Financial Blog

Entrusting family members with receiving an inheritance is more than just getting a hold of assets or a check in the mail. It is about understanding how to steward the hard-earned wealth that you and your spouse spent your lives building.

Most of us find the notion of creating (and sticking to) a budget about as appealing as spring cleaning chores. And, with the stress that usually accompanies tax filing hopefully behind you, you may not be inclined just now to tackle a financial reckoning. However, since the tax season probably motivated you to get part of your financial house in order, why not complete the job with a little spring "photography?"

April is Stress Awareness Month, and there's no better time to reflect on and address the stressors that may impact our lives. Financial stress is an interesting challenge for high-net-worth individuals and families since most financial advice tends to be targeted toward those earning less. Instead, you need a tailored approach that acknowledges your specific challenges. Here are a few tips and strategies that may help high-net-worth families navigate and thrive through financial stress.

Here are seven steps to making your portfolio cleaner and more efficient.

Tax planning might be complex, but its also essential, especially for high-net-worth 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, with the highest marginal federal tax rate sitting at 37% for 2024 (plus additional state and local taxes), a lack of tax planning could mean you keep less than half of every dollar you earn.

2023-2024 Quick View Tax Guide

Nurturing a community, fostering growth and making a positive impact. As a small business owner, your employees are the heart and soul of your organization. Many entrepreneurs understand the importance of a diverse, inclusive workforce and the benefits it brings, not just to the business, but to the community at large. Your commitment to hiring practices that uplift veterans, marginalized communities, and those facing barriers to employment is commendable.

A valuable opportunity for founders and investors, but legislation looms. For founders and investors in start-ups, qualified small business stock (QSBS) offers a significant tax advantage that can be likened to a generous gift from the IRS. This tax provision allows shareholders to potentially realize substantial tax-free gains, providing a compelling incentive to invest in qualifying small businesses.

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 savings and tax rules. With some of SECURE Act 2.0s provisions starting in 2024, business owners must know how it may impact their situation. SECURE Act 2.0 features a host of potential changes for 2024, including adjustments to RMD rules, auto-enrollment retirement plans, changes to catch-up

For profitable small businesses, paying quarterly estimated taxes is part of the tax process to potentially avoid penalties at the end of your fiscal year. The quarterly taxes for a business are the estimated taxes that will be owed at the end of the year. Or, in some cases where businesses may see ebbs and flows, it may be based on the taxes they would owe based on each quarters profit. Getting Started. Before estimating your quarterly tax payments, you must gather some information.

Valentines Day represents love, but not just for couples. You can also spread the love through sharing your family business succession plan with the loved ones you hope will take over the reins of the company you spent your life building. Here is a seven-step checklist to help you with your succession planning. 1. Creating manageable goals and objectives. The business leader must set goals and design objectives to help smooth the transition and integrate strategies to prepare should

Wealth transfer is more than just a financial transaction; its 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 commitment to preserving family unity. Here are ten essential questions that families may ask themselves as they embark on the journey of wealth transfer. 1. What Values Define Our Family? Before diving into the specifics of transferring assets, its

As a business owner, understanding the various strategies for rewarding and incentivizing your employees is vital for employee retention and business growth.

Environmental, Social, and Governance (ESG) investing is on the rise throughout the world. Here are some definitions and considerations to make when diving into the ins and outs of ESG investments.

Asset management and financial wellness can help develop long-term confidence when wealth transfers from generation to generation.

The new year is here, and it is the perfect time to set up resolutions for your business.

