Let's get personal

Presented by Nicole Cannone Wegman, CFP ®, Director of Financial Planning

In this Let’s Get Personal post we'll explore what FDIC limits are, how they work, and what steps you can take to ensure that your bank deposits are protected.

With recent news about bank failures, it's natural to be concerned about the safety of your deposits. But did you know that the FDIC protects any money you have deposited in insured bank accounts up to $250,000 per account holder in the unlikely event of an insured bank failure?

What are FDIC limits?

The FDIC is an independent U.S. government agency that provides deposit insurance to protect depositors in the event that an insured bank or savings institution fails. FDIC limits refer to the amount of coverage that depositors are entitled to receive if their bank fails.

Currently, the FDIC insures deposits up to $250,000 per depositor, per insured bank. This means that if you have less than $250,000 in a single insured bank, your deposits are fully covered. If you have more than $250,000 in one account, the excess amount may not be insured. However, there are ways to increase your coverage, such as opening additional accounts or using different ownership categories (more on that later).

In this Let’s Get Personal post we navigate the benefits of utilizing a donor advised fund for charitable giving. Many of us have charities near and dear to our hearts that we want to support. There are so many benefits to supporting the organizations you care about, but what if you could also obtain an immediate tax deduction?

A donor advised fund (DAF) is one of the easiest and most tax-advantageous ways to give to charities.  A donor advised fund is like a charitable investment account for the sole purpose of supporting charitable organizations you care about.  How great is that?

Presented by Anamika Madan, CFP ®

In this issue of Let’s get personal we tackle HELOC (Home Equity Lines of Credit) and PLOC (Personal Lines of Credit).

First let’s talk basics, if you own a home one of the biggest perks is the ability to build equity over time. With a HELOC, you're borrowing against the available equity in your home and the house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished – much like a credit card.

A personal line of credit (sometimes referred to as a PLOC) is a set amount of money from which you can borrow (up to the limit) for a given period of time, referred to as your draw period. Similar to a credit card, you draw the amount you need from the available balance, and you only pay interest on that amount. Sound familiar? Now, let’s get go a little deeper.

President Biden Announces Student Debt Relief Plans

Presented by Jennifer Lawrence, AIF®

On August 24, 2022, President Biden announced plans to offer student loan forgiveness to selected individuals. Below is a summary of the executive action that the Biden Administration plans to effectuate. It’s important to note that strong legal challenges to these provisions are likely because the changes are sought to be implemented without Congressional approval.                                                     

Final Extension of Student Loan Repayment Moratorium

Borrowers won’t be required to make payments on their federal student loans through December 31, 2022. Borrowers haven’t been required to make student loan payments for more than two years thanks to pandemic-related relief for borrowers. No interest has accrued on federal student loans during the repayment pause. President Biden has indicated that this will be the final extension, and that borrowers will have to resume student loan repayments in early 2023.

Forgiveness of $10,000–$20,000 from Student Loan Balances

Individuals making less than $125,000 per year ($250,000 for married couples) in income will be eligible to have up to $10,000 of student loan debt canceled. For Pell Grant recipients, the cancellation amount may increase to $20,000. In most circumstances, the Department of Education will have individual income data to be able to automatically process the debt cancellation. In the event the government doesn’t have the relevant data, it anticipates providing applications in short order.

I Bonds: The What & Why

Presented by Nicole Cannone Wegman, CFP ®

In this Let’s Get Personal post we venture into the bond pool, specifically Series I Savings Bonds. Let’s talk about what they are and why you might want them on your Balance Sheet.

The What

Series I Savings Bonds or I bonds are a type of U.S. savings bond designed to protect the value of your cash from inflation. With U.S. inflation at an all-time high, Element understands how important it is to protect your cash savings and make sure your emergency fund is preserved.

ELEMENT gets personal with their new brand.

As ELEMENT has evolved so must our brand.  Our new look and feel is a reflection of the ELEMENT Experience and commitment to staying at the forefront of technology and financial wellbeing. This Experience reflects how we inspire the creative businesses and individuals we work with.

The Why

The Element and Brand Studio teams have worked collaboratively to put together a new website rich in information to be used as a resource just for you!

2022 Midyear Update: Slowing, But Growing

Presented by Alexandra Levi & JoanAnn Natola

As we enter the second half of the year, the outlook might appear grim at first glance. Covid-19 continues to spread, both here and worldwide. Inflation remains close to 40-year highs, and the Federal Reserve (Fed) is tightening monetary policy to fight rising prices. The war in Ukraine is ongoing, and it threatens to become a long-term conflict. Midterm elections loom in the U.S. Looking at the headlines, you might expect the economy to be in very bad shape.

On the contrary, though, the news is largely good when you look at economic data. Job growth remains strong, and the labor market is still very tight. Consumers are out there shopping despite an erosion of confidence caused by inflation and high gas prices. Businesses, driven by consumer demand and the labor shortage, continue to hire as much as they can, and to invest when they can’t. In other words, despite the headlines, the economy remains not only healthy, but strong.

Your Guide to Year-End Financial Planning: A 10-Point Checklist
Presented by Alexandra Levi and JoanAnn Natola

From the hope that came with reopening to the disappointment of another COVID-19 resurgence, 2021 is panning out to be another roller-coaster year. With the fourth quarter upon us, one routine remains consistent: it’s time to start organizing your finances for the new year. New rules related to the pandemic, coupled with tax and retirement changes that carried over from last year, means there’s a lot to consider. This checklist highlights some key points to help guide you as you get started.

Are you worried about the rising cost of education? 529 plans can be powerful college savings tools when you understand how to take full advantage of them. 

Start with the Basics

529 plans are tax-advantaged college savings plans sponsored by a state or state agency, and there are two types:  

1. Prepaid tuition plans. With this type of plan, tuition and fees for a specific school are paid in advance.
2. Savings plans. These are tax-advantaged investment vehicles (the account grows tax deferred, like individual retirement accounts [IRAs]). Savings can be used at most accredited colleges and universities in the U.S. or abroad.

It is our great pleasure to share that our very own JoanAnn Natola has had the privilege of being nominated for the #NAPA #TopWomenInRetirementAdvisor.

There is a terrific field of women this year. While the determination of the final list of top women advisors is made solely by the determination of a panel of expert judges, based on applications submitted by the nominees, you can show your support of these outstanding candidates here.