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Author archives: Sacks & Associates

Sacks & Associates is a wealth management firm catering to individuals, families and small businesses specializing in personalized investment strategies and sustainable retirement planning. We partner closely with our clients to help set individualized long-term financial goals and growth strategies.

https://sacks-associates.com

Planning and Caring for an Aging Parent

Linda, 63, had recently been granted power of attorney over her father’s affairs, due to his declining faculties. Robert had been a successful family doctor who had built a large practice over the years and accumulated significant wealth over his working career. Now in his 90’s, his ability to manage his own healthcare and finances had diminished. His investments and savings totaled over $10 million in liquid assets with numerous financial institutions.

529 Plans vs. Roth IRA

According to Lloyd Sacks, a Certified Financial Planner and managing director of the private client group at Sacks & Associates, contributing to a 529 plan has some benefits when it comes to your taxes. “Some states allow a deduction for contributions made to in-state 529 plans,” he said.

4th Quarter Fallout

Passions routinely lead to bad decisions. Retirement savers must control their passions. They must possess the discipline to sit quietly when everything in their heart (not their brain) tells them they must act.

The Pros and Cons of Borrowing From Your 401(k) Plan

One of the biggest disadvantages that participants face when taking a loan from a retirement plan is that the dollars used to pay the interest on the loan from the account are taxed twice. According to Lloyd Sacks, managing director of Sacks & Associates and a certified financial planner professional, the first tax occurs when the participant earns the funds and pays income tax on that earned income.

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