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Estate Planning: What is a Revocable Living Trust?

Submitted by Mission Financial Planning on January 12th, 2021

There are many types of trusts, and just as many ways to use them.  Most commonly, they are used to control (or allow for someone to control) assets after a person dies. They can also be used to shelter money from estate taxes, avoid probate, segregate money for special uses and needs, and to protect money from creditors, lawsuits and divorce.

Tags:
  • Estate Planning
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What is a Back Door Roth IRA?

Submitted by Mission Financial Planning on December 30th, 2020

Making IRA contributions is more complicated than it used to be; there are traditional, non-deductible and Roth IRAs, and each has different income thresholds for eligibility along with rules about whether you or your spouse have retirement plans at work.  However, if you don’t qualify to make a contribution directly, with a couple of extra steps, you can make what is called a &ldquo

Tags:
  • IRAs
  • Personal Financial Planning
  • Retiring
  • Roth
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Insurance Check Up

Submitted by Mission Financial Planning on December 13th, 2020

This year has sparked a lot of conversation about insurance.  COVID brought the prospect of death to the forefront for some, and many had a temporary loss of income which gave them a glimpse of what life might look like without a paycheck. These are good motivators for checking both your life and disability insurance policies to make sure you have the right coverage. 

Tags:
  • Financial Independence
  • Insurance
  • Personal Financial Planning
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Maximizing Tax Benefits for Charitable Giving

Submitted by Mission Financial Planning on December 8th, 2020

With the increase of the Standard Deduction, many clients found that they weren’t itemizing anymore, and discovered they were missing out on the tax benefits of making charitable contributions.  Charitable Stacking is a way to fix that.  

Tags:
  • Charitable Giving
  • Personal Financial Planning
  • Taxes
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Financial Hygiene Tips for New Practice Owners

Submitted by Mission Financial Planning on November 30th, 2020

Buying a dental practice can be a lot to take on; the new practice owner suddenly has the responsibilities of running the practice stacked on top of doing great dentistry.  The financial realities quickly become an important priority in your practice and personal life. 

Tags:
  • Cash Flow
  • Dental Practice Bottom Line
  • Dental Practice Financial Planning
  • New Dentist
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When Can I Retire?

Submitted by Mission Financial Planning on November 24th, 2020

A common question I hear is “when can I stop working?”  Not that the client necessarily wants to stop working, they just want to know that they can stop.  That would be my definition of financial independence; knowing that your investments or other income is enough to support your lifestyle, independent of your work. 

Tags:
  • Financial Independence
  • Personal Financial Planning
  • Retiring
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Year-End COVID Tax Check Up

Submitted by Mission Financial Planning on November 20th, 2020

We’re doing a lot of year-end tax checks with clients; it’s a regular November/December activity, but a tax check is even more important this year.  It’s been an unusual year - some clients have more taxable income than usual (unemployment, PPP, HHS/Cares Grants) and others have lower-than-usual income (missed paychecks, skipped Required Minimum Distributions).  We&r

Tags:
  • Dental Practice Financial Planning
  • Personal Financial Planning
  • Small Business Financial Planning
  • Taxes
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Do you have enough cash in your portfolio?

Submitted by Mission Financial Planning on November 13th, 2020

People are generally holding more cash than usual right now, having reacted to COVID’s effect on the market and the economy, uncertainty about the election, and the feeling that there’s safety and security in cash.  

Tags:
  • Cash Flow
  • Dental Practice Financial Planning
  • Investing
  • Personal Financial Planning
  • Read more

Could More Money Make You Happier?

Submitted by Mission Financial Planning on October 9th, 2020

There is ongoing academic research regarding how much money it takes to be happy, or at least satisfied, with one’s financial life.  While the numbers vary, at a certain point, studies show that increases in annual income no longer seem to bring greater happiness.

Tags:
  • Financial Independence
  • Personal Financial Planning
  • Retiring
  • Read more

COVID Cash Flow Check-Up

Submitted by Mission Financial Planning on September 18th, 2020

Financially, it has been an unusual and stressful year.  We are doing a series of “check up” articles to look at different areas of your finances to see what has changed, and what you might need to check up on to be sure your financial plan is still on track.  The focus of this post is cash flow;  many clients’ cash flow was affected significantly this year

Tags:
  • Budgeting
  • Cash Flow
  • Covid-19
  • Dental Practice Financial Planning
  • Kids
  • Personal Financial Planning
  • Small Business Financial Planning
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Categories

  • 101 (3)
  • 4% (1)
  • 401(k)s (15)
  • Budgeting (3)
  • Cash Flow (8)
  • Charitable Giving (2)
  • Covid-19 (9)
  • Dashboard (1)
  • Debt (5)
  • Dental Practice Bottom Line (5)
  • Dental Practice Financial Planning (13)
  • Estate Planning (6)
  • Financial Independence (4)
  • Financial Life Planning (4)
  • Financial Therapy (3)
  • Getting to know us (1)
  • Home Ownership (2)
  • HSA (1)
  • Insurance (4)
  • Interviewing Professionals (3)
  • Investing (6)
  • IRAs (4)
  • Kids (3)
  • New Dentist (8)
  • Personal Financial Planning (22)
  • Retiring (37)
  • RMD Series (8)
  • Roth (5)
  • SEP (3)
  • Small Business Financial Planning (4)
  • Social Security (3)
  • Taxes (11)
  • Withdrawal Strategies (6)
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Mission, Kansas
66205 United States

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