WealthCare Resource Library

Welcome to the Missional Money resource library by BayRock and Munchbach Family Office. Please choose any checklist file and download the PDF.

Issues To Consider If I Get Promotion Or Raise At Work

Receiving a promotion or a raise at work, this change can come with changes that might impact your financial situation.In this key checklist we focus on reviewing the potential financial impact of a raise or a promotion on you, including:Cash Flow and Income -Will your cash flow change due to the raise or any additional compensation that comes with the promotion? -Will this change impact your ability to save for retirement and other goals? If so, work with them to increase your savings in areas like your retirement plan, your HSA and others.Employee benefits  -In the case of a promotion, does the new job come with added benefits you need to consider? -These additional benefits might include stock-based compensation or deferred compensation.   Retirement Plans and Deferred Compensation  -In the case of a promotion will you now have added benefits, such as stock-based compensation, deferred compensation, and/or an equity position in your company? If so, there are a number of planning issues to consider. -Will your higher income affect your ability to make contributions to a Roth IRA or deduct contributions to a traditional IRA? -Be sure that you're fully funded by your employer-sponsored retirement plan. -If you will receive non-qualified stock options or restricted stock options as part of your promotion, there are a number of planning items to help them through. Tax and Insurance Planning -Your higher compensation may present some additional tax planning issues. At the very least, you will want to ensure that your withholding is adjusted to ensure you don’t have a hefty tax payment due. -Your new income might merit increases in life insurance coverage and /or disability insurance coverage.This is a comprehensive checklist of the types of issues that you should be considering. This change can have a great financial impact, and your planning can help you make the most of this career advancement.Updated 12/15/2020

Issues To Consider If I Lose My Job

We sometimes find ourselves in the position of losing our jobs. In today’s economic uncertainty, business closures and layoffs are increasingly common. The loss of a job can cause serious stress for you, personally and financially. To help you be guided through a disruption in employment, we’ve created the checklist “What Issues Should I Consider If I Lose my Job?”In this checklist, we cover a number of issues to consider when you are facing unemployment, including:-Severance options, if any are offered -Employer benefits, including continuation of health insurance, sick pay, etc. -Eligibility for unemployment benefits -Budget adjustments -Health insurance options -Employer-sponsored retirement accounts, stock plans, and other benefits -Income tax considerations -Retirement or future employment options  This is a comprehensive checklist of the financial issues that you need to consider surrounding a job loss.Updated for 3/15/2021  

Issues To Consider During My Divorce

Most important planning issues to identify and consider when you are going through a divorce. It’s structured as follows:  -Cash Flow Issues -Asset & Debt Issues -Insurance Planning Issues -Tax Planning Issues -Long-Term Planning Issues -Other IssuesUpdated for 12/15/2020

Documents To Keep On File

Documents that you need to consider keeping in case you encounter any number of issues.You are often confused as to what documents to keep in your files. Records relating to tax and legal matters, healthcare issues, assets and liabilities, as well as other important transactions should be kept in case they are needed in the future.In this checklist, we cover a number of documents that you need to consider keeping in case you encounter any number of issues, including:-Various tax documents, including past tax returns as well as documents related to specific transactions, such as annual gifts made to children, relatives, or others. -Healthcare records, including those relating to Medicare eligibility, substantiating medical deductions on prior tax returns, and confirming any contributions to, and distributions from, a health savings account (HSA). -Various legal documents, including proof of your citizenship or military service, estate planning instruments(e.g. Will, Trust, and Powers of Attorney.), and records surrounding your marriage or your divorce. -Documentation regarding certain assets owned and debts incurred by you, including statements and disclosures for investment accounts and employer-sponsored retirement accounts, business records (e.g. the company EIN and documents of formation and operation), student loan and mortgage statements, and titles to automobiles and real estate, among others. -Other types of documents such as copies of any insurance policies and relevant paperwork, employment contracts, and proof of professional certifications that you may hold.  This is a comprehensive checklist of the types of documents that you need to consider retaining in your files.Updated for 11/15/2020  

Reduced Social Security Benefits

Claiming Social Security benefits can be one of the more complicated topics that you will address.Here are a multitude of rules that can have a significant and lasting impact on your future income stream and overall financial picture.To help make this analysis easier, we have created the “Will My Social Security Benefits Be Reduced?” flowchart. It is based on the Social Security Administration’s guide, “Retirement Benefits”. and addresses common issues including:-How to determine Full Retirement Age (FRA) -Effects of marriage and divorce -Implications of collecting benefits before, at, or after FRA -Annual limits -Impact of continuing to work while claiming benefits -How benefits will be taxedUpdated for 11/15/2020

Penalty-Free Roth IRA Conversion

Converting a portion of an IRA to a Roth IRA is a complex process that involves many moving parts.  Unintended consequences can result if the strategy is not properly analyzed or handled, including a possible impact on Medicare premiums two years after the conversion.To help make the analysis easier, we have created the “Will My Roth IRA Conversion Be Penalty Free? flowchart. It addresses common issues that you encounter when doing a Roth conversion, including:-Implications for IRAs with after-tax contributions -Pro-rata and aggregation rules -Simple IRA rules -Medicare Part B and Part D surcharge impact -Application of the 5-Year Rule -RMD coordination issuesUpdated for 11/15/2020

Paying Tax On The Sale Of My Investment

Determining the tax impact of selling an investment can sometimes be complicated. There are several questions to ensure that the tax liability on the sale of an investment is calculated correctly.To help make this analysis easier, we have created the “Will I Have To Pay Tax On The Sale Of My Investment?” flowchart. It addresses some of the most common issues that arise for you trying to understand the tax impact of selling an investment. This flowchart considers the following:-Capital gain versus capital loss -Long-term versus short-term status -Tax brackets and applicable rates -Medicare Surtax calculation Updated 11/15/2020

Paying Tax On My Qualified ESPP

Employee Stock Purchase Plans can be an important benefit for you.These programs can allow the purchase of employer stock at a discount, which creates an incentive for employees to increase your ownership stake with your employer.The tax impact upon the sale of shares within an ESPP varies based on how long the shares were held and at what price they were sold. The tax treatment depends on whether a sale is a qualifying disposition or a disqualifying disposition.This flowchart addresses the tax consequences you will face when participating in your ESPP, and maps the tax calculations upon the sale of employer stock acquired through your plan.Updated 11/15/2020

