Trump Accounts, also known as 530A accounts (which we’ll be calling them going forward to depoliticize them), are tax-advantaged investment accounts that can be opened for children. They officially became available on July 4, 2026. Earnings on investments in the account are tax-deferred. On January 1 of the year the child turns 18, the account is converted to a Traditional IRA and ownership is … [Read more...] about How Do Trump Accounts Work, and Should I Open One for My Child?
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A Quick Guide to the One Big Beautiful Bill Act (OBBBA)
Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) brings sweeping tax changes with some significant implications for taxpayers (particularly those in or near retirement). Standing at over 1,000 pages, the bill permanently extends many provisions originally introduced in the 2017 Tax Cuts and Jobs Act (TCJA), while enacting changes across many facets of the federal … [Read more...] about A Quick Guide to the One Big Beautiful Bill Act (OBBBA)
What’s Your Family Approach to Charitable Giving? Year-End Ideas & Insights
As the holiday season approaches, many of us are not only gearing up for festive celebrations but also considering ways to give back to our communities. Charitable giving is a big part of many family financial plans, and when done effectively, it can also allow you to make strategic tax moves at the end of the year. In this blog post, we'll explore how to decide how much (and when) you should … [Read more...] about What’s Your Family Approach to Charitable Giving? Year-End Ideas & Insights
5 Telltale Signs You Might Need a Financial Advisor
When you think of people who use financial advisors, you may not consider yourself the right demographic. But it may surprise you that plenty of advisors cater to people who aren’t retired millionaires. There are plenty of reasons for younger people to engage with a financial advisor well before retirement age. If you’re wondering if it’s the right time to speak with a professional about your … [Read more...] about 5 Telltale Signs You Might Need a Financial Advisor
Ask Gen Y Planning: How to Financially Support Family?
This question was submitted by a reader! Do you have a money question you’d like Gen Y Planning to answer in a future blog post? Submit it to genyplanning.com/askgyp. What should the financial planning look like when you have a parent who has no retirement saved up and won’t be working much longer due to health issues? My mother-in-law rents in a bad part of town, works at temp jobs, is turning … [Read more...] about Ask Gen Y Planning: How to Financially Support Family?
9 Money Mistakes to Avoid in Your 40s
Your 20s were all about setting up your financial foundation and establishing good habits. Your 30s were about life changes like getting married, having kids, and building your career. In your 40s, everything is amplified even more. You’ve got growing kids and aging parents -- and what you don’t have is a ton of spare time. There’s a lot you can do in your 40s to protect your money and care for … [Read more...] about 9 Money Mistakes to Avoid in Your 40s