When Should You Review Your Estate Plan? Six Examples.
Most of us have heard the stories about famous people who died without a will or other estate planning documents: Aretha Franklin, Pablo Picasso, Howard Hughes, and even Abraham Lincoln all passed away without leaving documents to guide their heirs as to the disposition of their estates.
529 Plans Are Better Than Ever, Thanks to SECURE 2.0
Since their creation by the state governments of Florida, Michigan, Ohio, and Wyoming in the late 1980s, 529 education funding plans have become an increasingly popular way for parents, grandparents, and others to fund the education of the next generation while also saving on taxes.
Year-End Tax Planning Tips for 2023
To borrow a baseball metaphor, the year 2023 is “rounding third and heading for home.” Typically, this is the time of year when you should start looking at your income for the year and considering what might be needed to be ready for filing your 2023 tax return, next April.
“The One Thing”: Understanding the “Why” of Your Retirement
One of the most memorable scenes in the movie City Slickers is when Curly, the crusty ranch foreman (played by Jack Palance) explains to Mitch, one of the city dudes (played by Billy Crystal) what really matters most in life. Turning toward the inquisitive greenhorn, Curly holds up an index finger. “This,” he says. “Your finger?” Mitch asks. Curly goes on to explain that the secret of life is knowing what your “one thing” is: the thing that matters most—that lies at the center of everything else you do and are. “So,” Mitch asks, “what is the one thing?” “That’s what you gotta figure out,” Curly replies.
Figuring It Out: Helping Mom Take the Financial Reins after Dad’s Death
As Baby Boomers continue to age, more and more of them are facing the reality of life without a spouse. Because of women’s statistically longer life expectancies, many Boomer women will be forced to adapt to widowhood, with all the new responsibilities and liabilities that entails. Finally, because many in this generation grew up with the assumption that “the money is the man’s business,” large numbers of recently widowed Boomer women are confronted with a steep learning curve with respect to their finances.
Making the Connections: Managing Risk in Your Business while Planning for Your Future
According to a recent survey by Nationwide Retirement Institute, two-thirds of the owners of small- and medium-sized businesses in the US expect a recession within the next six months. And of that two-thirds, a strong majority expect such a recession to be as severe as the Great Recession of 2007–09.
Tax-Smart Education Funding
For parents and grandparents who want to give the next generation a leg up in life, providing funding for education costs is typically a high priority. But it’s not getting any cheaper. According to the National Center for Education Statistics, the cost to obtain a degree at a public four-year institution has nearly tripled since 1980.
Gifting for Grandparents: Some Points for Consideration
Whether you’ve been a grandparent for a single day or two decades, you’ve probably already realized that there’s not much you wouldn’t do to help your grandchild. Especially for those with significant means, making informed decisions about how much and what type of help is most beneficial for a grandchild involves thoughtful planning, good communication, and careful consideration of financial, tax, and other implications.
Want to Sleep Better at Night? Maybe You Need a Financial Plan
A 2022 study by insurer Northwestern Mutual reveals some interesting interrelationships between attitudes and habits toward finance and general wellness. Conducted by the Harris polling organization, the survey asked 2,500 respondents age 18 or older a series of questions regarding their feelings about finances and also about key indicators of emotional wellness. What researchers found was that those who viewed themselves as financially disciplined or who worked with a professional financial planner reported significantly better levels of happiness and confidence. They also indicated enjoying better sleep.
Why You Should Work with a Fee-Only Fiduciary
Should I be concerned if my financial advisor is commission-based? What is a fee-based
fiduciary and what difference does it make to work with one? The way a financial advisor is
set up to receive compensation can make a big difference for the client. Find out how.
Smart Money Moves to Make When Buying a New Car
By Matt Knoll, CFP® Sr. Financial Planner If you’re considering buying a new car there’s
Understanding Your Stock’s Cost Basis
By Matt Knoll, CFP® & Caleb Arringdale, EA What is Cost Basis? Cost basis is the original value
