As planning professionals, we’ve seen firsthand the importance of careful and deliberate estate planning when it comes to the execution of gifting transactions. Waiting until the last minute to effect complex or even seemingly simple gifting transactions can lead to unintended consequences that can undermine even the best-intentioned estate plans.
View post
In the wake of the global COVID-19 pandemic, the importance of life insurance has become more apparent than ever to not just older Americans but also younger adults. A recent study conducted by non-profit LIMRA found that nearly half of all Gen Z (those roughly between the ages of 18 and 26) and Millennials (those roughly between the ages of 27 and 42), numbering some 53 million people, recognized the need for life insurance and believed they did not have enough insurance coverage.
View post
With January 1, 2026 on the horizon, there’s a significant planning opportunity to be taken advantage of prior to the sunsetting of the temporary increased lifetime gift and estate tax that was part of the Tax Cuts and Jobs Act of 2017. Taking advantage of the current exemption levels, while also leaving enough time for thoughtful planning, can lead to significant tax savings and provide an opportunity to strategically transfer assets with high growth potential out of the taxable estate.
View post
A well-designed buy-sell agreement is a crucial component for businesses aiming to secure a smooth transition of ownership in the face of unforeseen events. Traditionally, buy-sell agreements have been designed as either cross-purchase agreements or stock redemption plans, each with their own benefits and drawbacks depending on the specifics of a given business.
View post
Side hustles have gained tremendous popularity as a way to supplement income and achieve financial freedom. In addition to growing your revenue streams, oftentimes, a side hustle offers opportunities for personal growth, skill development, and entrepreneurial ventures. In this blog post, we will explore a few lucrative side hustle ideas that can help you boost your income while taking advantage of skills or assets that may be untapped.
View postThe goal of these life insurance fundamental articles is not to get too granular on any particular insurance carrier’s product offerings, but rather to provide a broad basis for understanding how various product types work.
View post
Saving for college can be daunting, but with the help of prepaid 529 plans, families can take advantage of attractive tax benefits and secure their child’s future education expenses. In this blog post, we’ll explore the details of prepaid 529 plans, including how they work, their tax advantages, and how they differ from traditional 529 plans. We’ll also delve into which states have approved prepaid 529 plans and what happens if you move out of a state in which the plan is approved.
View postRegardless of the business cycle stage your company finds itself, it is likely that on a day-to-day basis as a business owner your mind is focused either on ensuring customer satisfaction or taking care of your employees in some way. It’s possible, a financial advisor or your attorney mentioned a buy-sell agreement at some point. But if the topic even momentarily grabbed your attention, it is unlikely it made any lasting impression on you and even more doubtful that it spurred you into action. Unfortunately, this is all too commonplace because of the investment of time and money most business owners assume is involved- to say nothing of the general avoidance associated with subjects a buy-sell addresses, like death and disability. Let’s dive deeper into what a buy-sell agreement does and why you should have one.
View post
Budgeting is a powerful tool for achieving financial stability and reaching your goals. However, many people encounter stumbling blocks along the way that can derail their budgeting efforts. In this blog, we will explore some of the most common budgeting mistakes and provide practical tips to help you avoid them. By being aware of these pitfalls, you can develop better budgeting habits and set yourself up for financial success.
View post
Life insurance is a crucial financial tool that provides peace of mind and financial protection to our loved ones when we’re no longer around. Traditionally, getting life insurance required undergoing a medical exam to assess one’s health and determine the policy’s cost. However, with the advent of no-medical-exam simplified or guaranteed issue life insurance, many individuals are tempted by the convenience of skipping the medical examination. Let’s explore both sides of the coin and shed light on why opting for an insurance medical exam can be in the best interest of the customer.
View post