Your Insights

Year-End Tax Planning Tips for 2023

To borrow a baseball metaphor, the year 2023 is “rounding third and heading for home.” Typically, this is the time of year when you should start looking at your income for the year and considering what might be needed to be ready for filing your 2023 tax return, next April.

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“The One Thing”: Understanding the “Why” of Your Retirement

One of the most memorable scenes in the movie City Slickers is when Curly, the crusty ranch foreman (played by Jack Palance) explains to Mitch, one of the city dudes (played by Billy Crystal) what really matters most in life. Turning toward the inquisitive greenhorn, Curly holds up an index finger. “This,” he says. “Your finger?” Mitch asks. Curly goes on to explain that the secret of life is knowing what your “one thing” is: the thing that matters most—that lies at the center of everything else you do and are. “So,” Mitch asks, “what is the one thing?” “That’s what you gotta figure out,” Curly replies.

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Figuring It Out: Helping Mom Take the Financial Reins after Dad’s Death

As Baby Boomers continue to age, more and more of them are facing the reality of life without a spouse. Because of women’s statistically longer life expectancies, many Boomer women will be forced to adapt to widowhood, with all the new responsibilities and liabilities that entails. Finally, because many in this generation grew up with the assumption that “the money is the man’s business,” large numbers of recently widowed Boomer women are confronted with a steep learning curve with respect to their finances.

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Tax-Smart Education Funding

For parents and grandparents who want to give the next generation a leg up in life, providing funding for education costs is typically a high priority. But it’s not getting any cheaper. According to the National Center for Education Statistics, the cost to obtain a degree at a public four-year institution has nearly tripled since 1980.

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Gifting for Grandparents: Some Points for Consideration

Whether you’ve been a grandparent for a single day or two decades, you’ve probably already realized that there’s not much you wouldn’t do to help your grandchild. Especially for those with significant means, making informed decisions about how much and what type of help is most beneficial for a grandchild involves thoughtful planning, good communication, and careful consideration of financial, tax, and other implications.

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Want to Sleep Better at Night? Maybe You Need a Financial Plan

A 2022 study by insurer Northwestern Mutual reveals some interesting interrelationships between attitudes and habits toward finance and general wellness. Conducted by the Harris polling organization, the survey asked 2,500 respondents age 18 or older a series of questions regarding their feelings about finances and also about key indicators of emotional wellness. What researchers found was that those who viewed themselves as financially disciplined or who worked with a professional financial planner reported significantly better levels of happiness and confidence. They also indicated enjoying better sleep.

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Why You Should Work with a Fee-Only Fiduciary

Should I be concerned if my financial advisor is commission-based? What is a fee-based
fiduciary and what difference does it make to work with one? The way a financial advisor is
set up to receive compensation can make a big difference for the client. Find out how.

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