Enrolling Automatically In Medicare

Most common Medicare issues arise when a client turns 65.Determining when you must enroll in Medicare can be complicated. Depending on your situation, you may be automatically enrolled or you may have to proactively enroll. If you must follow the Initial Enrollment Period rules, there is the added complication of determining when coverage starts.To help make this analysis easier, we have created the “Will I Be Enrolled Automatically in Medicare” flowchart. It addresses some of the most common Medicare issues that arise when a client turns 65, including:-Impact of age on enrollment -Automatic enrollment events -Initial Enrollment Period rules -Coverage start dates for Part A, B, & DUpdated 11/15/2020

Avoiding Social Security's Government Pension Offset

The most common issues that arise for you that might be subject to the GPO.You who are receiving a government pension and a Social Security spousal, widow, or widower benefit based on your spouse or ex-spouse’s work history may be impacted by the Government Pension Offset (“GPO”).To help make the GPO rules easier for you to understand, we have created the “Will I Avoid Social Security’s Government Pension Offset?” flowchart.It addresses some of the most common issues that arise for you that might be subject to the GPO, and considers the following:-Impact of certain key dates -Required Social Security contribution period to avoid GPO -GPO calculation -Impact on MedicareUpdated 11/15/2020

Important Milestones

This quick reference guide covers key milestones to keep in mind across your relationships.There are many important milestones that you need to keep in mind. Eligibility requirements often depend on your year of birth, residency, or other personal circumstances. With these variables, it can be difficult to track and recall how you age open or foreclose planning opportunities.In response to this challenge, we’ve created the “Important Milestones” resource.It covers ages that affect:-Child-related income taxation -Catch-up contributions -Retirement plan withdrawals -Medicare -Social SecurityUpdated for 4/30/2021

Avoiding Medicare Enrollment Penalties

If the Medicare enrollment rules are not followed correctly, you may be subject to significant penalties. It is important to understand available options, applicable deadlines, and a unique circumstances in order to properly enroll in Medicare and avoid penalties.To help make this analysis easier, we have created the “Will I Avoid Medicare Enrollment Penalties?” flowchart. It addresses some of the most common issues that you face, including:-Impact of employee headcount for those covered under an employer plan -Special Enrollment Period rules -Penalties for delaying Part A, B, & D -How a creditable drug plan could impact Part D late enrollment penalties  Updated 11/15/2020

Avoiding IRMAA Surcharges On Medicare Part B & Part D

Most common issues that arise for you on Medicare.Planning around Income-Related Monthly Adjustment Amount (“IRMAA”) surcharges has become more important as the Medicare premium increase amount has grown in recent years. While on the surface the concept is pretty straightforward, there are a few issues that can cause an unexpected wrinkle for you. It can be difficult to avoid pitfalls, and to recognize when you may be able to request an exception from the IRMAA surcharge.To help make this easier, we have created the “Will I Avoid IRMAA Surcharges On Medicare Part B & Part D” flowchart. It addresses some of the most common issues that arise for you on Medicare, including:-IRMAA surcharges for Part B and Part D based on MAGI ranges -Situations to request an exception and the form to complete -Relevant tax year for the surcharge calculationUpdated 11/15/2020

Penalty-Free Distribution From My Traditional IRA

Identifying unique situations that affect whether a distribution is taxed and penalized.Some of you may have unique circumstances that could impact the taxes (and penalties) that must be paid if a distribution is taken from your traditional IRA. The exceptions to the usual distribution rules can be hard to remember especially since many exceptions rarely come up.To help make this easier, we have created the “Will A Distribution From My Traditional IRA Be Penalty-Free?” flowchart. This flowchart helps to quickly identify unique situations that affect whether a distribution is taxed and penalized, and considers the following:-Implications for IRAs with nondeductible IRA contributions -Conditions that trigger the 10% early distribution penalty -Exceptions to the 10% early distribution penaltyUpdated for 11/15/2020

Considering To Refinance My Mortgage

Each situation is unique, and many factors must be considered before making the decision to refinance.When interest rates decline, mortgage refinancing becomes a particularly popular topic. However, there are several other good reasons for you to consider refinancing, including an increase in your credit score or home value, or the availability of more favorable loan terms. Each situation is unique, and many factors must be considered before making the decision to refinance.This flowchart helps guide your conversations when considering about your mortgages, and covers:-Interest rate trends -Current loan rates and terms -Available alternatives -Motivations for refinancing -Cautions against refinancingUpdated for 11/15/2020  

Considering Doing A Roth Conversion

There are a lot of important considerations to weigh before doing a Roth conversion.s a result of the current market condition and changes due to the SECURE Act, Roth conversions are becoming an important strategy that is worth discussing. This flowchart addresses some of the major decision points to help you be guided through the conversation. This flowchart covers:-Changes in marginal tax rates for you (or your heirs) -Ability to pay the associated tax with cash outside the retirement account -Five-year rule implications-Impact of income-based programs (IRMAA)Updated for 11/15/2020

Issues To Consider Regarding My Incentive Stock Options

Many of you have been (or will be) granted ISOs by your employer during your career. Incentive Stock Options (ISOs) are a form of equity compensation, offering employees a share in the potential appreciation of a company’s value, with preferential tax treatment. Deciding whether and when to exercise ISOs and sell shares can be difficult and requires cash flow analysis, complex tax planning, and a long-term strategy.  This checklist helps guide your conversations when considering regarding your ISOs. It covers:-Issues to consider at grant -Implications of exercise, including early exercise and post-vesting -Tax considerations and the IRC §83(b) election -Share ownership and sale strategies -Concentration and other risks Updated for 12/15/2020

Issues To Consider If My Parent Passed Away

Most important planning issues to identify and consider after a parent passes away. It’s structured as follows:-Cash Flow Issues -Estate Settlement Issues -Insurance Issues -Tax Issues -Investment & Asset Issues -Other IssuesUpdated for 11/15/2020

Issues To Consider During A Recession Or Market Correction

This checklist covers many of the issues to consider during a recession or market correction.It addresses some strategies particularly useful when the valuations of the markets are low (such as Roth Conversions and gifting strategies) as well strategies to mitigate the negative impact (cash flow becoming tight).This can help to pivot a conversation away from one of fear of the future to one where you consider strategies to take advantage of low valuations.Updated for 11/15/2020

