How to Use the Tax Code to Retire in Style

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA How do you envision your retirement?  Spending long, lazy days at the beach? Spending more time with your grandchildren? Going golfing or fishing a lot more?  Everyone has their own ideal retirement plan.  Want more help getting to your retirement?  … Read more

May The Odds Be Ever In Your Favor

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA The Hunger Games was a bestselling novel that was subsequently made into a movie.  Both were awesome.  The setting is one where the Capital is abundant in riches.  The outlying 12 Districts are all living in poverty.  Every year there … Read more

When You Should Take Your Required Minimum Distribution Early

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Required Minimum Distribution The Internal Revenue Service (“IRS’) requires taxpayers to begin to take their Required Minimum Distribution (“RMD”) from their IRA’s and 401(k) plans by April 1st following the year they turn 72. Failure to take this RMD will … Read more

Why Everyone Needs a $1 Million Umbrella Policy (or More)

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA

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What Is an Umbrella Policy?

 

Personal umbrella insurance is the insurance that is designed to give you liability protection beyond the protection provided by your other insurance policies. While your existing homeowners and automobile policies will cover some liability, they come with caps that limit how much money they will cover for their stated purpose. Personal umbrella insurance is an excess liability policy. Think of this as a backstop.

 

 

How Does an Umbrella Insurance Policy Protect You?

 

In the event you are sued for liability in an auto accident and the judgment is declared against you for $500,000 but you only have $200,000 worth of liability coverage. The rest of the money would have to come out of your own pocket unless you had the umbrella coverage to fall back on. Without the additional umbrella insurance protection, you are susceptible to losing your assets to pay off the outstanding debts, including your home.

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Control Your Destiny

  This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA When reviewing their investment portfolios, investors frequently focus on the wrong item—the rate of return. Where should you start? You should center your attention on the areas that are under your control. The Amount of Money Saved The amount of money … Read more

7 Easy Year End Tax Saving Steps for Connecticut Taxpayers

  1) Fund a CHET 529 College Savings Plan   529 College Savings Plans are an effective way to save for a child’s or grandchild’s education.  The State of Connecticut allows Connecticut Taxpayers to fund a Connecticut Higher Education Trust (“CHET”) 529 College Savings Plan and take a State Income Tax Deduction.  Married couples filing a … Read more

The Difference Between a Roth IRA and an IRA

  The Roth IRA and an IRA both offer different tax advantaged ways to save for retirement. If you are serious about your retirement plan take these 5 Easy Steps to Retirement. Roth IRA   In 2019, investors are allowed to fund a Roth IRA up to $6,000 per year. Additionally investors age 50 and … Read more

The Difference Between a Roth IRA Contribution and a Roth Conversion

Roth IRA   The Roth IRA (“Roth”) is an excellent tool to help provide for retirement funding.  Here are 3 Proven Reasons You Need a Roth IRA. The Roth is a younger investor’s best vehicle to use.  Unlike the IRA, the Roth is not income tax deductible.  This means contributions to a Roth are made … Read more

You’re Gonna Need a Bigger Boat

This is one of the all-time classic lines in the movies. Captain Quint, Police Chief Brody and Hooper are out looking for the Great White Shark in the move Jaws. After the Great White attacks the Orca, Brody turns to Quint and says, “You’re gonna need a bigger boat.” What does this have to do … Read more