Gallant Financial Planning LLC

12/04/2024

In light of the passing of our founder Debbie Gallant and in fulfillment of her long-standing continuity plan, Gallant Financial Planning is now Donalies Financial Planning.

Effective January 1, 2025, GFP will no longer exist. The GFP team will be working with Chuck Donalies and serving our clients through his firm. We invite those interested in working with us to reach out to us at Donalies FP https://www.donaliesfp.com/

11/15/2024

With a heavy heart, we share the news of the passing of our dear friend and mentor, Debbie Gallant. Debbie passed away on Monday (11/11/24) night after a courageous battle with cancer, leaving behind a legacy of warmth, wisdom, and compassion that has touched us all deeply.

Debbie devoted her life not only to her clients' financial well-being but to helping people lead lives of abundance, joy, and love. She believed that true wealth was found in the virtues of kindness, generosity, and connection--values she encouraged each of us to embrace fully.

Debbie will be deeply missed by all who knew her!

Debra Gallant Obituary (2024) - Washington, DC - The Washington Post https://www.legacy.com/us/obituaries/washingtonpost/name/debra-gallant-obituary?id=56764690

09/04/2024

Ways to protect your info in light of rising data breaches.

One of our clients recently asked us what they could do to protect their information after learning they had been impacted by a recent breach involving among other things, their social security numbers.

There have been numerous high-profile, large scale data breaches this year from organizations such as background check companies to healthcare institutions. Learning you've been impacted by a data breach and your personal information is now vulnerable is never good news. But, there are concrete steps you can take to ensure your identity is not stolen and your financial assets stay protected.

1. Freeze your credit. Be sure to submit requests to each of the three major credit bureaus — Equifax, Experian, and TransUnion. A freeze will help block access to your records by bad actors. However, keep in mind you will need to either temporarily or permanently unfreeze your credit if you want to apply for a new credit card or auto loan, for example.

2. Invest in extra monitoring and protection. If you've learned your SSN has been put at risk due to a breach, you should consider purchasing identity theft monitoring and dark web monitoring which can let you know if someone tries to open an account using your personal information.

We're always glad to help brainstorm concerns and provide advice in cases such as these with our clients. If you'd like a trustworthy guide in your corner to help watch out for unexpected financial curveballs, consider working with a fee-only financial planner.

08/31/2024

Good news...

IRS Increased the Health Savings Account (HSA) Contribution Limits for 2025.

The maximum 2025 HSA contribution for an individual with family coverage under a high-deductible health plan will be $8,550, up from $8,300 in 2024. The HSA annual contribution limit for an individual with self-only coverage under a high deductible health plan in 2025 is $4,300, up from $4,150 in 2024.

Why is this good news?

By maximizing your HSA contributions, you can enjoy significant tax savings, build a nest egg for retirement, and have a financial safety net for potential healthcare expenses.

1️⃣ Triple Tax Advantage: Contributions to an HSA are tax-deductible, investment earnings grow tax-free, and qualified withdrawals are tax-free.

2️⃣ Retirement Planning: HSA funds can be invested in stocks, bonds, or mutual funds, allowing them to grow over time. HSAs can serve as a retirement savings vehicle, providing funds for healthcare expenses in retirement.

3️⃣ Healthcare Emergency Fund: An HSA can act as a safety net for unexpected medical expenses, such as major illnesses or injuries. HSA funds can be used to pay for qualified medical expenses, including deductibles, copays, prescriptions, and dental and vision care.

08/21/2024

7 Basic Steps of Estate Planning

1. Find a Qualified Attorney - We've worked with many and are happy to recommend one that fits your situation.
2. Take Stock of Your Assets - Be prepared to share an inventory of your current assets and liabilities.
3. Identify Key Individuals - Identify individuals you trust to carry out your wishes in case of your death or incapacity.
4. Know the Key Documents You Need - Learn the basics behind these four common documents; Last Will and Testament, Living Will, Healthcare Power of Attorney, and Durable (Financial) Power of Attorney.
5. Manage Your Documents - Identify a place to maintain the current version of your documents and inform your executor of their whereabouts.
6. Don’t Neglect the Softer Side of Estate Planning - Think through some of the tougher questions about values and priorities. Who will raise your children if the need arises, what values do you hope they pass on, or how and where will you spend your golden years if you need healthcare support?
7. Plan to Keep Your Plan Current - Keep your plan up to date every few years or when a big life event happens (birth or death, marriage or divorce, etc.).


