BALANCING BUSINESS NEEDS AND PERSONAL WEALTH

Aligning the Finances of Business and Family

Your family business is much more than a career; it’s the culmination of a lifetime’s worth of passion, commitment, late nights and working weekends. There’s no question that the responsibilities and demands of running a business can be all-consuming. So many people – from clients and suppliers to your employees and their families – depend on the critical decisions you make every day.

 

 

 

The Path to Debt-Free Graduates

According to its most recent survey of college pricing, the College Board estimates that an “average” four-year private university degree now costs $197,280, with that amount expected to double by 2030. As a result, more than two-thirds (68%) of today’s graduates are entering the workforce with college loan debt, and the average outstanding debt amount per student exceeds $30,000.1

 

 

 

Important 2017 Tax Deadlines

Set forth below are a variety of tax deadlines that may apply to you in 2017. As always, please check with your tax advisor before taking action or failing to take action with regard to any of the items listed below. Also, please note that this is not a complete list of all tax deadlines and you should touch base with your tax advisor as there may be other deadlines that pertain to your personal tax situation.

 

 

How to Be Generous…

...With Your Family and Yourself

We frequently work with clients who are inter­ested in financially assisting the younger gen­erations in their family. This may mean offering to help children or grandchildren with specific expenses like buying a house, paying college or graduate school expenses, or assisting with new business start-up costs. It may also mean making annual financial gifts to family members or taking your extended family on an annual vacation. Sometimes, a client will find them­selves financially assisting an adult child through a period of unemployment, a divorce, or a medical crisis.

Health Savings Accounts

... Another Valuable Retirement Savings Plan Tool

Are you eligible to open a health savings account (“HSA”)? If yes, and you have not already opened one, you should consider doing so as this type of account is another tax-advan­taged way to save for any medical expenses you will likely have in retirement.

An HSA is a tax exempt account that can be used to pay for medical expenses you or your family may incur. There are three key tax benefits to having an HSA. First, the money going into an HSA is pre-tax (if coming directly from your em­ployer) or tax-deductible (if coming directly from you). Second, any interest, dividends, or other earnings inside your HSA are tax free.

 

College Tuition Anxiety

Get schooled on financial aid – whatever your income level

Did you know that during the 2013-2014 aca­demic year more than $238.3 billion in financial aid (grants, federal loans, federal work-study, and federal tax credits and deductions) was awarded to undergraduate and graduate students? Did you realize that the recipients of all this financial aid came from households spanning a wide range of household incomes? During that same academic year, the average amount of aid for a full-time college student was $14,180, including $8,080 in grants (money that does not have to be repaid) and $4,840 in federal loans.

 

 

Aging Parents: It’s Time to Talk

Does the thought of asking your aging parents about the way they handle their household finances — or how they would feel about moving to a retirement community or assisted living facility — fill you with anxiety? You are not alone.

How To Monetize Your Heirlooms

What you consider to be an heirloom might not be to younger generations. Have your adult children already started asking you what you are going to do with all your “stuff” when you retire? Years of furniture, souvenirs, great deals, and collections add up over time.

 

You, Inc.: The Leap Into Self-Employment

 

After working for someone else, self-employment can be an exhilarating change. But it is also fraught with potential pitfalls, including the possibility of running out of money before your new venture even gets off the ground. One way to help improve your chances of success is to do as much advance planning as possible. As you can see in the U.S. Bureau of Labor Statistics chart below, about 50% of new businesses will close within their first five years of existence.