Author Archives: Forrest Baumhover

About Forrest Baumhover

I'm a career naval officer, and a fee-only financial planner. Half-way through my career, I discovered that I had a passion for financial planning, and have pursued this as my second career. My specialty is working with military professionals who are looking to separate or retire from the service, and who feel they need some professional guidance to make sure they're on track.

3 Ways to Make the Most of Your Terminal Leave

In a previous article, I wrote about the decision to either take terminal leave or sell it back.  Basically, it boils down to the opportunity costs—what are you going to do with that terminal leave if you choose to take … Continue reading

Posted in Military Transition | 2 Comments

3 Reasons To Consider Hiring a Tax Professional

For a lot of military households, tax preparation is simple, straightforward, and free.  Every year, just collect the paperwork and head down to the VITA (Volunteer Income Tax Assistance) office, and the staff can help you do your taxes.  Or, … Continue reading

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5 Tax Tips That You Can Find in the Armed Forces Tax Guide (IRS Publication 3)

Most military members should know about the free tax filing assistance programs that are available.  These programs range from free access to tax software to working with volunteers who actually prepare tax returns.  Many bases even continue this benefit for … Continue reading

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5 Life Insurance Considerations for Your Military Transition

As you transition from active service, life insurance is an important, yet overlooked aspect of your post-military financial planning.  In a previous article, I discussed five considerations about your military life insurance needs.  To build on those relevant points, this … Continue reading

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Five Little-Known Services Your Financial Planner Should Be Offering

The financial planning landscape can be pretty confusing.  Not only is it difficult to figure out who has your best interests in mind (as the debate over the fiduciary standard is pretty confusing), but it’s also difficult to figure out … Continue reading

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Roth Conversion of a TSP Account: A Case Study

I’ve written several articles about Roth conversions, particularly tax planning considerations & marginal tax rate impacts.  This article serves as a case study to help visualize how a Roth conversion strategy could work, and how the tax liability can fluctuate … Continue reading

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Transitional Compensation for Abused Dependents

I recently received a question regarding the taxation transitional compensation for abused dependents.  In researching my answer, I noticed that there is a lot of information on the subject.  However, most of this information seems to be in the form … Continue reading

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Back to Basics: Why a HELOC Does Not Equal Liquidity

Most financial planners and counselors advise their clients to maintain emergency savings of somewhere between 3 & 6 months’ living expenses.  As I’ve mentioned in a previous article, saving 3-6 months’ expenses sounds so daunting that many people don’t know … Continue reading

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Back to Basics-What’s Your Marginal Tax Rate?

Tax planning is one of the most fundamental aspects of financial planning.  In fact, many people would argue that financial planning without respect to taxes is not really financial planning.  Yet, in order to fully understand how tax planning works, … Continue reading

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What’s Your Value Proposition?

As servicemembers exit the military, one of the biggest challenges we face is finding post-military employment that is commensurate with what we bring to the table.  Many times, I’ve heard the story of someone who works hard, networks well, and … Continue reading

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