Scholarships area preferred type of financial aid because they do not have to be repaid. There are basically two types of scholarships: financial need-based scholarships and merit-based scholarships awarded based on academic, athletic, musical, or artistic ability. Scholarships can come… Read More
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Financial Planning: Gold & Silver: What Everyday Investors Should Understand Before Jumping In
Gold and silver have a certain appeal that never seems to fade. Whether it’s the shine of a gold bar or the idea of owning a “safe” asset during uncertain times, many investors feel drawn to precious metals. And today,… Read More
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Financial Planning: Sudden Wealth
What would you do with an extra $10,000? Maybe you’d pay off some debt, get rid of a college loan, or take a much-needed vacation. EVALUATE YOUR NEW FINANCIAL POSITION Just how wealthy are you? You’ll want to figure that… Read More
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ESTATE PLANNING AND 529 PLANS
When you contribute to a 529 plan, you’ll not only help your child, grandchild, or other loved one pay for school, but you’ll also remove money from your taxable estate. This will help you minimize your tax liability and preserve… Read More
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CHOOSING A CREDIT CARD
Like leaves in an autumn breeze, credit card offers swirl in from every direction—filling your mailbox, flashing across the Internet, even tumbling out of magazines in your doctor’s waiting room. And they all sound so attractive. “0% APR until next… Read More
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BWFA ENHANCES SUPPORT FOR FEDERAL EMPLOYEES
BWFA is proud to announce that several of our employees now hold the ChFEBC℠ (Chartered Federal Employee Benefits Consultant) designation. A ChFEBC℠ is a prestigious designation for Financial Advisors, CPAs, and others, who have successfully completed an intensive training course… Read More
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WHY REGULAR FINANCIAL PLAN REVIEWS ARE ESSENTIAL FOR LONG-TERM SUCCESS
Your financial plan review is one of the most critical aspects of successful financial planning. Many people assume that once their financial plan has been created, they can ‘set and forget.’ However, there are several reasons why it’s necessary to… Read More
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SAVING FOR COLLEGE: THE IMPORTANCE OF 529 ACCOUNTS
The rising cost of higher education has made saving for college a crucial financial goal for many families. With tuition rates increasing yearly, proper planning can help alleviate the burden of student debt and ensure a smooth transition into higher… Read More
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GOVERNMENT-SPONSORED DISABILITY INSURANCE PROGRAMS
Although these programs may not offer the comprehensive protection you’d like, they can help you and your family if you can’t work. SOCIAL SECURITY DISABILITY BENEFITSTwo programs administered by the Social Security Administration pay disability benefits. The Social Security disability… Read More
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UNDERSTANDING MEGA BACKDOOR ROTH CONTRIBUTIONS
The Mega Backdoor Roth Strategy is a powerful strategy that allows high-income earners to contribute significantly more to a Roth account than standard contribution limits allow. This strategy is especially beneficial for individuals who have already maxed out contributions to… Read More
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TAPPING THE EQUITY IN YOUR HOME
Over time, the value of your home has likely grown and your mortgage balance has been reduced (or even eliminated). The equity you now have in your home is a reservoir of funding potential. You may decide to tap into… Read More
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CHANGING JOBS? KNOW YOUR 401(K) OPTIONS
If you’ve lost your job, or are changing jobs, you may be wondering what to do with your 401(k) plan account. It’s important to understand your options. WHAT WILL I BE ENTITLED TO? If you leave your job (voluntarily or… Read More
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Applying for a Mortgage
Since most people finance their home purchases, buying a home usually involves applying for a mortgage. Here is some basic information to help guide you through the process. MORTGAGE PREQUALIFICATION VS. PREAPPROVAL Before applying for a mortgage, you’ll want to… Read More
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How Will I Manage to Send My Child to College?
