As the year draws to a close, it's an opportune time to review your financial situation and ensure you meet year-end deadlines to maximize your financial benefits.
Optimizing Your Finances at Year End
Wealth Management Insights Fourth Quarter 2024
We present our fourth quarter 2024 issue of Wealth Management Insights titled “Creating a Family Legacy of Giving” In it, Wealth Management Chair Samantha Pahlow, CTFA, AWMA®, offers guidance on how to establish a family vision around charitable giving. Mary Lago, CFP®, CTFA®, provides insights into tax-efficient investing, retirement account strategies and charitable giving. Nate Putnam, CFP®, provides further considerations for the changing philanthropic landscape.
Wealth Management Insights Video Fourth Quarter 2024
Wealth Management Chair Samantha Pahlow, CTFA, AWMA, presents the firm’s quarterly Wealth Management Insights titled, “Creating a Family Legacy of Giving.” In the video, she discusses how to instill philanthropic values in children and highlights several tax-efficient giving strategies to consider for year-end.
The Importance of Per Stirpes and Per Capita Elections in Estate Planning and Beneficiary Designations
In the realm of estate planning, the terms "per stirpes" and "per capita" play a pivotal role in how assets are distributed among beneficiaries. Understanding both terms is critical for anyone looking to ensure that their assets are transferred according to their wishes.
Considering a Move? What To Know About Changing Domicile
In recent years, a growing number of individuals and families have considered changing their state of domicile as a strategy to reduce their state income tax burden. Not surprisingly, states with lower income taxes and taxpayer-friendly structures experienced strong inbound migration according to IRS migration data based on 2021 and 2022 tax return filings. Whether prompted by high state income, estate or property taxes, the decision to change domicile is significant with legal and financial implications.
Business Owners & The Changing Buy-Sell Agreement Landscape
For business owners, planning for the future transition of their business is crucial. Succession planning isn't just about deciding who will take over when you retire; it’s also about ensuring a smooth transition if something unexpected happens. This is where buy-sell agreements can be beneficial.
Discovering the Hidden Gem of Your Portfolio: Net Unrealized Appreciation
Many companies reward employees with ownership of company stock through profit-sharing plans, employee stock ownership plans (ESOPs), or the option to purchase company stock via their 401(k) plans.
Wealth Management Insights Video Third Quarter 2024
Wealth Management Chair Samantha Pahlow, CTFA, AWMA, presents the firm’s quarterly Wealth Management Insights titled, “The Role of Insurance in Wealth Planning.” In the video, she explains the role of insurance in wealth planning, highlighting the types and benefits of different kinds of coverage.
Wealth Management Insights Third Quarter 2024
We present the third quarter 2024 Wealth Management Insights publication titled, “Is Your Insurance Right for You?” featuring articles written by Samantha Pahlow, CTFA, AWMA®, Casia Chappell, CFP®, CPWA®, and Chris Bixby, CFP®, EA.
Quarterly Publication Focus: Planning for an Alternate Scenario
In our most recent Wealth Management Insights publication, Scott Christianson, CFP®, explained the importance of beneficiary designation in estate planning and the different options to ensure that assets are distributed to the intended heirs.
Quarterly Publication Focus: Ensuring Continuity in 529 Plans
In our most recent Wealth Management Insights publication, Charissa Anderson, CFP®, CDFA®, explained why it is important to name a successor owner for a 529 account and discussed gift and estate tax implications relating to the account.
Higher Education: Which Path Is Right for You?
The debate about the value of a four-year college degree has received renewed attention in light of media reports showing annual total costs exceeding $100,000. Understandably, many families are reconsidering their higher education plans and evaluating other options including two-year degrees, trade schools, or a combination of starting at community college and then transferring after pre-requisites have been completed.
Quarterly Publication Focus: Planning for our Children's Future
In our most recent Wealth Management Insights publication, Samantha Pahlow, CTFA, AWMA, provided a primer on considerations when naming minors beneficiaries of retirement and other financial accounts.
Planning for an Alternate Scenario
Scott Christianson, CFP®, discusses ways in which a well-intentioned estate plan can misalign with the deceased family member's intentions and how to avoid pitfalls related to beneficiary designations.
Planning for Our Children's Future
Samantha Pahlow, CTFA, AWMA®, provides an overview of important issues to consider when making legacy plans with children and grandchildren in mind.
2024 Required Minimum Distributions for IRA Beneficiaries Waived Again by IRS
Tyler Conroy, CFP®, writes about the IRS waiving required minimum distributions in 2024 and shares a resource for individuals for whom this may apply.
Wealth Management Insights Second Quarter 2024: Planning for Our Children's Future
We present our second quarter 2024 issue of Wealth Management Insights titled “Planning for our Children’s Future.” In it, Samantha Pahlow, CTFA, AWMA®, discusses the crucial aspects to consider when planning for the distribution of assets for minor children. Scott Christianson, CFP®, writes about planning ahead for unanticipated outcomes in our estate plans and what we can do with estate planning to avoid major pitfalls and Charissa Anderson, CFP®, CDFA®, provides a considerations when saving for education and utilizing a 529 account.
Things to Know Around Tax Time
As April 15 draws closer, individuals across the country are filing their tax returns, some of whom are anxiously awaiting the results.
Double Your Savings With a Spousal IRA
Maximizing retirement savings is an important goal for many couples. While there are a variety of tax-advantaged accounts that allow individuals to save for retirement, most are only available to those with earned income during the year.
2024 Key Numbers Related to Wealth Planning
As we move into the new year, we want to provide you with the latest 2024 Annual Limits Guide from the College for Financial Planning® . This guide contains many of the important financial and tax planning numbers that may apply to you in the year ahead. Staying up-to-date and proactive with these figures can help you maximize your financial opportunities and make informed decisions throughout the year.