Issues To Consider Before The End Of The Year

The end of the year provides a number of planning opportunities and issues to discuss with you. Year-end topics can include tax planning, investment and retirement accounts, charitable giving, cash flow and savings, insurance and estate planning.In this checklist, we cover a number of planning issues that you need to consider prior to year-end to ensure you stay on track, including:-Various issues surrounding investment and retirement accounts including matching capital gains against any investment losses in taxable investment accounts and confirming that all RMDs are taken. -Tax planning issues including strategies dependent upon your prospects for higher or lower income in the future. You will also want to review where you sit relative to your tax bracket as this is a good time to make moves to fill out brackets for the current year that also might prove beneficial down the road. -For you who are charitably inclined, there are several strategies that will also help reduce you tax liability that can be considered based upon your situation. -For you who own a business, tax reform has created some opportunities surrounding pass-through income from your business to your personal return. Accelerating or deferring business expenses presents another solid planning opportunity for you. -It’s wise to review your cash flow situation as you near year-end to see if you can fund a 529 plan for children or grandchildren or to see if you can save more in an employer-sponsored retirement plan like a 401(k).  This is a comprehensive checklist of the types of year-end planning issues that advisors should be considering to ensure you consider and take advantage of opportunities in the current year and beyond.Updated for 1/15/2021

Issues To Consider Before I Update My Estate Plan

Most important planning issues to identify and consider for you before updating their estate plan.It’s structured as follows:-Beneficiary & Fiduciary Issues -Assets & Property Related Issues -Minors & Children Related Issues -Other IssuesUpdated 11/15/2020

Taking My Pension As A Lump Sum

Several factors must be analyzed in order to determine what course is best for you and your unique circumstances.Although increasingly rare, employer pensions can make up a considerable portion of your expected retirement benefits. Whether you are nearing retirement or are already receiving ongoing pension payments, you may have the option to choose a lump sum distribution/buyout instead of a lifetime stream of payments.This flowchart helps you be guided as you consider your pension options. It covers:-Life expectancy considerations -Viability of pension plan -Risk tolerance and need for guaranteed income -Wealth transfer considerations -Lifetime income options Updated for 12/15/2020

Important Dates

The key dates and milestones are commonly referred to during the year. There are many important dates that you need to keep in mind. Different contexts and your circumstances will affect applicable deadlines, making it difficult for you to identify which figures should be referenced.In response to this challenge, we’ve created the “Important Dates” resource. It includes:-Tax filing deadlines for individuals and businesses -Tax payment deadlines for individuals and businesses -Tax form issuance deadlines -Retirement plan deadlines -Common enrollment periods

Buying Health Insurance Through The Health Insurance Marketplace If I Retire Early

Health insurance coverage is often a primary concern for you who are retiring early.Understanding and weighing options can be complicated and stressful for early retirees. To help make the conversation with you easier, we have created the “If I Retire Early, Should I Buy Health Insurance Through The Health Insurance Marketplace?” flowchart. This particular flowchart was developed in collaboration with Jeff Levine, and is based on the recent Nerd’s Eye View article he wrote covering this topic. This flowchart considers the following:-Medicare eligibility -Availability of coverage through your former employer -Coverage under your spouse’s health insurance -COBRA considerations -The Premium Assistance Tax CreditUpdated for 3/15/2021

Issues To Consider When Having (Or Adopting) A Child

Beyond the joy brought to parents from having or adopting a child, this is a huge financial transition in your life. There are a number of issues to consider including how the costs of caring for a child will impact both your short-term cash flow and your long-term saving and wealth-building objectives.In this checklist, we cover a number of financial issues that you need to consider when having or adopting a child including:-You will want to review your cash flow, and update your budget to include the additional costs to your budget involved with raising a child. If one of you decides to be a stay-at-home parent, how does the loss of income impact your short and long-term financial picture? You should check to see if your employer offers any sort of assistance, such as childcare subsidies or extended paternity leave.  -If you receive any cash gifts on behalf of your child, it’s wise for the parents to consider funding a 529 plan to help with college savings. You will also want to see if you can increase your funding to an HSA if you have one to cover increased medical costs on a tax-efficient basis.-You will want to notify your health insurance provider in a timely fashion to ensure that the new child is fully covered. In selecting a pediatrician for the child, you will want to consider whether the doctor is part of your provider’s network.-It’s key for you to review and update life insurance coverage in light of the addition of the new family member.-You will want to review your tax situation to ensure you take advantage of any tax credits that you may be entitled to relating to the child and any dependent care. If the child was adopted, you may be entitled to a tax credit related to that as well.-Having or adopting a child is a good time for parents to start doing some long-term planning around areas like saving for college or perhaps a child’s wedding. Estate planning issues such as updating Wills, Trusts, beneficiary designations, etc. should be front and center as well. This is a comprehensive checklist of the types of issues that you should be discussing surrounding the birth or adoption of a new child. You are not always fully aware of all of the financial ramifications of this joyous addition to your life. It is your role to ensure you are equipped to deal with these issues, enabling to enjoy your growing family to its fullest.Updated for 3/15/2021

Issues To Consider When Buying a Home

Buying a home is one of the biggest financial moves that you will ever make. There are a number of issues you should be aware of, including how the costs of purchasing and owning a home will impact your overall financial planning goals.In this checklist, we cover a number of financial issues that you need to consider when buying and owning a home, including:-Cash flow issues, such as the costs to maintain the home once you own it, the impact that owning a home will have should one spouse need/want to stop working to raise children, as well as how long you intend to live in the home. -Financing issues, including your debt ratios, qualification for advantageous mortgage terms and/or special lending programs (e.g. VA loans), and the loan application process. -Income tax and estate planning issues, including mortgage interest deductibility, basis tracking, and how to properly title the home. -Insurance issues, including property and casualty policies, and appropriate levels of life insurance coverage.  This is a comprehensive checklist of the types of issues that you should be considering when purchasing a home. You are not always fully aware of the financial ramifications of such a major decision, and it is your role to ensure that you are equipped to deal with these issues, allowing to enjoy home ownership to its fullest.Updated for 11/15/2020

