Financial Planning During Down Markets
March 24, 2020
During periods of market volatility, it is very normal to pay close attention to your portfolio while putting other aspects of your financial life on hold. However, there are many important planning items that should not be overlooked during these times. Here are a few planning ideas that can be implemented during market downturns that […]
Working Wealthy – How Do I Compare?
March 17, 2020
The aspect of my job I enjoy the most is the opportunity to work with so many different people and their personal financial planning. Each client has a totally unique background, personal experience and path. But there is one common thread that weaves through all of my interactions. Whether it gets asked or remains unspoken, […]
Gifts to Children – Making Them More Effective
February 27, 2020
Gifts are made to loved ones for many reasons. Parents may just want to give their children financial help or accomplish other worthwhile objectives. Well-planned gifts can reduce a donor’s estate for estate tax purposes and shift income taxation to or away from the recipient of the gift. Many objectives can be addressed in a […]
It’s Comp Season – What Should I Do With All This Cash?
February 18, 2020
For many law firms, we are in the thick of “comp season.” For many lawyers, the first couple of months of the year are when you receive the lion’s share of your compensation for the prior year. This creates some degree of consternation and begs the question – “what should I do with my cash?” […]
Significant Retirement Plan Changes Are Here
February 4, 2020
The Setting Every Community Up for Retirement Enhancement Act, or SECURE Act which recently passed is one of the most significant pieces of retirement legislation in the last decade. Here are some of the key provisions contained in the SECURE Act: Increase Required Minimum Distribution (RMD) Age From 70 ½ to 72 – The SECURE […]
Money Lessons for Lawyers from the Gridiron
December 24, 2019
It’s the most wonderful time of the year! You’re probably thinking that I’m referring to Christmas…Well, as much as I love a little yuletide cheer, I’m actually referring to the college football bowl season, which is fast approaching. This got me thinking, what lessons from the gridiron can help lawyers think more strategically about their […]
4 Things a Surviving Spouse Should Know About Social Security
December 10, 2019
The Social Security administration gives benefits to surviving spouses based on the deceased’s retirement benefit. If the survivor is already taking retirement benefits, they can take the higher of either their own or their deceased spouse’s benefit. Rules on these benefits are based on the age of the survivor and if the deceased had begun […]
Year-End Financial Checklist
December 3, 2019
As 2019 comes to an end, take a few minutes to put a bow on your financial life for the year by running through this quick checklist: Maximize Employer Benefits: Spend flex dollars – Many employers offer Flexible Spending Accounts for health expenses or dependent care. Often times, balances must be spent before year-end or […]
Working Wealthy – You Are In Control
November 19, 2019
Our three-year-old son, Nate, is a cannon-baller. If you’re not familiar with that term, it just means that he’s a mini-lunatic when it comes to bodily safety and decision making. For example, last weekend, as my daughter and I reclined on the floor reading a book together, Nate decided to run at us full speed […]
Medicare 2019 – Key Enrollment Dates and Important Changes
November 5, 2019
The leaves are changing colors and a cool breeze is in the air, which means many retirees are securing their winter travel plans. However, before jumping on the plane to escape the cold winter months that lie ahead, it is also time for Medicare participants to decide if changes should be made to their health […]
The Cobbler’s Children Paradox Affects Financial Professionals Too
October 29, 2019
The cobbler’s children have no shoes and financial professionals (private equity professionals, investment bankers, asset managers) have no financial plan. This paradox seems to consistently plague the individuals I meet who work in the finance industry. One would think that those in the industry are buttoned up in terms of their own financial needs; however, […]
Working Wealthy – Accumulation to Consumption
September 24, 2019
We get the opportunity to work with BDF clients in all stages of their personal financial planning. Those stages include building wealth, accumulating wealth and eventually consuming that wealth. That last stage is probably the most interesting as it appears to be the most difficult from a behavioral level. That’s right—spending one’s retirement savings is […]