Wealth Management, Finance & Investing Blog

The purpose of this article is to provide you with an overview of estate planning basics. Establishing or revising an estate plan first and foremost involves making a series of decisions, some of which can be daunting. We hope the information below serves as a useful guide during this process. Find answers to common tax reform questions here. What is an estate plan and why do I need one? Contrary to popular belief, estate planning typically involves more than just signing a Will. It generally i

The objective of the GRAT is to remove appreciation on the transferred assets from the grantor’s estate. The structure of the GRAT also allows this removal of appreciation to be done at minimal or no gift tax cost. Operation of the GRAT The grantor transfers an asset with high appreciation potential to the GRAT, which is an irrevocable trust. In return, the grantor retains a qualified annuity interest for a specific term of years. Common terms of years for annuity trusts range from 2-10 years.

Nothing lasts forever. While the likelihood of losing a substantial portion of your assets due to a creditor judgment is low, it remains an important consideration — along with the steps you can take to mitigate that risk. As wealth managers, we help clients diversify their investment portfolios to preserve and grow their wealth with the appropriate amount of risk. Beyond managing investment risks, it’s also crucial to minimize the potential loss of assets to creditors. These creditor issues ma

As financial advisors, we 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 people who find themselves in a position of having to manage their parents’ finances. No matter the situation, it’s 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 u

Prior to her passing, Jade conscientiously ensured beneficiaries were named on her financial accounts, intending for her entire estate to be equally divided between her two sons, Samuel and Benjamin. However, instead of designating them as joint beneficiaries on her brokerage and bank accounts, she named Samuel as the sole beneficiary on her brokerage account and Benjamin as the sole beneficiary on her savings account. Upon Jade’s death, nearly all her assets bypassed the will and were distribu

Attorneys at the largest, most selective law firms work in a rarefied space. They serve leading companies, advise top officials, and walk hallowed hallways alongside the nation’s elite. And a select few may eventually become partners – both a professional and financial triumph that promises status and other rewards. Years of creating complex financial plans for legal professionals has highlighted that the transition to partner can be financially difficult. While making partner can seem to be th

Attorneys at the largest, most selective law firms work in a rarefied space. They serve leading companies, advise top officials, and walk hallowed hallways alongside the nation’s elite. And a select few may eventually become partners – both a professional and financial triumph that promises status and other rewards. Years of creating complex financial plans for legal professionals has highlighted that the transition to partner can be financially difficult. While making partner can seem to be th

When seeking a financial advisor, you may have encountered various combinations of letters following their names. With over 100 different financial advisor certifications available, it can be challenging to understand these designations and select the best advisor for your needs. Here, we explain some of the most common financial designations and their implications for you. CFP® - CERTIFIED FINANCIAL PLANNER® The CERTIFIED FINANCIAL PLANNER® certification or CFP® mark is one of the most pr

In today’s fast-paced world, managing bills can be a time-consuming task. Whether you’re balancing a busy professional life, managing a business, or simply looking for a more organized way to handle your finances, hiring a personal bill pay service might be the solution. But before you entrust someone else with such an important responsibility, there are several critical questions you should ask to ensure they’re the right fit for you. 1. How experienced are they? Your first concern should be w

Market fluctuations are a natural part of investing, and it's not uncommon for some of your investments to lose value during periods of volatility. When this happens, you can capitalize on portfolio losses by selling underperforming investments. The proceeds from the sale can then be reinvested into similar funds to keep your portfolio aligned with your long-term financial plan. But the real benefit goes beyond maintaining your asset allocation – by realizing these losses, you can offset capita

As the year draws to a close, investors should be aware of the potential capital gains distributions that mutual funds and certain ETFs often make around this time. These distributions can have a significant impact on an investor’s long-term wealth. Think of your investment accounts as a monetary pipeline, where cracks can drain your assets, leaving you with less than you could have accumulated. Taxable capital gains distributions can be a large drag on portfolio performance over time. With pro

The Tax Cuts and Jobs Act of 2017 (the “Act”) contained a number of favorable tax provisions. Among other changes, the Act reduced the top income tax rate from 39.6% to 37% and significantly reduced the number of taxpayers subject to the AMT. The Act also raised the exemption from gift and estate tax to a historic high. In 2017, an individual could pass $5.6 million (indexed for inflation) per person free from transfer tax. Following the passage of the Act, in 2018, the same individual could no