Issues To Consider To Fund My Child's College Education

Most important planning issues to identify on how to fund your child’s college education. It’s structured as follows:-Financial Aid Issues -Funding Issues -Qualified Account Issues -Tax Planning IssuesUpdated for 1/15/2021

Issues To Consider If My Spouse Passed Away

Most important planning issues to identify and consider for you, whose spouse has recently passed away.This checklist covers 28 of the most important planning issues to identify and consider for you, whose spouse has recently passed away. It’s structured as follows:-Cash Flow Issues -Estate Settlement Issues -Insurance Issues -Tax Issues -Investment & Asset Issues-Other Issues  Updated for 11/15/2020

Issues To Consider If I Experience A Sudden Wealth Event

An increase in wealth, especially when unexpected, large, and/or sudden, requires thoughtful planning. You can experience a variety of wealth events that lead to a financial windfall, including the sale of a business or real estate, an inheritance, lottery winnings, or a legal settlement. This is a critical time to provide guidance and value to you, and offers a unique opportunity to make a significant positive impact.  This checklist helps guide your conversations when considering that experience a sudden wealth event, and covers:-The nature, timing, and terms of the wealth event -Cash flow impact -Liquidity considerations -Tax planning matters -Long-term planning opportunitiesUpdated for 11/15/2020

Issues To Consider For My Aging Parents

Helping you understand and manage the financial issues involved can make the situation a bit easier all.Becoming a caregiver for aging parents can be a drain emotionally and can carry financial ramifications both for parents and for the caregiver children.In this checklist, we cover a number of financial issues that you need to consider when faced with helping and potentially caring for aging parents, including: -Be sure you examine your parents’ finances to determine if you are able to manage your own expenses. There may be sources of income available to your parents of which the parents are unaware. -It’s important to remind yourself to be sure you have access to your parents’ important documents such as any estate planning documents. You should have the names and contact information for any advisors your parents use such as an attorney, financial advisor or accountant. -If your parents need long-term care, you will need to investigate ways to cover the cost. Medicaid planning or a reverse mortgage might be options. -If the estate of your parents is over a certain amount, then you may have an estate tax issue. It’s also important for you to ensure that your parents’ beneficiary designations on insurance policies and retirement plans are up to date, and that you reflect your wishes. -It’s important for you to ensure that your parents’ tax situation is in order, managing any capital gains or losses, as well as fully utilizing any deductible medical expenses. -Overall, it’s helpful to stress the benefit of having a handle on all of your parents’ assets, liabilities and all related financial issues as a time may come when your parents are unable to manage your own affairs.  This is a comprehensive checklist of the types of financial issues that should be considered for those who are dealing with aging parents.Updated for 11/15/2020  

Issues To Consider Before I Retire

Most important planning issues to identify and consider who is about to retire. It’s structured as follows:-Cash Flow Issues -Health Insurance Issues -Asset & Debt Issues -Tax Planning Issues -Long-Term Planning Issues -Other IssuesUpdated for 3/15/2021

Making A Backdoor Roth IRA Contribution

If you earns too much, you are unable to make a regular contribution to a Roth IRA. There is a workaround called the Backdoor Roth Contribution. There are many factors and rules that must be considered, and complicated steps to take in order to properly implement this strategy, without penalty.To help make the analysis easier, we have created the “Can I Make a Backdoor Roth IRA Contribution” flowchart. It addresses key considerations, including:-Multiple retirement accounts -Pro-rata and aggregation rules -Step-transaction doctrine -Step-by-step process for making a Backdoor Roth Contribution  Updated for 11/15/2020

Doing A Qualified Charitable Distribution From My IRA

Addressing common issues pertaining to Qualified Charitable Distribution rules.Charitably inclined like you who are age 70.5 or older may benefit from making a Qualified Charitable Distribution from your IRA (excluding Roth IRAs). This is a popular way for you to support your favorite charities while reducing your AGI. The decision and procedure to carry out this strategy can be complicated.To help make the analysis easier, we have created the “Can I Do a Qualified Charitable Distribution From My IRA?” flowchart. This flowchart addresses common issues pertaining to Qualified Charitable Distribution rules, including: -Age requirements -Distribution limits -Qualified charitable beneficiaries -The effect of account contributions -Step-by-step reporting process   Updated 11/15/2020

Doing A Net Unrealized Appreciation (NUA) Distribution

Owning employer-issued stock in a 401(k) plan may benefit from favorable tax treatment under the NUA rules.To qualify for an NUA distribution, you must satisfy several very important rules, some of which are often misunderstood.To help make this analysis easier, we have created the “Can I Do A Net Unrealized Appreciation (NUA) Distribution?” flowchart. It addresses some of the most common issues that arise for you thinking about doing an NUA distribution. This flowchart considers:-What type of stock qualifies -Triggering events that must be satisfied -Timing considerations -Tax impact of cost-basis and gainsUpdated for 11/15/2020

Contributing To My Roth IRA

A Roth IRA is a great option for you who is looking to save after-tax dollars....Offering the opportunity for tax-free growth and relaxed distribution rules. Unfortunately, eligibility to contribute to a Roth IRA is subject to restrictions, which can cause confusion.To help make the analysis easier, we have created the “Can I Contribute To My Roth IRA” flowchart. It addresses the key eligibility considerations, including:-Earned income -Other (traditional) IRA contributions -Filing status-based MAGI thresholds Updated 11/15/2020 

Contributing To My Roth IRA VS. My Traditional IRA

You will often ask which account you should be making contributions to – a traditional IRA or a Roth IRA? The answer depends on several different factors that should be considered and discussed.To assist in this conversation, we have prepared the “Should I Contribute To My Roth IRA Versus My Traditional IRA?” flowchart. This flowchart considers: -Eligibility to deduct contributions to a traditional IRA -Eligibility to make contributions to a Roth IRA -Current tax rates vs. future tax rates -Ability to max out the contributions -RMD impact   Updated 11/15/2020

Contributing To My Roth 401(k)

Roth 401(k)s have become an increasingly popular alternative to traditional 401(k)sAllowing participants to make after-tax salary deferrals to your employer plans. You may have the opportunity to contribute to a designated Roth account in your 401(k), but are uncertain about the best savings strategy for your personal circumstances.This flowchart helps you be guided through a series of considerations that will inform your decision whether to contribute to a Roth 401(k), and covers:-Future tax rate expectations -Roth IRA eligibility -Employer matching considerations -RMDs and future rollover options -Additional savings opportunities through backdoor Roth contributions Updated for 11/15/2020 