Being able to send your child to college is a common goal for most parents, but a diploma doesn’t come cheap. The best thing to do to achieve your goals is to start saving as early as possible, even if… Read More
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How Financial Planners Can Help High-Net-Worth Individuals
Everyone has specific goals they wish to achieve. From buying a home, getting married, saving up for our child’s education, lowering our tax burden, and building a large retirement corpus. To do all these things, you need a carefully crafted… Read More
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Maryland’s Save4College State Contribution Program
The thought of paying for college can be overwhelming for many people, but a lot of the stress and pressure can be relieved with careful planning. There are many college savings options and saving in a 529 plan is a… Read More
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Trust Basics
Whether you’re seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility — many types of… Read More
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Getting Started: Establishing an Emergency Fund
In times of crisis, you don’t want to be shaking pennies out of a piggy bank. Having an emergency fund, or a financial safety net, in place can ensure that you’re protected when a financial emergency arises. One way to… Read More
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Budgeting 101
Do you ever wonder where your money goes each month? Does it seem like you’re never able to get ahead? If so, you may want to establish a budget to help you keep track of how you spend your money… Read More
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Financial Planning Issues for New Parents
My wife and I recently celebrated the birth of our first child, so it felt appropriate and timely to discuss some of the financial planning issues related to growing a family. As you prepare for life with your new child,… Read More
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Funding a Roth IRA
With the potential for tax-free retirement income, Roth IRAs may be appealing investment vehicles. There are three ways to fund a Roth IRA — you can open an account and contribute directly, you can convert all or part of a… Read More
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Choosing a Continuing Care Retirement Community
What is a Continuing Care Retirement Community (CCRC)? CCRCs are retirement facilities that offer housing, meals, activities, and health care to their residents. These communities appeal to people who are currently in good health, but who worry that they may… Read More
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Always Improving to Meet Our Clients Needs
As investment advisors it is our mission to help our clients achieve their financial, as well as life, goals. Throughout this relationship with our clients, we are there during many of the high points in their lives, but we are… Read More
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Multi-Generational Family Wealth Planning
Legacy and family are both inherent parts of wealth planning. Take steps to create and preserve multigenerational family wealth with these tips. When we think about wealth planning, we often turn to concepts like personal finance management, investments, and retirement… Read More
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Sticker Shock: Creative Ways to Lower the Cost of College
Even with all of your savvy college shopping and research about financial aid, college costs may still be prohibitive. At these prices, you expect you’ll need to make substantial financial sacrifices to send your child to college. Or maybe your… Read More
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10 Tips to Help Your Marriage Survive Retirement
While you may view retirement as a long-anticipated emancipation from the work world, it is also a period of considerable change and adjustment. If you are married, some of the most profound changes will take place within the context of… Read More
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Dealing with Divorce
Divorce can be a lengthy process that may strain your finances and leave you feeling out of control. But with the right preparation, you can protect your interests, take charge of your future, and save yourself time and money. You… Read More
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Who Should Inherit Your Wealth?
