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As a young person, you imagine you have all the time in the world to save for retirement. You live in the present with the future a mere blip out on the horizon. But time has a way of flying by, and you realize that maybe you are not...

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount...

Capital gains taxes is a hot topic for anyone who is involved in investing and even for people who aren’t as it could potentially impact various aspects of day-to-day life, such as the jobs market. Generally, an investor will buy an...

Tax planning might be complex, but it's also essential—especially for wealthy families, where missing tax breaks or failing to optimize income could cost significant dollars, maybe millions, over a lifetime. And even in the short term,...

The federal income tax filing deadline isn’t until April. However, the start of tax season is nearly upon us. Here are some tips for navigating the tax filing process to help lessen some of the stress you may feel as Tax Day arrives.·...

Life today is expensive, and contributing to a retirement plan is more beneficial than ever. Often, the IRS raises contribution limits annually, such as the contribution limit for 401(k)s increasing to $23,500 for 2025 from $23,000 in...

Choosing and regularly reviewing your beneficiaries and asset distribution plan is critical for ensuring everything goes according to your wishes. This includes structuring your plan around cost-effective measures such as tax benefits...

Wills and Trusts are both very common tools used in estate planning; however, they each have different functions. Generally, a will helps individuals with simpler estates, with minor children, and a more straightforward approach when...

A lesser-known estate planning strategy involves incorporating insurance into your estate plan. Including insurance in your estate plan is a way to provide your loved ones with a means of support and a way to safeguard assets from...

There are many factors to consider when creating a comprehensive estate plan. Forgetting or leaving out certain assets could potentially create time-consuming delays, financial complications, and family disputes. In some cases, dormant...

Maintaining generational wealth involves intentional financial planning, with parents or grandparents passing their wealth to loved ones after they die. But entrusting family members with receiving an inheritance is more than just...

Wealth transfer is more than just a financial transaction; it's an opportunity for families to pass on their values, wisdom, and a legacy of love. Navigating this process requires careful consideration, open communication, and a shared...

At what age should you start discussing inheritance with your children? Estate planning and inheritance, while complex topics, should be an ongoing discussion with your family. Even in their late teens, twenties, and thirties, children...

Passing down an inheritance can be a life-changing event and navigating the transfer of a significant amount of money and assets can pose certain challenges. Historically, inheritances don’t last. This is so common, it is described as...

Many children will receive an inheritance after their parents pass on. In some cases, this may include significant assets. If you currently are or may become one of those individuals, it is critical to figure out how you plan to manage...

Every year, the holiday season inspires a beautiful wave of generosity. Donations surge. Volunteer sign-ups spike. People go out of their way to support those in need or brighten someone’s day. But what if that spirit of giving didn’t...

The average family spends an extra $1,000 or more during the holiday season. From gifts and travel to dinners, shows, and decorations, each purchase adds up.1 How might you take full advantage of holiday cheer while avoiding the...

For many small businesses, the holiday season is the busiest and most profitable time of year. That's how “Black Friday” got its name; it often marked the first time businesses' books were finally "in the black" (showing profits) for...

One of the more difficult conversations for family members to have is talking about estate planning. There are several reasons for this, including the reality of our own mortality and that of our loved ones. In some families, it is an...

How compound interest works Compound interest is the interest you earn on interest. You deposit an initial investment at a particular rate of return that could vary each year. A basic example would be if you invested $10,000 at an 8%...

Estate planning is critical for efficiently transferring your money, property, and assets to your beneficiaries after you die. The reason people choose an estate plan is that it avoids probate. One thing to keep in mind about your...

1. Create a living trust The way a living trust can avoid probate is by legally owning the assets that then get distributed to beneficiaries according to the terms of the trust, thereby bypassing the court-supervised probate process....

Many dream of working toward early retirement, but getting there generally doesn’t happen by accident. Retiring early requires financial independence that can last for decades, but that is much easier said than done. To get there...

