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In investing and wealth management, concentrated wealth refers to having significant exposure to a single asset or a few assets. There is a risk when an investor's portfolio is insufficiently diversified, tying an oversized portion of...

Contributing to a traditional 401(k) or IRA can help reduce your current tax bill, but you may run into some drawbacks in retirement. Withdrawals are taxed as ordinary income, and you must take required minimum distributions (RMDs)...

Choosing and regularly reviewing your beneficiaries and asset distribution plan is critical for ensuring everything goes according to your wishes. This includes structuring your plan around cost-effective measures such as tax benefits...

A lesser-known estate planning strategy involves incorporating insurance into your estate plan. Including insurance in your estate plan is a way to provide your loved ones with a means of support and a way to safeguard assets from...

There are many factors to consider when creating a comprehensive estate plan. Forgetting or leaving out certain assets could potentially create time-consuming delays, financial complications, and family disputes. In some cases, dormant...

What are taxable gifts?Property you give away during your life may be taxable gifts subject to the federal gift and estate tax. You or your estate could pay as much as a 40 percent tax (in 2025 and 2026) on taxable gifts. To estimate...

Explore the pros and cons of starting a business, buying an existing one, or purchasing a franchise. Learn how business plans, financing, start‑up costs, and tax breaks can impact your success as an entrepreneur.

What are tax credits?A tax credit is a dollar-for-dollar reduction of your tax liability. After you've calculated your federal taxable income and computed the tax on it, you can subtract any income tax credits that may apply to arrive...

The gross estate refers to all property owned by you (or deemed to be owned by you) at the time of your death. When you die, your estate (the property and financial affairs you leave behind) must be settled. Your property must be...

When you establish a Roth IRA, you're generally required to complete a beneficiary designation form with your Roth IRA custodian or trustee. The beneficiary (or beneficiaries) you name will receive the remaining funds in your Roth IRA...

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act) included new gift, estate, and generation-skipping transfer (GST) tax provisions. The 2010 Tax Act provided that in 2011 and 2012,...

When discussing multigenerational wealth it is common to come across proverbs that acknowledge the fact that generational wealth typically won’t make it past the third generation. In the United States the saying goes, “from...

At what age should you start discussing inheritance with your children? Estate planning and inheritance, while complex topics, should be an ongoing discussion with your family. Even in their late teens, twenties, and thirties, children...

Most business ownership transfer plans incorporate payments that will be received over time. For example, you could transfer stock in exchange for an interest-bearing installment note, or you could receive a supplemental pension plan...

You may donate money to charitable organizations throughout the year, simply because you wish to support causes that you care about. However, beginning in 2026, a new set of tax rules will determine the deductibility of your donations...

What would you do with an extra $10,000? Maybe you'd pay off some debt, get rid of a college loan, or take a much-needed vacation. What if you suddenly had an extra million or 10 million or more? Now that you've come into a windfall,...

When you leave your employer, you have several options available to you for managing your retirement savings plan assets. You can leave the money in the current plan, if allowed; you can cash out and take a lump-sum distribution; or...

Over the years, you've accumulated funds in a traditional IRA or employer-sponsored retirement plan and those funds have been growing tax deferred. But tax deferral doesn't last forever with a traditional IRA or a retirement plan. At...

Why does wealth seem to disappear within three generations? Several reasons include: Mismanagement of wealth leading to an inheritance tax burden A growing family Spendthrifts Lack of financial education for those who are receiving the...

For nearly a quarter century, employers have been able to offer their retirement savings plan participants age 50 and older a valuable opportunity — the chance to make additional catch-up contributions to their plan.1 Thanks to the...

Many children will receive an inheritance after their parents pass on. In some cases, this may include significant assets. If you currently are or may become one of those individuals, it is critical to figure out how you plan to...

In times of economic uncertainty, it’s easy to let financial stress overshadow everything else. And sadly, the holiday season isn't exempt from this. But here’s a little insight you might overlook: Holiday cheer might be a rewarding...

As your world changes year by year, it is critical that you review your estate plan and update it to stay aligned with your long-term financial goals. Here is an eight-step year-end estate planning checklist to help you organize and...

The dawn of a new year brings with it myriad opportunities for sports and entertainment industry professionals to reassess their financial strategies. Regardless of whether they are actors, actresses, professional golfers, baseball...

As the year draws to a close, it's an ideal time for business owners to evaluate their company’s financial health. Year-end planning is critical and can help establish a confident foundation for the future. However, for many business...

Recent changes in the Social Security Administration and modifications to recipients’ accounts and payment structures due to the Social Security Fairness Act, which repealed the Windfall Elimination Provision (WEP) and Government...

If you have a traditional IRA or participate in an employer-sponsored retirement plan such as a 401(k) plan, you are generally required to complete a beneficiary designation form with the IRA custodian or plan administrator. As you may...