Issues To Consider As A New Client

Your initial experience in working is very important. It sets the stage for what you should expect in the future. In this checklist, we focus on important questions to ask to identify possible planning opportunities for you. Some examples include the following:-Future (or recent) life events -Family structure and impact of previous marriages -Saving or distribution strategies -Cash levels that exceed FDIC limits -Debt to income ratios for future lending purposes -Future inheritances or expenses related to caring for a loved one  Updated 11/15/2020

Qualifying For Social Security Disability Benefits

Disability benefits under Social Security can be difficult to understand. There are numerous stringent requirements that must be satisfied before Social Security will even formally review your disability. Your circumstances must be considered under the applicable rules, in order to determine whether disability benefits may be available.To help make the analysis easier, we have created the “Do I Qualify for Social Security Disability Benefits?” flowchart. It addresses some of the most common issues that arise for you facing a disability, including:-Impact if you are legally blind -Social Security work credits required for eligibility -The “Recent Work Test” and “Duration of Work Test” -Earned income limitations -Impact of being a widow or a surviving divorced spouse -Impact of your ability to perform workUpdated 11/15/2020  

Making A Deductible IRA Contribution

A traditional IRA is a great option for you who is looking to save for retirement in a tax-deferred account. However, there are many factors to consider when determining whether you are eligible to make contributions, and whether such contributions will be deductible or not.To help make the analysis easier, we have created the ”Can I Make A Deductible IRA Contribution” flowchart. It addresses common factors affecting eligibility rules for traditional IRAs, including:-Earned income -Coverage under an employer plan -Other (Roth) IRA contributions -Filing status-based MAGI thresholds Updated for 11/15/2020 

Eligibility For Social Security Benefits If I'm Divorced

Social Security benefits can be confusing for divorced.There are several important and unique issues that must be considered before filing a claim to collect Social Security benefits.To help make the analysis easier, we have created the “Am I Eligible for Social Security Benefits If I’m Divorced?” flowchart. It addresses these common Social Security issues that arise for you who have experienced a divorce:-How the length of a marriage affects eligibility -Impact of multiple divorces -How the time since the divorce occurred affects eligibility -Age that benefits can be collected -Possible reduction in benefits if collected before Full Retirement Age -Impact of a remarriage  Updated 11/15/2020

Eligibility For Social Security Benefits As A Surviving Spouse

Social Security survivor benefits present an important source of income for many of you.There are several important and unique issues that must be considered by you that has recently lost your spouse or ex-spouse, before filing a claim to collect Social Security benefits.To help make the analysis easier, we have created the “Am I Eligible for Social Security Benefits as a Surviving Spouse?” flowchart. It addresses many common Social Security issues that arise for you who have recently lost your spouse or ex-spouse, including:-Eligibility and age considerations -Length of marriage rules -Age that benefits can be collected by the survivor -Surviving spouse vs. surviving ex-spouse implications -Impact of a remarriage -Impact of having children -Impact of a disability  Updated 11/15/2020

Risk Of Having My Identity Stolen Or Being A Victim Of Fraud

In the midst of the current global pandemic, there has been an increase in fraudulent and criminal activity.Now more than ever, you may be targeted financially through a variety of schemes. This checklist helps guide the conversation regarding common threats and scams, ensuring that you are informed and actively protecting your identity and assets.This checklist covers:-Ways to minimize cyber threats -Tips to identify common scams -Steps to take if you suspect unlawful activity  Updated for 11/15/2020

Issues To Consider When Starting A New Job

When you start a new job...This shift can come with a number of changes that might impact your financial situation, both in positive and negative ways. In this checklist, we focus on reviewing the potential financial impact of a job change on you, including:Cash Flow and Income  -Will the income and expenses change due to your new job? -Any adjustments should be reflected in a new income and spending plan.Employee Benefits  -You should review the benefits offered by your new employer, especially health insurance, to gauge the impact on your financial situation. -If you still have FSA dollars left with your former employer, be sure you use this money so as not to lose it.Retirement Plans and Deferred Compensation  -If you participated in a retirement plan with your former employer, you will need to decide what to do with your account (e.g. leave it, roll over to IRA, roll into new employer plan). Additionally, you will want to be sure to deal with any stock options and deferred compensation you may have with your former employer. -You should review the retirement plan options offered by your new employer, and be sure to contribute as soon as you are eligible and implement an investment strategy that aligns with your overall portfolio. Other Planning Issues  -Will your new compensation move you into a different tax bracket? Be sure you adjust your withholding accordingly, and look at any tax planning opportunities. -Will you be subject to any type of non-compete or other restrictions as part of your new job?This is a comprehensive checklist of the types of issues that you should be considering when starting a new job. This change can have a great financial impact, and your planning can help the you to make the most of this life transition.Updated 11/15/2020

Issues To Consider When Starting A Business

When you are starting a business, it is important to....Ask the right questions up front and to identify issues that are likely to arise. First-time entrepreneurs and seasoned business owners alike can benefit from preliminary discussions to spot planning opportunities, minimize complications, and get started down the right path. This checklist helps guide the conversation regarding common factors relevant to prospective business owners.This checklist covers:-Personal and business cash flow issues -Legal and business formation issues -Tax issues -Other planning considerations Updated: 11/15/2020 

Issues To Consider When Paying Off My Student Loans

With more than 44 million borrowers in the U.S. holding more than $1.6 trillion in student loan debt...You are very likely to have encountered managing federal or private student loans. There are many factors to consider when choosing a repayment plan or deciding to refinance or consolidate. Each unique circumstances will determine what strategies are available and favorable to you.This checklist helps guide your conversations when planning around your student loans, and covers:-Relief available to borrowers -Repayment considerations -Costs and benefits of refinancing -Eligibility for loan forgiveness  Updated for 3/15/2021

Issues To Consider Regarding My Non-Qualified Stock Options

Non-Qualified Stock Options (“NQSOs”) are a common form of equity compensation...Offering a share in the potential appreciation of a company’s value. Many of you have been (or will be) granted NQSOs as an employee of an issuing company or as an officer, director, contractor, or consultant. Deciding whether and when to exercise NQSOs and sell shares can be difficult and requires cash flow analysis, complex tax planning, and a long-term strategy.This checklist helps guide you when regarding your NQSOs. It covers:-Issues to consider at grant -Implications of exercise, including early exercise and post-vesting -Tax considerations and the IRC §83(b) election -Share ownership and sale strategies -Concentration and other risks  Updated for 11/15/2020

