Reducing Year-End Taxes on Your Investments
November 24, 2021
Nobody wants additional taxes for the holidays, so throughout the year, we look for ways to minimize them. With year-end approaching, it’s a good time to review a few strategies that can potentially reduce your tax bill. Tax-Loss Harvesting The goal of tax loss harvesting is to stay in the market while capturing the current […]
Retiring Law Partner’s Checklist
October 26, 2021
Congratulations, Counselor, you’ve decided to retire! After a long and distinguished career, it’s time to ride off into the sunset and start enjoying life after the law. So, as a parting gift, we’ve put together this short checklist of things you should do as you prepare for your retirement and separation from your firm. I […]
Do I Really Spend That Much?
September 14, 2021
“My youngest of four children just graduated college. None of my kids desire to work in the family agency. Multiple competitors want to buy my agency, and my wife Mary and I are ready to travel the world.” These were the first words from Mark, a Wisconsin Insurance Agency Owner that I recently met for […]
Key Ingredients: Time, Health, and Money
June 8, 2021
What factors have made your retirement so successful? This is the very question I asked Doug and Debbie over dinner in their Florida condo overlooking the Gulf of Mexico. I have been fortunate to know Doug and Debbie for over a decade, and they have truly mastered the art of retirement. Deb, as usual, cut […]
Do You Need Life Insurance for Life?
May 4, 2021
Not everyone needs life insurance. Some of those that do can be handled with simple solutions. Others may be best served by more complex planning. Determining Your Need for Life Insurance Insurance of any kind is simply a transfer of risk. Premiums are payments to shift the financial risk from you to the carrier. Life […]
Selling the Agency on Your Timeline
March 16, 2021
Last fall, I received a phone call from Mark, an owner of a successful multi-generational insurance agency. Mark is in his late 50s and has been running the family agency for the past two decades. Mark was stressed out over the thought of selling his agency. He had multiple offers from competing agencies that were […]
Rambo: Teaching an Old Dog New Tricks
January 12, 2021
As we say goodbye to 2020, it is easy to reflect on the year with a negative view. However, I think 2020 was a transformational year where we expanded our overall skill set, not because we wanted to but because we had to. As we look back at all the new talents we accumulated in […]
Good Bye 2020, Hello Taxes
November 10, 2020
Good news: The year 2020 is coming to an end. Historians will look back at 2020 as an epic year for chaos in the United States. We will not miss the Covid-19 Pandemic, the social unrest across the country, or the contentious presidential election. Bad news: now that the election is over, and we have […]
Use the 4 C’s to Chart Your Future
August 27, 2020
You have successfully grown and managed your agency to a stage where it is desired by others. Use the 4 C’s to help you shape your future so that you will know exactly when it’s time to cash in.
Pandemic Put a Pause on the Sale of Your Agency – Now What?
July 28, 2020
Weddings, graduation parties, and dentist appointments were not the only things put on hold during the coronavirus pandemic. COVID-19 has changed the course of all our lives regardless of whether our personal health was impacted or not. Over the past few months, I have seen firsthand the impact it has had on agency owners who […]
Secret Retirement Saving Super-Power: The Mega Back Door Roth
May 26, 2020
For high earners and big savers, there are limitations on contributions to designated retirement accounts. Specifically, in 401k accounts, the maximum you can deduct from your salary is $19,500 in 2020. For those over 50, a “catch-up” contribution is allowed up to an additional $6,500. What many don’t know about 401k accounts is that there […]
Lessons Learned: “This Time is Different”
May 5, 2020
The COVID-19 outbreak has created stress and uncertainty in all phases of our lives. Worrying about our family’s health, learning to work from home while trying to educate and entertain children, and watching our income decline or for some completely go away has understandably caused many to panic. This stress and panic can lead many […]