Understanding Wills The journey to a comprehensive and well-structured estate plan begins with the creation of a will. Only about 32% of Americans have a willi; however, it is a document that everybody should have. A will is a legal...

A Backdoor Roth IRA is a strategy that allows individuals who earn too much to directly contribute to a Roth IRA to still contribute to one indirectly. The strategy takes advantage of a loophole in the tax code that allows individuals...

A Guide to Retirement Savings The journey to a confident retirement starts with understanding your options, and the 401(k) plan is one of the most powerful tools at your disposal. Whether you choose a Traditional 401(k) or a Roth...

What does it mean to anticipate and minimize liquidity needs? Determine the value of your assets The first step to anticipating the liquidity needs of your estate is to determine the value of your estate. This exercise may indicate...

After a natural disaster, you're probably focused on recovery efforts, including repairing your home, replacing belongings, and returning things to as close to normal as possible. Unfortunately, this is also when scammers may be likely...

From hurricanes and wildfires to floods and tornadoes, natural disasters may strike with little warning and leave lasting damage in their wake. While you may not be able to prevent these events, you may take steps to manage the risks...

Owning luxury assets such as exquisite homes, cars, yachts, and priceless art pieces requires safeguarding them against potential risks or loss. This situation is where umbrella insurance comes into play. It acts as an extra layer of...

While a Roth IRA conversion may suit some, wealthy individuals may not consider this investment strategy under certain circumstances. Here, we delve into why this strategy may not be appropriate for them. First, what is Roth IRA...

Accredited investors are individuals characterized by their high net worth or substantial income. Being an accredited investor provides special access to various investment opportunities otherwise inaccessible to the general public....

On July 4th, President Trump signed the “One Big Beautiful Bill Act,” which includes a broad range of tax reform provisions. The provisions listed in the bill may help offer small businesses much-needed tax relief. According to the...

On July 4th, President Trump signed the “One Big Beautiful Bill Act,” which includes a broad range of tax reform provisions. The provisions listed in the bill may help offer the middle- and working-class Americans much-needed tax...

As a business owner, you may save Social Security taxes (self-employment taxes) by postponing or accelerating income so that your earnings are bunched in alternate years. This strategy works if you are self-employed and your annual...

If the value of your stocks, bonds, or other capital investments has increased substantially, there are a few steps you can take to minimize taxation. These include timing the sale of your capital assets, using capital losses...

What is a trust? A trust is a legal entity that is created when you transfer property to a trustee for the benefit of a third person. The trustee manages the property for the beneficiary in accordance with the terms and the...

You're beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe...

At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever before. Staying healthy is your goal, and this can mean more visits to the doctor for preventive tests and routine...

A charitable remainder trust (CRT) can be a great way for taxpayers to leverage their generosity, producing tax savings that can be used to provide greater benefits to themselves, their spouses, or others, and then to their favorite...

The health-care reform legislation enacted in 2010 included new Medicare-related taxes that first took effect in 2013. These new taxes target high-income individuals and families. Here are the basics: Additional Medicare payroll tax If...

A 529 plan may offer multiple benefits as part of an estate planning and wealth transfer strategy. It is a tax-advantaged savings plan that encourages saving for future education costs. These plans enable parents to save for their...

As an employer, offering competitive and appealing benefits is essential to attracting and retaining top talent. One such benefit is a 529 Plan within the company's comprehensive benefits package. Named for Section 529 of the Internal...

For those approaching or in retirement, managing Required Minimum Distributions (RMDs) is an essential part of your financial planning. Once you turn 73 (or 72 if your birthday was before January 1, 2023), the IRS requires you to...

Baby Boomers — those born between 1946 and 1964 — hold about $20 trillion in wealth.1 Over the next few decades, many Boomers may transfer this wealth to their Gen X, millennial, and Gen Z children, perhaps incurring a hefty tax bill....

Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will,...

Understanding and effectively using credit can be a game-changer for a small business owner. When managed wisely, credit can provide financial confidence to grow your business, expand your operations, and take advantage of new...

Artificial intelligence (AI) is rapidly becoming a fixture in many industries. For life insurance users, AI helps to target online advertising and helps customers learn more about what policy might work for them. AI also helps life...

Suppose an emergency strikes and your family needs to quickly access important financial and personal information. Now, ask yourself—are these documents organized, secure, and easily accessible? Having a system for storing your...

Addressing wealth management comprehensively in today's market environment is essential for individuals and business entities. Given the dynamic nature of global markets and the ever-changing economic landscape, navigating investment...

Tips to set yourself up for a brighter future and enjoy the fruits of your labor Spring is a time of renewal and rejuvenation, as the world awakens from its winter slumber and new life begins to bloom. As the saying goes, "April...