Market uncertainty occurs when investors find it challenging to analyze current and future market conditions due to market volatility. Various factors, such as inflation, central bank policy changes, interest rate fluctuation, investor...

A 529 plan may offer multiple benefits as part of an estate planning and wealth transfer strategy. It is a tax-advantaged savings plan that encourages saving for future education costs. These plans enable parents to save for their...

You have probably heard about financial planning and its potential benefits, but you are unsure how to apply the principles to your life. A financial plan is a collection of steps that help you to evaluate your financial condition and...

Regardless of the business's size, small business owners have 401(k) retirement savings plan options that may be suitable for their situation. Business owners must plan for retirement by utilizing retirement savings vehicles that may...

As one embarks on their journey toward a high-net-worth status, it's crucial to understand that strategic planning and intelligent decision-making are essential for wealth generation and preservation. One of the most powerful tools at...

Medicare Part C, or Medicare Advantage, is a policy offered through private insurance companies that provide medical and hospital coverage. Those already enrolled in Medicare parts A and B are automatically eligible to enroll in a...

If you're like some, you may have spent large parts of your working life missing the carefree summer days of your childhood. That is, of course, assuming you had a happy childhood. If not, try to imagine how it might be if your...

As an affluent family, planning for your children's education is likely a top priority. You want to ensure that they have access to the best education possible without worrying about the high cost of tuition; this is where 529 plans...

Small businesses may often find themselves struggling, and there are many situations in which business owners may find themselves weathering a storm and hoping to make it through. While the strength and fortitude of those who run small...

What is it?You may receive retirement and/or survivor's benefits from sources other than Social Security. Perhaps you are a federal employee, or maybe your employer pays you a pension. You can plan better for retirement if you know how...

While starting a new year might bring a time of reflection and renewal for many couples, for others, it’s filled with planning and implementation for exiting the relationship. January has been dubbed “Divorce Month.” At the beginning...

The end of the year is not just a season for celebration and reflection but also a perfect time to ensure that our finances are in order. This includes crucial aspects such as wrapping up all financial contributions before the year-end...

Money management can help support career success – whatever your discipline. You may be a newbie or have some experience, but either way, you may benefit from some supportive financial habits that you put in place to get you on the...

Divorce is never easy, but it is important that estate planning continues to take precedence before and after a divorce. Depending on your situation and professional legal guidance, some estate planning items can be updated now, while...

Understanding and effectively using credit can be a game-changer for a small business owner. When managed wisely, credit can provide financial confidence to grow your business, expand your operations, and take advantage of new...

National Savings Day, celebrated October 12, is a reminder of how important it is to build a solid financial foundation. For High Earners Not Rich Yet (HENRYs), the path to financial security can seem both promising and challenging....

Between work commitments, children’s schedules, and fall cleaning, how much time is left in our busy days to think about financial planning? Many of us choose to delay thinking about our finances until much later or to manage them on...

As you approach retirement, fully stepping away from work might seem less appealing than it did a decade or two ago. Instead, many people embrace semi-retirement to balance the need for continued income with the desire for more leisure...

Although inflation has finally begun to slow, many consumers are still reeling from the impact of several years of high inflation.1 During these challenging times, it's crucial to adopt money-saving habits that ease the impact of...

Intense summer heat and hot stock market both demand a careful approach As the first days of summer arrive, the nation finds itself in the grip of two concurrent heat waves: one from the atmosphere and one from the financial markets....

Most people looking forward to retirement anticipate years of relaxation and fulfillment after decades of hard work. But the reality of retirement is often far different. For many people, retirement may bring financial stress,...

As one embarks on their journey toward a high-net-worth status, it's crucial to understand that strategic planning and intelligent decision-making are essential for wealth generation and preservation. One of the most powerful tools at...

It’s been said ad nauseam that our culture celebrates youth. From ads to TV shows to music to social media, virtually everything seems to be catered to young people. And there’s nothing wrong with that; we’ve all been part of that...