In 2024, LPL Research believes markets will make a definitive turn to a more recognizable place. En route, the transition will be marked by meaningful shifts in a few key areas. Inflation is going down. The risk of a recession is bubbling up again as the effect of post-pandemic stimulus wanes. And the end of the Federal Reserve’s (Fed) rate-hiking campaign is indeed upon us.Where the last two years had investors focused on inflation, market volatility, and striving for a sense of economic

Resolve to make your finances a priority with proper planning and guidance   For many people, the month of December and the New Year are times for personal reflection, a time to consider commitments and resolutions for the coming year. This year, why not resolve to make your finances a priority? With proper planning and appropriate guidance, you can begin to build financial confidence and prepare for the uncertainties of tomorrow. Consider the following steps: Get Organized. Gather all

If you struggle to find a gift for the person who has everything—or want to do your holiday shopping without having to leave the house—consider giving stock as a gift. Doing so is easier than you think, and it may offer a few benefits for you as well. Here is some information on giving stock as gifts and the benefits of doing so.  What Are the Benefits of Gifting Stock? When it comes to giving stock as gifts, there is one key benefit for both the giver and the re

With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should be considered as part of your year-end tax planning. Tax deduction for charitable gifts If you itemize deductions on your federal income tax return, you can generally deduct your gifts to

As the end of the year approaches, investors need to focus on tax-related considerations, particularly regarding capital gains. Year-end tax planning can help investors manage their overall tax liability while seeking to manage investments for suitable tax outcomes. In this article, we explore four key tax planning areas for capital gains: what it is, tax law changes, tax efficiency, and offsetting capital losses. Understanding Capital Gains First, having a good understanding of the concept of

As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your wealth. Below are a few insights into capital gains to help you acquire competency on the subject matter in preparation for a consultation with a financial professional to review your portfolio. What is capital gains tax?A capital gain is a profit made from selling an

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 grapple with complex tax management issues. With astute planning, mitigating significant tax liability may be possible.First, comprehensive tax planning involves critically reviewing current income and projected future earnings. Review helps ensure that you're op

In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it can address additional changes to RMDs made by the SECURE 2.0 Act of 2022, which was passed in late 2022. In the meantime, the IRS has issued interim RMD relief and guidance for 2023. Final RMD regulations, when issued, will not ap

What is Tax Loss Harvesting?When investments in taxable accounts do not perform as hoped and actually lose value, investors may be able to take advantage of tax benefits to help offset their losses. The concept of tax loss harvesting is fairly straightforward. It involves identifying investments that have lost value and selling them in order to generate capital losses. Then, investors can use those losses to offset capital gains realized by other investments during the tax year, thereby seeking

You often hear people discuss "saving for retirement,” but in many cases, they're actually referring to their investing. The adage "you can't save your way to wealth" is simplistic, but has a kernel of truth; putting your money in a savings account often won't be enough to outpace the rate of inflation, which can erode the value of your savings over time. Below, we discuss some of the key differences between investing and saving and how to choose the most optimal

High Net-Worth executives and those that have been self-employed, can experience common problems in their financial planning journey. Often, they have missed opportunities in their financial planning because they haven’t planned adequately for their retirement even though they make a high income.It’s easy to think that everything will work out with their retirement plan, and it can, but a high-income often masks the reality of having a deficit once a career ends. Just like average in

Financial Planning Challenges and Strategies for the Sandwich Generation Almost half of all adults are part of the "sandwich generation." These are adults in their 40s and 50s who are helping support or care for a parent while also supporting or caring for a child.1 Being caught between two generations of loved ones who require care can be both financially and emotionally draining, but there are ways to reduce the pressure. Here are three financial planning challenges the sandwich ge

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 determine how to prepare for your financial future. A financial plan may impact every aspect of your life, from your credit score to your savings, investments, spending habits, and retirement. This guide will discuss some steps to help you get a foothold to begin t

The earlier you start saving, the easier it will be to send your kids to college   The month of September is when many parents are preparing to send children back to school this fall. While the checklists grow and the kids soak in the last few minutes of summer break, it’s important to remember college planning and back-to-school shopping. While getting an education can be difficult at times, paying for it can feel like climbing up an unending hill. More and more adults are going b

