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Thursday, December 28, 2017

How to Keep Your Spending Low New Year's Eve Weekend

As the year comes to a close, we all start to reflect on the changes we’ve made over the past 12 months — and hope some of them relate to how we spend our money. We’ve given you plenty of tips this past year on how to be more financially responsible, and we’re not about to let the final (or first, depending on how you look at it) holiday of the year ruin that. Go out with a bang by keeping your spending low this New Year’s Eve Weekend.


How to Keep Your Spending Low New Year's Eve Weekend

Make Parties Potlucks
Hosting a New Year’s Eve party can be expensive, especially if you plan on supplying all the champagne. Instead of fronting the entire bill yourself, ask guests to each bring a dish of food or some drinks. It can seriously cut down on how much you spend on the party.

Share Your Rides Home
Basically every transportation app and taxi company gives you the option to share your ride and lower the cost per person. If the friends you’re leaving a party with live relatively close to you, split the car ride home with them.

Bring Cash Instead of Opening a Tab
Cash allows you to decide exactly how much you’re spending while you’re ringing in the New Year. If you open a tab on your credit card, the bubbly can get the best of you, and you can end up ordering and spending more than you ever intended.

Don’t Drink and Drive
While we’d hope this is a given, we’re going to remind you anyway — if you’ve been drinking, spend a few dollars on a cab ride to get home and then get back to your car in the morning. The expenses you’ll end up paying if you get pulled over and arrested for drunk driving are not worth it. Think of it this way — $30 on cab rides so you stay safe, or $2,000+ dollars in legal fees for risking driving yourself?

At American Investment Planners LLC, we want to help you and your money stay safe, which is why we make it a priority to help you prepare for the best financial future possible. From managing your cash to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Wednesday, December 27, 2017

Gifts That Give Back

There’s a phrase that says, “The holiday season is the perfect time to reflect on our blessings and seek out ways to make life better for those around us.” While it’s easy to get caught up in what we want as presents and what we need to buy, the holiday season is, indeed, a time of giving. Each type of financial gift you can give comes with its advantages and disadvantages, so it’s important to weigh your options when deciding which gift strategy to choose.

Gifts That Give Back


Outright Gift: These are gifts in the form of cash or other assets.
  • Advantages:  Deductible for income taxes.
  • Disadvantages: No retained interest.

Charitable Lead Trust: Your gift is placed in a trust, and the recipient draws income from the trust.
  • Advantages: A current gift to charity; Current income tax deduction; the ability to pass assets to future heirs.
  • Disadvantages: The transfer of assets is irrevocable; if a current income tax deduction is, future income is taxable to the donor; the donor gives up the use of income for the life of the trust.

Charitable Remainder Trust: You receive the income generated by your gift, and the recipient receives the principal upon your death.
  • Advantages: Offers a current tax deduction; avoids capital gains tax on appreciated property; reduces future estate taxes.
  • Disadvantages: The transfer of assets is irrevocable; generally requires a qualified appraisal; involves complex administration and setup; the distributions to non-charitable beneficiaries are usually subject to income tax.

Gifts of Insurance: You purchase a life insurance policy and name a charitable organization as the owner and beneficiary of the policy.
  • Advantages: Offers possible current tax deductions; enables a donor to make a large future gift at a small cost in the future.
  • Disadvantages: May require annual premiums; the death benefit could be part of the donor’s taxable estate.

At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From devising gifting strategies to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Wednesday, December 20, 2017

The Best Money-Oriented Presents for Kids

Every year, you ask your kids, “What do you want for the holidays?” and every year, they probably give you a laundry list of toys and other items that they’ll want the new versions of the following year. Rather than getting them gifts that they’ll get tired of in a few months, give them something they can benefit from in the long-term. These money-oriented presents are the perfect way to start your child’s financial journey out right.


A Piggy Bank
These are great for even the smallest of children. A piggy bank helps them start learning to save in a fun way. Teach your children to “feed” their piggy every time someone gives them a little bit of money. (You might also want to choose a plastic piggy bank over a ceramic or glass one so you don’t have to hurt the piggy to get the money out later on.)