Changing policies and regulations periodically reshape the landscape of estate tax laws. In 2025, wealthy individuals must be aware of critical changes impacting their estate planning strategies. This article comprehensively explores...

To maintain good physical health, most people must exercise regularly, eat a balanced diet, and keep stress to a minimum. Achieving financial wellness is no different. It requires careful planning, smart decision-making, and...

Credit card debt can be a daunting challenge for anyone, but it may also be burdensome for a specific demographic exhibited in the acronym HENRY - high earner, not rich yet. HENRYs, often characterized by high incomes, may experience...

If you are a high earner not rich yet (HENRY), you probably make decent money but not enough to live solely off passive income or create generational wealth. This HENRY phase of your life comes with specific financial issues. High...

The Greek and Spartan militaries were among the first to explore regular exercise to improve conditioning, endurance, strength, and speed, as far back as 600 B.C. In modern times, it was an epidemiologist named Jerry Morris who, in...

Being a small business owner can be rewarding but also may bring a lot of stress. You may be experiencing the pressures of trying to grow your company while providing a solid future for your employees. On top of all that, you will...

Since the 14th century in Rome, Valentine’s Day has been that one day of the year that represents love and romance. For a business owner, it is the perfect day for showing your business some love. Here are six ways to do just that...

Americans work hard. We grind, day in and day out, developing our skills and maturing within our chosen careers. In a world of unpredictable inflation and soaring cost of living expenses, we know all too well that nothing in life is...

The more assets you have at stake, the bigger the target on your back for cybercrime. This means that managing your financial wealth needs to go beyond traditional security measures. You also need a comprehensive cybersecurity strategy...

Women will manage unprecedented amounts of money and reshape lives The Great Wealth Transfer is a colossal shift in who owns money in the United States. Currently, half of all wealth is held by Baby Boomers. Over the next 20 years,...

Meeting with a business lender can be both an exciting and anxious time. One way to alleviate some of the stress is to be as prepared as possible for when you sit down to discuss a potential loan. Generally, business loans require...

Retirement is a chapter of life that, for some, may signal leisure, freedom, and working by choice, not necessity. However, this phase usually requires retirement income from retirement savings withdrawals. Different retirement account...

Many are interested in the impact of future tax legislation on Trusts. As we look ahead to 2025, it is crucial to understand how the evolving tax landscape may impact the administration, structuring, and distribution of Trusts. The Tax...

For small business owners, tax planning is crucial. Without proper planning, you may find a large portion of your hard-earned profits and savings eaten up by taxes that may not have been so high if you knew better options to pursue. To...

For high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals, their wealth comes with the ability to create significant change. However, wielding this influence requires strategic planning and understanding how to transform...

Charitable giving is a way for you to participate in something meaningful to you and your family, a cause that aligns with your core values while benefiting members of the community. People can benefit greatly from giving – personally,...

Every year, the holiday season sneaks up on us and, before we get to turn around, it’s over. This frenzied time of year is filled with shopping excursions and office parties, and it’s easy to let financial planning slip through the...

Year-end charitable giving is often associated with the spirit of doing good during the holiday season. It gives the donor a feeling of satisfaction and, in some cases, a substantial tax write-off. However, one question that often...

Starting a business is exciting -- but it may also be exhausting and a little bit scary. You might know what type of business you'd love to start, but getting that concept going and turning your idea into an actual business takes a...

As a small business owner, getting financing may be crucial to your success. However, with so many types of loans available, you may be unable to identify the appropriate one(s) for your business. Learn more about the most common types...

A solid estate plan should not only provide for your assets after you pass, but also plan for your long-term care while you're alive. With the median cost of a long-term care facility approaching $8,000 per month, paying for long-term...

For generations, homeownership has been billed as the hallmark of the American Dream. However, for high earners, it can also be a way to reduce taxes, receive more favorable capital gains treatment, and invest in their family's future....

Wealth and estate planning are vital for all individuals but are particularly essential for high-net-worth (HNW) individuals in the sandwich generation. "Sandwich generation" refers to individuals caring for their aging parents and...

Running a business requires gaining expertise in many things over a short period—especially financial matters. If finances do not come naturally to you, you may quickly feel like you are in over your head. Fortunately, mastering these...

For small business owners, ensuring your investment is covered is critical to ensuring the survival of your business after you are gone. One of the ways in which small business owners do this is by applying for life insurance in the...

Tips to embrace the spirt of fall to get a jumpstart on your tax planning The fragrance of pumpkin spice is in the air, leaves are transforming into a brilliant display of reds and golds, and festive preparations are underway. Fall is...

You started a business, took the initial steps to build a foundation, and are now working to grow and expand your customer base. What are the next steps to take? Here are five suggestions to help your business prepare for potential...

