Welcome!  You’re here because you’ve asked yourself, “Why should I hire a financial planner?”  There are plenty of good reasons why you should hire a financial planner.  Many people think that a financial planner helps them make more money.  This is typically true, but there is so much more to financial planning than making money. ...

It’s something that every business owner must grapple with at some point.  What happens to my business when I die?  It depends on a lot of factors, but when it comes to solopreneurs there are potentially even greater stakes.  Often your active contribution is what drives the business’s value.  Without you then you are at...

It’s a great question nowadays: What happens to my social media when I die?  It’s a question none of our ancestors had to deal with, but is now an important part of your estate plan.  So, what actually happens to your social media when you die? Passwords Keeping a list of passwords available to a...

Here we will go over the basics of your estate planning, along with any special context for you as a solopreneur. Living trust How it works A living trust is a legal instrument that you establish while you are alive to protect your assets and simplify their distribution after you die.  It helps your family...

A Health Savings Account (HSA) is a tax-advantaged account that can help you save for medical expenses.  You can only use it if you have a high-deductible health plan (HDHP).  HDHPs are defined as health plans that have a deductible of at least $1,500 ($3,000 for a family) and total out-of-pocket annual costs of no...

A 529 plan is a tax-advantaged investment plan designed to help families save for a beneficiary’s (typically one’s child or grandchild) future higher education expenses or private K-12 expenses. There are two basic types of 529 plans: educational savings plans and prepaid tuition plans. 529 plans are sponsored and run by 49 states and the...

This post shows you how to fill out a 5500-EZ for your Solo 401k.  You may be aware of this from the documents you received from your custodian or Solo 401k administrator.  If not, this is a form that you file with the government every year showing the value of the balance of your Solo...

Term life insurance is better than whole life insurance.  Any argument made in the case for whole life is easily rebutted in favor of term life.  This is precisely what we will examine here.  Term life is better than whole life, but the incentive structure for insurance agents is to sell whole life whenever possible. ...

People get excited when they find out they can hold real estate in their Solo 401k.  You can combine the benefits of tax-advantaged accounts along with real estate, but you must understand the whole story before you commit.  Real estate in your Solo 401k comes with additional risks and pitfalls.  Take some time to understand...

If you want to open a Solo 401k you must be certain that you are not violating the controlled group rule. A Solo 401k is a retirement plan for self-employed individuals or small business owners with no full-time employees other than themselves or their spouses. However, not everyone who is self-employed or owns a small...