Retirement Benefits for Lawyers
October 20, 2020
I have the privilege of working with many law firm partners as clients. In my experience, law firms often have some of the best benefits for their partners and associates. I have also found that many times lawyers don’t take the time to fully comprehend all of their firm-provided benefits and how those benefits impact […]
Estate Tax Exemption – Use it Now!
October 13, 2020
Federal tax law levies a tax on the value of assets you own at death. The estate tax is levied at a 40% rate and can severely impact the transfer of wealth to future generations. Many business owners are simply unaware that the value of their business exposes them to the tax and that may […]
How Did Financial Professionals Navigate the Pandemic?
August 25, 2020
The effect of the coronavirus has been widely felt and will continue to make an impact on the future of the world for years to come. Financial professionals (private equity professionals, investment bankers, and asset managers) felt the impact both personally and professionally throughout the first half of 2020. Many financial professionals were adjusting to […]
Exiting Your Business? 3 Critical Considerations
August 18, 2020
Selling a business is the culmination of years of hard work and dedication to a way of life. The seller has one opportunity to get the sale “right” to maximize retirement wealth and preserve that which will be transferred to future generations. Of course, there are many detailed considerations, but the early focus should be […]
3 Important Updates to the 2020 Required Minimum Distribution Waiver
July 14, 2020
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 […]
Working Wealthy – 2020 is the new 2009
July 7, 2020
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, […]
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.
The Balance Sheet – The Map for Financial Professionals
June 30, 2020
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 […]
Top 4 Questions Lawyers Are Asking
June 23, 2020
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 […]
Best States to Retire In
June 9, 2020
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 […]
Stock Options and Restricted Stock – Key Things to Consider In this Downturn
June 2, 2020
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 […]
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 […]