Archive for Financial Planning

Do you really need Life Insurance by Paul Ferraresi

Let’s face it. Most people put off buying life insurance for any number of reasons. Take a look at this list—do any of them sound like you?
1. It’s too expensive. In the ever-burgeoning budget of having a family, things like day care and car payments and possibly even college tuition eat up a good chunk of the money each month, and a lot of people think that life insurance is just outside those “necessities” when money’s tight. But two things: life insurance is often not nearly as expensive as you might think, especially when you can get a good policy for less than the cost of a daily cup of coffee at the local café, and well, if money’s tight now, what if something happens to you?
People with no life insurance overestimate its cost by three times. And even those who have coverage, overestimate its cost by two times.1 While it is an expense that you have
to budget for imagine what the financial impact would be
for your family if something were to happen to you and you had no life insurance coverage at all.
2. That’s that stuff for babies and old people, right?
Funny, recent surveys show that 71% of people say they personally need life insurance ,yet, only 51% have coverage.
3. I’m strong and healthy! You eat right, you stay active, and everyone admires how grounded and centered
you are. You passed your last physical with flying colors! That’s GREAT! But you’re neither immortal nor
indestructible. It’s not even that something could happen to you—though it could—so much as when you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones. If you fall
seriously ill or suffer significant injury later, it will make it tougher to get that kind of policy, if any at all.
4. I have life insurance through my job. Many people are offered life insurance as part of their employee
benefit coverage—and often, it’s the first time they encounter life insurance and have no idea that a $50,000
policy, or one or two times their salary, isn’t as much as they think it is. It sounds like a lot of money (and it
is!), until you realize that it has to cover some or all of the expenses for your loved ones in your absence. Plus,
if you leave the job, it’s typically the type of insurance that doesn’t “move on” with you.

5. I don’t have kids. Sure, kids are a big reason why some people get life insurance. But that’s not the only
litmus test for needing protection. If there is anyone in your life who would suffer financially from your loss—
your spouse or live-in partner, a sibling, even your parents—a life insurance policy goes a long way in making sure everyone’s still okay even if something happens to you.
6. Life insurance—it’s on my list… eventually. There’s no deadline on life insurance, no mandate from the government on purchasing it. Your parents may have never talked to you about its importance, and it’s certainly not the most invigorating topic for conversation. But don’t let your “eventually” turn into your loved ones’ “if only.”
If any of this sounds daunting, just know that it doesn’t have to be. Be sure to talk things through with your
Insurance agent. Your financial professional will help you figure out how much you may need, and find a policy that fits into your budget. There’s a policy to fit every budget, and a life insurance agent can help you find coverage that’s right for you.
Information for this article was provided by Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures:
www.lifehappens.org.
The opinions voiced in this material are for general information only and are not intended to provide
specific advice or recommendations for any individual. To determine which investments or products may be appropriate for you, consult with your financial professional.

WHEN YOU NEED CASH QUICK Recommended by Paul Ferraresi

People are always looking for quick ways to bring in cash. Here is an article from Jean Chatzky that may help you.

http://www.aarp.org/money/budgeting-saving/info-2017/get-cash-quick.html

2018 Tax Alert : Rental Real Estate by Paul Ferraresi

The newly implemented Tax Law for 2018 through 2026 has some marvelous benefits for individuals. True , what the Government “Giveth” the Government “Taketh” away.
Namely, with any new tax savings in an area one pays taxes in another area.

For most Americans the “SALT” (State, local, sales and property tax deduction)limitation of $10,000 will be hurtful .

Be Aware!!!! If you own rental property and report it on Schedule E, there are new limitations. If you have Schedule E losses , then, those losses begin to Phase Out at incomes of $100,000. The losses are completely Phased Out at $150,000 of income. See your tax advisor( not Turbo Tax) on how to restructure ownership of these properties to keep your liability protection in place while allowing these passive losses.

An exception to this rule applies to Real Estate Professionals and Developers.

WHILE YOU ARE AWAY, CYBERCRIMINALS WILL PREY by Paul Ferraresi

Travel seems to be on everyone’s calendar. Whatever your travel plans, you can address the cybercrime safety and security issues by reviewing the following checklist.

A SAFE-TRAVEL CYBER CHECKLIST

Don’t discuss travel plans on social media. Do not post travel dates or itineraries, and warn your children not to share their own or their parents’ travel plans – and never reveal when no one is home.

Be wary of public Wi-Fi. You should always use secure connection when going online in public places.

Be careful getting cash and making payments. Be cautious of where you make payments or get cash, since these are the key access points for identity theft among cybercriminals. Using ATMs at a bank branch is safer than using standalone ATMs, and using a credit card for merchandise purchases is safer than using a debit card, which provides direct access to a bank account.

Turn off home computers. The ‘always-on’ computers are more susceptible to hacking.

Back up all data. Storing all sensitive files in a secure facility on the cloud is recommended, as is backing up data onto a removable storage device that can be kept in a home safe.

Change passwords. If you are taking an iPhone on a trip it is suggested that you change your Apple ID password to something long and difficult to hack and turn on the lock-screen passcode.

Register for the Smart Traveler program. The State Department’s Smart Traveler Enrollment Program (STEP) at https://step.state.gov/ is a free service that allows citizens traveling abroad to enroll their trip with the nearest U.S. embassy. Enrollment enables embassies to reach travelers in an emergency, as well as help family and friends contact the travelers.

Protect the home while away. If you will be gone for any period of time you should take the following steps to protect their homes from cybercriminals: Alert the home alarm provider so they will know the house is vacant; ask your alarm company if they offer an encryption tool for their home security system to make it less vulnerable to hackers; disconnect the garage door opener and lock it manually to protect from criminals who can crack the electronic code; and unplug any devices or appliances connected to the internet.

WHEN YOU NEED CASH QUICK Recommended by Paul Ferraresi

People are always looking for quick ways to bring in cash. Here is an article from Jean Chatzky that may help you.

(If link does not function…copy and paste into your browser)

http://www.aarp.org/money/budgeting-saving/info-2017/get-cash-quick.html