The Family Firm

The Family Firm The Family Firm, Inc. is an independent financial advisory firm providing comprehensive financial planning and wealth management services.

The Family Firm is an independent, fee-only financial advisory firm that focuses on lifetime asset protection through the development and implementation of customized financial management strategies. Our hallmarks include a high advisor-to-client ratio and our personal knowledge of each client’s values, challenges and goals for long-term financial security. The Family Firm does not sell financial

products or receive commissions from institutions or investments – allowing us to provide expert advice that is free from conflicts of interest. The result: unbiased insight, effective long-term strategies and client peace of mind.

10/07/2025

We are excited to share the news that we have joined Beacon Pointe Advisors! For future news and updates from our team, please like/follow Beacon Pointe Advisors.

10/07/2025

Welcoming leadership rooted in excellence and impact, we’re proud to share that The Family Firm has joined Beacon Pointe, establishing our presence in Washington, D.C., and extending our footprint throughout the greater Mid-Atlantic region.

As a fellow female-led RIA, The Family Firm shares our passion for client service excellence, transformational leadership, and community betterment. Together, we’re proud to continue building a future where women help to redefine the future of wealth management. https://www.prnewswire.com/news-releases/beacon-pointe-advisors-establishes-washington-dc-presence-with-female-led-ria-302576324.html?tc=eml_cleartime

Roth IRAs Are Great for Kids with Earned IncomeIf you have or know a young person earning money this summer, you should ...
08/05/2025

Roth IRAs Are Great for Kids with Earned Income

If you have or know a young person earning money this summer, you should share this with them!

For young adults, a Roth IRA can be a powerful retirement savings tool, but most don't understand how it works.

Here are 6 things to know:

1️⃣ You contribute after-tax dollars, and your money grows tax-free!

2️⃣ You don’t need a full-time job. Any earned income — even from a part-time or freelance job qualifies you to contribute.

3️⃣ Contribution limits are separate from your 401(k). In 2025, you can contribute up to $7,000 to a Roth IRA even if you’re also contributing to a 401(k).

4️⃣ You can withdraw contributions anytime. Unlike many retirement accounts, you can pull out the money you put in (not earnings) without taxes or penalties.

5️⃣ You can start small. Even $50 a month can make a big difference over time.

6️⃣ You could consider helping them get started by offering to “match” some of their money if they are interested in opening an account.

Key takeaways:
✅ Starting a Roth IRA early can give young investors a massive head start, offering flexibility, growth, and tax advantages few other accounts match.

✅ Once you turn 73, you must take the required minimum distribution from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

✅ With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances. The original Roth IRA owner is not required to take minimum annual withdrawals. With a Roth 401(k), employer matching with pre-tax dollars is not distributed tax-free during retirement.

Could someone open a credit card in your name?If your credit isn’t frozen, the answer might be yes.The bottom line is th...
07/28/2025

Could someone open a credit card in your name?

If your credit isn’t frozen, the answer might be yes.

The bottom line is that a credit freeze is the one thing you can do to block fraudsters from opening new accounts using your information, even if they have all or any of your personal information.

🛑 What is it?
A credit freeze is designed to restrict access to your credit report. It doesn’t hurt your score or affect your existing accounts.

When should you consider doing it?
Maybe now! It’s proactive protection—and can be more effective than just monitoring your accounts.

🔓 How do you freeze your credit?
You’ll need to set up accounts at all three major bureaus (Equifax, Experian, and TransUnion). You may be able to set up an account online, or you may have to call them.

Can you still use credit?
Yes! You can lift or "thaw" the freeze anytime—permanently or temporarily—if you’re applying for a loan, credit card, or job.

So many people have experienced some kind of fraud. Freezing your credit takes just minutes and could help you manage a financial nightmare.

How much do you really know about 529 college savings plans?There are a lot of misconceptions about how they work.Here a...
07/21/2025

How much do you really know about 529 college savings plans?

There are a lot of misconceptions about how they work.

Here are some common 529 plan questions answered:
1️⃣ Can I use 529 funds for K-12 education? Yes, up to $10,000 a year for tuition at private elementary or secondary schools.

2️⃣ What if the child doesn’t go to college? You can change the beneficiary or withdraw funds (taxed and penalized only on the earnings portion).

3️⃣ Can I use a 529 for apprenticeship programs? Yes — if they're registered with the U.S. Department of Labor.

4️⃣ Can I pay off student loans with a 529? Up to $10,000 can be used toward qualified student loans.

5️⃣ Can grandparents open a 529? Yes, and recent rule changes make it easier for some to avoid hurting financial aid eligibility.

6️⃣ What if I move states? You can roll your 529 into another state's plan, but check for tax implications.

7️⃣ Are 529 plans only for college? No — they can also be used for trade schools, graduate programs, and some continuing education programs.

✅ 529 plans are great, but the rules are nuanced. Before funding a plan, check with a financial professional who understands the latest regulations and can show you how they apply to your specific situation.

Which of the Following Is Commonly the Last Account People Draw From in Retirement?❓❓❓Today’s Quiz Question: Which of th...
06/25/2025

Which of the Following Is Commonly the Last Account People Draw From in Retirement?

❓❓❓Today’s Quiz Question: Which of the following is the last account some people draw from in retirement?

A) Traditional IRA / 401(k)
B) Roth IRA
C) Taxable brokerage account

Answer: B – Roth IRA.

Why? Since qualified withdrawals from Roth IRAs are tax-free, many retirees draw from them last to maximize their tax-free earnings. However, the correct approach depends on your broader tax picture, income needs, and long-term goals.

One of the most complicated parts of a retirement strategy is turning savings into steady, tax-smart income.

