Asset Planning, Inc Blog

The latest from the team.

Ancestry & Genetic Testing

Many people are interested in their ancestry and genetic testing and the popularity of DNA test kits shows this new trend. The most popular tests are AncestryDNA, National Geographic genetics and 23andme. 23andMe has over 2 million customers that have given consent to have their data used for research. Yes, the data is sold. The premise is that the data is sold for research and the buyers are institutions and nonprofits. You do have to consent to your data being used and 80% of their customers do give consent. So, what are the dangers? For a young person who may be applying for health insurance or life insurance in their future, I would advise that their data not be shared and their sample not be kept for future testing. Despite genetic privacy laws, life insurers can request genetic testing information and thus deny coverage based on your disease risk profile. Law enforcement also has the right to your data.


For people living to age 85, there is a 34% chance of having Alzheimers. Age is also a big risk factor for Parkinson’s disease. If you find you have the APOE gene, your risk of Alzheimer’s is increased. How the research can help is that the right patients could be put in specific clinical trials. Carol and her kids have been tested. I spit in the tube and sent my sample off to 23andMe to be tested for ancestry results just because I am curious even though all my maternal side came from Sweden. I have not given consent for learning my genetic risk for diseases yet. If you have an interest in this topic, email us for our links to the articles and research.

Sandy

Continue reading
  513 Hits
513 Hits

Time for a Financial Checkup

After the hustle and bustle of the holidays and the start of a new year, most people start to look ahead and like the idea of a fresh start. Take advantage of this motivation by applying it to your finances as well and giving yourself a financial checkup.  Yes, I know that taking a good hard look at your finances is not always something that you look forward to. But being realistic about your current financial situation, making some goals and putting an action plan together will put you on the right track to having a successful retirement with less to worry about and more time to enjoy yourself.

I found an article in the December 2017/January 2018 edition of AARP magazine written by Michelle V. Rafter, that outlines some steps to get you started on your financial check up journey. Check it out by clicking the link below.

https://www.aarp.org/money/credit-loans-debt/info-2017/financial-checkup.html

May 2018 be your most financially fit year ever!

Samantha

Continue reading
  637 Hits
637 Hits

Reminders: Pet Donations and Document Shredding

All of us at Asset Planning hope everyone has had a great start to their New Year! I wanted to send out a few reminders as you may still be cleaning and organizing from all of the holiday madness.

We are still accepting pet supplies and old medications to donate for disaster relief until January 15th. If you have anything to donate please drop them off at our office by then.

Also, around this time you may be getting ready to do your taxes and are going through paperwork. This is a perfect time to remind you that we offer free document shredding for our clients all year long. If you have any sensitive paperwork that needs to be shredded you can bring that to the office any time.

If your items are bulky or heavy and you need assistance please call me in advance and I will be glad to help you.

Have a wonderful weekend!

Melani

Continue reading
  394 Hits
394 Hits

Tax Reform: Summary of Changes

President Trump signed the tax reform bill this morning. Most provisions are set to take effect in 2018, but many of those are also set to expire or sunset in 2025. Here's a summary of what we think are the major changes that will affect our clients. We will have a more in-depth analysis and summary in our year end newsletter.

1. Reductions in individual tax rates. The bill retains the current structure of seven investor tax brackets, but lowers five of them. It also includes the sunset provision, meaning it's a temporary arrangement from 2018 to 2025.
Here's the breakdown of the new vs. current marginal tax rates:

Current Marginal Tax Rate

Proposed Marginal Tax Rate

Income Level (Single Filers)

Income Level (Couples Filing Jointly)

10%

10%

$0 -- $9,525

$0 -- $19,050

15%

12%

$9,525 -- $38,700

$19,050 -- $77,400

25%

22%

$38,700 -- $82,500

$77,400 -- $165,000

28%

24%

$82,500 -- $157,500

$165,000 -- $315,000

33%

32%

$157,500 -- $200,000

$315,000 -- $400,000

35%

35%

$200,000 -- $500,000

$400,000 -- $600,000

39.60%

37%

$500,000 and up

$600,000 and up

2. Reduction in corporate tax rate to a maximum rate of 21% (a reduction from 35%). Also, corporate income earned abroad and brought back to the United States will be taxed between 8 and 15.5%, instead of the current 35%. These are permanent reductions.

3. Standard Deductions increasing nearly 90%. For married couples filing jointly, the standard deduction rises to $24,000 from $12,700; for single filers, it moves to $12,000 from $6,350.

