Author Archives: Forrest Baumhover

About Forrest Baumhover

Forrest Baumhover is a Certified Financial Planner™ and tax professional. His firm, Westchase Financial Planning, focuses on the unique financial planning needs of servicemembers and families looking to separate or retire from active duty.If you’d like to learn more about Forrest or his services, please check out the About Forrest page at the top of this article.

Roth Conversions: Why Timing Is Important (Part Two)

In a previous Roth conversion article, we discussed the importance of timing when it comes to Roth conversions.  There are other Roth benefits, such as not having to worry about required minimum distributions (RMDs), and being able to take out … Continue reading

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Roth Conversions: Why Timing is Important

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Back to Basics-VA Interest Rate Reduction Refinance Loans (IRRRL)

This article was suggested to me by a long-time shipmate & colleague (thanks, Dave!).  Over my life, I’ve refinanced several times using an IRRRL, when it made financial sense for me to do so.  However, it wasn’t until I got … Continue reading

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The Difference Between a Financial Plan & Financial Planning

I remember the first time I received a financial plan.  Actually, it was for my mother.  It was a while ago, before I decided to become a financial planner myself, and is probably one of the reasons why I did … Continue reading

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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

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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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