Some people fantasize about receiving an inheritance like it will be a dream come true. But when it comes to giving an inheritance and deciding who should receive what, the process can be a lot less thrilling. Setting up wills… Read More
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Decisions, Decisions: Choosing Among Retirement Plan Contribution Types
If your employer-sponsored 401(k)or 403(b) plan offers pre-tax, Roth, and/or non-Roth after-tax contributions, which should you choose? How do you know which one might be appropriate for your needs? Start by understanding the features of each. PRE-TAX: FOR THOSE WHO… Read More
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Transitioning Into Retirement Can Be A Good Thing
If you’re considering retirement within the next five years or so, you’re in the retirement “zone.” This is a critical time period during which you’ll be faced with a number of important choices, and the decisions you make can have… Read More
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Understanding Defined Benefit Plans
You may be counting on funds from a defined benefit plan to help you achieve a comfortable retirement. Often referred to as traditional pension plans, defined benefit plans promise to pay you a specified amount at retirement. To help you… Read More
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BWFA Professionals Receive Additional Credentials: Certified Elder Planning Specialist (CEPS)
Our mission at BWFA is to provide our clients with comprehensive wealth management by offering asset management, financial planning, and tax services at one firm. In the past this most often took the form of providing expert advice to those… Read More
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The Individual 401(k)
If you’re self-employed or own a small business, you’ve probably considered establishing a retirement plan. If you’ve done your homework, you likely know about simplified employee pensions (SEPs) and savings incentive match plans for employees (SIMPLE) IRA plans. These plans… Read More
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Car Insurance for Travelers
The rental car you’re driving while on vacation or a business trip is nice — you almost wish you could take it home with you. But what happens if you have an accident while you’re renting it? When you do… Read More
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Health Insurance for Travelers
You were having a great time on your vacation — until your toddler woke up from her nap with a fever. If you were at home, you’d take her to the pediatrician right away and rely on your health insurance… Read More
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Financial Planning for Executives – Webinar
Can you imagine running your business without a strategic plan? Of course not, however, many successful executives have no personal financial plan. Our comprehensive and proactive approach professionally organizes and manages your financial affairs, ensuring that you are maximizing all… Read More
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Health Insurance and COBRA: Sometimes You Can Take It With You
If you’re like most Americans, you count on your employer for health insurance coverage. But what would happen to your health insurance if you suddenly stopped working or no longer qualified for benefits? No one can predict the future. It’s… Read More
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Understanding Your Credit Report
Your credit report contains information about your past and present credit transactions. It’s used primarily by potential lenders to evaluate your creditworthiness. So if you’re about to apply for credit, especially for something significant like a mortgage, you’ll want to… Read More
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Nonqualified Deferred Compensation (NQDC) Plans: A Primer for Business Owners
A nonqualified deferred compensation (NQDC) plan is an arrangement between an employer and one or more employees to defer the receipt of currently earned compensation. You might want to establish a NQDC plan to provide your employees with benefits in… Read More
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To Borrow or Not to Borrow?
Many clients have enviable cash balances in the bank, and if not, ample invested funds, to draw all at once to purchase large ticket items — homes, cars, boats. In the past, those of us who are in any way… Read More
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Why is a Comprehensive Portfolio Assessment So Important? [23 Factors that Impact your Investment Portfolio]
BWFA evaluates 23 factors that impact your investment portfolio in our Comprehensive Financial Assessment conducted by a Certified Financial Planner and a Senior Portfolio Manager. How will your portfolio score? Sign up for this important webinar to learn how to… Read More
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What is a Donor-Advised Fund (DAF)?
What is a donor-advised fund (DAF)? A donor-advised fund (DAF) offers an easy way for a donor to make significant charitable gifts over a long period of time. A DAF is similar to a private foundation but requires less money,… Read More
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Evaluating An Early Retirement Offer
In today’s corporate environment, cost-cutting, restructuring, and downsizing are the norm, and many employers are offering their employees early retirement packages. But how do you know if the seemingly attractive offer you’ve received is a good one? By evaluating it… Read More
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Bypassing Probate
You may have heard about the horrors of probate, but in truth, probate has gotten an undeservedly bad reputation, especially in recent years. If you bypass probate, your estate will go to your beneficiaries without any court proceeding, and you… Read More
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Teaching Your College-Age Child About Money
When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it is time for you to make sure that your child has… Read More
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Tips for Those Caught in the Sandwich Generation
At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself in the position of having to help your children with college expenses or the financial challenges of… Read More
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Spring Cleaning Your Way to Better Finances
Spring is a good time to clean out the cobwebs, and not just in your home or apartment. Your personal finances can benefit from a good spring cleaning, too. Here are some questions to ask yourself regarding your budget, debt,… Read More
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Is it Time to Review Your IRA Estate Planning Strategies?
