fbpx
blog2018-12-13T16:47:53+00:00

Spousal IRA, An Empowering Financial Valentine’s Gift for the Stay-at-Home Spouse

By Cynthia Rivera, J.D.   A spousal Individual Retirement Account (IRA) may not be considered a traditional Valentine’s gift, but the work, planning, thought and care that goes into funding and growing a spousal IRA can be a testimony of present love and care now and for years to come. What I like about the spousal […]

When It Comes to Succession Planning, Timing is Key

By Andrew Baron, CFP®   You have built a business. You have overcome obstacles and celebrated successes. With your continued efforts, your business has provided for your family and your employees alike. When considering the sale of your business, the timing can present complications affecting others both directly and indirectly. First, the timing of the sale […]

Four Basic Components of Succession Planning on the Family Homestead

By Sarah Collier, J.D.   Growing up on a small farm, I know all too well that farmers take pride in their hard work on the farm. It’s those memorable events like three generations working together to build a barn that are the reasons why the farmer wants the family homestead to pass from generation […]

Tips to Develop a Successful College Financial Strategy Part 2

By Cynthia Rivera, J.D.   With today’s cost of a higher education, having insufficient funds to pay for college expenses is hardly an uncommon situation. In our previous article I discussed strategies that you may use when faced with the realization that the funds you dutifully invested over the years may not be enough to […]

TOP 5 REASONS TO CONSIDER A ROTH IRA

By Alex Ognenovski, J.D.   Key Points: Contributing to a Roth IRA gives you extra taxation-flexibility toward your retirement plan. The contributions to a Roth IRA are made on an after-tax basis, meaning you can withdraw your contributions at any time and any potential earnings can be withdrawn tax-free during retirement. You are not required to […]

The Federal Shutdown: Financial Lessons

By Cynthia Rivera, JD   As a former federal employee in Washington D.C., my heart goes out to my former co-workers, who along with thousands of federal employees and contractors, are currently living without a paycheck.Despite the promise that many federal employees will receive their pay retroactively, most need their income now. But in the […]

Tips to Develop a Successful College Financial Strategy

By Cynthia Rivera, J.D.   Surely, funding a tax advantaged 529 plan early in a child’s life is among the most efficient methods to save for college. What if you realize, as your child inches closer to high school graduation, that the funds you diligently invested may not be enough to cover your child’s college […]

6 Tips for Survival in This Wild World of Internet Sales

By Elizabeth K.B. DiPietrantonio, J.D.   I called my Mother recently with a tone of excitement in my voice I could barely contain. I am almost positive she thought I was calling with news of a grandchild or perhaps the second coming. Alas, I simply wanted to share that I had purchased a set of […]

Opening the Door to Conversations About Aging

By Brandi Graham, CTFA, CFP®   Everyone knows proactive is better than reactive.  Then why is it most families don’t talk about aging until a sudden health crisis occurs? Chances are you spent some time with your family members this holiday season. You may have noticed Aunt Mary’s house wasn’t as clean as it usually […]

Timber Basis: A Primer

By Nick Jensen, CPA, CFP®   Owning land is a dream for many. It offers a chance to diversify investments while owning a tangible asset that can be enjoyed in many ways. Compared to looking at your investment account statement, there is something viscerally more satisfying about fertilizing your woodlot with your own footprints. Owning and […]

5 Ways to Save Money on Your Wedding Day

When reflecting back on your picture perfect wedding, we could assume you were caught up in the moment of love and making sure everything was perfect. Now, the wedding is over and you are able to take a step back and realize you might have gone overboard with the spending. One of our very own […]

What is a 1031 Tax Deferred Exchange

By Nick Jensen, CPA, CFP®   Are you fortunate enough to own real property that could be sold at a large gain?  Real Estate transactions are a topic we discuss with clients frequently as there are a variety of tax related considerations that require thorough and comprehensive planning strategies in order to ensure that the […]

Are You Anxious About Stock Market Volatility?

When reflecting on the performance of the markets over the last year what comes to mind?   Turbulence? Fluctuations? Uncertainty? All of the above?   If the answer is yes, you aren’t alone. According to CNBC* Nearly 40 percent of Americans said they were “anxious” about stock market volatility…and that was before the roller coaster […]

Are Target Date Funds a Bulls-eye or off the Board?

Target Date Funds Explained By Mason Jones, CFP®   Target date funds (TDFs) have been around for over two decades. These funds are meant to help investors simplify their decision-making in how to allocate and diversify their assets, especially as they get closer to retirement age. The funds are created by a specific mutual fund […]

Integrating Disaster Relief Into Your Charitable Giving Plan: Key Points to Consider.

