Best Financial Advisors in Deltona

Frequently Asked Questions

• Introduction

  There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.
  

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
    

  There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.
  

• Who can apply for a reserve line of credit in Deltona?

  Individuals and families who need to finance education, pay home renovation or repairs, settle tax liabilities, and acquire a home loan can apply for a reserve line of credit in Deltona. They can borrow money from an affiliated non-bank lender instead of borrowing from a bank. The securities within their accounts will serve as the collateral for the loan.

• What can you do with your 401(k) plan if you transfer to another company in Deltona?

  You have several options with your 401(k) plan if you transfer to another company in Deltona. You may leave your 401(k) plan to your former employer, but this is only applicable if the plan allows it. You can also transfer it to your new employer's plan or take the cash and pay for the potential tax liabilities.

• What will happen to your education savings account if your child does not want to go to college in Deltona?

  If your child has decided to not go to college in Deltona, you can transfer the education saving account to another family member without incurring negative tax consequences. You can also withdraw the funds when the beneficiary turns 30 years old. The recipient will need to pay a 10% federal income tax penalty if you withdraw the funds and use it for non-qualified expenses.

• What is the difference between a 529 plan and a custodial account in Deltona?

  In Deltona, owners of a 529 plan can handle the funds of their own accounts, while beneficiaries of custodial accounts can take over their money until they reach their legal age. Funds from a 529 plan are not taxable as long as individuals use it for qualifying educational expenses, whereas custodial accounts can be used for anything but are subject to income taxes.

• What financial documents or assets should you prepare during a divorce in Deltona?

  If you are dealing with divorce in Deltona, you should prepare and list all the account numbers and assets acquired before the marriage. You need to prepare savings and children's accounts, income and business tax returns for the past three to five years, social security statements, vehicle information, wills and trust agreements, and proof of your income and your spouse's current income.

• Are financial advisors worth it?

  Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.