4. Additional changes to Itemized Deductions. These vary, and some might be more impactful than others.

  • Personal exemption ending, but child tax credit increasing. The bill ends the personal exemption of $4,050 for you, your spouse, and your dependents; it doubles the child tax credit to $2,000 per dependent child under age 17.
  • Limits to state and local taxes ("SALT"). Under the bill, you may only deduct up to $10,000 in state and local taxes, including sales, income, and property taxes. This deduction was not previously subject to limitation.
  • Caps on mortgage interest. The bill allows mortgage interest deductions for current homeowners, but caps the interest deduction at $750,000 in mortgage debt for homes bought in 2018 and beyond, down from the $1 million limit in place now. It eliminates deductions for interest on home-equity loans, as well as deductions for moving expenses and employer-provided expense reimbursements (except for members of the military).
  • Expands medical deductions. Current law allows for deduction of medical expenses over 10% of adjusted gross income (AGI). The bill lowers the threshold to 7.5%.

5. Changes to estate planning.  The bill doubles the estate tax exemption to $10 million, but it's also indexed for inflation after 2011. The bill also calls for doubling the value threshold on the 40% levy on estates worth nearly $11 million for individuals and $22 million for couples. The estate tax exemption also has the sunset provision, meaning that the bill calls for a reversion back to current exemption amounts in 2026.

6. Charitable deductions. Although the current tax deductions stay in place, the doubling of the standard deduction to $24,000 essentially raises the threshold on deductibility. Taxpayers will have to itemize donations to get the benefit.

      From all of us at Asset Planning, Inc. we wish you a wonderful Holiday Season!


*Asset Planning, Inc. does not provide tax advice. We suggest clients consult with a tax-planning professional with regards to their personal circumstances.

Continue reading
  461 Hits
461 Hits

Bitcoin Mania

There is no denying it, Bitcoin is all anyone is talking about right now. We know that a lot of you have questions as to what it is, how it works, the risks etc. I came across an article this morning on Seeking Alpha written by Victor Dergunov that I feel has been the most comprehensive in explaining exactly what Bitcoin is and the risks involved when investing in it. I thought I'd share it with you to give you some insights on the mysterious cryptocurrency that is taking over the headlines. Follow the link below to read the article.

https://seekingalpha.com/article/4132006-bitcoin-big-short-coming?lift_email_rec=false&utoken=896c83f5aaeb6c09476c6308df1c6ef8

Have a great weekend!

Samantha

Continue reading
  668 Hits
668 Hits

Pet Donations Needed for Disaster Relief

Seeing the news about all of the displaced animals due to the hurricanes and wild fires has deeply touched our hearts. We have decided to try to do our part by collecting donations for local relief efforts as well as Puerto Rico. The rescue organizations are in desperate need of medications and new or gently used pet supplies. If you would like to donate to this cause feel free to drop off any of the items listed below at our office from now until Jan 15, 2018. 

MEDICATIONS- They accept dog, cat and people medications. Expired medications are fine too.
Antibiotics (ANY)
Especially: Clavamox,
Baytril, Albon, Biaxin,
​Doxycycline, Ciprofloxin,
Orbax, Augmentin,
Amoxicillin, Cephalexin,
Clindamycin, Erythromycin,
Azithromycin, Fungal Meds,
Heartguard, Nexgard,
Ivermectin, Dewormer
Lixotinic, ​Frontline, ​Revolution
Capstar, NutriCal
Ear & Eye Infection Medications

Pain & Anti-Inflammatory Medications

We will be shipping the medications directly to Puerto Rico.

New or gently used items such as:

Dog beds
Grooming supplies
Leashes and collars
Dog toys
Dog sweaters
Dog crates
Dog treats- hard and soft
Dry or canned dog/puppy food
Dog carriers and crates
Poop bags
Stainless steel bowls

These items will be dropped of at a local SPCALA location to be distributed by DART (Disaster Animal Response Team) where they are needed the most.


Continue reading
  507 Hits
507 Hits

Two-Step Verification

Two-Step Verification is a process that requires you to use two methods of authentication before logging into an account. You'll log into your account with the password that you set up and then they will either text, call or email you a code to verify that it is you logging in. There's also an option to remember the device, so if you're on your personal computer that you trust you won't have to get a new code each time. This may seem like a little bit of a hassle but it adds an extra layer of security to your accounts and we think is so important to set up, especially with so many data breaches happening every day. I personally have it set up on all of my accounts and I feel confident knowing that I will receive a notification letting me know that my account was logged into on a different device.

If you need any help setting this up on your accounts feel free to call me to make an appointment and I will be happy to help you.

