Financial Planning Tips + Insights

It’s a question that comes up often – what should I do with my old 401(k)? There is no one-size-fits-all answer, and responses provided by financial advisors are increasingly scrutinized due to the Department of Labor’s (DOL) fiduciary rule. Wealthspire Advisors, which has been a fiduciary since its inception, continues to believe that the best approach is to present options to our clients and let them decide. The four options are: Leave the money in your existing 401(k), Roll your 401(k) into

You’re divorcing. You have a million things to think and worry about. Your divorce professional (whether a matrimonial attorney, mediator, or collaborative lawyer) is asking for all kinds of information and documentation. You’re worried about your kids and custody. You’re wondering whether you’ll stay in your home. You’re emotionally raw and trying to hold it all together. And the last thing you want to think about is your financial plan, but that’s one of the most important aspects of divorce.

I’ve been approached by many matrimonial attorneys, therapists, and divorce coaches who ask me to help their clients with their finances before, during, and after their divorces. Many people getting divorced, both men and women, may be smart, accomplished, or at their top of their professions, yet were not the ones handling the finances in their marriage. Many of these clients don’t know what they spend, how much their mortgage is, what assets they have. They’re unaware how much debt they have,

In my wealth management practice, I focus on helping business owners and corporate executives achieve quality of life and financial freedom. For some time now, I have been interested in exit planning for business owners. This interest led me to engage with other advisors and business owners as a Tri-State member of the Exit Planning Exchange and to obtain my CEPA (Certified Exit Planning Advisor) credential from the Exit Planning Institute. As CEPA professionals, we think of exit planning as a

Managing finances can be daunting with all the intricacies and uncertainties involved. Even if you feel like you’re successfully tackling some aspects of your finances — such as paying down debt or saving for retirement — you might still feel like you’re not doing enough. Questions may continue to build in your mind like: “Am I saving enough for retirement?” “Are there tax benefits I’m missing out on?” “Should I try to pay down my mortgage more quickly?” “Is there something more or different th

Medicare is the Federal health insurance program for people ages 65 and older. The program helps pay for various medical expenses including hospital stays, physicians, prescription drugs, and more. The number of people enrolled in Medicare has more than tripled since 1970, climbing from roughly 20 million to over 68 million today, and is projected to reach almost 93 million by 2050. A common misconception about Medicare is that it is self-financed through premiums paid by current beneficiaries

One of the most flexible and powerful gifting techniques is to loan money to other family members, especially in a period of low interest rates. The reason it works is simple: on average, the person receiving the loan should be able to invest the money received in a way that produces a rate of return greater than the interest rate on the loan. Thus, when the borrower returns the loaned money at the end of the loan’s term, they will be able to keep this excess return. Because the money was loane

Are you interested in a long-term investment strategy but aren't sure where to start? Good! This is for you. Throughout the journey of our professional careers, we will encounter many major decisions, some of which we are more prepared for than others. Depending on your background and interests, you may know that you need a plan for long-term investment goals, but don't know how to begin. If so, know that you’re not alone. To build confidence in your plan, it is important to understand that bui

Why is it called a “Dynasty Trust”? Some are surprised to learn that most trusts are temporary. Unlike a corporation, partnership, or other artificial legal entity, most trusts cannot be perpetual. A rule of law called the “Rule Against Perpetuities” terminates most trusts automatically and cuts them off at a few generations. As a result, even the most careful trust planning will eventually be unwound, because these temporary trusts will terminate, and the property will be distributed outright