Tax
All you need to know about 2025 Tax Adjustments to Premiums, COLAs, Brackets and Thresholds
Stay ahead of 2025 tax adjustments that impact your savings, taxes, and employee benefits.
December 6, 2024
No Comments
About Me
Quentara Costa, CFP®
Quentara Costa helps the sandwich generation prioritize kids, self, and aging parents. For years Quentara was the primary caregiver for her father who was diagnosed with Alzheimer's at the age of 70. Since his passing, she’s become a mother of three. Professionally she received a master’s degree in Personal Financial Planning from Bentley University and has held the CFP® designation since 2010. Community involvement includes hosting the Merrimack Valley Senior and Caregiver Group and volunteering for Budget Buddies.
Children
Smart Strategies for Managing Your Child’s Cash Gifts
Discover the best ways to manage your child’s cash gifts, from piggy banks to trusts, and learn how to maximize growth while teaching financial responsibility.
December 6, 2024
4 Comments
Elder Care Planning
Gift Ideas for Seniors this Holiday Season
Discover thoughtful gift ideas for seniors this holiday season! From meaningful experiences and consumables to professional services and practical gadgets, find perfect ways to show your love while avoiding clutter. Make their holidays special and stress-free!
November 16, 2024
2 Comments
Elder Care Planning
How Pooled Trusts Maximize Elder Care Benefits for Solo-Seniors
Learn how pooled trusts help seniors in Massachusetts qualify for MassHealth while preserving assets. Read about eligibility, benefits, and expert tips for elder care planning.
November 15, 2024
No Comments
Elder Care Planning
Understanding Medicare Plan Coverage: What You Need to Know
Open enrollment is here, so as I offer every year, here is my latest recap that goes over the different Medicare Part and Medicare plan options and their costs.
October 9, 2024
2 Comments
Children
Halloween Tips and Tricks from a Certified Financial Planner®
Get ready for Halloween without breaking the bank! In this blog, I share practical tips and tricks for saving on costumes, décor, candy, and party planning. Perfect for busy families looking to enjoy the spooky season while keeping finances in check!
October 9, 2024
No Comments
General Planning
Understanding New and Ongoing FinCEN and BOI Reporting Requirements
This blog provides an overview of FinCEN and BOI reporting requirements, highlighting why compliance matters and offering practical advice for businesses and individuals. By staying informed, you can protect yourself and your business from regulatory issues while supporting broader efforts to combat financial crimes.
October 2, 2024
No Comments
Children
The Financial Implications Of Hiring A Nanny For Child Care
Hiring a nanny over using daycare can offer personalized care and certain conveniences, but it also comes with significant financial and employer responsibilities. From payroll taxes and liability insurance to agency fees and contract considerations, the costs and time associated with correctly managing it all can add up quickly. By understanding these financial implications and planning accordingly, you can make an informed decision that aligns with your family’s needs and budget.
September 10, 2024
No Comments
Estate Planning
Closing an estate of a Loved One: A Step-by-Step Guide
Closing an estate is a complex and emotional process, but understanding the steps and seeking professional advice can make the estate closure process easier to navigate. Be sure to download my included guide.
September 10, 2024
No Comments
General Planning
How buying real estate changed on August 17th
Buyers will now be implored to negotiate terms with their agent vs depending on the seller’s contract. The change has been described as great, terrible, a minor shift and everything in between. Time will tell, but understanding how this can help or hurt you in your next transaction is step 1!
August 21, 2024
No Comments
Children
FAFSA Delayed Again in Year 2 Rollout
The 2025-2026 federal student aid application will open to all students as late as Dec. 1, mirroring delays last year.
August 21, 2024
No Comments
Elder Care Planning
The Best Way to Choose a Plan During Medicare Open Enrollment Season
Medicare open enrollment is here (October 15 – December 7), and POWWOW encourages clients aged 65+ to work with a trusted resource to ensure existing coverage is still suitable.
August 21, 2024
6 Comments
General Planning
Is Pet Insurance Worth the Cost? Pros, Cons, and Alternatives Explained
Discover if pet insurance is worth the cost and right for your family. Explore the pros and cons, factors to consider, and alternatives to help you make an informed decision for your pet’s health and your financial peace of mind.