Issues To Consider Before Closing The Estate

Most important planning issues to identify and consider before you close an estate for a loved one.It’s structured as follows:-Cash Flow Issues -Asset & Debt Issues -Additional Administration Issues -Tax Issues -Other IssuesUpdated for 11/15/2020

Account To Consider If I Want To Save More

When you have a surplus cash on hand that you want to save for the future....You often need help identifying all of the different account types to consider.This checklist provides a structured outline to guide you conversations regarding available and appropriate saving strategies It covers accounts across the following categories:-Foundational Savings -Healthcare Savings -Retirement Savings -Employer-provided Benefits -Business Owner Savings -Accounts To Help Future Generations -Tax-Deferred Insurance Options -Other Account ConsiderationsUpdated for 11/15/2020

Eligibility for Social Security Benefits as a Spouse

Under Social Security, spousal benefits present an important source of income for many of you. But, there are several important factors and issues that must be considered. Determinations regarding available benefits and timing can be difficult.To help make the analysis easier, we have created the “Am I Eligible for Social Security Benefits as a Spouse?” flowchart. It answers the question by looking at these common issues:-Eligibility and age considerations -Spouse vs. ex-spouse implications -Impact of a remarriage -Impact of having children -Timing and amount of benefits availableUpdated 11/15/2020  

Eligibility For Medicare Part A and Part B

In most cases, determining Medicare eligibility is a straightforward process. Nevertheless, it is important to review each unique circumstances in order to make an accurate determination and to identify your available options.To help make this analysis easier, we have created the “Am I Eligible For Medicare Part A and Part B” flowchart. It addresses some of the most common Medicare eligibility issues that arise, including: -Eligibility before age 65 -Eligibility if you have fewer than 40 work credits -Applicable premiums   Updated 11/15/2020

Eligibility For A Qualified Business Income Deduction

The Qualified Business Income (QBI) deduction and related rules and guidance can difficult to navigate.  There are several factors and issues that eligible business owners must consider.To help make the analysis easier, we have created the “Am I Eligible For A Qualified Business Income (QBI) Deduction?” flowchart. It addresses some of the most common issues that arise for you to understand whether you are eligible for a QBI deduction. This flowchart addresses common considerations, including:-Eligible business structures -Types of income eligible for the QBI deduction -Annual limits & phase-outs -Specified Services Trade Business categories -Impact of owning multiple businesses -De minimis rules  Updated for 11/15/2020

Receiving A Step-Up In Basis For This Inherited Property

In most cases, there is a step-up in basis when property is transferred from a decedent.There are a few exceptions and some subtle distinctions to keep in mind when you inherit property.To help make this analysis easier, we have created the “Will I Receive A Step-Up In Basis For This Inherited Property?” flowchart. It addresses some of the most common issues that arise for you trying to understand your cost in property you inherited. This flowchart considers:-Impact of living in a community property state -Types of property that receive a step-up -Impact of selecting the alternate valuation date -Simple ownership vs. JTWROS vs tenants in commonUpdated 11/15/2020

Receiving A Step-Up In Basis For This Gifted Property

In most cases, there is no step-up in basis when property is gifted.There are a few exceptions to the general rule, which can be difficult to remember.To help make this analysis easier, we have created the “Will I Receive A Step-Up In Basis For This Gifted Property?” flowchart. It addresses some of the most common issues that arise for you trying to understand your cost basis in property you received as a gift. This flowchart considers:-Double Basis Rules -Impact if gift tax was paid by the donor -Situations where cost basis carries over -Situations where there is a partial step-up in basis -Situations where no gain or loss is recognizedUpdated for 11/15/2020

Setting Up A Traditional 401(k) For My Business

Business owners who are considering a retirement plan for your business have many options.  While a traditional 401(k) is a well-known choice among business owners, there are many cases where other retirement plan options may be better suited for the business.To help make this analysis easier, we have created the “Should I Set Up A Traditional 401(k) For My Business?” flowchart. It addresses some of the most common issues that arise for you looking to set up a retirement plan for your business. This flowchart considers:-Which plans may be better when there are no employees -When a defined benefit pension plan could be set up -Options to review when the goal is to contribute more than $58,000 per year -Maximum employee contribution amounts for plans -Which plans have mandatory matching contribution requirements -Minimum employer matching contribution amounts -Plans that offer more flexibilityUpdated for 11/15/2020

Rolling Over My Dormant 401(k)

401(k)s and IRAs have many unique features that may be beneficial to you...Depending on your circumstances. The decision to roll funds out of a former employer’s plan involves more factors than just fees and investment selection.To help make this analysis easier, we have created the “Should I Roll Over My Dormant 401(k)?” flowchart. It addresses some of the most common issues that should be considered before doing a rollover, including:  -Common IRA and 401(k) features and differences -Net Unrealized Appreciation options -Age-based distribution options -Taxes and penalties in an IRA vs. a 401(k) -Availability/existence of loans and the impact of a rollover -Hardship Withdrawals -Substantially Equal Periodic PaymentsUpdated 11/15/2020

Issues To Consider In Client Annual Review Meeting

Most important planning issues to identify and consider during your annual review meeting.It’s structured as follows:-Cash Flow Issues -Asset & Debt Issues -Insurance Planning Issues -Tax Planning Issues -Long-Term Planning Issues -Other IssuesUpdated for 1/15/2021

Federal Income Tax Subject To The Distribution From My 529 Plan

Investing in a 529 plan can be an effective strategy to save for college. There are, however, some overlooked nuances related to 529 account distributions. And oftentimes, those nuances are not addressed (or even discovered) until after the distribution has occurred and you are left with an unexpected tax liability.To make the discussion easier, we have created the “Is The Distribution From My 529 Plan Taxable?” flowchart. It covers some of the most common issues for you who are planning to take a distribution from a 529 account and considers:-What kinds of expenses are qualified -The tax impact if the expense is nonqualified -Considerations if the beneficiary is disabled -The formula for calculating Adjusted Qualified Education Expense (AQEE) -The impact of claiming American Opportunity Tax Credit and Lifetime Learning Tax Credit -The formula for calculating the tax associated with any distribution (if applicable)Updated for 11/15/2020