Read the full article from Christine Benz ➡

Guess what? You’ve probably already started the process.

08/17/2024

Far more taxpayers than projected (more than twice government projections) claimed the Inflation Reduction Act incentives on solar panels, heat pumps and other climate-friendly projects, data shows.

Americans tapped $8 billion in tax credits for making climate-friendly upgrades to their homes.
➡ https://www.washingtonpost.com/business/2024/08/07/ira-climate-credits-homeowners/

These credits have proved much more popular than anticipated.

Did you claim a credit on your climate-friendly home upgrades for 2023? If not, you still have time to plan to do so for 2024.

If you'd like to speak with a fee-only CFP to discuss how tax-savvy financial planning can help you reach your goals, reach out to us for a complimentary consultation anytime.

Far more taxpayers than projected claimed the Inflation Reduction Act incentives on solar panels, heat pumps and other climate-friendly projects, data shows.

08/12/2024

Legal challenges force SAVE Plan participants into another interest-free forbearance.

If you were as excited as we were about the most recent income-driven repayment plan introduced by the Biden administration, you probably enrolled right away and were looking forward to a lower monthly payment starting in July. However, on July 18, a federal court issued a stay preventing the Department of Education (ED) from operating the Saving on a Valuable Education (SAVE) Plan. As a result of this ruling, ED has moved anyone enrolled in the SAVE plan into forbearance.

This means that for now, anyone enrolled in the SAVE plan is not required to make payments, and there will be no interest accruing on outstanding loan balances. The information we have suggests that any payments made during this period will go toward satisfying future payments, but won’t count toward either long-term forgiveness or Public Service Loan Forgiveness (PSLF).

Considering the Department of Education's previous actions and the public's opposition to extending loan repayment deadlines (especially for an extended period), I anticipate a ruling that retroactively applies this forbearance period toward loan forgiveness. There is a lot up in the air that will have to play out before we can be certain.

In the meantime, if you are enrolled in the SAVE plan, your options are to either enjoy the payment reprieve for the time being or continue to pay on your loans while you do not have interest accruing. The “right” answer is situational and will vary from person to person. If you are a current client with Gallant Financial Planning, LLC, and would like guidance on student loan repayment strategies, don’t hesitate to reach out and/or schedule a call with Courtney Calotta, CFP®

If you are a young professional and would like an in-depth review of financial plan for your unique situation, please reach out. We have offer a project for this specific situation called the Financial Fitness Review. https://www.gallantfp.com/financial-fitness-review

Feeling lost financially? Our Financial Fitness Review crafts a personalized financial plan for YOU. Get started & climb towards financial success. Schedule a free consultation today.

08/07/2024

Are you concerned about how you will fund your long-term care expenses?
Read our new planning guide on how to fund long-term care.
Discover the various options for funding long-term care and learn how to plan for it effectively. Understand the role of a financial advisor in long-term care planning.

https://www.gallantfp.com/blog/what-is-long-term-care

05/01/2024

Looking for a new addition to your family?

The Montgomery County Humane Society has the purrfect cuddle buddies waiting to meet you! These adorable guys are full of love and ready to bring joy to your home. Maybe you'll find your new best friend, hiking partner, or snuggle buddy for movie nights.

Head over to the Montgomery County Humane Society today and give a deserving pet a furever home!❤️

P.S. Can't adopt today? You can still help by sharing this post or donating to the Montgomery County Humane Society!

04/23/2024

04/20/2024

Save money 💰 when you 🚗🔌 : You can get up to $10,500 back on a new electric vehicle thanks to Federal and State tax credits. Used EVs can get a $4,000 federal tax credit! Learn more: montgomerycountymd.gov/zev