July 8, 2024
No Comments
Elder Care Planning
The Best Questions to Ask During an Assisted Living Tour
One of the most FAQs I receive from families is what questions to ask during an assisted living tour. If you google it, you’ll find some pretty exhaustive lists. I’ve distilled down the best topics and insight to focus on as you consider an assisted living community.
May 28, 2024
No Comments
Elder Care Planning
April 18, 2024
No Comments
Children
Beyond Funding College: How to Financially Empower Your Children
Supporting your children financially goes beyond funding their college expenses. It’s about empowering them with the knowledge, skills, and resources they need to thrive in all aspects of life.
April 18, 2024
No Comments
General Planning
Inherited Wealth: Understanding it’s Limitations and Leveraging a Financial Planner
Correctly managing inherited wealth requires careful planning and a healthy dose of self-awareness. Working with a financial planner can help you make high-value choices.
April 4, 2024
No Comments
Elder Care Planning
Understanding Medicare IRMAA Brackets and How to Plan Early
Planning ahead for IRMAA surcharges has become more important as the bracket tiers narrow and Medicare premiums increase.
March 15, 2024
1 Comment
Investing
Proven Strategies To Defend Against Financial Fraud And Avoid The Next Ponzi Scheme
Learn how to safeguard your finances from potential scams and Ponzi schemes by identifying red flags and discovering essential insights to protect yourself and your investments from financial fraud. Learn who and what’s involved with investment management to help ensure a secure financial future.
March 12, 2024
No Comments
Elder Care Planning
How to avoid accusations of fraud when helping an elderly relative
Caregivers must be mindful of potential challenges that can arise, including accusations of fraud. Sometimes things start off on the right foot, but can land on a sour note unexpectedly. Here are some steps well-meaning caregivers can take to protect themselves.
February 23, 2024
No Comments
Children
Top 5 Changes to the FAFSA form
The FAFSA Simplication Act will have families seeing changes to their application process and aid package this year. Many will do well by the calculation adjustments. And at the very least, they should find the application process much easier. Others may walk away with less than expected.
February 19, 2024
No Comments
Estate Planning
How to Avoid 7 Common Estate Planning Mistakes
Learn how everyday families can benefit from estate planning to ensure their intentions are seen through and how to avoid common estate planning mistakes.
February 5, 2024
4 Comments
Tax
Maximize Last Year’s Tax Savings with these 5 Tips
Did you know numerous tax saving strategies don’t adhere to a year-end deadline? In this blog, we’ll explore some effective methods to minimize last year’s tax burden.
January 19, 2024
No Comments
Estate Planning
Effectively Gifting to Your Grandchildren At Any Net Worth
Effectively benefiting the next generation comes in all shapes and sizes, learn about your options to gift relative to your net worth.
January 6, 2024
1 Comment
Children
Life Insurance For Children: Pros & Cons
Life insurance can provide a valuable safety net for loved ones who depend on you financially. But children usually don’t have jobs, so no one depends on their income. Forbes look at the possible reasons for buying life insurance for children.
January 6, 2024
No Comments
Elder Care Planning
CCRC vs Nursing Home vs Assisted Living: Making the Right Choice
Choosing the right type of care community for a loved one depends on their specific needs, health conditions, and preferences. Here is my overview of Continuing Care Retirement Communities (CCRCs), Assisted Living, and Nursing Homes to help you make an informed decision.
December 16, 2023
3 Comments
Estate Planning
Leaving the greatest gift of all: A tax-reduced estate
Minimizing the burden of taxes and avoiding potential complications of settling an estate are certainly worthy goals to aim for! In this blog, we’ll discuss how I address the goal of leaving a tax-reduced estate.
December 14, 2023
7 Comments
Children
Introducing Financial Concepts Series: Ages 6-9
Teaching young children smart money habits is a valuable life skill that can set them on a path to financial responsibility and success. Here are some tips on how to teach financial literacy to children aged 6-9.
