Category Archives: Financial Planning

2018 Tax Planning

With the holiday season fast approaching and 2018 coming to a close, it may be time to review your tax picture and make any necessary changes before year end. 2018 is the first tax year reflecting laws enacted by the Tax Cuts and Jobs Act of December 2017, so taxpayers may want to consult their accountants to review their tax plan and make necessary changes before 2019. Before reaching out to your accountant, there are three steps you can take to start getting your tax picture in order: Read more »

How much is $10 million? Providing perspective for your children

A client* recently asked me for advice on how to frame the size of a potential inheritance for an upcoming conversation with her son. Her son, who is in his mid-twenties, will be inheriting $10 million. My client sought a frame of reference to help him grasp how much money he’d be receiving and asked me how I’d put it in perspective. I was reminded of a calculation I saw back in 1996, shortly after I graduated from college, which gave me a perspective on wealth that I never forgot, so I’ve updated things by a few decades. Here goes: Read more »

Rolling Your Retirement Plan into an IRA

A ten-year bull market in U.S. equities, low unemployment, and an increase in the savings rate have led to dramatic increases in 401(k) balances for many American families. There are a number of reasons why a retiree would roll their savings out of his or her company’s retirement plan (most of our clients do so in order to access an expanded universe of investment options). However, there are some planning factors that ought to be considered beforehand: Read more »

Burt Reynolds’ Will: a Model Estate Plan

Prime time television in the 1980s was largely built around dudes in cool vehicles who saved the day every week in their assigned time slot. Michael Knight and Kitt (Knightrider), Stringfellow Hawke and his supersonic stealth helicopter (Airwolf), and Thomas Magnum and his Ferrari (Magnum P.I.) filled my formative years and taught me all about life’s important lessons. When it came to the coolness factor, none of these guys could hold a candle to Burt Reynolds and his ‘79 Trans Am (you know, the black one with the giant gold screaming chicken/firebird on the hood).   Read more »

The Oregon 529 Plan Manager Change: What does it mean for you?

Savers with Oregon 529 plans may have recently received a postcard with information about a new plan manager, Sumday Administration LLC. The 529 plan manager is a financial services firm that handles all of the transactions and investments within the plan. Oregon 529 Plan account holders won’t see any major changes as a result of the switch, but there are a few key dates to keep in mind: Read more »

The Queen of Soul Had No Last Will: What will that mean for Aretha’s estate and what could it mean for yours?

Aretha Franklin, the “Queen of Soul” who collected 18 Grammy Awards and sang at concerts for three presidents (Carter, Clinton, and Obama), recently died at the age of 76. Ms. Franklin was twice divorced and is survived by four sons. These sons were named as interested parties in a filing with the probate court in Oakland County, Michigan in mid-August. The court filing indicated that Ms. Franklin, like many Americans, died intestate — without a Last Will. Read more »