More than 100 million American adults currently care for a parent or other elderly relative in their home.1 These arrangements are often more by necessity than choice, as paying for outside caregivers or a long-term care facility can...

If you're a high earner, you may be interested in partnering with someone with similar education, income, and goals. Becoming a financial "power couple" can help you both achieve your goals sooner. Because money disputes are one of the...

Watch Out for These Costly Financial Pitfalls The sandwich generation is generally defined as middle-aged individuals aged 40 to 60 (Generation X) sandwiched between aging parents, adult children, and grandchildren. Because members of...

Overcoming the Dual-Caregiving Dilemma The "Sandwich Generation" is composed of adults who are ‘sandwiched’ between competing financial responsibilities. Many Sandwich Gen members support their aging parents while also providing for...

A Guide for High-Net-Worth Individuals in the Sandwich Generation Wealth and estate planning are vital for all individuals but are particularly essential for high-net-worth (HNW) individuals in the sandwich generation. "Sandwich...

You have spent years building your business with your partner, and now, they are getting ready to leave the firm. But that doesn't have to mean that their clients have to leave the firm. Instead, you may want to buy your partner's book...

The cyclist can win with a few strategic moves and by avoiding crashes To reach your financial goals, you don’t have to outperform every benchmark every year. For long-term investors, avoiding and mitigating losses can be a key factor...

Are health insurance premiums taking too big of a bite out of your budget? Do you wish you had better control over how you spend your health-care dollars? If so, you may be interested in an alternative to traditional health insurance...

Asset allocation is a common strategy that you can use to construct an investment portfolio. Asset allocation isn't about picking individual securities. Instead, you focus on broad categories of investments, mixing them together in the...

If you are getting ready to retire and thinking about selling your financial firm, you have to decide how much your business is worth, and it can be challenging to put a number on something you've been building for your whole life....

There is no one-size-fits-all answer, but tactical shifting might make sense Wise investors alter their approaches as market cycles shift, from bull to bear to something in between. A consistent strategy might be far riskier than one...

Financial goals are essential. Setting them will help you to obtain the things you want out of life as well as live the lifestyle you desire, both during your working years and in your retirement. But obtaining these goals isn't...

What Business Owners Need to Know for 2024 The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed into law in December 2019, had significant implications for business owners and employees regarding retirement...

The lack of financial education is often the main reason behind debt problems. Here are some awesome books that help grow your financial knowledge and give you some necessary tips and tricks to manage your debt. Americans are drowning...

A Resilient U.S. Economy Faces Uncertainties The close of 2023 witnessed an intense rally in the bond markets, spurred by a resilient U.S. economy and a cooling inflationary environment. The fluctuations in the yield on the 10-year U.S...

Tips to Guide Your Parents With Confidence As professionals, managing our own finances can be a challenge. However, one area that we often overlook, yet is vitally important, is understanding and navigating our aging parents' finances....

HNW Individuals, LTC Insurance and Healthcare A perspective shift occurs in the wealth landscape; many now recognize health as the new wealth. Healthcare, long-term care (LTC) insurance, and other wealth-related financial instruments...

Patience, knowledge, and strategic planning are keys to financial confidence. In an interconnected world, global geopolitical events have an undeniable impact on financial markets. From political unrest to trade disputes and natural...

Whether you want to save money, pay off debt, or simply gain a better understanding of your financial habits, it’s essential to keep a close eye on your spending. This article explores five essential strategies to help you track...

Stocks and bonds have advantages and disadvantages when building an investment portfolio. Much of this depends on your risk tolerance and how you construct your investment strategy. When considering the potential risks and rewards of...

Life today is expensive, and contributing to a retirement plan is more beneficial than ever. Recently, the IRS announced it was raising the contribution limit for 401(k)s to $23,000 for 2024, up from $22,500. In a world where pensions...

Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax...

Getting involved in good causes may seem like quite the time commitment, but with these tips, even the busiest individuals can make time to volunteer.  Numerous studies have shown that charitable acts can improve emotional...

