4 Steps for Better Emotional Health During Times of Stress

As people all across the world are working to adjust to the unprecedented events that have unfolded over the past weeks, we thought it may help to share some practices we personally follow to help ourselves remain grounded and be present in our interactions with you, our clients during such difficult times.

We as individuals and as a nation are currently dealing with two contagions: first, the coronavirus outbreak itself, and second, the emotions that come along with it. It has been commonly reported that negative emotions are just as contagious as a virus. Read the rest of this entry »

Actions We’re Taking Following Coronavirus (COVID-19)

Clients and Partners,

As we all navigate the outbreak of the Coronavirus together, I wanted to share what’s important to us, what we’ve done, and what we’re doing.

What’s Important to Us
The health and wellbeing of everyone we work with informs our decision-making. Our clients trust us with their life’s savings, but also to be a partner in their journey for so much more. We value this relationship deeply, and we also feel a great sense of responsibility to do things that support the needs of those around us.

There are parts of our population that are particularly vulnerable to this virus, and we intend to do everything in our power to prevent the spread of the virus, or slow its progression.

Simultaneously, we see our partnership with our clients as a valuable relationship, and we intend to do everything necessary to ensure we’re available and ready to help you for everything ahead, financially, emotionally, and for your health otherwise. Read the rest of this entry »

Military Tax Break for Nebraska

Nebraska offers a wonderful tax break opportunity for retired military members, and is one we commonly use with clients of our Omaha and Lincoln financial advisors.
Military retirees may be eligible to reduce Nebraska income taxes on their military retirement benefits by filing Form 1040N-MIL.

This tax break is available for retired military members who served active duty, in the National Guard, or as Reservists. For families where both spouses are military members, a Form 1040N-MIL must be filed for each military retiree. Also important to note, Form 1040N-MIL must be filed within two years after the date of separation. Read the rest of this entry »

Estate Planning, Trusts, & Probate in California

California Estate Planning, Trusts, and ProbateFor California residents, living trusts are a common estate planning tool. Due to high property values throughout the state, especially the San Francisco Bay Area, estate assets can easily reach millions of dollars. Trusts allow asset distributions to beneficiaries without going through the California probate process, avoiding additional costs and saving time when closing an estate.

Why Set Up a Living Trust?

In a living trust, as the person creating the trust (the grantor), you place your assets into a revocable trust. While you are alive, you are also the trustee and the beneficiary, and you control your assets. Because the trust is revocable, you can add or sell assets, change beneficiaries, etc. Upon your death, the trust becomes an irrevocable trust. The person(s) you named as your successor trustee(s) then assumes control and administers the assets for the beneficiaries according to your instructions.

Revocable Trust Fiduciary Duty

The trustee(s) have a fiduciary duty to the beneficiaries. They must put the beneficiaries’ interests before their own at all times while following the mandates in the trust agreement. Many long-term or complicated trusts also name a trust protector, who advises, oversees, and can replace a trustee if necessary. This offers an additional layer of protection for the beneficiaries. Read the rest of this entry »

Callahan Financial Planning Opens Marin County Financial Advisory Practice in San Rafael, CA

San Rafael, CA – Jun 17, 2019 – Callahan Financial Planning, a fiduciary financial planning and investment advisory company, has announced the opening of an office in San Rafael, CA following the acquisition of certain assets of the financial advisory firm Gary A. Dossick & Associates. The office is located at 2169 Francisco Blvd E Ste E, San Rafael, CA 94901.

Clients will be served by a team that includes three Certified Financial Planner™ (CFP®) practitioners, a Chartered Financial Analyst (CFA®) charterholder, an IRS Enrolled Agent, and supporting staff.

Callahan Financial Planning has seen significant growth since opening in 2010. The firm now manages $125 million in client assets, and anticipates opening additional locations in the San Francisco Bay Area following this expansion.

From this San Rafael office, Callahan Financial Planning anticipates serving clients throughout Marin County, including residents of Mill Valley, Fairfax, Larkspur, Marin City, Corte Madera, San Anselmo, Marinwood, Novato, Sausalito, Tiburon, and Lagunitas-Forest Knolls.

Read the rest of this entry »

Nebraska 4797N – Special Capital Gains Election for Tax-Free Stock Sales

The Nebraska Special Capital Gains/Extraordinary Dividend Election, elected and claimed on Form 4797N, can provide a substantial tax break for employees who acquire company stock over their years of employment. This election allows employees who own stock in their employer, or former employer, to exclude that stock’s capital gains income from their Nebraska taxable income under certain circumstances.

Nebraska Special Capital Gains Election 4797N can save taxes on capital gains from employee stock

More and more employers are offering stock purchase plans and stock-based compensation to their employees.

  • Does your employer offer an employee stock purchase program?
  • Do you receive employee stock grants from your employer?
  • Do you own stock in and work for your own company?
  • Did you know that Nebraska offers tax breaks for these situations?

Read the rest of this entry »

Storing Important Documents – What You Should Be Doing Now

Where do you store your important papers and documents? Are they easily accessible in case of an emergency? Do your loved ones know how to get to them if something should happen to you? Here are some tips on what documents you should keep (and where). Read the rest of this entry »