What to Do If Your Dog Bites Someone: Navigating Homeowners Insurance Coverage In recent years, as a result of the COVID pandemic, more and more personal financial planning clients have added a canine to their household. Dog ownership brings immense joy, as well as companionship. BUT it also entails responsibilities, including ensuring the safety of others. I am writing this post because of a distressing series of events that occurred with a personal financial planning client. The client’s dog bit someone who entered their property unannounced. The insurance agent (not broker) told the client to attempt to settle the claim themselves without the intervention of the insurance company. This is flat out wrong on so many levels and potentially criminal activity on the part of the insurance agent – welcome to the world of personal financial planning. Dog bites do occur, and can lead to potential legal and financial ramifications.

Navigating Social Security Rules for Married Retirees: Key Considerations and Strategies Social Security benefits serve as a crucial source of income for millions of Americans, providing financial stability during retirement. For married couples, navigating the intricacies of Social Security rules can be complex, with various personal financial planning strategies available to maximize benefits and optimize financial security. What are the key considerations and financial strategies for married retirees to make informed decisions about their Social Security retirement benefits. Understanding Spousal Benefits:     Timing of Claiming:     Survivor Benefits:     Coordination with Other Retirement Income:     Consultation with Financial Professionals: Married retirees face unique considerations when navigating Social Security rules and claiming strategies. By understanding spousal benefits, optimizing claiming timing, maximizing survivor benefits, coordinating with other retirement income sources, and seeking professional guidance, married couples in conjunction with their personal financial planner can make informed decisions to enhance their financial security

Personal Financial Planning And The Strategic Use of Debt It goes without saying, but I feel I must; personal financial planning is crucial for achieving long-term financial stability and growth. One key aspect of personal financial planning is the judicious use of debt. While debt can be a daunting concept for many, when utilized strategically, it can serve as a powerful tool for wealth accumulation and asset acquisition. In this posting, we’ll explore the strategic use of debt within the context of personal financial planning, highlighting its potential benefits and providing actionable insights for individuals looking to optimize their personal financial plan. Understanding The Strategic Use of Debt The strategic use of debt in a personal financial plan entails leveraging borrowed funds to generate returns that exceed the cost of borrowing. Unlike indiscriminate borrowing, which can lead to financial disaster, strategic debt involves a calculated approach to borrowing that aligns

Reporting Charitable Gifts Well it’s that time of year and April 15 is just around the corner. Between March 15 and April 15 clients reach out to us about claiming their previous year’s charitable gifts on their personal income tax return, Form 1040. So, here you go… When a charitable contribution is made to a qualified organization, a taxpayer may be eligible for a tax deduction if the taxpayer itemizes their deductions on Schedule A of the Form 1040. If the taxpayer receives a benefit in exchange for the contribution such as merchandise, goods or services, including admission to a charity ball, banquet, theatrical performance, or sporting event, the taxpayer can only deduct the amount that exceeds the fair market value of the benefit received or expected to be received. Here’s how you generally report charitable gifts: Keep Records: Make sure to retain records of all your charitable contributions. This

Proposed Anti-Money Laundering Rule Impacting Registered Investment Advisers As financial regulations continue to evolve, registered investment advisers (RIAs) face potential changes in compliance requirements that could significantly impact their operations. A proposed anti-money laundering (AML) rule, currently under consideration by regulatory authorities, aims to bolster efforts in combating illicit financial activities within the investment advisory sector. This blog explores the implications of the proposed rule on RIAs and the broader financial landscape. The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury responsible for safeguarding the financial system from illicit use and combating money laundering, terrorist financing, and other financial crimes, is spearheading the initiative. The proposed rule seeks to expand AML obligations to encompass a wider array of financial institutions, including RIAs. Under the proposed rule, RIAs would be required to implement robust AML programs designed to detect and prevent money laundering activities within

401(k) Funds & Emergencies: Strategies and Considerations Personal financial planning, among other topics, addresses emergencies. Emergencies are an inevitable part of life, often requiring individuals to tap into their financial reserves to cover unexpected expenses. For many Americans, employer-sponsored 401(k) plans serve as a primary source of retirement savings, but they can also serve as a valuable resource during times of crisis. A 401(k) loan or withdrawal directly impact an individual’s personal financial plan. At Paraklete® Financial we work with CPA’s as part of our client’s collaborative team of advisers. The collaborative team is essential to the personal financial planning process. For more information, please visit us at https://www.parakletefinancial.com The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific