Wills: The Cornerstone of Your Estate Plan
If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you're young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only [...]
Is a Revocable Trust Right for Me?
“…In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin penned this maxim in the late 1800’s, and it is as true today as it was back then. Indeed, taxes are a certainty, as we are reminded with every paycheck, purchase, and each April 15th. But death, and preparing for our own eventuality, is certainly overlooked. This concern is supported by a 2024 survey that reveals only 32% of Americans have an estate plan [...]
Unveiling the Winning Game Plan for Personal Finances
In the world of sports and personal finance, success is not arbitrary; it's the result of strategic planning, disciplined execution, and a commitment to long-term goals. Drawing parallels between successful football teams and financial triumphs can offer valuable insights into managing our money effectively. Join us as we explore the playbook for financial success inspired by the victories of football powerhouses. Establishing a Solid Foundation: Strong Defense Wins Championships - In football, a strong defense is often the backbone of [...]
Financial Resolutions: A Guide to Starting Off the New Year Right
As the calendar turns to a new year, many of us reflect on the past and set goals for the future. One area that deserves careful consideration is our financial well-being. Whether you're looking to save more, invest wisely, or pay down debt, the beginning of the year is an excellent time to set the stage for a financially successful year ahead. In this blog, we'll explore practical steps to help you start off the new year on the right foot [...]
Reflections & Resolutions: Navigating the Year-End Fiscal Landscape
Introduction: As the year draws to a close, it's an opportune moment to reflect on your financial journey and lay the groundwork for a prosperous new year. The year-end is not only a time for festive celebrations but also a crucial period to assess your financial health, set goals, and make strategic decisions. In this article, we'll explore key considerations for wrapping up the year on a strong financial note and planning for a financially sound future. Review Your Financial Goals: [...]
Don’t Forget Your RMD: A Year-End Retirement Planning Reminder
Introduction: As the year draws to a close, it's essential for retirees and those with retirement accounts to be mindful of their Required Minimum Distributions (RMDs). RMDs are mandatory withdrawals from retirement accounts that individuals must take once they reach a certain age. Failing to take these distributions on time can result in penalties and tax consequences. This article serves as a friendly reminder to prioritize your RMDs before the end of the year and offers some insights on how to [...]
Preparing for the New 529 Plan
Education is a significant investment in a child's future, and responsible financial planning is crucial to ensure the availability of funds when the time comes. 529 Plans have long been a popular saving choice for higher education expenses, its origin dating back to 1996 when this prepaid college savings account first was added to the IRS tax code. And over the years, there have been changes and improvements to the Plan to make it a more attractive savings vehicle for a [...]
A Thanksgiving Conversation with the Family CFO
As we approach Thanksgiving, a time of gratitude and togetherness, it's fitting to acknowledge the unsung hero of the household – the one who manages the family finances. Often referred to as the Chief Financial Officer (CFO) of the family, this individual plays a vital role in steering the family ship through the financial seas. In the spirit of the season, let's explore the importance of effective communication, collaboration, and planning in managing a family's finances. Setting the Thanksgiving Table: Budgeting [...]
Holiday Financial Planning
The holiday season is a joyful time, but it can also bring about financial stress if not properly managed. As Financial Advisors, we understand the importance of effective financial planning. Here are some essential tips to help you prepare financially for the holiday season: Set a Budget: Start by creating a holiday budget that includes all your expenses – gifts, decorations, travel, and special events. Stick to it to avoid overspending. Save in Advance: Ideally, you should start saving for the [...]