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 postA financial plan has many important pieces, but the client’s ability to earn an income is what makes everything else possible. People insure their homes, cars and other personal property, yet they fail to insure the one thing that makes all these possible: their income. For the majority of people, their ability to get up and go to work everyday is their greatest asset. In terms of present value, many people do not realize that their lifetime earning potential can far exceed that of properties or investments they own.
View post
Property and casualty insurers play a crucial role in safeguarding individuals, businesses, and assets from unforeseen risks. However, many of them are being confronted with a rise in claims and pricing pressures presented by an economy in an inflationary environment. These external factors can put a strain on many U.S. insurer’s reserves, profitability, and ultimately that can lead to higher pricing passed to the consumer or changes in business standards that can impact your coverage or claims experience. Let’s explore how insurers may adopt to navigate these challenges, what changes you can expect to your coverage and claims experience and what you can do to avoid price hikes and adverse changes to your coverage.
View postAs we transitioned from in-person and telephone meetings in the post-pandemic world to Zoom and other forms of virtual meetings, there was a significant degree of concern in whether, as financial advisors, we would be able to continue to effectively communicate with our clients. What we learned was that not only would we be able to continue to provide effective guidance, but that we would be taught several valuable lessons in how to be better communicators going forward.
View postOne of the cornerstone goals of most financial plans for the successful entrepreneur is to eventually transfer some of the value of their life’s work and identity to the next generation without their wealth being unnecessarily eroded by the federal and/or state estate tax. Currently, this exemption sits at $11.58 million per individual or a combined $22m+ per couple, leaving only a small percentage of successful estates potential subject to this tax.
Combined with the ability to gift $30,000 annually (for married couples splitting gifts) to any number of defined beneficiaries without applying against the lifetime exemption, clients often forget the changing tides of the estate tax exemption may force them into a vastly differently situation down the line during times of legislative change….
View postThe myriad of planning opportunities in this environment of low interest and asset valuation levels, combined with the unique benefits related to the design of a Shark-fin CLAT make this an excellent time to address estate planning.
View postDue to the current economic environment, CLATs are a solid planning technique to consider for helping clients reach their advanced estate planning goals.
View post