Enjoy your weekend,

Melani

Continue reading
  433 Hits
433 Hits

Smartphone Security

Most of us live on our smartphones. Our whole lives are connected to them, from social media to online banking and more, so keeping them secure is more important than ever. I found a great article I wanted to share with you that has some tips on keeping your smartphone safe.

https://socialnomics.net/2017/05/10/7-best-practices-for-ensuring-smartphone-security/

I hope you find these tips useful!

Continue reading
  604 Hits
604 Hits

Notary Services

Don't forget that if you're ever in need of notary services, we offer them free to our clients. Give me a call at 714-827-5794 to set up an appointment.

Have a great weekend!

Melani

 

Continue reading
  505 Hits
505 Hits

Go Bag for Emergencies

After witnessing the devastation from the recent hurricanes and California wildfires I thought it was a good idea to send out a reminder about having a “go bag” or emergency kit ready. In the case of the wildfires the residents had little to no notice. This gave them no time to collect any of their belongings for themselves or their pets. Having this “go bag” ready and easily accessible is extremely important. On the FEMA website I found a comprehensive list of what you should have in your emergency kit as well as some additional tips to help you prepare for an emergency.It is attached below. Take some time to look over the list and get your "go bag" ready.

Emergency_Kit_Checklist-_FEMA.pdf

Continue reading
  493 Hits
493 Hits

By accepting you will be accessing a service provided by a third-party external to https://assetplanninginc.com/

Search Blogs Module

Wait a minute, while we are rendering the calendar
home mortgages clients show support Financial Planning Magazine Independence Day birth certificates Ice Cream Social relief efforts integral member California Lions Friends retirement planning CARES Act VOIP landline phones padlock Medicare Part B banking toilet paper Victor Dergunov July 3 rd card reader pet donation drive ID card phone home break-ins text messages “ skimmer ”. email notifications 401K wells Fargo portal July weekend hurricane Dorian non-prescripstion sunglasses interest Erin Nelsen money family members Kraig Mathias stock pile summer 2017 TD Ameritrade National LINC Conference Joey Gonzales Mobile Banking Security Tips partner /owner payments prescription eyeglasses credit card fraud Medicare question https ://seekingalpha home security opt-out media accounts years contribution limit Orange County CERTIFIED FINANCIAL PLANNER exam 4 pm -8pm Economic Security operations manager phishing scams house sitter consumer spending tax returns National Ice Cream month scams January 10 April 11 clients gap insurance TD Ameritrade life saver July 6 client portal Coronavirus Aid self-help topics 70 1/2. pets Wells Fargo employees 23 andme holidays approach CA FTB flash drive student loans phishing sites jury duty Social Security Administration ice cream cell phones April 15 Roth IRA check lists CFP ® estate planning direction IRS deadline Legal robocalls documents FEMA website company web address emergency kits FSA Auto insurance offering insurance retirement accounts Retirement Contribution Limits insurance policy donation counts October 1 2020. illiegal robocallers Part B app IRS credit score Affordable Care Act Treasury Department cell phone SIM swap scam rescue organizations information 2017 Equifax breach debt paperwork clutter home emergency kit 2017 IRA contributions June 29 home retirement plans paper records insurance policies Asset Planning DNA test kits trustee Notary Public 2018 IRA contributions Open Enrollment account numbers Part D premiums . https :// team members July 4 Supplemental Security Income retirement assets home emergency preparedness kits spam phone blog post business hours spread cell phone service provider Medicare plan fees policy EEChecklist-Kits.pdf stockpilingchecklist.pdf increase privacy notices pet industry estate 20 year anniversary privacy settings investment statements interest rates emergency folder checklists Healthcare Wells Fargo customers identity thieves Fox News story emergency kit ice cream event cell phone carriers coronavirus credit monitoring service Open House fun facts cell phone carriers offer parking spots drive /usb health care costs Facebook profile records Kiplinger Letter phone companies tax deadline driver license chip-enabled EMV cards breach official certification markets spring cleaning president Trump Medicare Part B premiums estate planning health care services disaster areas earnings fallout information Facebook credit cards Amazon earthquake app settlement options Charles Schwab fun atmosphere car loans clone counterfeits Orange County Superior Court D premiums notary services donation items news coverage Federal Trade Commission website COVID -19 virus 900 number Expired medications Brexit vote Medicare Advantage stimulus package executive order pet supplies Flexible Spending Account water … IRA accounts people medications tax records Medicare vision screening Social Security Shred paperwork tax deadlines borrowing money tax filing deadlines September 30 2020. Two-Step Verification Puerto Rico cell phone provider bottom line pet credit freeze vacation credit card company tax season April 18 2017. memorial Day weekend asset Planning trust February 14 market turmoil items identity theft