Here are some of the factors that we financial professionals help our clients consider:

1️⃣ Social security timing—and how it integrates with other income sources

2️⃣ Account sequencing—to manage tax brackets, Medicare premiums, and long-term flexibility

3️⃣ Market volatility—and how to build in guardrails early in retirement;

4️⃣ Required Minimum Distributions (RMD) and Roth conversions—to manage tax surprises

5️⃣ Withdrawal flexibility—to help get your portfolio through up and down markets

Income in retirement is an art and a science, and it’s never too early to start preparing.

Consult your tax, legal, and accounting professionals if you believe taxes might influence your retirement income strategy.

In most circumstances, once you reach the age of 73, you must begin withdrawing RMDs from your traditional IRA and 401(k) retirement accounts. If you withdraw them before age 59.5, they may be subject to a 10% federal income tax penalty.

Roth IRA accounts qualify for tax-free and penalty-free earnings withdrawal if they meet the five-year holding requirement and if the withdrawals occur after age 59.5. Tax-free and penalty-free withdrawals can also be made under certain other circumstances, such as the owner’s death. Original Roth IRA owners are not required to take RMDs during their lifetime.

June 19 marks the day in 1865 when the last enslaved people in the United States were informed of their freedom—more tha...
06/19/2025

June 19 marks the day in 1865 when the last enslaved people in the United States were informed of their freedom—more than two years after the Emancipation Proclamation.

It’s a powerful reminder of how progress can be delayed and why continued reflection, education, and action are important.

As a firm, we recognize the significance of this day and the ongoing work to achieve equity and opportunity for all.

About 4.2 million people in the U.S. are forecast to turn 65 this year, according to a report by the Alliance for Lifeti...
05/29/2025

About 4.2 million people in the U.S. are forecast to turn 65 this year, according to a report by the Alliance for Lifetime Income’s Retirement Income Institute, citing Social Security Administration figures.

This shift has financial and economic implications:
🔹 Where money lives is shifting: More assets are moving from banks to insurers and other investments as retirees adjust portfolios.
🔹 Retiree debt is rising: Americans age 60+ now hold nearly a quarter of all U.S. household debt, including mortgages and credit card balances.

For those approaching 65, does this surprise you? What’s at the top of your mind regarding retirement? 👇



Source
WSJ.com, December 27, 2024
https://www.wsj.com/finance/investing/us-record-65-year-olds-economic-impact-8f5ea152

Memorial Day is a time to remember those who gave their lives in service to this country.Their sacrifices made so much o...
05/26/2025

Memorial Day is a time to remember those who gave their lives in service to this country.

Their sacrifices made so much of what we enjoy today possible, and this day serves as a reminder that freedom comes at a cost.

Between the barbecues and fun times with friends and family, take a few moments to reflect on what this day truly means.

What do a lot of people overlook when they inherit IRAs?Most people think of an inherited IRA as simply another account ...
05/22/2025

What do a lot of people overlook when they inherit IRAs?
Most people think of an inherited IRA as simply another account to manage—but it can be easy to make costly mistakes.

Here’s what many people don’t understand when inheriting an IRA:

🔹 The 10-Year Rule: Typically you must withdraw all funds within 10 years, but some exceptions apply.

🔹 Lump Sum Trap: Taking everything at once can push you into a higher tax bracket, which might leave you with far less than expected.

🔹 Investment Risks: The original owner’s investments may not align with your financial goals. It’s not just “Dad’s IRA”—reallocating may be an idea to consider.

Remember that tax rules are constantly changing and there are a wide range of exceptions that can apply. There is no guarantee that the tax treatment of Roth and Traditional IRAs will remain what it is now. If you have inherited or expect to inherit a traditional or Roth IRA, be sure to consult a financial professional for guidance.

Did any of these come as a surprise to you? Drop your thoughts in the comments! 👇



Source
https://www.kiplinger.com/retirement/inherited-an-ira-avoid-these-common-mistakes

Preparing your taxes for next year? The IRS has outlined what married couples filing jointly need to know about the 2025...
05/20/2025

Preparing your taxes for next year? The IRS has outlined what married couples filing jointly need to know about the 2025 tax brackets:

Income Tax Brackets (Married Filing Jointly):
-$206,701 to $394,600: 24% tax rate
-$394,601 to $501,050: 32% tax rate
-$501,051 to $751,600: 35% tax rate
-$751,601+: 37% tax rate

Capital Gains and Dividends (2025)

For long-term investments and qualified dividends:
-0% rate: Up to $96,700
-15% rate: $96,701 to $600,050
-20% rate: $600,051 and above

The 'Kiddie Tax' Update

Parents with children under 18 (or under 24 if a full-time student) who are dependents: Your child's unearned income (typically from investments) above $2,700 for 2025 will be taxed at YOUR marginal tax rate. This is up from $2,600 in 2024.

Important Notes
-Couples with modified adjusted gross income above $250,000 may still face the 3.8% net investment income surtax.
-The Social Security tax wage cap increases to $176,100 for 2025.
-Mark your calendars for quarterly tax payments: April 15; June 16; Sept. 15; and Jan. 15, 2026.

This post is for informational purposes only and is not a replacement for real-life advice. We would encourage you to speak with your tax, legal, and accounting professionals before modifying your tax strategy based on this information.

Source: https://www.wsj.com/personal-finance/taxes/irs-tax-changes-2024-2025-guide-4372f89c

Year in Review – 12 Months Ended 03/31/2025 The US economy’s growth faltered in early 2025. Consumer confidence was quit...
04/15/2025

Year in Review – 12 Months Ended 03/31/2025 The US economy’s growth faltered in early 2025. Consumer confidence was quite weak, and spending did begin to diminish. Inflation stabilized at under 3%. American stocks rose throughout 2024,...

Address

4800 Hampden Lane #520
Bethesda, MD
20814

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+13016563999

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