Who doesn’t remember their first job, receiving your first paycheck, and even applying for and using a credit card for the first time? Access to money provides a sense of freedom and the ability to buy things you want with your own...

Did you know, according to CNBC, more Americans are expected to turn 65 through 2027 than at any other time in history? This rapid population increase of older adults is often called the “Silver or Gray Tsunami,” though many new...

As high-net-worth (HNW) individuals approach their golden years, retirement planning often becomes a focal point of their financial strategies. One aspect of this planning that sometimes creates confusion or misinterpretation is the...

Shopping for a life insurance policy doesn’t have to be confusing and overwhelming. If you take some time to understand the basics and how it works, you can better determine the coverage that may be beneficial for you and your family’s...

Long-term care (LTC) planning is a significant financial decision that requires thoughtful consideration and precise planning. This undertaking can be more complex for high-net-worth families due to a more extensive and diverse asset...

Ten Benefits of Charitable Giving for High-Net-Worth Individuals Charitable giving is an integral part of many high-net-worth (HNW) individuals' financial strategy, not only as a means of helping others but also for the numerous...

Many near-retirees view their upcoming retirement as a time to kick back, relax, and make memories with loved ones. But for some, retirement may offer the opportunity to work for yourself instead of working for someone else....

If you're a high earner, you may be interested in partnering with someone with similar education, income, and goals. Becoming a financial "power couple" can help you both achieve your goals sooner. Because money disputes are one of the...

Approximately 60 million workers contribute to a 401(k)-retirement plan. A 401(k) is a tax-advantaged retirement savings plan companies offer employees and is funded through elective salary deferrals. There are several benefits to...

You need a healthy social network to make your small business truly successful. Not only can other small business owners help refer clients and customers your way, provide collaboration, and introduce you to useful contacts, but they...

Financial literacy is essential for everyone but can be crucial for high-net-worth (HNW) individuals who may have more wealth to lose than others. Navigating the complex financial landscape is no small task, and having the foundation...

Annuities are a well-kept secret in the small business financing world. Businesses can use these products in various ways, both to meet their own financial goals and to provide retirement benefits to owners and employees. Below, we...

Insurance Coverage Considerations for High-Net-Worth Families Financial affluence often comes with various benefits and challenges, including the requirement for suitable insurance coverage. High-net-worth (HNW) families typically have...

Business succession planning is a critical process that focuses on the smooth transition of a company's leadership and ownership from one generation to the next. This checklist serves as a valuable tool for business owners, providing...

How to Stay Healthy While Running a Business The Greek and Spartan militaries were among the first to explore regular exercise to improve conditioning, endurance, strength, and speed, as far back as 600 B.C. In modern times, it was an...

Owning a home and running a business are two significant investments that require dedication, planning, and balancing. Both ventures have potential rewards and risks and demand considerable financial commitment and personal involvement...

529 education savings plans allow families to put away money for their children's education without paying taxes on the earnings, as long as the withdrawals are used for qualified educational expenses and fall within the applicable...

Estate planning is a comprehensive process that involves organizing your assets and making informed decisions concerning how your wealth will be handled before and after death. It is a critical phase of wealth management, essential for...

Charity and philanthropy are two terms related to giving that are often used interchangeably, even though they differ. While the difference is subtle, it is essential to understand the differences between charity and philanthropy in...

Small business owners face many challenges, which may become even more significant during inflation. As inflation hit new highs in recent years, small business owners are being tested and challenged by high costs and high interest...

Estate planning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estate planning does not have to be overly complicated. With the proper planning, you may find yourself resting a little...

A perspective shift occurs in the wealth landscape; many now recognize health as the new wealth. Healthcare, long-term care (LTC) insurance, and other wealth-related financial instruments have become essential considerations for HNW...

Asset management and financial wellness can help develop long-term confidence when wealth transfers from generation to generation. Understanding and implementing financial wellness techniques is essential for effectively sharing wealth...

Tax planning is not merely about filling in boxes on forms to determine what you owe or what you're owed by the government. It's about strategic decision-making and proactive measures to optimize your financial situation...

Growing a business is impressive, but it takes more than just turning a profit to build wealth: It requires a mind shift from short-term gains to long-term prosperity. A business owner must focus on the company's financial confidence...

Charitable giving is an excellent way for businesses to help others while taking advantage of additional tax breaks. Billions of dollars are given each year in the U.S. to a wide range of charities providing valuable community services...

Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor.

Traditional Individual Retirement Accounts (IRA), created in 1974, are owned by roughly 36.6M U.S. households. And Roth IRAs, created as part of the Taxpayer Relief Act in 1997, are owned by nearly 27.3M households. Each is quite different.

Tax preparation may be the only time of year many households gather all their financial information in one place. That makes it a perfect time to take a critical look at how much money is coming in and where it’s all going.