Work towards aligning your personal and business affairs with your long-term goals The end of the year serves as a natural checkpoint for many financial and personal processes, and with the arrival of the final months of the year,...

Long-term care (LTC) planning is a significant financial decision that requires thoughtful consideration and precise planning. This undertaking can be more complex for high-net-worth families due to a more extensive and diverse asset...

As the year’s end approaches, High-Net-Worth Individuals (HNWIs) must prepare for one of the most critical monetary tasks: year-end tax planning. Due to the nature of their holdings and dynamic financial situation, HNWIs often...

Loss aversion, or the phenomenon of experiencing losses much more severely than gains, can lead to unwise investment decisions. Whether you're hanging on to a loser of a stock for longer than you should or are afraid to invest at all...

Too much focus is placed on markets, investment returns and stock prices How you arrange your financial life is important. But so too is how you live your life. The second part is unfortunately often neglected in financial planning....

On May 7, 2021, the Colonial Pipeline, which carries almost half of the East Coast's fuel supply from Texas to New Jersey, shut down operations in response to a ransomware attack. Colonial paid a $4.4 million ransom not long after...

Don’t let disorganization become one of your biggest money problems. It’s easy to lose or misplace money. But unlike finding $20 in an old jacket, what if a bank or investment account containing thousands goes untouched for...

What is family wealth, and how do you preserve it? You have worked hard for years and accumulated wealth. You earned this money through your job, investing, and saving, and you want to preserve it for yourself and to take care of the...

According to the College Board, the most recently published figures of the average annual cost of tuition and fees at a public university for the 2021-2022 school year was $10,740 for in-state students and $27,560 for out-of-state...

Many parents pay for college with a combination of savings, current income, and financial aid. By learning the basics of financial aid, you'll be able to understand how the aid process works and compare the aid awards your child...

Because of their greater potential for higher returns, stocks also involve greater risk. Different types of stock and some of the strategies for investing in them involve different levels of risk. By seeking stocks that suit your profile...

What is debt management? As a modern consumer, you need credit. When you were growing up, you may have heard your parents or grandparents say, "If you can't pay for it with cash, then you can't afford to buy it." That may have been...

Have you ever noticed the topic of investing rarely comes up in casual conversation among peers? In this age of emotional intelligence, vulnerability is encouraged when discussing personal feelings, but vulnerability about finances....

In an era characterized by high job turnover, it is more important than ever for employees to carefully manage their retirement savings. With a significant portion of Americans withdrawing money from their 401(k)s when they change...

Family Enterprise USA (FEUSA), a non-profit organization dedicated to promoting and supporting family-owned businesses in America, has recently conducted a comprehensive survey among family businesses in the country. The Family...

Many people know that life insurance is important to have, and yet not enough actually get it. Some decide they’ll get it later in life while others feel it’s a waste of money because they don’t have any health issues...

As an investor, it's important to keep a close eye on the stock market indicators. Currently, the indicators are showing a concerning trend that investors should pay attention to.The stock market has seen a rally in big tech stocks...

Business succession planning — what is it?One of the important decisions a business owner must face is when and how to step out of the business — in other words, business succession planning. Do you expect to retire from...

When discussing multigenerational wealth it is common to come across proverbs that acknowledge the fact that generational wealth typically won’t make it past the third generation. In the United States the saying goes, “from...

If you have given shares of your closely held business to your participating children during your lifetime, you can include an equalization clause in your will or trust to ensure that your nonparticipating children are treated fairly...

Sometimes it takes tough economic times and natural disasters to unite and bring out the best in people. Natural disasters such as hurricanes and earthquakes have served to bring communities together and impact the nation as a whole....

A qualified personal residence trust (QPRT) offers an excellent opportunity for homeowners with taxable estates to help reduce federal gift tax and avoid federal estate tax.What is a QPRT?A QPRT (pronounced "Q-Pert," and sometimes...