Saving Bonds
While these may not seem as popular as they did years ago, saving bonds are a great way to teach your children about compounding interest and long-term investments. They offer a small range of interest rates and are typically exempt from local and state taxes and potentially federal tax if used towards college tuition. Plus, you can now use your tax refund to buy a savings bond for your child or grandchild by checking a box on your return form — so it’s even easier to get one!

529 Savings Plans
While this isn’t something your child will be able to use right away, it’s something they’ll definitely thank you for when they start applying to colleges. Used only for education specific expenses, your child won’t be able to blow the money on a new car but can use it to cover his or her room and board at school. In terms of giving them as a gift, print out a certificate of the account and wrap it with a hat or shirt from a school you may want your child to go to.

At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From savings bonds  to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Holiday Shopping Safety Tips

Time’s winding down for you to get all of your holiday shopping done, which can make you feel a little stressed as you come down to the wire. But before you go loopy trying to find the best present for every Tom, Dick, and Harry, make sure you’re not putting your safety or wallet at risk — follow these holiday shopping safety tips instead.


  • Don’t Wait Until the Last Minute: We’ve said it before but we’ll say it again — waiting until the last minute to go holiday shopping makes you more likely to spend more money on presents just so you’ll have something to put under the tree.
  • Save All Your Receipts: There can be a bigger chance of having fraudulent charges on your credit cards during the holiday season since thieves think you won’t notice random purchases in all the shopping mayhem. Keep your receipts so you can check your statements and dispute any false charges.
  • Don’t Take Out Money Until You Have To: Don’t go flashing all the cash in your wallet before you get to the register. A thief would love to know how much money they could get from you early on.
  • Keep Your Purse and Wallet Close: Deter pickpockets by keeping your purse close to your body and your wallet in an inside jacket pocket or front pant pocket.
  • Take Care When Shopping With Children: Always make a plan in case you and your children get separated, and designate a specific meeting place where they should go in case they get lost.
  • Beware of Online Bargains: If you’re on an unfamiliar website and something sounds too good, it probably is, so don’t make a purchase and put your credit information on that site.

As the holiday season rolls on, you should want to protect your finances even more. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From managing your cash to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Monday, December 18, 2017

Types of Property Ownership and How They Affect You

When you’re getting your estate in order, you’ll probably consider any wills and trusts as a means of property distribution. However, it’s important to remember that the way you hold onto these titles affects how these pass onto future generations. That being the case, there are several types of property ownership that can apply to and affect your assets.

Sole Ownership

  • As the name implies, someone with sole ownership owns a property in its entirety.
  • The property is included in the decedent's estate and is usually passed by standard transfer documents or laws of intestate succession.
  • When the beneficiary receives the basis, it is brought up to fair market value, so the capital gain is eliminated if the property is immediately sold.

Joint Tenancy

  • This exists when two or more people share equal, undivided interests in a property. While joint tenancy can be shared by anyone, there are certain tax benefits that can only be shared between husband and wife.
  • Joint properties cannot be transferred using traditional documents, but are instead passed down by “operation of law” to the surviving joint owners.
  • Under qualified joint tenancy, half of the property is included in the first decedent’s estate, unless a non-spouse participate has joint ownership. In this case, the entire property value would be included in the decedent’s estate as long as there is proof that he or she contributed to property cost.

Community Property

  • Under community property statutes, any property acquired or earned by a spouse during the time that they are married is equally owned by each spouse. The idea here is that properties earned by one spouse do not belong solely to the producer but rather to the community of husband and wife.
  • When it comes to estate conservation, there are no rules that dictate how one party must give away his or her portion of the estate. For example, there is no rule requiring a person to leave his or her entire estate to the surviving spouse — even though this usually happens anyway.

When planning your estate, it’s important to be aware of which type of ownership applies to your properties and assets. At American Investment Planners LLC, we want to help you and your money stay safe, which is why we make it a priority to help you prepare for the best financial future possible. From managing your cash to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Tuesday, December 12, 2017

What is a Reverse Mortgage?

We’re pretty sure there are plenty of people who would like to increase their income once they’re in retirement. Well, if you’re a homeowner, there’s a way you can do just that without having to sell your home or move. It’s called a reverse mortgage.


