud to once again support KIC-IT to collect non-perishable and other items for young adults in need. Kids in Crisis Intervention Team (KIC-IT) is a non-profit that helps teens and...
Read More2018 Year-End Distributions from American Funds
Please note that there will be significant year-end distributions of Long-Term Capital Gains this year for certain funds. Remember it is better to make money and pay taxes than not make any income. Year-End Capital Gain Distributions...
Read More
Credit Freeze 2.0: Going Beyond the Basics
As technology continues to evolve at a rapid pace, scammers are constantly looking for new ways to compromise individuals’ information. This leaves many people wondering how they can protect both themselves and their information...
Read More
Quick Tips on Buying a Home
This August I purchased my first home. As a new homeowner, I have quickly learned that gone are the days of calling the landlord when your light bulbs burn out. That responsibility is now mine, along with the water in the crawlspace,...
Read More
New Office Hours
By request, we are changing our office hours beginning September 4th, 2018. We hope that this change will alleviate some of your traffic concerns and help us to better serve you. NEW HOURS Monday - Friday: 8:15 AM to 4:15 PM Friday...
Read More
What is Comprehensive Estate Planning?
Many people avoid or delay discussing estate planning because it makes you face your own mortality. But proper planning makes it more likely that your wishes are honored and can often reduce taxes, legal expenses, and family conflict....
Read More
Should You Use 529 Plan Funds on K-12 Education?
Federal law says you can, but you may want to think twice about it. When President Trump signed the Tax Cuts & Jobs Act into law late in 2017, new possibilities emerged for the tax-advantaged investment vehicles known as 529...
Read MoreYou're Invited to Our Open House
Financial Plans & Strategies is hosting an open house at our new, Northside location on June 22nd. We hope to see everyone there!
Read More
Tips to Save Money on Summer Vacations
School’s out for the summer. The weather is heating up and many families are taking summer vacations. But don’t let your getaway drain your bank account. Below are helpful tips from Financial Plans & Strategies to help you...
Read More
Smart Financial Tips for Graduates
Did you recently graduate from college? The years after graduation are crucial not only for launching a career, but also for planning your finances. Consider making these smart financial moves post-graduation. Set up an emergency...
Read More
Reminder: IRA Contribution Deadlines
The April tax filing deadline is quickly approaching – and along with it IRA contribution deadlines. The tax savings from making an IRA contribution can be substantial. Below is a quick breakdown of the IRA deadlines, limits and...
Read More
Bitcoin Blues
What is Bitcoin? Bitcoin is a digital currency which can be used to make purchases anonymously, which is not linked to any government, and which is made secure using a cryptographic technology called “blockchain.” It is the...
Read More
Top 6 Tips When Buying a New Car
Spring is here which means many people are in the market for a new car. Although consumers buy cars year round, many individuals choose to shop when the weather is better and allows for easier shopping. Also, previous model year...
Read More
The Dow Dropped, Do Not Drop out of Market
Financial Plans & Strategies, Inc. firmly believes that a well-diversified portfolio. long-term investing and regular meetings with your financial advisor is a good defense against financial downturns. Corrections happen. It has been...
Read More
Let's Talk Taxes...
Please note: We are not a tax advisory firm and do not give tax advice. However, we have gathered some important information that may help you in your tax preparation. If you have additional questions, please speak with your tax...
Read More
Financial Resolutions for the New Year
Every year millions of people make resolutions for how they want to improve their lives in the upcoming year. This tradition dates back centuries: The Babylonians made promises to their gods at the start of each year that they would...
Read More
Time Sensitive Tax Planning Considerations for 2017
The tax overhaul has been passed, and many changes should be considered prior to year-end. We are not tax advisors: this is for information purposes only and should not be taken as advice. If you would like to learn more, you can find...
Read More
Home Bias & Global Diversification
During 2017, Financial Plans and Strategies investment advisors attended several conferences where they had the opportunity to listen to renowned economists, portfolio managers and analysts provide insight and perspective on market...
Read More
Reminder: Year End Deadline for Tax Reporting
We want to make you aware of several approaching year-end activities with potential tax implications for 2017, and the dates by which action must be taken in order to meet the December 29 deadline. (December 31 falls on a Sunday this...
Read More
Reminder: College Choice 529 Contribution Deadline
Indiana College Choice 529 Tax Credit Deadline Indiana taxpayers who invest in the Indiana College Choice 529 Plan must make their contribution to the plan by 12/30/2017 to receive a tax credit for 2017. Deadline Dates for Existing...
Read More
How to Fall Back into Good Savings Habits
The first day of fall was September 22, 2017. That means summer is officially over. With a little more than 3 months left in 2017, the changing of the seasons is an ideal time to take stock of your investment portfolio. What goes into...
Read More
A Quick Guide to 529 Education Savings Accounts
One of the more common questions we get at Financial Plans & Strategies is, “Does this distribution qualify?” 529 Plans, also known as Qualified Tuition Programs (QTPs), allow parents to prepay or make account contributions...
Read More
Money Basics for College Students
It’s August, and that means young adults across America are heading off to college. Campuses across the country are welcoming students back in the thousands. Before your student hits the books, have them study up on the following...
Read More
Beware the Expensive Free Lunch
If you’ve received an invitation to a complimentary investment meeting at an upscale restaurant, you’re not alone. According to the Financial Industry Regulatory Authority (FINRA), 64% of people age 40 and above1 have been...
Read More
Social Security Replacement Cards Now Available Online
The Social Security Administration has just announced a new, online Social Security replacement card service. If you need a replacement card for these states, you can now order it electronically rather than waiting in person. You can...
Read MoreA Warm Welcome from Financial Plans & Strategies
Welcome clients, prospective clients and readers to Financial Plans & Strategies’ blog whose commencement coincides with a major update to our website. Under the new format we will be regularly adding new material to the blog in...
Read More