Check fraud is making a major resurgence in this county, despite the fact fewer people are writing checks. According to the U.S. Treasury Department, nearly 700,000 cases of possible check fraud were reported in 2023, with billions of dollars in losses. Thieves scour postal boxes and mailboxes looking to steal personal checks, business checks and checks related to government programs like social security. Business checks can be the most vulnerable since they are often well-funded, and it may take longer for the victim to discover something is amiss. Once thieves have a check in hand, they empl ..read more

“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.” Charles Munger, vice chairman of Berkshire Hathaway Corporation, expressing why he thought he and his business partner, Warren Buffett, had been such successful investors for so long. (Note: At the time of his recent death, Munger was estimated to be worth $2.6 billion.) On November 28, 2023, just five weeks shy of his hundredth birthday, the world said goodbye to famed investor Charlie Munger. His homespun, midwestern wisdom was somethin ..read more

On behalf of everyone at FineMark Holdings, Inc.—the Board of Directors, the executive management team, and our dedicated associates—I am pleased to report on our performance for the fourth quarter of 2023 ..read more

One of the most overlooked aspects of financial planning is estate planning. Many people put off the discussion, thinking it’s not necessary until later in life. But the truth is, it’s never too soon to start. An estate plan ensures that when you become incapacitated or pass away, your assets are managed by and go to the people you want, and your affairs are handled how you want. If you’re younger, your plan may be fairly simple, but as you accumulate more assets and you have children, there is more to consider. And without an estate plan, the courts will often decide who gets what, a process ..read more

The holiday season is a time of joy, but unfortunately, it’s also a time when cybercriminals and scammers are on the prowl. That’s why we wanted to share some important tips and information from the U.S. Department of Treasury’s Office of Cybersecurity and Critical Infrastructure Protection. Download the from the U.S. Department of Treasury PDF tips here. The U.S. Department of Treasury’s Office of Cybersecurity and Critical Infrastructure Protection recently published an article “Securing the Season: Preventing Holiday Cybercrime and Fraud,” accompanied by a helpful video from us that highlig ..read more

As we approach the end of 2023, now is the perfect time to review your financial planning, track your progress and make adjustments for the year ahead. To help you get started, we’ve compiled a list of five suggestions to consider before the year comes to a close. Review Your Investments First up, take a look at your investments. Review your portfolio to determine if your asset allocation still makes sense. You can also consider opportunities to strategically generate losses to offset other gains through tax loss harvesting, which can reduce taxes while preserving the value of your portfolio ..read more

Cyber Safe Virtual Presentation Recording During a recent webinar on identity theft, FineMark’s professionals discussed various topics related to cyber scams and how individuals can protect themselves online. The focus was on phishing attacks, including email, text, phone call, and payment app phishing. The experts also emphasized the importance of social media safety and shared tips to prevent becoming a victim of scams. Phishing Attacks: Email Phishing: The webinar addressed several types of email phishing, such as tech support scams, tax refund scams, suspicious activity notices, social me ..read more

Strengthen Your Online Security: Two-Factor Authentication In an increasingly digital age, protecting your personal information from cyber criminals is vital. One effective way to enhance your security is by implementing two-factor authentication (2FA). By utilizing 2FA, you add an additional layer of protection, making it much more difficult for hackers to gain unauthorized access to your accounts. Understanding Two-Factor Authentication: Two-factor authentication is a security measure that goes beyond relying solely on passwords. It requires users to provide two different methods of verifica ..read more

“We have long felt that the only value of stock forecasters is to make fortune-tellers look good.” Warren Buffett, Chairman and CEO of Berkshire Hathaway Corporation, expressing his view on those who make short-term market prognostications. With a current net worth of $115.7 billion, and ranked #6 on Forbes’ Real-Time Billionaires List (as of 10/11/23), Buffett is widely regarded as the most successful equity market investor of the past century. As the quote from Warren Buffett above suggests, we share his view on the utility of short-term market forecasts. Rather than trying to predict the fu ..read more

Beginning in 2024, US tax filers will have new obligations to report personal information to the Financial Crimes Enforcement Network of the Department of the Treasury (“FinCEN”), regarding certain closely held businesses. Failure to report could result in civil and criminal penalties, so it’s important to know if you’re subject to FinCEN’s Beneficial Ownership Information Reporting Rule. Corporate Transparency Act (“CTA”) Congress enacted the CTA in 2021 to combat financial crimes and prevent misuse of the US financial system. Effective January 1, 2024, the FinCEN’s Reporting Rule will be imp ..read more