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was passed in December 2019 as part of a larger federal spending package, included a provision that warrants special attention from those who own high-value IRAs. Specifically, the “stretch”… Read More
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The Joys and Financial Challenges of Parenthood
Parenthood can be both wonderfully rewarding and frighteningly challenging. Children give gifts only a parent can understand — from sticky-finger hugs to heartfelt pleas to tag along on Saturday morning errands. You raise them with a clear goal that you… Read More
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Health Insurance in Retirement
At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever before. Staying healthy is your goal, and this can mean more visits to the doctor for preventive tests… Read More
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Financial Basics for Young Adults
With age comes responsibility, so if you’re a young adult in your 20s or 30s, chances are you’ve been introduced to the realities of adulthood. While you’re excited by all the opportunities life has to offer, you’re also aware of… Read More
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Merging Your Money When You Marry
As I am a newlywed as of August, I thought an article about merging finances with your spouse was fitting. Some of these topics are good food for thought for many couples, not just newlyweds. Getting married is exciting, but… Read More
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Asset Protection in Estate Planning
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims,… Read More
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Choosing a Beneficiary for Your IRA or 401(k)
Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries. Although… Read More
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Inheritance: Strategies for Successfully Navigating Sudden Wealth
What would you do with an extra $10,000? Maybe you’d pay off some debt, get rid of some college loans, or take a much-needed vacation. What if you suddenly had an extra million or 10 million or more? We are… Read More
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Stay Well With Good Health Insurance
Your goals and priorities will probably change as you plan to retire. Along with them, your insurance needs may change as well. Retirement is typically a good time to review the different parts of your insurance program and make any… Read More
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Umbrella Liability Insurance
When your local weather forecaster tells you that it’s going to rain, what do you do? That’s easy—you reach for your umbrella. So why not purchase an umbrella that can protect you in stormy financial weather? Umbrella liability insurance (ULI)… Read More
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Estate Planning: Trusts
Whether you’re seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility — many types of… Read More
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Teaching Your Teen About Money
Your teen is becoming more independent, but still needs plenty of advice from you. With more money to spend and more opportunities to spend it, your teen can easily get into financial trouble. So before money burns a hole in… Read More
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How to Help Your Aging Parents Prepare for Retirement
Some people stride into their retirement years with the same self-assurance they’ve demonstrated all their lives. They’ve got the retirement thing figured out, and they don’t need help from anyone. But others go into retirement never entirely certain they’re actually… Read More
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Millennials: Coming of Age
In March 2018, Pew Research Center released a new study seeking to more conclusively define the Millennial generation. The study concluded that a Millennial is someone born between 1981 and 1996, making them now, in 2018, between the ages of… Read More
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Making a Large Financial Commitment? Borrow or Pay Upfront?
For those who were raised in the Great Depression Era or raised by Great Depression Era parents, we sometimes have developed an aversion to borrowing money. Let us explore the benefits today of borrowing, versus paying outright for a large… Read More
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Women: Moving Forward Financially After the Loss of a Spouse
The loss of a spouse can be a devastating, life-changing event. Due to longer life expectancies, women are more likely to face this situation. This has hit close to home for BWFA as very recently some long standing clients have… Read More
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Six Potential 401(k) Rollover Pitfalls
You’re about to receive a distribution from your 401(k) plan, and you’re considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble-free, there are some pitfalls you’ll want to avoid. 1. CONSIDER THE PROS AND… Read More
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Health Insurance In Retirement
At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever before. Staying healthy is your goal, and this can mean more visits to the doctor for preventive tests and… Read More
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Retirement Plans for Small Businesses
As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed a deduction for contributions you make to an employer- sponsored retirement plan. In return, however, you’re required to include certain employees in the… Read More
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Financial Planning: Helping You See The Big Picture
Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached. That’s where financial planning comes… Read More
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Establishing a Budget
Do you ever wonder where your money goes each month? If so, you may want to establish a budget to help you keep track of how you spend your money and help you reach your financial goals. EXAMINE YOUR FINANCIAL… Read More
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Caring for Your Aging Parents
Caring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that… Read More