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KEEPING IT IN THE FAMILY THROUGH GENERATIONAL GIVING What is family wealth, and how do you preserve it? You have worked hard for years and accumulated wealth. You earned this money through your job, investing, and saving, and you want to preserve it for yourself and to take care of the family you love. With the projected modification of the current legislation, 2023 looks like a year to potentially benefit those interested in creating a wealth transfer planning strategy through generat

Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire.It sounds a little crazy, doesn't it? But that's what investing without setting clear-cut goals is like. If you're lucky, you may end up with enough money to meet your needs, but you have no way to know for sure. How do you set investment goals? Setting investment goals means defining your dreams for t

Have you ever noticed the topic of investing rarely comes up in casual conversation among peers? In this age of emotional intelligence, vulnerability is encouraged when discussing personal feelings, but vulnerability about finances isn’t as normalized. Many parents were not educated on investing themselves and therefore have no knowledge to pass on to their children. In addition, many children do not receive proper education on investing and finances through their school curriculum.As a re

After spending so much of your life saving for retirement, it may be challenging to transition from depositing funds to withdrawing them. You may wonder whether there is any way to maintain your lifestyle and preserve your wealth to pass down to your loved ones. It might be worthwhile to do some careful planning and ongoing maintenance. Here are three tips that may help you preserve wealth after retirement. Make a Health Care PlanUnless you are one of the few lucky enough to retire from a j

What is using trusts to gift your business? Using trusts to gift your business is a technique whereby, rather than gift your business directly to your beneficiaries, you transfer ownership of your business to a trust and then name your children, grandchildren, or others as the beneficiaries of the trust. The entire business may be transferred to a trust in one transaction, or the stock may be gifted to the trust over a period of time. The trust can be set up as either a revocable trust or an ir

Determining how your income impacts Social Security (SS) taxes is important for tax planning. Factors that determine how much pay SS tax you pay, depending on your circumstances, include: If you have income from working in retirement.If you are self-employed.If you receive interest, dividends, or other taxable income. You may pay SS tax if you: File an individual federal tax return, and if your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50% of

What is investment tax planning for stocks? Investment tax planning for stocks takes advantage of the tax rules with the goal of achieving the best after-tax return on these investments. Strategies will differ depending on whether you purchase common stock or preferred stock. What is common stock, and how does it generate earnings? Common stock is a form of equity that represents a share of ownership in a corporation. The shareholders of a corporation own the business and therefore benefit fr

With April’s federal tax filing and payment deadline on the horizon, Americans are dotting their i’s and crossing their t’s as they prepare for the countdown to Tax Day. But before you rush to get that return out the door, are you confident you have everything in order to make your tax filing go as smoothly as possible? Here are five last minute details to double check before Tax Day. Ensure Your Paperwork Is In OrderIt is important to ensure that necessary documents (digi

March is Women’s History Month, a month-long celebration of female empowerment1. This effort includes advocating for better representation in the workforce, pay parity and improved work-life balance. There are some specific steps that women of all ages and all stages of life may take to manage their financial future. Here are some economic challenges women face and how they overcome them. Challenge 1: Women Live Longer Longevity is a good thing—but when it comes to funding retiremen

What to look for and what’s not important   If you are shopping for a financial professional, you need a good checklist of questions to ask. What you are looking for is someone who handles clients like you – and who is financially wise. As you assess a professional who manages your assets, for instance, do yourself a favor: Don’t rely on his or her investment record. Clients have differing needs. A money manager whose investment performance touched the stars last year ma

What is it? If you're like a lot of people, retirement won't be the world of gardening, golfing, traveling, and tennis you once envisioned. Rather, retirement will mean relaxing and working. Maybe you've retired from your "regular" job and started a business, or perhaps you want to work part-time just to stay busy. However, if you work after you start receiving Social Security retirement benefits, your earnings may affect the amount of your benefit check. How your earning

For some, phased-retirement may be an option – for others, a necessityRetirement planning is a primary reason for long-term saving, and when people think about retirement, finances are often the focus. However, it is important to also look at the nonfinancial aspects of transitioning from the world of work to the world of leisure. Specifically, lifestyle changes and self-esteem issues associated with the loss of your professional identity may create difficulties. As you’re preparing

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key information you need when preparing this year's taxes. Your Personal Information The personal information you may need to file taxes may contain information from your prior year's return, including: Your Social Security Number (SSN), along wi

Getting married is a joyous time, but one that comes with numerous considerations. From living arrangements to future goals, marriage may quickly change a lot of things in your life. One thing that may drastically change after your marriage is your tax status. Single filers crossing over to a new tax status may be unsure of where to start and which options will provide them with the greatest benefits. Whether you have recently been married or are about to say your ‘I dos’, below is a

As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your wealth. Below are a few insights into capital gains to help you acquire competency on the subject matter in preparation for a consultation with a financial professional to review your portfolio. What is capital gains tax?A capital gain is a profit made from selling an

The financial decisions you make between now and the end of the year can significantly impact how much taxes you will have to pay once tax day arrives. If you take action by December 31st, you can reduce your tax burden and keep more of your hard-earned money. Here are some valuable tips for year-end tax planning. Max out your retirement savings contributionsTax-advantaged retirement accounts like 401(k)s and IRAs fund with pre-tax dollars. Any contributions you make can lower your taxable

LPL Financial Research Outlook 2023: Finding BalanceThrough all the challenges, newfound opportunities, and every high and low we’ve experienced during the last couple of years, it’s no surprise why we might be striving for more balance. Whether it’s about the markets and global economy or what’s happening in our local communities, the news we’re hearing on a daily basis has the potential to disrupt the balance of our lives. But with resilience, perspective, and the

Just what you need, right? One more time-consuming task to be taken care of between now and the end of the year. But taking a little time out from the holiday chores to make some strategic saving and investing decisions before December 31 can affect not only your long-term ability to meet your financial goals but also the amount of taxes you'll owe next April. Look at the forest, not just the trees The first step in your year-end investment planning process should be a review of your overal