CMP Financial Planning


Can Social Security Benefits Be Stopped?

- Oct 29, 2019

For millions of special needs families and individuals with disabilities, Social Security benefits provide a key pillar of regular income. I was recently made aware of a situation where, to the shock of the person in question, their Social Security benefits were suddenly discontinued even though the spouse had been receiving SSDI benefits for several years.   This…

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529 or STABLE account?

- Oct 29, 2019

I recently gave a presentation where many questions were asked about STABLE accounts and when they might be the most appropriate savings/investment vehicle for the individual with a disability. This article addresses one of those questions: whether it is preferable to use a 529 account or a STABLE account to save for a loved one’s future education…

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Making Long Term Care a Part of Your Financial Plan

- Oct 29, 2019

In last month’s Disability Insight article I discussed why my wife and I decided to buy long-term care insurance. For most Americans, long term care is the single biggest risk factor in their financial plan; however, since the annual cost of this insurance can run in the two to three thousand per person range this…

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Why My Wife and I Decided to Buy Long Term Care Insurance

- May 18, 2019

By Barry Jamieson I found out that my wife and I were approved for long-term care insurance coverage – hurrah!   We sailed past arduous medical interviews and a memory test and apparently passed with flying colors!  We have thus officially prepared for embarking on our–hopefully– long and happy journey through our golden years.  Why would I be so…

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Managing Your Digital Estate

- May 18, 2019

MBy Barry Jamieson, CFP®, MAThe best place to get started with taking care of your digital estate is by listing all of your accounts with your passwords, web addresses, etc., and creating a master file containing this information. Next you will want to store this file safely online. Services such as “Last Pass” and “Tru Key”…

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Special Bulletin Regarding the Stock Market

- Jan 01, 2019

While the Christmas holidays may provide us with many reasons for celebration, the precipitous volatility and decline of the stock market indexes is certainly not one of them. A typical 60/40 portfolio was down nearly 10% for the year as of Christmas, with much of that decrease occurring in December alone.  So please be forewarned that unless…

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Year-End Tax Planning

- Jan 01, 2019

 By Barry Jamieson, MA, CFP® With increases in the standard deduction ($24K for couples, $12K for singles) resulting from last year’s tax changes, it has become harder to take advantage of the tax breaks provided through itemized deductions. For those of you who are taking required minimum distributions, or RMDs, having the part of your distribution…

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Creating a Special Needs Financial Plan

- Oct 29, 2018

Creating a special needs financial plan involves putting together two plans: one for the parent and one for the child with a disability. Because the combined financial plans take into account the needs and goals of both the parents and the adult child with a disability there is additional complexity in producing an overall projection…

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Investing in Socially Responsible or Sustainable Funds

- Sep 27, 2018

 By Christina Povenmire, MBA, CFP® According to the 2014 Nielsen Global Survey of Corporate Social Responsibility, more than half of consumers surveyed globally said they would be willing to pay more for products and services from companies committed to a positive social and environmental impact. And when it comes to investing, a recent Morgan Stanley survey…

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Obtaining Your Social Security Benefit Estimate

- Sep 27, 2018

 by Barry Jamieson, CFP®, MA As you approach retirement, you may want to estimate more precisely estimate what your monthly Social Security benefit will be.  For many this figure is important because this benefit is likely to represent a significant share of their retirement income.  Unfortunately, the Social Security Administration does not send out paper statements as…

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Do Roth Accounts Makes Sense for Special Needs Families?

- Aug 13, 2018

Barry Jamieson,  CFP®, MA Since their inception, Roth accounts have been a great saving vehicle for families planning for their retirement. This saving tool has also been a nice way for families to help their children get started with their own future planning. But do Roth accounts make any sense for families with children with…

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Should I Buy an Annuity?

- Jul 17, 2018

by Barry Jamieson, CFP®, MA Some of you may have been on the receiving end of a sales pitch to buy an annuity. The proposition that annuities defer taxes and guarantees growth on your investment is indeed enticing. What is not to like? Although these complex financial instruments may have a place in the financial…

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Should I Take My Social Security Retirement Benefit Early?

