Taylor’d Finance Blog
Welcome to my blog! I’m Taylor Ledbetter, a Paraplanner and Wealth Advisor at Jessup Wealth Management. I joined the team in July 2020 as a financial planning intern. By 2021, I graduated from Wright State University with double Bachelor’s Degrees in Financial Services and Accounting and an Associate’s Degree in Business Administration from Sinclair Community College.
This blog aims to dissect relevant financial planning topics and educate readers. I put a lot of thought into providing insights and strategies to help you enhance your financial lives. Whether you’re looking to optimize your investments, plan for retirement, or manage your budgets, I’m here to guide you toward achieving your financial goals.
A 529 plan is a common tax-advantaged savings vehicle used when preparing for your child’s future education expenses. This plan allows for tax-free withdrawals when used for qualified education costs. When a child finishes college, sometimes there are 529 funds left in the account. Determining what to do with these funds going forward can be difficult. However, if handled properly, some options can benefit the family and the student.
If your employer offers a retirement plan, chances are it's a 401(k) plan. Even though this is the most popular type of plan for employers to offer, there are several other retirement savings options out there. All retirement plans incentivize employees to do the same thing: save for retirement!
If you are considering selling property that may result in a big profit and a big tax bill, a 1031 exchange could be a helpful strategy. A 1031 exchange is a way to postpone capital gains tax on the sale of a business or investment property by using the proceeds to buy a similar property. This strategy is also referred to as a “like-kind” exchange.
Funding a Roth IRA is the best way to minimize your tax burden and create tax-free income in retirement. However, high-income investors are not allowed to contribute directly to a Roth IRA. Even though the IRS has imposed income limits on Roth contributions, there is still a way to contribute indirectly. This strategy is referred to as a “Backdoor Roth IRA.”