What  is a reverse mortgage?
A reverse mortgage turns your home’s value into usable cash. Instead of you making monthly mortgage payments, the lender pays you fixed monthly payments for the rest of your life, a lump sum, or establishes a line of credit that can be used when you need it. You basically are annuitizing your home this way. As long as you or your surviving spouse live in the home or sell it, you don’t have to repay the principal, interest, or fees.

Who is eligible for a reverse mortgage?
To be eligible for a reverse mortgage, you must be at least 62 years old and the home you intend to reverse mortgage must be your main residence.

Should I be caution of a reverse mortgage?
There are a few things you need to be aware of before taking out a reverse mortgage on your home.
  • You are still responsible for paying property tax, homeowners insurance, and all repairs your home may need.
  • The costs that come with a reverse mortgage are typically higher than a traditional mortgage and can include a number of fees.
  • Reverse mortgages also usually have higher variable interest rates that are not tax deductible like traditional mortgages.

If you believe it can help increase your income while meeting your lifestyle needs, you may want to look further into getting a reverse mortgage. However, if you are unsure if that is a good option, talk to your financial advisor for more advice.

At American Investment Planners LLC, we want to help you and your money stay safe, which is why we make it a priority to help you prepare for the best financial future possible. From managing your cash to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

How Social Media Can Affect Your Money

Our world seems to revolve around the internet and social media these days. We all know social media is a great tool to use to keep in touch with friends and family, but not many people think of the negative implications of social media until after it’s too late. There’s something else you probably didn’t think about — social media can affect your money. Here’s how:


Seeing ads can make you spend more money.
You can’t scroll through a single webpage or social media app without being presented with an ad that encourages you to buy a product of service. If the ad itself doesn’t get you, a friend or celebrity’s post featuring the product may. Think about it: how many things have you (unnecessarily) purchased because you saw it while scrolling through Facebook or Instagram?

Vacation photos can get you robbed.
It’s never a good idea to post vacation photos online before you’re home. While a friend may see you sipping a Mai Tai on a pretty beach, a potential burglar sees you as an easy target, hundreds of miles away and unable to protect your home and valuables. No one wants to come home from vacation to find out they’re stuck replacing thousands of dollars worth of stolen items.

Inappropriate posts can lose you a job.
Adults always warn kids to be careful what they post online, and that’s advice everyone should heed. Employers are getting better and better at checking social media pages to determine if they want to hire a candidate or not. Do you think a prestigious law firm is going to want to hire someone who posts a new photo of themselves acting drunk and sloppy every weekend? Spoiler: they won’t, so you’ll be out of an income.

At American Investment Planners LLC, we want to help you and your money stay safe, which is why we make it a priority to help you prepare for the best financial future possible. From managing your cash to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Tuesday, December 5, 2017

Budgeting for Holiday Shopping

If you had to guess a single time of the year that hits your wallet the hardest, you’d probably be correct in choosing the Christmas season. Between shopping for your family to getting little gifts for your office’s Secret Santa exchange, you’re going to shell out of lot cash, potentially more than you should. If you want to make it through the holiday season without feeling like you gave away an arm and a leg, try these tips for budgeting for holiday shopping.


List out everyone you’re shopping for.
Write down any family member, friend, or other person you’re shopping for and assign each person a specific dollar amount that you’re willing to spend on them. This will help you stick to your budget and avoid spending a crazy amount of money on people who you only see twice a year.

Price check everything.
Don’t just take a store’s word that their price is the lowest you’ll find. Use your phone to check if an item is being sold elsewhere for a cheaper price. This way, you can purchase it there or the store you’re already at may price-match it.

Don’t wait until the last minute.
We all know the feeling of rushing out three days before Christmas after putting off shopping all month long. Not only will procrastinating stress you out, but you’ll be willing to spend more money on gifts just so you don’t show up to holiday gathering empty-handed. Give yourself plenty of time to go shopping and find affordable presents.

Consider making gifts yourself.
While it can be nice to get a perfectly-wrapped store-bought present, sometimes the best present is one that is crafted out of love. Homemade presents give you the chance to give your loved one a one-of-kind gift at a fraction of the cost.

At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From managing your cash to 529 savings plans, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.