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Michelle Morris

June 14, 2019 by Michelle Morris

Are You A Clueless Spouse When It Comes To Finances?

In my work helping single women make sense of their money and their taxes, I frequently talk to women who used to be married, but are not now. If you are a married woman, the odds are high you will not be married in the future. Longer lifespans for women and increasing rates of divorce among those over 50 mean that many married women will inevitably become widows or divorcees. Eighty per cent of women will end up solely responsible for their finances, often for a decade or more. Some are ready for this responsibility - many are not. I have spoken to widows who haven't seen a bill in decades. Divorcees who lived in nice houses, drove nice cars, went on lavish trips who were …

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May 20, 2019 by Michelle Morris

If You Outlive Your Term Life Insurance Did You Waste Your Money?

Later this year, the first of my husband's and my term life insurance policies expire. Twenty years ago, I found out I was pregnant. In between waves of nausea I remember thinking "We should get life insurance". We chose 20-year term life insurance policies. Term life insurance pays a benefit in the event of the death of the insured during a specified term. It is especially important for people with young children. In the event of an untimely death, life insurance helps the surviving spouse and children maintain their lifestyle. It's important for anyone with earnings, but also for stay-at-home caregiving spouses. If the caregiver spouse dies how much would it cost to hire out all …

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April 12, 2019 by Michelle Morris

Were Your Taxes Lower in 2018?

We are nearing the end of the first tax season post Tax Reform, formally known as the "Tax Cuts and Jobs Act". The majority of filers saw a reduction in their tax liability this year as noted by my colleague Bill Starnes. Many people, however, got lower refunds. This is because their tax withheld during the year was less. Your tax refund is not your tax liability.   Your tax liability is the amount of tax you owe. Your tax liability in 2018 compared to 2017 depends on a lot of things. Whether you itemized or took the standard deduction Whether you are self-employed and got the new Qualified Business Income Deduction Whether you have children and how old they are …

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March 8, 2019 by Michelle Morris

Beware of The Diderot Effect

I recently read the best seller "Atomic Habits" by James Clear. In fact it was my book giveaway in January, I highly recommend it. In this book I learned the tale of the French philosopher Denis Diderot, who in 1765 found himself unable to pay for his daughter's wedding. He was poor, but well known as the co-founder and writer of Encyclopédie, one of the most comprehensive encyclopedias of the time. Catherine the Great, Empress of Russia, was a fan of his encyclopedia and offered to buy his personal library for £1000 - more than $150,000 today. She also offered to pay him a yearly salary to act as her librarian. Suddenly Diderot found himself wealthy. He paid for the wedding and …

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February 8, 2019 by Michelle Morris

Gift Taxes – the short and long of it.

The gift tax short version: You can give up to $15,000 per year of cash or property (in 2019) to as many people as you wish without filing a gift tax return. The gift is not taxable to the recipient. Now the gift tax long version: 1. Gift tax, if due, is generally paid by the DONOR, not the recipient. 2. There is an annual gift exclusion in 2019 of $15,000. You can give $15,000/year to as many people as you want without having to file a gift tax return. This amount is adjusted each year for inflation 3. Under current law you can give away $11,400,000 during life and at death without owing any gift or estate taxes. Yes, that is over 11 million dollars Think …

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From The Blog

  • Just Because you have a Coupon Doesn’t Mean you Should Go Shopping – and Other Useful Money Rules
  • A Year Later- Micro Investing with Acorns
  • Good News for a Change – Prices at the Pump are Lower!
  • The News is Dreary – Should You Still Be in the Stock Market?

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From the Blog

  • Just Because you have a Coupon Doesn’t Mean you Should Go Shopping – and Other Useful Money Rules
  • A Year Later- Micro Investing with Acorns
  • Good News for a Change – Prices at the Pump are Lower!

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Investment advisory products and services are offered through advisory representatives of BRIO Financial Planning, an investment advisor registered with the Commonwealth of Massachusetts.

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Contact Us

Michelle Morris, CFP® EA
BRIO Financial Planning
1073 Hancock St. #101
Quincy, MA 02169

michelle@briofp.com
617-934-0419 (phone)
617-934-1933 (fax)

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