One of the hardest parts about tax planning is keeping up with a tax code that is constantly changing. On December 29, 2022, President Joe Biden signed into law the Secure Act 2.0, which has significant changes affecting many aspects of tax planning and retirement planning. Among those changes are Required Minimum Distribution (RMD) ages,…
Estate planning is an essential consideration for high-net-worth families who want to create a legacy of financial stewardship. By taking steps to protect and preserve your wealth, you can ensure that your loved ones are taken care of in the event of your death or disability. An estate plan can also minimize taxes and maximize…
As a high-earner or busy professional, you may not have the time or skills to manage your finances effectively. That’s where an experienced wealth manager can be critical. Many high-net-worth individuals need help with financial planning and investment planning decisions. Those that handle their own finances may need help navigating complex concepts and strategies, and…
Business owners approaching retirement often have a large portion of their portfolio in taxable assets — often due to the sale of their business. Although an ideal tax allocation depends largely on an investor’s unique situation, flexibility in optimizing retirement spending strategies usually depends on diversification between pre-tax, Roth, and taxable assets. One key difference…
As a business owner, it’s essential to weigh the pros and cons of every decision. And deciding whether to offer your employees a retirement plan is no different. On the one hand, there are many benefits to consider, both tangible and intangible. But on the other hand, a retirement plan comes at a cost, and…
The end of the year is around the corner, and for many people, it is an exciting time to celebrate with family and friends. But, the holiday season can be more expensive than usual because of traveling, going shopping, decorating your home, exchanging gifts, and more. Regardless of your traditions, whether newly instilled or continuing…
Many investors know that staying invested long-term is one of the most powerful and consistent ways to build wealth. And according to data from Blackrock, the longer you stay invested, the greater your likelihood of positive returns. In fact, over 1-month periods, investors made money 62.9% of the time and lost 37.1% of the time.…
As modern medicine progresses, people are living longer than ever before. And researchers expect that trend to continue, according to Steven N. Austad from the Wall Street Journal. In an article titled, Is 100 the New Life Expectancy for People Born in the 21st Century?, he writes: “During the 20th century, life expectancy in the…
The process of estate settlement is not a favorite topic around the dinner table at family gatherings. It can be an uncomfortable topic — but those who prepare in advance for a smooth transition with the help of an estate planner in Utah typically leave more assets and less stress to their loved ones. Simple…
As year-end approaches, it’s essential to identify critical retirement planning deadlines and make contributions or distributions accordingly. And while it may seem complicated to keep track of the different deadlines, it is worthwhile to understand them and take action. Fortunately, for many strategies like contributing to an HSA, Traditional or Roth IRA, or a SEP…