The Money Pros – What Divorce Means for your Taxes

FOX Providence

On this episode of Money Pros Oliver is joined by Tax Pro, Greg Porcaro of Otrando, Porcaro & Associates to discuss divorce and its effect on your taxes.Also on this episode:

  • Picking the right life insurance coverage?
  • Tax Pro, Greg Porcaro to discuss….
  • 2015 Retirement Confidence Survey is Out.
  • Moneypros Mailbag question from a viewer on rules surrounding charitable deduction for donations of goods.

Picking the Right Life Insurance:

  • Many people would describe life insurance as the lynch pin of any successful financial plan.
  • Planning involves the long term accumulation of resources.
  • According to LIMRA 2015 insurance barometer:
    1. 57% of all people own some type of life insurance
    2. 30% of Americans believe they need more insurance
    3. 43% would feel an impact within 6mos if primary breadwinner passed.
    4. 80% of consumers misjudge the cost w/ average overestimate of 213%
    5. How do you pick the right policy?

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