November 8, 2023
1 Comment
General Planning
New Year’s Resolutions for The Sandwich Generation
In reflecting on my New Year’s Resolution, there were repeated themes this year that I hope to incorporate into my life to maximize my Sandwich Generation efforts vs feeling encumbered with an unattainable goal. I’m sharing my conclusions with the hope that you start 2024 with an energized mindset.
November 7, 2023
3 Comments
Children
Introducing Financial Concepts Series: Ages 3-5
Teaching young children smart money habits is a valuable life skill that can set them on a path to financial responsibility and success. Here are some tips on how to teach children aged 3-5 smart money habits.
October 12, 2023
2 Comments
Estate Planning
Massachusetts Updates to a New State Estate Tax Calculation!
With no cost of living adjustment since 2006 and soaring property valuations, the MA state estate tax has been a pain point for the beneficiaries of the middle-class.
October 5, 2023
6 Comments
General Planning
Guide to flood insurance: Here’s what to know
Last year the Northeast experienced a drought. This year my town had multiple floods wreaking havoc on both residents and businesses. While most people are trying to offload their bank required flood insurance to save on cost, you may be wanting to sign up ASAP in light of recent events. But is the premium worth it? More importantly, are you eligible to get it based on your zoning? Read more from BankRate.com.
September 13, 2023
No Comments
Elder Care Planning
What to know about applying for Medicaid in Massachusetts
Medicaid in Massachusetts, known as MassHealth, provides long-term care coverage to eligible low-income seniors within the state. Applying for this coverage can be daunting, but understanding the big picture can be helpful.
September 13, 2023
3 Comments
Children
Prepare for Student Loan Payments
They’re restarting come October 2023 – don’t delay understanding your options for payment, payment method, and ensure it’s folded into your budget.
August 18, 2023
No Comments
Investing
The Value of Diversification
There is no need to hunker down in just the SP500 or gold to see returns, diversification is preached for a reason. This chart shows annual returns for eight broad-based asset classes. Notice how the “leadership” changes from year to year, and how competitively the diversified portfolio performed over 20 years (see the “annualized return” column).
August 18, 2023
No Comments
Elder Care Planning
How to pre-pay funeral-related costs. (Yes – there are multiple ways!)
Pre-paying a funeral is a way to plan and cover the costs associated with your end-of-life services in advance. Pre-paying can come into play to ensure services are carried out as intended, to help with Medicaid eligibility, and provide a little reprieve of responsibility as loved ones grieve.
August 18, 2023
2 Comments
Media Mentions
CCRCs Can Offer Tax-Deductible Living
Rethinking65 features Quentara Costa’s insight on how tax benefits for continuing care retirement communities can make them more affordable.
August 17, 2023
No Comments
General Planning
Financing options in a high-interest rate environment
One of the most frequently asked questions I’m receiving these days is related to paying off debt and financing options. Gone are the days of a 2.5 – 3.5% mortgage. Whether it be for a home purchase, improvement, car, or business venture, here are some options to consider if you’re looking for financing.
July 24, 2023
No Comments
Elder Care Planning
How to write a great obituary
Writing an obituary can be a challenging task, as it requires capturing the essence of a person’s life and honoring their memory. Here are some guidelines to help you write a great obituary for your loved one.
July 17, 2023
No Comments
Children
The Latest on Student Loan Forgiveness and Repayment
Student loan proposals didn’t go in Biden’s favor during debt ceiling negotiations and a deciding vote by the Supreme Court. The Biden Administration hopes to now find a win revamping the income-driven repayment plan.
July 14, 2023
No Comments
Children
How to Teach your child to be their own IEP Advocate as they Head to College
Your child’s IEP and support network will not follow them to college, so it’s critically important for them to become their own advocate as they navigate the world of college accommodations.
June 9, 2023
1 Comment
Elder Care Planning
How ChatGPT can help Senior Citizens remain Independent
Here are the top three suggestions on how a senior may be able to make use of ChatGPT in ways that are different than what’s already available through other popular technologies.
June 7, 2023
No Comments
General Planning
Relocating due to LGBTQ Health, Education, and Saftey Concerns
8 steps to help with financial planning as you consider an LGBTQ-motivated relocation. Plus info from ACLU and Wallet Hub on related state-by-state law proposals and tax burdens.
