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3 Important Updates to the 2020 Required Minimum Distribution Waiver

On June 23rd, the IRS issued additional guidance regarding 2020 required minimum distributions (RMDs).  As you may remember, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) waived many required minimum distributions for 2020.  However, there were still a few taxpayers that may not have been afforded relief under the CARES Act – that […]

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Working Wealthy – 2020 is the new 2009

Perfect is the enemy of good. I’m not certain who said it first. I understand it relates back to an Italian proverb, and it appears Voltaire was the first to pen a paraphrasing of it. In any event, let’s not get bogged down with precision on the source of the learning. Let’s focus on how, […]

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Your Financial Plan and Lessons From a Historic First Six Months of 2020

Despite market volatility, staying disciplined kept your plan on track in 2020.

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The Balance Sheet – The Map for Financial Professionals

Professional investors need to have a good grasp on the balance sheet of a business they are investing in. Having a deep understanding can inform strategy and help make the best decisions. The same goes for your personal wealth. Without a full view of your assets and liabilities, you are flying blind. Previously, we have […]

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Top 4 Questions Lawyers Are Asking

We all know the last several months have been perhaps the most unsettling times any of us can remember.  As a result, I have had countless conversations with clients to help them navigate these stormy seas.  I thought I would share some key questions I’m hearing from our lawyer clients and the advice I have […]

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Best States to Retire In

Many factors influence the decision of where to retire.  Family, familiarity of surroundings, climate, and cost of living are just a few to consider.  What about state taxes?  They are often overlooked and just “accepted” as an expense.  In the current environment, the trend of where taxes could go based on the financial stability of […]

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Stock Options and Restricted Stock – Key Things to Consider In this Downturn

If you are an executive working for a public company, it’s likely that a big portion of your wealth is tied to your company stock. As stock prices fall, obviously the value of your stock-based compensation also drops. This can be paralyzing. Amid the chaos, how do you answer the simple question: “what should I […]

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Secret Retirement Saving Super-Power: The Mega Back Door Roth

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 […]

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Working Wealthy – Stress Testing Your Plan

I have written before about the value of having a financial plan. Even the simplest of plans can help with things like retirement spending and savings goals. And you might say, “Sure I have a plan, but I threw my plan out the window in March”. Effects of the Pandemic The recent market volatility from […]

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The Income Statement – Vital for Businesses and Financial Professionals

Let’s say for a moment that you are solely responsible for investing $10,000,000 into a company – either public or private. With a big decision like that – what would you want to see from your target company? Would you want to see an income statement? A balance sheet? A governance structure with appropriate risk […]

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Money Lessons for Lawyers From the Ball Diamond

April is one of my favorite times of the year.  Certainly not because of the lovely April weather here in Chicago, but because normally it means baseball season is getting into full swing.  Unfortunately, the start of the baseball season has been pushed off a bit due to the impact of COVID-19, but it will […]

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Six Planning Tips to Consider After the Stimulus CARES Act

Coronavirus Aid, Relief, and Economic Security (“CARES”) Planning On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. The $2.2 trillion dollar bill provides broad relief across the American economy for businesses and individuals. Below is a summary of how it impacts individuals specifically: Recovery Rebate Checks  $1,200 to each […]

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