Making A Mega Backdoor Roth IRA Contribution

In certain cases, you may be eligible to make a Mega Backdoor Roth IRA contribution. At a high level, this involves you making a non-Roth, after-tax contribution to your 401(k), then rolling it out of your 401(k) into a Roth IRA. Under the right circumstances, this can allow you to contribute tens of thousands of dollars into a Roth IRA. However, the rules are very restrictive and prohibitive, and can be difficult to navigate.To help make the analysis easier, we have created the “Can I Make A Mega Backdoor Roth IRA Contribution?” flowchart. It addresses some of the most common issues that arise for you who is trying to make a Mega Backdoor Roth IRA contribution. This flowchart considers:-The maximum amount that can be contributed -The impact of the ACP test -401(k) plan-specific features providing in-service distributions and/or separate accounts -The tax impact upon rollover -The step-by-step process to complete this kind of contributionUpdated for 5/12/2021

Making A Deductible Contribution To My HSA

The HSA contribution rules are generally straightforward. However, the rules can become complicated in years when there will be a change to healthcare coverage. Perhaps you are moving from individual to family coverage, or you are leaving your health plan, or you are starting Medicare. In these instances, it is important to revisit the rules and apply them to your unique situation.To help make this analysis easier, we have created the “Can I Make A Deductible Contribution To My HSA?” flowchart. It addresses some of the most common issues that arise for you when trying to contribute to an HSA. This flowchart considers:-The minimum deductible requirements for HDHP -The maximum out-of-pocket expense for HDHP -Contribution amounts -Impact if HDHP coverage starts or changes this year -Full Contribution Rule and Las-Month Rules -HSA and Medicare coordination  Updated for 11/15/2020

Eligibility For An IDR Plan For My Federal Student Loans

Income-Driven Repayment (“IDR”) Plans can be an attractive option for federal student loan borrowers. These plans can make monthly payments more manageable, and offer forgiveness after a term of years. Eligibility depends upon a variety of factors, and must be determined on a case-by-case basis.This flowchart helps guide you that hold federal student loans through the IDR options that may be available to you, and covers:-Loan type and timing issues -Financial hardship requirements -Monthly payment amounts -Loan repayment terms  Updated for 11/15/2020

Changing My Medicare Coverage During Open Enrollment

Many of you currently rely on Medicare plans for your health care coverage. You may have enrolled in Original Medicare or Medicare Advantage, and you likely have prescription drug coverage as well. For current beneficiaries of all of these plans (Medicare A, B, C, and D), October 15 marks the beginning of the Open Enrollment Period, during which changes in coverage may be made.This flowchart helps you be guided through a series of considerations when evaluating and comparing your Medicare options. It covers:-Changes in health care needs -Costs of premiums, deductibles, etc. -Access to specific providers, services, and prescription drugs -Out-of-state concerns -Effective dates of any changes  Updated 11/15/2020

Pay Stub Review

A pay stub is a valuable source of information when building financial models and evaluating cash flow. It provides insight into income, tax, retirement savings, various insurance costs, etc.A periodic paycheck review with you can be a productive exercise, demonstrating how your earnings translate into net pay. As I guide you through your pay stub, I can help you to understand the automated tax withholdings, savings, and payments that you make each pay period, and appreciate any employer benefits that augment your compensation package.This flowchart helps you be led through a series of considerations when reviewing your paycheck. It covers:   -Hours worked and vacation time -Tax withholdings -Voluntary payroll deductions -Pre-tax vs. after-tax expenses -Employer-paid benefitsUpdated for 1/15/2021

Issues To Consider When Purchasing Long-term Care Insurance

Many of you may be contemplating your needs and options for LTC insurance.This can be a complicated analysis, dependent upon an individual’s age, health, financial circumstances, wealth transfer goals, and general philosophy. You may struggle and be reluctant to weigh the risks and benefits, and to assess the potential value of LTC coverage.To help you be guided through this dilemma, we have created this checklist. It covers key issues to consider prior to purchasing LTC coverage, including:-LTC needs and services -Funding options -Policy features -Hybrid alternatives -Tax considerations  Updated for 2/15/2021

Tax and Penalty-Free Distribution From My Roth IRA

Unique circumstances that could result in a distribution from a Roth IRA being taxed or penalized.Many of these situations rarely come up, which makes it hard to remember the usual distribution rules from a Roth IRA.To help make this easier, we have created the “Will A Distribution From My Roth IRA Be Tax and Penalty-Free” flowchart. This flowchart helps to quickly identify circumstances that could have an impact on how a distribution is taxed (and penalized). It considers the following:-The 5 Year Rule -Impact of Roth conversions -Distribution ordering rules -Conditions that trigger the 10% early distribution penalty -Exceptions to the 10% early distribution penaltyUpdated for 11/15/2020

Issues To Consider When Getting Married

Most important planning issues to identify and consider when you get married (or remarried).It’s structured as follows:-Cash Flow Issues -Asset & Debt Related Issues -Insurance Planning Issues -Estate Planning Issues -Tax Planning Issues -Long-Term Planning Issues -Other IssuesUpdated for 12/15/2020

Issues To Consider If My Spouse Has Been Diagnosed With Terminal Illness

Most Important planning issues to identify whose spouse has been diagnosed w/ a terminal illness. It’s structured as follows:-Cash Flow Issues -Estate Planning Issues -Insurance Issues -Tax Planning Issues -Asset & Debt Issues -Other IssuesUpdated for 12/15/2020

Risk Survey Report.pdf

Risk Survey Overview for Financial Advisors

Donor Advised Fund Overview of Benefits

Donor Advised Fund Guide.pdf

Issues To Consider When Reviewing My Investments

It is critical to review your investment portfolios as part of the financial planning process. Particularly during times of uncertainty and volatility, a portfolio review can help you evaluate and confirm your strategy, ensuring alignment with your financial goals. This can also be a helpful tool to use when someone come to you looking for a second opinion.This checklist helps you be guided when reviewing your investment portfolios, and covers:-Investment objectives -Time horizon and risk tolerance -Diversification and asset allocation -Tax management, including capital gains and the NIIT -Performance monitoring  Updated for 12/15/2020

How to Use Backdoor-Roth-IRA

Donor Advised Fund a Smarter Way to Give

Smarter Giving with a DAFIn the charitable giving realm, donor advised funds (“DAFs”) have become increasingly popular and valuable planning vehicles. DAFs offer several advantages, allowing you to optimize your tax planning as you streamline and fulfill your philanthropic goals. Many families could benefit from the flexibility and simplicity of a DAF while supporting the causes most important to them.To help guide your planning conversations about strategic giving, we have created this flowchart. It covers key factors to consider regarding DAFs, including:Charitable goalsTax planning goalsFunding strategiesBasic mechanics of DAFsAlternative charitable giving strategiesFor a broader discussion, consider pairing this flowchart with our “What Issues Should I Consider When Establishing My Charitable Giving Strategy?” checklist.