June 5, 2023
No Comments
Children
Just Married: Newlywed Estate Planning Cheat Sheet
I’ve had a slew of clients adding “wedding” to their list of goals. Is their 20-something child even engaged yet – not necessarily, they just want to be prepared when the special day comes. But a part from funding the day, there is plenty else to consider as two become one.
May 9, 2023
No Comments
General Planning
The Ultimate Downsizing Checklist Before Retiring
While the process of downsizing can be emotionally and physically challenging, it can also be liberating and rewarding. To help you navigate this transition, we’ve compiled a comprehensive checklist for downsizing your home.
May 9, 2023
No Comments
Children
Where to Best Save for College
The attraction of 529 college savings programs is that they provide for investment earnings to grow on a tax-deferred basis, making them a tax-savvy choice compared to other options.
April 20, 2023
No Comments
Elder Care Planning
How Caregivers Can Receive Support Services
Caregivers of an aging loved one often feel like they’re stranded on an island with no support. But take heart that there are options if you know where to look.
April 7, 2023
No Comments
General Planning
Understanding FDIC in light of the Silicon Valley Bank failure
What any bank depositor should know about Silicon Valley Bank and their own FDIC coverage.
March 13, 2023
1 Comment
General Planning
From Layoff to Takeoff: How to be Prepared for your Next Adventure
There are SO many articles about layoffs and jobs being left unfilled. It makes you think about your own preparedness in the event of job loss. Here’s my game plan for helping you go from layoff to takeoff.
March 1, 2023
No Comments
Elder Care Planning
Continuing Care Retirement Communities (CCRC) can be tax-deductible! Find out how to save on taxes.
Read how you may be able to save a bit on taxes if considering a CCRC. You may potentially be able to deduct a portion of the initial buy-in and ongoing rent.
March 1, 2023
2 Comments
General Planning
The History and Business of Valentine’s Day
About half of U.S. adults plan to celebrate Valentine’s Day this year, spending a total of $25.9 billion!
February 14, 2023
No Comments
Children
Are your kids stressed about family finances? Psychologists weigh in.
What’s the best way to discuss financial limits as a family without stressing out children? How can parents support children’s well-being while taking care of their own?
February 6, 2023
No Comments
Tax
The SECURE 2.0 Act – For Retirees (or soon-to-be)
SECURE 2.0 has 90+ new or updated retirement provisions. For retirees, this means expanded catch-up contributions, charitable gifting options, and changes to RMDs.
January 30, 2023
No Comments
General Planning
The SECURE 2.0 Act – For Workers
SECURE 2.0 is primarily meant to strengthen Americans’ ability to retire by enhancing savings options. For workers, this means automatic enrollment in retirement plans, enhanced matching, and flexibility to use savings for emergencies.
January 30, 2023
1 Comment
Elder Care Planning
Travel Insurance for Senior Citizens
Determine what existing travel coverage you have first, and whether additional travel insurance is a good idea.
January 4, 2023
No Comments
Investing
Understanding the History of the January Effect
Many studies confirm “The January Effect” exists, so will the monthly performance for January predict how 2023 will pan out?
January 4, 2023
No Comments
General Planning
Ahhh it’s Year-End! What do I need to do before 12/31?
It’s time to make sure you’re financially accounted for before the new year rolls around. It may be maxing out HSA and retirement plans, settling debt, or holding realistic assumptions about your spending habits. Here is a full list to consider tackling.
December 7, 2022
No Comments
Elder Care Planning
A Refresher on Medicare Plans for 2023
Open enrollment is here, so as I offer every year, here is my latest recap that goes over the different Medicare Part/Plan options and their costs for 2023.
November 1, 2022
No Comments
Tax
All you need to know about 2023 Tax-Related Adjustments to Premiums, COLAs, Brackets and Thresholds
There have been so many recent announcements related to 2023 adjustments, let’s just tackle them all together!
October 27, 2022
No Comments
Investing
Is a Roth IRA Right for You?
Do Roth IRAs make sense from a tax perspective? The first question may not be whether it’s “right” for you, but whether you’re eligible to even open one at all. That’s where Roth Conversions come into play.
