Categories
- Budgeting (16)
- Children (45)
- Elder Care Planning (61)
- Estate Planning (8)
- General Planning (62)
- Investing (19)
- Media Mentions (29)
- Retirement (13)
- Tax (20)
About Me
Quentara Costa, CFP®
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Gift Ideas for Seniors in 2023
Is it right to be giving more “stuff” to someone who is planning to or has already downsized? Maybe a different approach should be considered when gifting to seniors.
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.
A Refresher on Medicare Plans for 2024
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 2024.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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!
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?
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.
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.
Travel Insurance for Senior Citizens
Determine what existing travel coverage you have first, and whether additional travel insurance is a good idea.
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?
Gift Ideas for Seniors 2022
Is it right to be giving more “stuff” to someone who is planning to or has already downsized? Maybe a different approach should be considered when gifting to seniors.
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.
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.
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!
The Best Way to Choose a Plan During Medicare Open Enrollment Season
Open enrollment for Medicare 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.
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.
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.
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.
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.
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.
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.
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.
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.
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!
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.
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.
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.
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
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.
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.
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?
4 Tips For Living a Satisfying Retirement
Discover how living a satisfying retirement is worth more than secured finances.
Student Loan Repayments are Extended… AGAIN!
Is there an end game to the student loan repayment extensions? (Redirect to Nerd Wallet)
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.
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.
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.
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
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.
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?
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!
Gift Ideas for Seniors
It’s the holiday season and we’re in shopping mode. Kids and significant others may be relatively easy to navigate, but what about our parents? What
Build Your Own Turkey
Keep the kids busy this Thanksgiving! Enjoy this coloring page that can decorate your table.
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.
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.
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
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.
Halloween Tips from a CFP® (Post-COVID)!
Read how COVID factors into Halloween along with financial savvy tips.
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
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?
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?
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.
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.
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.
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.
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
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.
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.
Why does rising inflation make stock prices fall?
There is so much chatter about inflation impacting the stock market – not to mention gas, lumber and chlorine skyrocketing in price, what’s the deal? Here’s a primer.
Why I Love Health Savings Accounts
Health Savings Accounts are a tax-trifecta savings vehicle that are often overlooked due to bias against the less popular Flex Savings Accounts.
6 Tips to Spring Clean Your Finances
It’s officially Spring, and your closet may not be the only thing that needs a good clean-out. What about your financial habits? Watch my video on how to fix up your finances.
How to ask for more Financial Aid, and hopefully get it!
Acceptance letters are rolling in and it’s time to make a decision on college. If your top pick is more expensive than the rest… ask for more aid. Here’s how from Student Loan Hero…
Event: The Affordability of Elder Care
On April 13, Quentara will review what to consider financially when assessing care options and how to increase your chances of retaining independence. Via Zoom. RSVP here.
Visting Aging Family Members After COVID
65% of people with long-term care needs rely exclusively on family and friends to provide assistance. What’s your plan in the event aging loved ones didn’t fair well during COVID?
What’s In The $1.9 Trillion Stimulus Package?
President Biden’s $1.9 trillion stimulus package cleared its final hurdle in Congress on Wednesday despite no Republicans voting in favor of it. The plan contains a range of measures such as a further direct round of payments to most Americans, amounting to more than $400 billion.
2 Pieces of Savings Advice to Reconsider
We can get tunnel vision when it comes to following “Rules of Thumb.” I dare you to push back when it comes to maxing out 529 Plans and 401(k)s.