Most people don’t realize that how you hold title to property directly influences your estate plan. Since it’s a common misunderstanding that can dramatically alter your intentions, let’s explore why.
Have you suddenly found yourself with a large sum of cash? Perhaps your windfall was expected, such as from a business sale or inheritance. Maybe it is a pleasant surprise from a large bonus or lottery win. Regardless of how it came to be, there are some critical steps you need to take to protect the windfall now that it is here. It starts with gathering the right team of advisors, working together to ensure that for you, more money does not mean more problems.
Personally, there is nothing more relaxing and exhilarating than being on a sailboat with a 15-knot wind on your beam (side), listening to the soft sounds of water splashing against the bow and using wind energy to propel the boat forward.
Losing a spouse or partner is a dramatic and emotional experience that can have a serious impact on the financial health of the surviving spouse. Financial planning and investment management needs vary dramatically depending on what stage of life the surviving spouse is in. Over the years, we have worked with many clients who have unfortunately lost spouses at all stages of life. Death is not universal, nor are the financial steps to take in its wake.
At some point in your life, there is a chance that you will inherit money or assets left from a grandparent, parent, or other family member. When someone that you love passes away, it is an emotional experience and going through the process of inheriting the assets they chose to leave you can add to the rollercoaster of emotions. Before you start making plans, make sure you know how the inheritance can affect your existing financial situation, including your taxes and other financial planning areas. A good place to start is to understand some common sources of inheritance, which we will discuss in this article.
The ages between 62 and 70 are a critical time for determining how and when to take Social Security benefits. There are many options when it comes to this program, and which option is best for you will depend on your specific situation.
Our core ideology is that “we strive to help our clients, employees and communities thrive.” It sounds easy enough, but we all know that thriving can be elusive, and it is not always the place we find ourselves as a company, individual or community.
Do you like to travel? Are you already looking forward to your next big trip? Do you spend more time planning your vacations than planning your finances? If so, you’re not alone. Recent surveys suggest that many Americans devote more time each year to planning their vacations than planning their finances.
Tax-Loss Harvesting in a Down Market Cycle
In ranching country, experienced livestock raisers know that periods of drought are inevitable. Not only that, but they know that there are certain things that need to be done during the dry times in order to be able to take maximum advantage of the rains when they begin to fall again in the future. Knowledgeable ranchers will utilize drought cycles to make sure their water reservoirs are in good shape; sometimes they will dig new ones. They’ll give special attention to their pasturing plan, being certain to make the most use of their available resources in order to keep their pastures healthy and ready for the next rains.