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Sep 17 2021
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tax law changes

Tax Proposals: Big Changes to Come

By and Blog
On September 13, the House of Representatives Ways and Means Committee released a set of proposals as part of a $3.5 trillion spending and tax bill that Democrats hope to pass in the fall. If passed, the legislation would advance many of President Biden’s economic and social policies. Many of the details will likely change as the bill makes its way through a series of deliberations and votes. But the initial draft provides a good deal of insight about what we can expect. Below is a summary of the proposed changes and some key take-aways for clients: Income and Investments Increases the top individual tax bracket to…
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Sep 15 2021
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executive order small business

Brief Update: New Executive Order May Help Small Businesses

By Blog
Last week, President Biden announced an executive order aimed at accelerating the country’s path out of the pandemic. There are three elements in the “Protecting Our Economic Recovery” portion of the plan, each of which is expected to be fleshed out more in the future. The most notable change is an increase in the maximum amount of funding small businesses can borrow through the COVID Economic Injury Disaster Loan (EIDL) program, from $500,000 to $2 million. This program provides long-term loans from the Small Business Administration at low interest rates – 3.75% fixed for businesses; 2.75% for private nonprofits –…
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Sep 08 2021
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family finances

What Everyone Should Know About Their Family Finances

By Blog
I work with many clients who have lost a spouse, gone through a divorce, or are wondering what they should do if something happens to their significant other who has been managing the money and finances. We also work with many clients who find themselves in a position of having to manage their parent’s finances. No matter the situation, it is important for each person to be involved in the family finances – knowing where things are, who to call, and what to do in case an unforeseen event occurs. Maintaining transparency and having candid conversations about finances can also…
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Sep 01 2021
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backdoor roth contribution

The Benefits of a Backdoor Roth Contribution

By Blog
The most popular retirement account of the past decade is the Roth IRA. It offers tax-free growth, tax-free withdrawals after age 59.5, and no minimum distribution requirements. Unlike traditional IRAs, Roths are funded with after-tax dollars, which means there is no deduction for a contribution. Evaluating whether to contribute to a pre-tax or Roth IRA is a common exercise. Many are drawn to the upfront benefit because of the tax savings and/or they expect their rate will decline in retirement. However, if your time horizon is decades, Roth savers are much more likely to end up with more after-tax money.…
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Aug 24 2021
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Solo 401k

Why the Self-Employed Should Consider a Solo 401k

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Self-employed individuals have multiple options to save for retirement and invest in a tax-efficient manner. One of those options, the Solo 401(k), can be particularly attractive to entrepreneurs running their own business, including those with both a 9-to-5 corporate employer and a “side-hustle” that earns them additional income. What is a Solo 401(k)? A Solo 401(k) plan, also commonly referred to as a solo-k or uni-k, is just like any other 401(k) plan, but is designed to cover a self-employed person with no employees other than his or her spouse. Because it covers only one employee, there is no burdensome…
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Aug 20 2021
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roth ira

What is a Mega Backdoor Roth IRA?

By Blog
Most people have heard of Roth IRAs. Those who qualify typically contribute and those who do not qualify can sometimes find a way to do so, as we explain here. In either case, you can do MORE. Take a Step Back and Understand Plan Types and Limits 2021 Retirement Plan Limits Account Type 2021 Limits IRA $6,000 50+ Catch-Up Limit $1,000 Simple IRA $13,500 50+ Catch-Up Limit $3,000 SEP IRA $58,000 401(k) $19,500 50+ Catch-Up Limit $6,500 Profit Sharing Plan $58,000 Defined Benefit Plan (Annual Limit) $230,000 Depending on your current occupational status and business structure, you may or may…
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Jul 20 2021
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Thinking of Engagement? 15 Financial Questions to Ask Before Getting Married

By Blog
When two people who are both professionals consider getting engaged and married, it is imperative that they first consider their finances. Some entrepreneurs, business owners, and high earners (or their parents) will want a pre-nuptial agreement. Whether you are in a position of wealth or just starting out, there are many questions that should be discussed before walking down the aisle. The first set of questions involves current finances: How much do each of you make? How much have each of you saved? Do you both have retirement plans? Are you contributing to 401(k) plans at work? Are each of…
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Jul 13 2021
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risk tolerance

Understanding Risk Tolerance

By Blog
There is always something to be uncertain about and one does not have to look very hard to find negative headlines. This is part of why investing can seem so difficult, even in periods of relative calm. It becomes even more challenging during times of elevated turmoil. Having a well thought out investment plan and portfolio that aligns with your goals can help you stay the course. Part of this preparation includes understanding and accepting that a certain level of risk must be taken. Those who have the discipline to stick with their plan tend to be the most successful…
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Jul 01 2021
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summer reading list

Summer Reading List 2021

By Blog
Now that school is out and a holiday weekend is just around the corner, some may be looking to brush up on their summer reading. This set of recommendations comes from three of our advisors who found these books to be enjoyable, edifying, and well worth the read. Enjoy! “Uncharted – How to Navigate the Future” by Margaret Heffernan Recommended by Laura Barry, CFP® Uncharted: How to Navigate the Future is a great read for those who experience worry about their future, especially for those who constantly seek certainty. In her book, former CEO and TED speaker Margaret Heffernan gives…
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Jun 22 2021
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divorce

Why You Shouldn’t Wait Until After Your Divorce to Meet with a Financial Advisor

By Blog
You are divorcing. You have a million things to think and worry about. Your divorce professional (whether it be a matrimonial attorney, mediator, or collaborative lawyer) is asking for all kinds of information and documentation. You are worried about your kids and custody. You are worried about whether you will stay in your home. You are emotionally raw and trying to hold it all together. The last thing you want to think about is your financial plan. But that is one of the most important aspects of divorce. Aside from custody, divorce is often about the money. Going through a…
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