- Jun 15, 2018

By Barry Jamieson, CFP®, MA Most special needs families understand the critical role Social Security plays in the financial wellbeing of their loved one with a disability.  For families with children 18 or older the monthly Social Security Insurance (SSI) benefit represents a building block towards independence.  By itself of course, the additional monthly income…

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Creating a Letter of Intent

- May 14, 2018

By Barry Jamieson, CFP®, MA There are many dimensions to a family’s special needs plan. Past articles in the Disability Insights series have focused on estate and financial planning topics; however, as families well know, the daily considerations and routines of the child with a disability are also a key component of the special needs…

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Retirement Planning For Three

- Apr 16, 2018

The initial planning energies of special needs families are often on hiring an attorney to draft necessary estate planning documents (e.g., wills, trusts).  Developing a solid financial plan for such families is equally important.  A comprehensive financial plan takes into account both the needs of the individual and the goals of the family members. While…

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How ABLE Accounts and SNTs Can Work Together

- Feb 12, 2018

By Barry Jamieson In presentations I have recently given to special needs families about Special Needs Trusts (SNTS) it is apparent that there is still confusion about when to establish an SNT and when to start an ABLE account. Specifically people want to know: “Should I set up an SNT or an ABLE account?” The…

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“Smile” How the Tax Overhaul Bill Affects Dentists

- Feb 07, 2018

By Christina Povenmire, CFP ®and Barry Jamieson,CFP® Source: William Vasil, CPA, Ary Roepcke Mulchaey, P.C. and ADA News bulletin The recently passed tax bill contains a number of provisions which will help dentists and small businesses save tax dollars. Each of these provisions outlined below are effective for 2018. “ Improving Section 179 Deductions. The…

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How the Tax Overhaul Bill Affects People with Disabilities

- Jan 17, 2018

By Barry Jamieson.   The tax overhaul bill passed at the end of 2017 ushered in major changes for all taxpayers including people with disabilities.  Here are a few of the major changes that could impact individuals with disabilities depending on their tax situation. Standard Deduction Increase to $12K. Starting in 2018 the new threshold…

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Contributions from a Special Needs Trust to an ABLE Account

- Dec 24, 2017

Special Needs Trusts (SNTs) have their advantages and disadvantages to consider in the estate planning process. The recent CMS directive regarding ABLE contributions highlights how the two planning vehicles can work together for the benefit of the individual with disabilities and their families.   Before going into the details of the CMS directive, let’s first review…

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Financial Plans Help Dentists Reduce Stress

- Nov 14, 2017

According to our survey of Ohio-based dental practitioners, dentists are stressed about their finances. Consider that of the 42 Ohio-area dentists we surveyed: 47% of dentists working with a financial planner cited being stressed about growing their practice compared to 70% of those who didn’t utilize financial professionals. 38% of dentists who worked with a…

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Equifax Security Breach

- Nov 14, 2017

  by Barry Jamieson, CFP®   Some of you have expressed concern about the Equifax hacking and have asked what precautions should be made in light of this latest security breach.  With this latest breach it should be clear that breaches of this magnitude will continue to be regular occurrences well into the future. While personal security…

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August Economic Update

- Oct 02, 2017

The economy, unlike our political situation, keeps on chugging along, growing at an annual 2% clip.  Unemployment at 4.3% is at a 16 year low.  The positive stream of earning reports and economic news continues to support the stock market. The 2nd quarter saw US stocks rise by 3% and 8.9% YTD.  International stocks did…

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HSAs Double as Retirement Savings Vehicles!

- Oct 02, 2017

More Americans are participating in high deductible health insurance plans, making them eligible to also participate in a Health Savings Account (HSA). HSAs can be a super retirement savings vehicle. Here is why:  contributions are made tax free, they grow tax free, and withdrawals are tax free as long as they are made for  “qualified…

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Choosing a Corporate Trustee

- Jul 06, 2017

  For many parents choosing someone to look after their child with a disability is the most difficult part of their estate planning process. The chosen person must not only be responsible and committed to your child’s emotional and physical wellbeing but must also have the technical expertise to manage the child’s financial affairs. (The…

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Purchasing a Home For Your Family Member with Special Needs

- Jul 06, 2017

  As their child with a disability reaches adulthood, families give increased thought to their child’s housing needs.   Many families want to promote the maximum independence of their child while others are concerned for their loved one’s living arrangements after their own death.  In either case, home ownership can be a great way to provide…

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Social Security and Disability Planning

- May 01, 2017

If you have a special needs child who has a permanent disability, it is likely that social security benefits will be an important component of their special needs plan. Although in most cases Social Security benefit payments will need to be supplemented to pay for your adult child’s living expenses, particularly if they are living…

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Should I Establish a Special Needs Trust?