A student's education expenses may be reduced when a parent uses their tax-advantaged retirement account to help cover tuition and other related costs. With many students graduating with college loan debt, using a 401(k) or IRA may help lessen the burden of paying off education-related debt. However, before deciding to withdraw from a 401(k) or an IRA, knowing the rules and how they may impact you is essential. Usually, if one withdraws money from a 401(k) or IRA before age 59 1/2, they will

In the college savings game, all strategies aren't created equal. The best savings vehicles offer special tax advantages if the funds are used to pay for college. Tax-advantaged strategies are important because over time, you can potentially accumulate more money with a tax-advantaged investment compared to a taxable investment. Ideally, though, you'll want to choose a savings vehicle that offers you the best combination of tax advantages, financial aid benefits, and flexibility, while m

When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it's time for you to make sure that your child has enough financial knowledge to manage money at college. Lesson 1: Budgeting 101 Perhaps your child already understands the basics of budgeting from having to handle an allowance or wages from a part-time job during high school. But now that your child is in college, he or she may need to draft a

Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you make smarter choices regardless of whether you have some investing experience or are just getting started. Don't lose ground to inflation It's easy to see how inflation affects gas prices, electric bills, and the cost of food; over time, your money buys less and less. But what inflation does to your inve

Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you make smarter choices regardless of whether you have some investing experience or are just getting started. Don't lose ground to inflation It's easy to see how inflation affects gas prices, electric bills, and the cost of food; over time, your money buys less and less. But what inflation does to your inve

It's nice to own stocks, bonds, and other investments. Nice, that is, until it's time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain? To determine how an investment vehicle is taxed in a given year, first ask yourself what went on with the investment that year. Did it generate interest income? If so, the income is probably considered o

Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire. It sounds a little crazy, doesn't it? But that's what investing without setting clear-cut goals is like. If you're lucky, you may end up with enough money to meet your needs, but you have no way to know for sure. How do you set goals? The first step in investing is defining your dreams for the future.

July is Independent Retailer Month, which is the perfect time to show your support for locally owned businesses that rely primarily on community support. Independent retailers are essential to communities as they are more likely to put money back into their local economy than national retailers. Why Independent Retailers Are Important Every dollar spent at an independent retailer may pass through the community five to 10 times before moving elsewhere. For each dollar spent at a local independen

Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will, and about 40% with investable assets of $1 million or more never discuss their estate plans with their children? The reality, however, is that the percentage of squandered inheritances is troubling. Studies indicate that 70% of inheritances are exhausted by the sec

If recent market volatility has you questioning your opportunities for financial freedom, you are not alone. Due to rising inflation, higher interest rates, a volatile stock market, and recession fears, many investors find themselves wondering how to proceed.Fortunately, history may help gain perspective on this market. Those who weather volatility might have more resilience. Here are some tips and tricks to help you deal with market volatility and assess the quality of your current investments.

Freedom is not won by sitting idly and hoping for a miracle. Financial freedom requires vision, courage, and sacrifice for a higher goal. The Financial Independence, Retire Early (FIRE) movement is a part of that vision. What Is the FIRE Movement? The FIRE movement, inspired by the 1992 book "Your Money or Your Life," includes people who want to be financially independent at a young age. They may be able to quit work decades early. The earliest members of this movement saved and inves

For first-time homebuyers and homeowners who are considering refinancing their current mortgages, trying to decide between a fixed or an adjustable rate mortgage (ARM) can be a bit puzzling.

Many of the tax benefits associated with home ownership apply mainly to your principal residence — different rules apply to second homes and investment properties. Here's what you need to know to make owning a home really pay off at tax time.

When your local weather forecaster tells you that it's going to rain, what do you do? That's easy--you reach for your umbrella. So why not purchase an umbrella that can protect you in stormy financial weather? Umbrella liability insurance (ULI) can do just that.

Estate planning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estate planning does not have to be overly complicated. With the proper planning, you may find yourself resting a little easier knowing you have an estate plan in place. While an estate plan is personalized to the wants and needs of each person, here are a few tips to help anyone get started.