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.

 

 

 

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.

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.

Signing Up for Medicare…

...if you are age 65 (or almost there) please do not wait to sign up!

Medicare is the federal government health insurance program for those who are age 65 or older (do not confuse Medicare with Medicaid which is a medical assistance program for those with lower incomes.) Medicare is also available to some younger people with disabilities and/or those who suffer from end-stage renal disease. Medicare consists of four key sections:

 

 

Tips for Effective Goal Setting

Goal setting is integral to the process of planning for your financial future. Without goals, it is difficult, if not impossible, to plan properly and adequately for the many aspects of your financial life. For example, if you have no specific purposes for your money, will you have adequate motivation to save for the future? Even absent any financial goals, you will still need money to live on in retirement! Even if you are motivated to save, without financial goals how will you know whether you have saved enough?

 

Financial Checklist

We regularly assist our clients with many aspects of their financial lives. Our assistance does not end when a client passes away. Rather, after a client passes away we often work closely with their next of kin to assist with the numerous financial details that need to be addressed following their death. These details can include date of death account valuation, bill-paying, and reregistering and transitioning assets. Also, over the years, we have worked with countless widow(er)s and with the children of our deceased clients as they attempt to identify and track down their loved one’s assets and liabilities.

FINANCIAL DOCUMENTS

What to Save, Where, and For How Long?

We frequently receive questions from clients asking us how long they should save their financial and other personal documents. Set forth below is list of document retention recommendations:

 

What is a Transfer-on-Death Designation

...and when might it make sense for you?

A “transfer-on-death” or “TOD” designation provides for a simple and direct way to transfer assets to named beneficiaries without going through the probate process.  The TOD designation is basically an agreement between you and your financial institution wherein you designate who will become the owner(s) of the assets in your account(s) upon your death.  There are many attractive features to a TOD account designation, but, there are instances when a TOD account has the potential to convolute rather than simplify the settling of an estate.  Set forth below is a brief discussion of the pros and cons of a TOD account.

 

A Divorce Checklist

If you are in the process of going through a divorce or believe that you may soon begin this process, you may want to consider the checklist below which contains some of the key financial items you may need to address. In addition to the emotional stress associated with divorce, you will also need to undo the many financial connections you and your spouse have developed over the years of your marriage. This list may help you begin to frame your thoughts on how to approach the financial aspects of your divorce. Please note, however, that this list is not comprehensive and should not be used in place of qualified legal, tax, or accounting advice that is specific to your unique situation and circumstances.

Recent Tax Law Changes

A number of tax law changes took effect earlier this year. Set forth below is a short summary of some of these changes. Please note, however, that this list should not be construed as tax advice. You should consider contacting your tax preparer or accountant if you have questions about how these changes might affect your personal tax situation.