October 5, 2022
No Comments
Elder Care Planning
How to Choose a Nursing Home
There are big differences in the quality of nursing homes and the care they provide. 2 Sisters Senior Living Advisors help us identify and prioritize criteria for this difficult decision.
October 3, 2022
No Comments
Children
College is an Investment – Treat it like one!
Calculate a school’s return on investment to determine whether it is a good investment or not.
October 3, 2022
No Comments
Children
Biden Finds Out You Can’t Please Them All after Announcing Student Loan Forgiveness
Feelings have run amok after Biden outlines his executive action for student loan forgiveness. Read about the program and my own thoughts.
September 5, 2022
2 Comments
General Planning
How to Capitalize on the Inflation Reduction Act of 2022
Solar panels, corporate taxes, and Medicare prescription drugs – oh my! Read the highlights of Biden’s latest bill.
September 5, 2022
3 Comments
Tax
How to Minimize Taxes During Market Downturns
Market downturns, like the one through the first half of 2022, could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future.
August 24, 2022
2 Comments
Elder Care Planning
Tips for the Fast Growing Sandwich Generation
Adult children often find themselves unprepared in the position of primary caregiver for their parents. Finances (and even more importantly TIME allocated toward supporting family) can be very dicey for members of the Sandwich Generation.
August 18, 2022
No Comments
Children
Will Biden Continue to Defer Student Loan Repayment?
From one of our favorite local attorneys, Adam Minsky discusses the likelihood of Biden offering additional forgiveness and deferment on student loans, despite Republicans submitting a bill to resume payments.
August 11, 2022
No Comments
Investing
Where to keep your cash now that interest rates are high(er)
Raising rates may be throwing the market into turmoil… but it’s finally an opportunity to make some money on cash!
August 11, 2022
2 Comments
Children
Direct PLUS Loans
Direct PLUS loans have become very popular in college planning. This post by Student Aid should answer all your major questions. It also goes into good detail on how to start repaying them after graduation vs at disbursement.
July 19, 2022
No Comments
Elder Care Planning
What to Expect for Paperwork When Moving to a Retirement Community
When agreeing to move forward at a retirement community, be prepared for the paperwork so you don’t encounter delays.
July 15, 2022
No Comments
General Planning
Are Solar Panels a Worthwhile Investment?
With the cost of gas and electricity skyrocketing in the past year, many households are looking to clean energy alternatives.
June 13, 2022
No Comments
Elder Care Planning
North Andover Conference on Aging
June 24 & 25. Programs are free and open to the public. To register for sessions and/or keynote speakers please call the senior center or register online
June 9, 2022
No Comments
Children
College Planning Timeline
Although the college application process begins in earnest during your senior year, there are things you can be doing along the way to ensure you’re ready to put your best foot forward.
May 3, 2022
No Comments
General Planning
Does increasing mortgage rates make the prospect of buying a home better or worse?
The housing market has been frustrating for buyers, but there are signs that those frustrations might be easing.
May 3, 2022
No Comments
Elder Care Planning
Should I Adjust My LTC Policy? The Latest Premium Hike Is 95%!
If you’ve owned a LTC policy for 10+ years you’ve likely received a premium increase. Should you accept it or adjust coverage instead?
May 3, 2022
No Comments
Retirement
4 Tips For Living a Satisfying Retirement
Discover how living a satisfying retirement is worth more than secured finances.
April 19, 2022
No Comments
Children
Student Loan Repayments are Extended… AGAIN!
Is there an end game to the student loan repayment extensions? (Redirect to Nerd Wallet)
April 6, 2022
No Comments
General Planning
Set to Jet? 5 Useful Tips Before Packing Your Bags.
Wondering how to prepare for travel apart from packing a bag? Here is the shortlist of what I did to ensure myself, family, and clients would be taken care of in case of an emergency.
April 6, 2022
1 Comment
Retirement
What’s the Best Age to Start Social Security?
One of the most common questions for anyone planning for retirement is: “What’s the best age to start Social Security?” Read how the program works, how it’s changed, and what to consider.
February 28, 2022
No Comments
General Planning
How to have a financial conversation with your partner
Despite it being no secret that money can cause a breakup, being on the same page about finances is not usually considered at the start of a relationship.