Integrating Disaster Relief Into Your Charitable Giving Plan: Key Points to Consider. By Alexander K. Ognenovski J.D. Natural disasters are nothing new, however, in light of the frequency and gravity of recent events, we have an acute awareness of the toll these occurrences take on the areas affected.  The headlines are currently dominated with images of […]

New York isn’t Horsing Around Anymore

Sarah Collier, J.D.   Do you visit farms for u-pick events and horse lessons? Own and operate agriculture businesses that invite the public onto your land educating them about agriculture? Then this new New York State law may impact you. Just over a year ago New York signed into law The Safety in Agriculture Tourism […]

No Pardon for Turkey

It goes without saying, that the JGUA Investment Philosophy and our hands on, personalized approach to Investment Management is incredibly valuable to the clients we have the privilege of serving. One of our differentiating factors is our belief that research and due diligence are of paramount importance and therefore these functions are kept in-house as […]

New York State STAR Program

Basic STAR vs. Enhanced STAR: Which one is right for me? By: Nick A. Jensen, CPA, CFP® New York State resident homeowners may receive a property tax exemption called School Tax Relief or STAR program. This program is found in the New York State Real Property Tax Law (RPTL) § 425 and is aimed at […]

529 Plans —The Basics

Cynthia Rivera, JD Summer has arrived along with our cherished graduation season.  A milestone to be celebrated. With every passing year our kids are inching closer to that long-awaited dream – college. For many students and their families, however, college has become an expensive dream and a lengthy financial burden.  Helping the future college student […]

The Time Has Come To Grow The JGUA Headquarters!

On Friday, June 29th we had the opportunity to tour JGUA’s Big Flats property with local contractors as we move along in the process of relocating our Corporate Office to Daniel Zenker Drive. It was definitely exciting to discuss the progress that’s being made towards this important milestone in our Firm’s history as we quickly […]

Women in Finance

Earlier this week members of the John G. Ullman & Associates Team were involved in the annual Fund For Women “Inspire” Fundraising Dinner (#FFWInspire) at the Corning Museum of Glass. The Fund For Women’s Mission is “to help girls and women achieve self-sufficiency and realize life goals.” Their Mission is complimentary to the Mission and […]

Comprehensive Financial Planning Strategies Are Even More Important After This Year’s Tax Season

In the Aftermath of the Tax Reform and Jobs Act of 2017 Your Advisor May Now Be Able to Help You: Reduce Your Taxes, Maximize Your Savings & Achieve Your Philanthropic Goals During Your Retirement Years Brandi Graham, CTFA, CFP® and Cynthia Rivera, JD The benefits of savvy strategic planning are significantly greater today as we […]

Making Sense of Itemized Deductions Under The New Tax Law

MAKING SENSE OF ITEMIZED DEDUCTIONS UNDER THE NEW TAX LAW Lynda Tull, Associate Advisor If you’re a homeowner and you’re above the standard deduction, chances are you or your tax preparer have itemized your deductions. These deductions include, but are not limited to: Home mortgage interest payments City/state/school property taxes Personal property taxes State income […]

Not So Happy Tax Day?

Andrew Baron, CFP® Associate Advisor Sometimes life gets the better of us and filing taxes can slip through the cracks. There can be numerous reasons for this to happen—from general procrastination to life-altering catastrophes. Regardless of your reason, anyone may request an automatic 6-month extension. This is an extension of time to file your tax […]

2018 IRS Dirty Dozen

JGUA urges everyone to review the “IRS Dirty Dozen” to familiarize yourself with these scams that are hitting close home, and learn what to do if you become a victim of these tactics. Judith A. Palumbo, JD, CFP® Senior Advisor  On April 4th the IRS issued their 2018 IRS Dirty Dozen: Watch Out for These 12 Scams […]

SEP IRA vs. Solo 401(k) – Which is Better for You?

Smart Retirement Options for the Self-Employed. Alexander Ognenovski, JD Self-employment has its advantages; yet also comes with responsibility, such as saving for your own retirement. When you work for an employer, you can usually count on there being a 401(k) plan or something similar already in place that you can contribute to. However, when you […]

Is Your 457 Plan Leaving Money On the Table?

Andrew Baron, CFP® Associate Advisor 457 plans, one of the lesser known retirement savings plans are a special kind of plan for non-profit organizations. The sponsor of the plan must be an employer that is either a state or local government entity or a qualifying 501(c)(3) organization. Federal employees are not covered under these plans […]

JGUA In The News: An Interview with John G. Ullman as featured in The Wall Street Transcript

Do you qualify to utilize a QCD?

If you do, reviewing your QCD strategy this Tax Season should be a priority… Kathryn W. Gerwig, CFP® Senior Advisor As you complete your 2017 income tax returns, keep in mind some tax provisions that will possibly be more important for 2018 and future years’ tax planning.  In 2015, the Protecting Americans from Tax Hikes Act […]

Spousal IRA — A Valentine’s Gift for your Spouse

Cynthia Rivera, JD Associate Advisor  Many of our financial decisions and future planning are borne out of love. To take care of those we love….is an ideal that permeates most of our daily thoughts and actions. So, on this Valentine’s Day, amid the flowers and chocolates you may want to consider a nonconventional gift for […]

