Author Topic: New work benefit - financial services - looking for ideas  (Read 1375 times)

pipfan33

  • 5 O'Clock Shadow
  • *
  • Posts: 2
New work benefit - financial services - looking for ideas
« on: July 31, 2017, 02:37:16 PM »
I've recently been given a new benefit at work that lets me spend about $500 a year on financial services.  I can use this for things like:
- Income tax planning/prep (I've always done this myself - but wonder if I'm missing benefits - high income but not high complexity)
- Estate planning and will/trust (I have one in place but could be updated - I'm mid 40's)
- Investment planning (I've always done this myself - ~$1M in mostly retirement funds)
- Self education or self help fees (Tax software, books, etc.)

Thoughts on where I should prioritize this new benefit given that info?  If I use it for a one time fee investment planning or estate planning or tax planning - anyone have good recommendations for those services that will take a one time or annual client without trying to take over my account/investment management?

Thanks in advance for the input!

terran

  • Magnum Stache
  • ******
  • Posts: 3520
Re: New work benefit - financial services - looking for ideas
« Reply #1 on: July 31, 2017, 09:18:26 PM »
I would not hire an investment advisor whether I had to pay for it or not. Getting/updating a will would probably be a worthwhile expenditure. Hiring someone to do your taxes would be a fine thing to spend it on it if you feel like it. The top of the list for me would probably be the DIY expenditures -- tax software, books, maybe even a class or conference? How about attending a camp mustache :-)

Is this benefit considered taxable income to you? If so you should evaluate the value of anything you wouldn't normally pay for based on its cost to you in the form of your marginal federal/state/local taxes multiplied by the full cost.

pipfan33

  • 5 O'Clock Shadow
  • *
  • Posts: 2
Re: New work benefit - financial services - looking for ideas
« Reply #2 on: August 01, 2017, 11:21:52 AM »
Thanks, it is taxable income so good point there.  I'll take that into account when deciding if/how to use the benefit.