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Financial Planning FAQs
How can I benefit from working with a fee-only advisor? When you work with a fee-only advisor, there’s no sales pressure. Since no commissions are involved, the advice you receive is objective and personal to your situation.
I’m not sure I have a lot to invest. Does financial planning even apply to me? Whether you have a little or a lot, financial planning is important for every individual. By developing a comprehensive financial plan, you can set up a spending plan, figure out your current insurance needs, and analyze and plan for your future needs.
I’ve already been saving for retirement, but I’m not sure its enough and it’s getting more and more complicated. Does an RFC help in this type of situation? Absolutely. An RFC can help to make sure you are on track with your retirement plan and simplify your financial affairs, if needed. RFCs are also good resources for a professional review or an objective second opinion.
I’m fairly financial savvy and have a good handle on my investments. What’s the point of hiring an RFC? Obtaining objective financial advice is critical keeping you on track with your financial goals. In addition, an RFC can work with other professionals such as attorneys or tax advisors to ensure that you are reviewing your financial situation in total.
Where can we find help? At JJ Investment, you can work with an RFC who is highly trained to help you with comprehensive financial planning. In addition, JJ Investment Company is Registered Investment Advisor (RIA) which can help you make sure your money is invested appropriately in low cost investment fund.
Divorce Planning FAQs
Will I be able to receive alimony? Many unique factors go into determining alimony (or maintenance or spousal support)—such as your ability to support yourself, your spouse’s ability to pay, the length of marriage and the health of both parties. You should seek individual advice in order to determine how the specifics of your case may impact your ability to receive alimony.
How will divorce affect my retirement money? Whether you have a pension, IRA or other retirement assets, they are an important consideration in any divorce. Typically, everything acquired during the marriage, no matter whose name it's in, is considered marital property. It’s important to use good financial judgment when dealing with these assets during a divorce due to potential tax implications.
arrow Should the custodial parent keep the house? This is one of the most important and overlooked questions. While the answer will depend on your own personal situation, a CDFA is trained to help you answer this question before you commit to a settlement.
arrow What if I bring a house into the marriage that is in my name only, and I add my spouse's name to the deed? In this case, the whole house could be considered marital property. You might have made a “presumptive gift” to the marriage and should consult with a family law attorney to discuss your options.
arrow I have never worked. Can I get Social Security? If your spouse has worked and you have been married for 10 years or more, you are entitled to one-half of your spouse's Social Security or your own, whichever is higher—even if you are divorced. Your spouse still retains 100% of his/her Social Security benefit. This is an automatic guarantee and therefore it is not a negotiation point in a divorce.
arrow How do we figure how much child support should be paid? Every state has state-mandated child support guidelines. However, special considerations may apply for independent business owners; a financial or tax expert is typically consulted in these situations.
arrow Do we have to go to court? You will only go to court for your divorce if you and your spouse can’t reach an agreement. Less than 2% of all divorce cases go to trial in the United States.
arrow Where can we find help? JJ Investment Company are Certified Divorce Financial Analysts™ who are trained to help people through the maze of divorce. We sift through all the financial issues and help you reach an equitable solution that is fair to both parties.
College Planning FAQs
arrow When should I start to think about college funding? It is never too early to begin planning for your children’s college education. Start now—regardless of your child’s age.
arrow What is financial aid? Financial aid is different for each family. There are need based aids which are grants, scholarships, loans and work-study programs; these are largely government funded and determined by the family’s ability to pay. Merit-based aids, which are scholarships and grants, are granted based on the student's abilities. Financial aid is calculated using the cost of attendance which includes tuition, room, board, books, and other fees as well as the expected family contribution.
arrow Will applying for financial aid change my child’s chances of being accepted? Most likely applying for financial aid will not affect your child’s chances of being accepted (known as need-blind admission). However, due to increasing costs, some schools take finances into account for a portion of their applications (usually later applicants). Ask the schools and get your applications and aid forms in early for any school that does not practice need-blind admission.
arrow When do I apply for financial aid? Financial aid is all about timing. The closer to January 1st of the high school senior year the more likely you will get an advantage to the aid available. The Free Application for Federal Student Aid can be filed anytime between January and May. Some schools require the CSS/Financial Aid Profile which can be filed earlier.
arrow Will my financial aid be the same no matter what school I attend? Each school has different resources for scholarships and grants. Look carefully—even if the amount is similar, the type could be very different.
arrow Do I have to accept the financial aid I am offered? Financial aid, like many things, is negotiable. Schools compete for students and sometimes will work with a student they really want in their school.
arrow Who can help me with the financial aid process? JJ Investment Company are Certified College Planning Specialists who are trained to help people through the college planning process. They can assist you in developing a strategy to get the best outcome.
 
 
 
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