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Review Category : Insurance Tips

Will You Lose Your Home Mortgage Deduction In 2013?

Last Friday, I spent a chunk of my day at the Georgia Regional Financial Planning Association conference. I was a panelist at the event, but one of the reasons I attended was to see a friend of mine Michael Kitces speak on all of the tax law changes here in 2013. He is one of the best tax management advisors that I know of in the industry. As I have shared before in my blogs, tax management will be as important if not more important than asset management over the next decade. With all of the recent fiscal cliff changes, the tax law has become even more complicated and requires a close eye here in 2013 when income to tracking your gross income, capital gain sales, and potentially triggering out things like stock options or selling a piece of rental real estate. One of the main questions taxpayers will face this this year is whether or not their home mortgage ...

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Will The Internet Change Medical Prices?

There was a time that when it came to buying our electronic devices, we would simply go to our local electronics store.   Then, the onslaught of electronics superstores came at us like Best Buy, Circuit City, and Fry’s giving us a virtual cornucopia of electronic choices.    In the late 90’s and then into the early 2000’s, the internet changed the game with websites like Buy.com, Next Tag, and Amazon where we could price compare quickly as consumers.   Between the internet and smart phones today, information is at our fingertips to quickly compare and contrast the pricing on whatever electronic devices we are potentially going to purchase. As most of us know, the health care landscape has changed over the past several years and should change dramatically when we get into 2014.   When January 1st comes, the most popular part of health reform will be the concept of guaranteed issue.   This means irrespective of pre-existing conditions health plans must be available ...

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Life Insurance: Why Do You Think 1 Million Dollars Is A Lot Of Money?

I’m excited to take part in the life insurance movement with Good Financial Cents.  Having been a practitioner involved with life insurance over the past 21 years, I have unfortunately had to deliver my fair share of insurance checks.   When I met people who have lost a loved one and now have to build them a financial plan, never once did I hear them say, “Boy, I’m so angry my life insurance agent sold me too much insurance!”    Rather, I hear horror stories from widows who cannot understand why their husband didn’t take out more life insurance.   Or, they assured their spouse that they would be ‘well taken care of’ if anything happened to them.   This is the story for many families across America. In the last six months, I’ve seen both friends and family who are in the 40 to 45 year old range dealing with major medical issues.   I’m 42 and when people told me about 10 years ...

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Personal Finance 101: Generation X – You Just Turned 40: Last Time To Get Life Insurance?

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude. In the last six months, I’ve seen both friends and family who are in the 40 to 45 year old range dealing with major medical issues.   I’m 42 and when people told me about 10 years ago the aches in my joints would be just a little bit worse . . . well I hate to admit but they were correct.    Recently, I had three different people I know who drove themselves down to the emergency room thinking that they might be having a stroke or heart attack.    I know three different people who were diagnosed with some ...

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Pay As You Drive Car Insurance: A Good Idea?

Every six months you get a bill in the mail from your auto insurance company.   After your eyes glaze over 12 stapled pages of different line items of coverage and boiler plate language, you get all the way to the bottom to see your semi-annual premium.    Maybe if you are a really good driver according to the insurance company, you’ll get some sort of good driver discount which nobody can explain the math behind anyway.   Or, you can reduce your premium by buying more insurance through your auto carrier like your home insurance.   So you start to wonder . . . should there be a better way to come up with the correct premium on your auto insurance? Let’s face it, two people could each drive 5,000 miles during the year.   One person racked up their miles by sifting through the morning traffic to and from school dropping off and picking up their kids every day.  Bumper to bumper, they ...

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oXYGen Financial Hires Financial Advice Expert For Dentists To Lead Atmos Dental Advisors

(ATLANTA,GA) –September 23rd, 2011- Atlanta based oXYGen Financial, a growing leader in financial services for Generation X and Y individuals and business owners, has hired Chris Sands to pioneer a new business model focused on dental professionals called Atmos Dental Advisors.  This new venture will create a customized offering allowing dental students, residents, and practitioners across the country to gain access to a family office atmosphere catered specifically for the needs of dental professionals.   This is another addition to the growing brands of oXYGen, a cutting edge leader in the financial services industry. “Our family at oXYGen Financial keeps growing, and we are delighted to have Chris running our new venture specializing in dentists”, said Kile Lewis, co-CEO and founder of oXYGen Financial.   “Most financial firms are strictly pitching students and dental practitioners with insurance products or some basic tax services.   We believe that to help a dental professional truly succeed, you need a family office model that allows them ...

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Should you buy a ‘combined’ insurance policy?

As technology changes, we are always looking for the latest and best upgrades so we are on the cutting edge.  Just like the technology sector,  the world of insurance policy design and implementation is constantly changing.  One of the most recent designs to hit the market is buying something called a combined insurance policy.    This kind of insurance policy is typically a cash value type life insurance policy combined with a long-term care rider.    Is this a good idea to combine both into one policy, or should you be looking at two separate policies to cover these risk management needs within your financial plan? Families have always bought life insurance (term or permanent insurance) over the years to cover for the short and long term needs in the event of a premature death of one of the partners our spouses in a family unit.  The amount of insurance a family needs has been long debated, but it’s best to use ...

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Personal Finance 101 – Your Benefits Package At Work: Disability Insurance

One of the most overlooked parts of an overall financial plan is the benefits package you receive from your employer.   Last week I reviewed the areas of life insurance.    For younger employees, the area of income protection can often be far more important than the area of life insurance.   This week, I will cover how to analyze the group protection you have at work for disability insurance.  If your employer doesn’t offer this coverage currently, it should be at the top of your list to get yourself some individual disability insurance coverage.   Disability coverage can be some of the most confusing coverage to understand, and the real details about your policy are within the benefits manual you receive from your employer. You will generally have two types of coverage through your employer.   Your short term disability (STD) coverage will normally take effect somewhere from 0 to 14 days after your disability, and may last somewhere up to six months to ...

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Personal Finance 101 – Your Benefits Package At Work: Life Insurance

One of the most overlooked parts of an overall financial plan is the benefits package you receive from your employer.   Two weeks ago we talked about health insurance and the decisions that you should be thinking about within your overall benefits package.   Life insurance is an election that you will have to make every year within your employer’s benefits plan.   I have found that often people don’t ask themselves the tough questions when it comes to this election, nor do they understand what the coverage will take care of in the event of a premature death in the family. Remember, that your overall life insurance election will generally include individual group life insurance, spouse/partner life insurance, children life insurance, accidental death and dismemberment insurance, and sometimes a group universal life insurance option.   Understanding the nature of what these cover and their overall portability are a critical part of making sound financial decisions. How does my group term life insurance work? ...

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