February 3, 2022
6 Comments
Children
Time’s Up! Paying for College
Lately, I’ve had a number of clients and prospects ask how to pay for college. Not in the future – but RIGHT NOW. They’re past
January 31, 2022
5 Comments
General Planning
New Year, New Me – Financial Resolutions 2022
Cleaning up personal finances remains one of the top resolutions every New Year. But we all know what happens to most such self-promises, so here’s a month-by-month to-do list to cultivate better financial health.
January 4, 2022
No Comments
General Planning
We Could See a Student Loan Pandemic in 2022
With the CARES Act expiring in January 2022, many will be asked to resume student loan payments – but can they afford to pay?
January 4, 2022
No Comments
General Planning
Will my cash app and marketplace transactions be reported to the IRS?
Will cash app and marketplace transactions be reported to the IRS? For many more than ever before – yes!
January 3, 2022
1 Comment
Children
Build Your Own Turkey
Keep the kids busy this Thanksgiving! Enjoy this coloring page that can decorate your table.
November 15, 2021
No Comments
General Planning
Is the Roth 401(k) an Option for You?
Have you seen a Roth option available in your 401(k)? Read on to help determine if it’s the right option for you.
November 15, 2021
2 Comments
Retirement
Social Security Gets Massive 5.9% Raise in 2022
Social Security benefits for millions of Americans will increase 5.9% in 2022. Taxable wage maximum for SS tax increases to $147k.
November 3, 2021
No Comments
Elder Care Planning
A Refresher on Medicare Plans for 2022
Open enrollment is here, so as I offer every year, here is my latest recap that goes over the different Medicare Part/Plan options and their
October 17, 2021
3 Comments
General Planning
Will all my transactions soon be reported to the IRS?
Will cash deposits above $600 soon be reported to the IRS? Technically no, but for some effectively yes.
October 17, 2021
1 Comment
Elder Care Planning
Medicare Enrollment: October 15 – December 7
Medicare enrollment is happening NOW! Connect with a Medicare enrollment expert to review your Supplement, Part D or Advantage plan. Even if your health and
October 15, 2021
No Comments
Retirement
What you need to know about Securing a Strong Retirement Act of 2021
SECURE Act 2.0 focuses on incentivizing people to save more for retirement. But will it be passed?
September 17, 2021
2 Comments
General Planning
Can insurance companies charge the unvaccinated higher premiums?
Given the average cost of a COVID-19 hospitalization in 2020 ran about $42,200 per patient, will the unvaccinated be asked to bear more of the cost of treatment, in terms of insurance, as well?
August 21, 2021
No Comments
Children
Back to School Planning is More Expensive This Year
While the checklists grow and the kids soak in the last few minutes of summer break, it’s important to remember college planning and back-to-school shopping.
August 21, 2021
No Comments
Children
Securing childcare when you head back to the office
Your office may be reopening and you’re in a position to secure and afford child care. The Balance does a great job explaining care options.
July 20, 2021
No Comments
General Planning
What charitable deductions look like in 2021
Charitable donations create charitable deductions which dollar-for-dollar reduce your taxable income. Special legislation in 2020 and 2021 benefits even those taking a Standard Deduction.
July 20, 2021
1 Comment
Elder Care Planning
Three Considerations When Moving to Assisted Living
POWWOW, LLC was recently featured by Linda Lecomte, REALTOR® in her new Andover-area inspired website and newsletter Shop Dine the Andovers.
July 20, 2021
No Comments
Children
July 3, 2021
No Comments
Investing
Should Cryptocurrencies Be A New Asset Class?
Ask yourself three questions before you use actual dollars to buy cryptos In very simple terms, there are three main asset classes: equities (stocks), fixed-income
June 14, 2021
No Comments
Tax
When you need to consider estimated tax payments
Passive income can unintentionally cause tax penalties for late or underpayments. This is avoidable by making estimated tax payments.
May 25, 2021
No Comments
Children
Federal Student Loan Pause may extend beyond September 30, 2021
Federal student loan payments and collections are set to resume in October 2021. There is a chance that the pause may be extended or a ramp-up plan will be put in place.
May 13, 2021
No Comments