Time for a 401K Rollover?

Should You Roll Over Your 401(k)?401(k)s and IRAs have many unique features that may be beneficial to you, depending on your circumstances. The decision to roll funds out of a former employer’s plan involves more factors than just fees and investment selection.To help make this analysis easier, we have created the “Should I Roll Over My Dormant 401(k)?” flowchart. It addresses some of the most common issues that should be considered before doing a rollover, including:Common IRA and 401(k) features and differencesNet Unrealized Appreciation optionsAge-based distribution optionsTaxes and penalties in an IRA vs. a 401(k)Availability/existence of loans and the impact of a rolloverHardship WithdrawalsSubstantially Equal Periodic PaymentsTime for a 401k Rollover?

Estate Planning Document Review

Estate Planning CheckupEstate planning is a critical aspect of the financial planning process. Reviewing your documents is an important exercise, both at the outset and throughout the planning process. However, this can be a daunting task for you and your team of advisors. Many people find this exercise tedious and, often, confusing.To help guide your document review, we have created this checklist. It covers key considerations regarding the most common estate planning documents, including:WillsLiving TrustsIrrevocable TrustsPowers of AttorneyLiving WillsTo pair with this resource, or to guide a more general discussion with clients, please see our “What Issues Should I Consider Before I Update My Estate Plan?” checklist.

Cash Flow Review

Cash Flow ReviewThe health of every financial plan depends heavily on sound cash flow planning. While most people tend to know what they should do, in reality they often fall short of taking even the most basic steps toward tracking and managing their cash flow. You can have a dramatic long-term impact on your financial well-being by simply increasing your awareness of your spending and establishing discipline and accountability.To help guide you toward creating and managing a cash flow plan that supports your lifestyle and goals, we have created this checklist. It covers cash flow planning basics, including:Income sourcesEssential and discretionary spendingDebt and taxesGoal fundingMonitoring strategiesCreating a cash flow plan is an essential element at the outset of financial planning.

Charitable Giving Strategy Review

Charitable Giving Strategy ReviewWhat Issues Should I Consider When Establishing My Charitable Giving Strategy?Many of you are charitably inclined but need help aligning their resources, priorities, and philosophy. This flowchart helps you consider and implement the best charitable giving strategy for your family or organization. It covers:Philanthropic motivations and goalsCash flow considerationsAsset selection when funding giftsCharitable giving vehiclesTax planning and deductibilityBy analyzing each unique situation, your Financial Advisor can identify opportunities and model outcomes in order to optimize the impact of your charitable gifts.

Review Your Health and Life Insurance

Key Issues in Health and Life Insurance PoliciesYour life and health insurance policies are a key part of your overall financial plan. It’s important to review these policies each year to ensure that you has the coverage you need. If there are gaps, you can work to implement proper coverage.In this checklist we focus on issues to consider when reviewing your policies, including:Health InsuranceLife InsuranceDisability InsuranceLong-term Care Insurance

Annual Review Meeting Agenda

For Your Next Annual Review MeetingIssues To Consider In Your Next Annual Review MeetingThis checklist covers 40 of the most important planning issues to identify and consider during your annual review meeting. It’s structured as follows:Cash Flow IssuesAsset & Debt IssuesInsurance Planning IssuesTax Planning IssuesLong-Term Planning IssuesOther IssuesFor Your Next Annual Review Meeting!

Master List of Goals

Your Master Plan and Life GoalsGoal setting is fundamental to sound financial planning. Often, you may have difficulty expressing and assigning precedence to your goals. Or, you may simply overlook a need or objective. You are then tasked with the challenge of uncovering and framing your goals. In response to this challenge, we’ve created this “Master List Of Goals.” These foundational questions help you expand your understanding and awareness of possible goals for you to consider, including: Retirement and lifestyle goalsTax planning & healthcare goalsSelf-development and professional goalsEstate planning and wealth transfer goalsIt is essential to identify and prioritize your objectives before making changes to your financial plan.

Start of Year Planning

New Year Planning CheckupThe start of the year is a great time for a financial check-up. In addition to reflecting back on the prior year, you may be particularly motivated in January to consider making financial resolutions for the future. Schedule a free CFP® consultation today to review your circumstances and goals. Consider working with a Certified Financial Planner™ Professional to help guide your toward impactful improvements.If you're ready to make a fresh start this year, we have created this checklist ro help frame your conversation with your Financial Advisors. It covers fundamental considerations, including:Personal issuesCash flow issuesAsset and debt issuesTax issuesInsurance issuesLegal issues

Important Numbers

Here are a few key financial numbers to keep in mind. In some cases, those numbers are annual limits that change each year. Other times, the figures do not often change, but are used frequently. Given the variety of sources that report relevant numbers, it can be difficult to quickly find the right reference.In response to this challenge, we’ve created the two-page “Important Numbers” resource. This quick reference guide covers the most important annual limits as well as figures that are commonly referred to during the year. It includes:Tax rates for MFJ, Single, and Estates/TrustsAMT annual limitsLTCG rates for MFJ, Single, and Estates/TrustsStandard deductions for MFJ and SingleSocial Security annual limits (including earning limits)Full Retirement Age chartSocial Security taxation summary for MFJ and SingleIRMAA surchargesRetirement plan annual limitsTraditional and Roth IRA annual limitsEducation tax creditsUniform Lifetime Table (abbreviated version)Single Lifetime Table (abbreviated version)Estate and gift tax annual limitsHSA annual limits

missionalmoney.com

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