Griffin Financial Advisors, LLC

Has it dawned on you yet how you no longer use physical cash as a form of payment for your day-to-day purchases? This struck me the other day, after I noticed coins still sitting on my desk from a very small cash purchase I made a few weeks ago. At that point, I realized I had become like most Americans.   We now pay for majority of our purchases with debit and credit cards, and payment apps. In fact, a survey from 2017, asked 1,000 consumers their payment preferences and it showed that 44% percent chose debit cards, 33% selected credit cards, and only 12% specified a preference for using cash. Consumers’ preference for credit cards decreased by 7% over the same survey's results from 2016, while the results for debit cards rose by 9%. Now, the popularity of the debit card can be attributed to a few reasons. First, a debit card eliminates the inconvenience of going to an ATM and having to withdraw physical cash. Another reason why people may prefer a debit card is because...

529 Savings Plans were created back in 1996 to allow individuals a tax-advantaged way to save and pay for education expenses. These plans have been very successful. In fact, The Center for Social Development found that children who have a 529 plan are approximately three times more likely to attend college. We will discuss the plans available and how they work.  Types of 529 Plans in Illinois Currently in Illinois, you can utilize two providers for 529 plans. One of the providers is Bright Star.   Here, participants manage the 529 plan on their own. The second provider is Bright Directions . This provider allows financial advisors to manage the 529 plan for you. Managing the plan involves selecting the custodian and beneficiary, as well as choosing the investments.   The custodian, an adult, is the person who makes the decisions for the plan.   Primarily this includes handling contributions, investments, and distributions.   The beneficiary is the pe...

Last week, Aretha Franklin-Queen of Soul, passed away from pancreatic cancer. This week, the New York Times reported that Aretha died without a will or trust. Her estate, roughly 80 million dollars, will now become a public nightmare. The nightmare will start in probate court where her children will attempt to divide Aretha’s assets and pay her debts. This process can take years before it is settled, often destroying family relationships, while leaving the IRS and litigation attorneys the real winners. What is Estate Planning? Estate planning is the process of planning in advance to allocate your possessions to the people or organizations of your choice before death.   When you pass on, the whom , what and when needs to be answered for your assets and this is accomplished through proper estate planning. Will and Trust . A will or trust should be the main component of your estate plan. Wills ensure belongings, normally items without titles, are distributed according to...