- May 01, 2017

One of the most pressing questions special needs families face with their estate planning is whether to establish a Special Needs Trust (SNT). Because individuals with disabilities are living longer, there is a stronger likelihood that they will survive both of their parents, putting more emphasis on careful estate planning including the use of tools…

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Life Insurance and Special Needs Planning

- May 01, 2017

The previous Disability Insights article addressed the importance of developing a comprehensive financial plan. A key component of any comprehensive financial often involves insurance. Insurance protects assets in case of premature death. For the special needs family, insurance can provide funding for a special needs trust set up to provide for the child with a disability….

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How Do I Choose a Trustee for my Special Needs Trust?

- May 01, 2017

So you have decided to establish a Special Needs trust (SNT).  The previous Disability Insights article mentioned that the naming of a successor trustee of an SNT is a critical appointment, for that person will have full discretion in maintaining and distributing assets on behalf of the disabled individual. Because it is such an essential job,…

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Do You Have a Comprehensive Financial Plan? Comprehensive Financial Planning for Special Needs Families

- May 01, 2017

  What is a comprehensive financial plan, anyway? It is a plan that examines all financial aspects of a person’s life: savings, investments, retirement, taxes, public assistance, medical, insurance, etc., and organizes these aspects in such a way that best meets the person’s goals and objectives.  As challenging as it is for most Americans to…

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Social Security Benefits to Remain Flat in 2017

- Jan 15, 2017

Because of the low inflation figures contained within the CPI index that determines Social Security increases, Social Security benefits are set to go up a mere 0.3% starting in January 2017.  If, for example, you currently receive $2,000 per month from Social Security, your payments will go up by a negligible $6 per month. Compounding…

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Trusts and STABLE Accounts: Which One Do I Use?

- Nov 03, 2016

  Now that STABLE accounts are available to individuals with disabilities, parents and guardians often ask   whether they should establish a trust for their loved one as a substitute or in addition to these accounts.   Before addressing this question it is important to review the benefits and limitations of both. STABLE accounts are a tax…

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Evaluating Your Portfolio’s Performance

- Sep 06, 2016

For many of us, evaluating our investment account statements is like going to the dentist:  it’s the right thing to do but we would rather put it off!   Sure, we want to feel good about our investments’ performance.   Charting investment returns?   Ranking investments, picking a strategy?   About as much fun as that dentist visit. The good…

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Quarterly Market/Economic Overview for 2016 Q2

- Jul 28, 2016

In the second quarter, ending June 30, 2016, the stock market roller coaster ride continued–markets fluctuated depending on the news about either oil or China.  Also during this quarter, investors showed greater attention to the slowing economy, interest rates, and finally “Brexit”. Great Britain’s vote to leave the European Union was a surprise to almost everyone. Because investors hate…

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Think Before You Tip!

- Jun 25, 2016

Think Before You Tip! Our society is becoming increasing mobile not just physically but financially. We love the convenience of paying for goods and services by swiping our credit card through a vendor’s card reader or through our phones.   Increasingly, when we go out to eat at our favorite restaurant, these mobile device applications will…

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Economic and Investment Update: Second Quarter 2016

- Jun 15, 2016

Economic and Investment Update As the second quarter draws to a close, many stock categories are showing gains for the year, while all bond categories are up.  Large and small value stocks returned 3.5% to 5.5% and have outperformed growth stocks, which have small losses for the year. US stocks have outperformed foreign stocks; most foreign…

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Taking Care of Your “Digital Estate”

- May 04, 2016

Taking Care of Your “Digital Estate” For those of you who have a formal will and estate plan, congratulations!  You are way ahead of most folks in making sure your assets are properly attended to at your decease. But what about your online presence and stuff you store electronically either on your phone, tablet, or…

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