Many of us are familiar with—or at least have heard about—author Simon Sinek and his maxim, which he also used as the main title of his bestselling book : “Start with Why.” The reason Sinek’s book and the idea behind it are attracting so much attention is that many of us intuitively understand that success almost always follows a full understanding of what one’s real purpose is. Whether it’s captured in a corporate mission statement or revealed in a favorite proverb taped to the bathroom mirror, most of us realize on some level that, once we’ve grasped the purpose behind what we do, we should ..read more

It is a sad, but true fact that the vast majority of family fortunes do not survive past the third generation. In fact, a particular 20-year study of 3,000 wealthy families discovered that 70% of the families had lost their wealth by the second generation, and 90% had lost it by the third generation. This unfortunate phenomenon has been going on so long, in fact, that nearly every world culture has a saying about it. Here in the US, you might hear, “The first generation builds it; the second maintains it; and the third loses it.” Elsewhere, the idea might be stated as “rags to rags in three g ..read more

We wrote recently about taking advantage of various strategies to make maximum use of the current, larger exemptions for estate and gift taxes before their potential reduction in size at the end of 2025. It bears repeating: In 2023, a married couple with an estate worth up to $25.84 million would be able to pass the entire estate to their heirs, in the event of their death, without incurring any federal estate or gift tax. In 2024, that number will increase because it is indexed to inflation, and the same will happen in 2025. But on December 31, 2025, unless legislation is enacted to extend ..read more

According to recent figures from the Economic Innovation Group, 69 million Americans, or about 56% of the national work force, lack access to a retirement plan through their employers. Perhaps even more seriously, a third of Americans have little or no retirement savings whatsoever. One irony in these statistics is represented by the fact that research consistently demonstrates that one of the most effective ways to ensure adequate retirement savings is participating in an employer-sponsored plan, like a 401(k). What is a 401(k)? Let’s cover some of the basics. A 401(k) plan is a type of tax ..read more

Have you ever thought about the difference between a dream and a goal? While both are important, one difference could be that the first involves wishes, hopes, and idealistic visualizations, and the second one involves plans, actions, and decisions that lead to a desired outcome. Certainly, a dream can result in a goal, but it may be that a dream without a goal attached is less likely to ever happen. In financial planning, we want to know about our clients’ dreams: their vision for their ideal future. But it’s important to take matters a few steps further if we are serious about helping them ..read more

Financial uncertainty has increased in 2023. The question for many is how to face this uncertainty. Although two-thirds of Americans agree that their financial planning could improve, only 37% currently work with a financial advisor. An ongoing financial planning relationship with a trusted financial professional can ensure that needed conversations occur to create a financial plan. We examine why financial planning is a “must-have” and how it can help you establish and accomplish your financial goals. Developing and prioritizing goals Many people today have important competing goals (i.e., a ..read more

Most parents will tell you that providing the necessary financial and logistic support needed to raise kids and prepare them to launch out on their own can seem like more than a full-time job. Between school drop-off and pickup, sports team practices and games, musical or theater performances, other extracurricular activities, and finding time to oversee homework and maybe attend a couple of parent-teacher conferences, sometimes there are barely enough hours left in the day for minor details like work, meals, and sleep. But the day eventually comes when they leave home—for college, marriage ..read more

The Tax Cuts and Jobs Act (TCJA) of 2017 basically doubled the size that an estate must be to incur estate taxes, from $5.6 million to $11.18 million for individuals (in 2017). Currently, after adjustments for inflation, an individual has a lifetime estate and gift tax exemption of $12.92 million, and a married couple can give away as much as $25.84 million during their lifetimes without incurring federal estate taxes. Because of the much higher exemption level, it is expected that less than 0.1% of the estates of the approximately 3 million persons who pass away in the US each year will owe ..read more

Ready to craft a fulfilling retirement? Embrace a new chapter of life brimming with opportunities for self-exploration and independence. Our article, “Preparing for Your “Next Act”: It’s More About Money” provides tips to guide your journey. Now, we share ideas for living your best retirement, including how to strike a balance between planning and making smart financial choices. With a solid foundation, you can experience the freedom and happiness that retirement offers – on your terms. Define Your Retirement Lifestyle Retirement is the perfect time to pursue the activities and interests you ..read more

The second quarter of 2023 gave investors plenty to think about—from mounting interest in AI to shifting inflation rates to the debt ceiling debate. Investors who remained focused on a diversified portfolio of equities and fixed income, benefitted from advances in both asset classes during Q2. Shifting to a Bull Market Stocks rebounded in 2023 after their worst year since 2008. The S&P 500 was up 15.8% through June 16, bouncing back from a two-year low in October 2022, signaling a shift from bear-market to bull-market mode after reaching a 20% gain from the prior low. Historically, US equ ..read more