Volatility in the Market – with Commentary from John G. Ullman

Market Drops…Now What?? *Spoiler alert…..no need to panic. It’s been a Volatile week in the Markets. Sharp declines, and the dramatic headlines that follow, can trigger panic and feelings of uncertainty, especially after the record breaking growth that’s been seen in the Market over the last year. What caused the drops seen in the Market […]

Advisor Spotlight: Todd Brost, CFP®

As you likely know the 2018 Winter Olympics are approaching, to be held in PyeongChang South Korea Feb. 9-15. What you may not know, is that one of our very own, Todd Brost, Senior Advisor here at JGUA is an Olympian! As part of our Advisor Spotlight series we asked Todd to share his Olympic […]

Tax Cuts and Jobs Act of 2017

What has ACTUALLY changed? Andrew Baron, CFP® Associate Advisor The Tax Cuts and Jobs Act of 2017 (TCJA) was the first major shakeup in the United States tax code since The Tax Reform Act of 1986 under President Reagan. While there are significant changes to how corporations and other businesses are taxed, there are also […]

Lumpy Itemized Deductions: Let the Strategy Games Begin

Nick Jensen, CPA              Associate Advisor Now that the Tax Cuts and Jobs Act has been signed into law new strategies are emerging that individual taxpayers should consider.  Under the new law the standard deduction is increased for individual taxpayers through the year 2025.  The new law also includes limitations or elimination of some itemized deductions. […]

When to Take Social Security – Your Options and What To Consider.

When it comes to Social Security Benefits, it can be tempting to take the money and run as soon as you’re eligible—typically at age 62. But simply because you can; does it mean that you should? Alexander K. Ognenovski II, JD* Associate Advisor Key Considerations: Health status, lifetime longevity, and retirement lifestyle are 3 variables […]

To Pre-pay or Not To Pre-Pay

Questions linger in regards to Year-End Tax planning post passage of GOP Tax Bill… With the passage of the GOP Tax Bill, many questions are lingering about the impact to taxpayers heading into the New Year. The clock is ticking to make sure taxpayers take advantage of any opportunities to maximize deductions on their 2017 […]

GOP Tax Bill Passes

 Its official…The GOP’s $1.5 trillion tax plan cleared the Senate early this morning. (…with a lump of coal provision in the end.) The bill passed the House earlier Tuesday, but due to a procedural snafu the chamber will vote again today before noon. The re-vote isn’t expected to change the outcome. The Tax Cuts and Jobs Act, […]

Want to reduce your Medicare premium? Your charitable contributions could be the answer.

Want to reduce your Medicare premium? Your charitable contributions could be the answer. Brandi Graham, CFP® What do Medicare premiums and charitable giving have in common? One may be able to save you money on the other… If you make gifts to charity and are required to take a required minimum distribution (RMD) from your […]

Year End Tax Tips

UPDATE: Due to last minute provisions to the tax bill which developed after we released this information, and before the final bill passed, most of these recommendations are no longer valid. One of our favorite Easter Eggs in the Tax Bill which allowed for prepayment of state and local income taxes in order to claim […]

Are You Prepared for a Disaster?

Are You Prepared for a Disaster? Nora Smith, Information Services Manager This Holiday season, so many of us are watching the news helplessly as the fires rage in California and thousands have been forced to leave their homes. The ongoing natural disaster in the West comes on the heels of a horrific Hurricane season that […]

Happy #GivingTuesday!

Your Guide to Charitable Giving this Holiday Season Sara Rolls, Associate Advisor What is #GivingTuesday? According to www.givingtuesday.org #GivingTuesday is celebrated on the Tuesday following Thanksgiving (in the U.S.) and the widely recognized shopping events Black Friday and Cyber Monday. #GivingTuesday kicks off the charitable season, when many focus on their holiday and end-of-year giving. […]

401(k) or IRA: Which Vehicle Makes Sense (for you).

Key Points to Consider. Alexander Ognenovski, JD Associate Advisor What’ll it be: a 401(k) or an IRA? Given the choice between putting money in an employer-sponsored retirement account such as a 401(k) or a self-directed savings vehicle like a Roth or traditional IRA, the ideal answer is “all of the above.”  But until (or even […]

IRS Contribution Limit Changes for 2018

What do these changes mean for you and your retirement savings plan? Lynda Tull, Associate Advisor The IRS has announced new contribution limits for retirement savings accounts which include 401K, 403B, and most 456 plans. Changes to income limits for IRA contribution deductibility and new contribution limits for Health Savings Accounts (HSAs) have also been […]

Fact vs. Fiction: Saving for College with 529 Plans.

Alexander K. Ognenovski II, J.D. Your guide to myth-busting the 529 Plan; and how to use it to your financial advantage. Three main aspects when considering a 529 Plan: There are no limits on who can open a 529 college savings plan or who can contribute. 529 plan savings can cover a range of educational […]

Want to help your kids financially? Be the bank.

I want to help my (adult or young adult) kids (or grand kids) financially without just giving them money. Have you ever thought this? Have you wanted them to still have some accountability or teach them to manage some debt without it being such a burden to them? This is something we hear and get […]