Introduction - There are many reasons why you might want to gift assets to minor children (children under the age of 21). For example, you may want to help the children build a college fund, or increase the children's future financial...

A QTIP trust is a type of marital trust - A qualified terminable interest property (QTIP) trust is a type of marital trust used most often to maximize the use of both spouses' applicable exclusion amounts (the amount that can be sheltered..

The FDIC-seizure of Silicon Valley Bank is the second-largest US bank failure in history as it held $209 billion in assets at the time of its collapse. Even after adjusting for inflation, by assets it trails only Washington Mutual,...

A Health Savings Account (HSA) is a type of savings account designed to help individuals and families save money on their health expenses and reduce their future tax bill. To be eligible for an HSA, you must be enrolled in a...

A Backdoor Roth IRA is a strategy that allows individuals who earn too much to directly contribute to a Roth IRA to still contribute to one indirectly. The strategy takes advantage of a loophole in the tax code that allows individuals...

Baby Boomers — those born between 1946 and 1964 — hold about $20 trillion in wealth.1 Over the next few decades, many Boomers may transfer this wealth to their Gen X, millennial, and Gen Z children, perhaps incurring a...

Whether you manage a trust for someone else, are the beneficiary of a trust, or are thinking of creating a trust, you probably have some questions about the "best practices" of trust management. A well-managed trust can help...

In the rush of daily business activities, business owners can lose sight of what they had originally hoped to accomplish through their continuous efforts. Over time, as the business grows, personal objectives may also change. When was...

Constitutions don't just set down fundamental rules and processes for countries; they can also set rules down for families—especially families with businesses. Having certain processes and governing principles put to writing can...

Most business owners become wealthy the “old-fashioned” way—they work hard. But, suppose a business owner and his or her spouse were to die unexpectedly. Undoubtedly, they would hope their children or other family...

As people begin to age, having worked hard their entire lives and accumulated significant wealth in savings and investments, it becomes very important for many to evaluate strategies for leaving their wealth to loved ones. Luckily,...

After the financial crisis, and throughout the COVID-19 pandemic, Americans examined how and why they invest. Many investors that had their entire wealth tied to the stock market proved to be more destructive than having alternative...

529 College Savings plans are essential for saving for higher education expenses, and if used for education, accumulate tax-free. Since 529 plans came into existence in 1996, their popularity has continued to increase, with 529 plan...

If you own a business, you may have spent years dreaming of passing along the business to your children, nieces and nephews, or other family members after you retire. However, transferring a family business—and its ability to...

The primary purpose of life insurance is to provide financial resources for those that depend on you when you die. However, you can lessen the complexity of charitable giving through wealth transfer by using life insurance as a gifting...

What is family wealth, and how do you preserve it? You have worked hard for years and accumulated wealth. You earned this money through your job, investing, and saving, and you want to preserve it for yourself and to take care of...

Over the next twenty years, a wealth transfer will occur that exceeds $30 trillion as the Baby Boomer generation passes the remainder of their wealth to the Millennials and subsequent generations. The Baby Boomers (born 1946-1964) are...

When it comes to executive-level pay or compensation, financial compensation comes in a number of forms, including salary, bonuses, and other forms of compensation, such as equity compensation. This type of compensation is often...

A qualified charitable distribution, or QCD, allows you to distribute funds from your IRA to an eligible charity (a 501(c)(3) organization) as long as you’re 70 1/2 years of age or older. Since the gift will go directly to the...

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life...

It may be easy to forget we're nearing the end of the year. Even during the busy end of year rush, it's a good time to reevaluate your 2022 finances and turn an eye toward 2023. What can you do now to potentially improve and streamline...

When you lose money on certain investments, you can typically claim the loss against other investments, and in some cases, you may even be able to claim all or a portion of the loss against regular income. Called tax-loss harvesting,...

Have you ever had one of those months? Bad things happen to the best of us, and sometimes it seems like they come in waves. That's when an emergency cash fund can come in handy.