Ben Lex was recently featured in a Next Avenue article titled “Degrees of Difficulty.”
In it, he discusses smart financial strategies for approaching a spouse returning to school. Check out Ben’s insights—they’re great tips for navigating your financial life with advanced education.
Andrew Van Alstyne had the privilege to be featured in Financial Planning, where he shares insights on the importance of revisiting educational savings strategies during the back-to-school season.
Andrew emphasizes the need for financial advisors to help clients stay on track with their educational savings goals by regularly reviewing and adjusting their college savings plans.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Read MoreFiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
Andrew Van Alstyne had the privilege to be featured in Fox Business to talk to readers about best practices in preparing for times of economic uncertainty.
Andrew discusses the importance of a fully funded emergency fund along with addressing liquidity concerns in volitile times.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
When it comes to tracking finances, budgeting is likely what you think of, and rightly so. Budgeting continues to be the best method for establishing your monthly income and expenses to ensure you are on track. What I am suggesting is not a replacement for budgeting but a complement to it. Tracking your net worth allows you to see progress across your financial picture over the long term. Let’s dive into this underutilized tracking method that can significantly impact your financial outlook.
The first step in calculating your net worth is understanding the necessary information. You can think of net worth as a mathematical equation. The equation goes: Assets - Liabilities = Net Worth. To break it down even further, I will often explain net worth as the difference between what you own and what you owe. What you own (assets) would consist of your home, vehicles, investments, money in the bank, and other tangible goods. What you owe (liabilities) would be any home loan, auto loan, student loan, or other consumer debt.
There is no shortage of methods for tracking net worth, so the best method will ultimately be what works for you. There are plenty of Net Worth Calculators on the internet, but I like to use the Schwab Net Worth Calculator. Others may prefer to create their own spreadsheet. Both methods are great ways to calculate and track your net worth.
Once you know what comprises the net worth statement, you need to figure out how often you will track it. This is a preferential component, but the most effective frequency is calculating and recording your net worth every year. Because of fluctuations in cash flow and investment performance, tracking on a monthly or quarterly basis would not have much benefit. Doing this yearly makes the most sense because enough time has passed to see legitimate progress. Many people do an end-of-year financial review, and adding this into that process can be simple.
The other reason I like the year mark for calculation is that net worth is intended to complement your budget. Your monthly budget ultimately leads to the progress you see in your net worth statement. It takes the monthly victory of following your budget and shows you a more substantial victory by compounding those smaller wins over the course of a year.
All this information is excellent, but why do it? Where does the benefit actually come into play with tracking net worth? The main advantage lies in the bird' s-eye view of your financial well-being. It provides you with context on financial components that your monthly budget doesn’t take into account. Seeing overall liabilities go down and, in turn, watching your asset total rise over the years can be an excellent encouragement to stay the course.
The final benefit of net worth tracking is its opportunity to measure success based on your progress instead of basing it on others. No two people have the same financial picture, so why compare to someone in an entirely different circumstance? Often, we can't help ourselves from it. But by tracking your net worth year after year, success is measured by your improvement from the last year and not by how your number stacks up to those around you.
The final question that often accompanies conversations about net worth is how to improve your number. Honestly, it’s pretty simple, and the answer isn’t anything groundbreaking—consistent effort. By being consistent over time, you allow compounding growth to occur. Not just when it comes to your money compounding but also the good habits associated with money management. Much of this comes back to the foundational principles I discuss in my article, “Mastering Your Money: Budgeting Essentials and When You Need Them.” The “secret” to improving your net worth is consistent effort over a long enough period.
Net Worth tracking doesn’t have to be very time-consuming, especially if it is done only once a year. Taking an extra 30 minutes at the end of each year to calculate your net worth may quickly become your favorite way of tracking financial progress. Remember, this is not intended to replace your monthly budget. If done properly, your net worth statement will be an amplified version of your monthly efforts and diligence.
References
https://www.schwabmoneywise.com/net-worth-calculator
Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Read MoreFiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
Andrew discusses that it is important to focus what you want retirement to look like when calculating the amount you’ll need. He also discusses a different way of thinking as to how to leave a legacy to your loved ones while still alive.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
Sales Professionals are constantly trying to figure out how to gain an extra edge over their competitors and better position themselves for customers. This should extend to navigating their financial picture and creating a solid retirement plan. Here’s where the backdoor Roth IRA enters the picture. While this financial planning strategy is open to many high-income professionals, it is uniquely advantageous for professionals with a variable income. While this approach doesn’t make sense for all high-income earners, it is worth keeping in your back pocket for when the time is right. In this post, we dive into this strategy, how it is utilized, and who should and shouldn't consider using it.
You may have heard of this strategy, but what exactly is it? A backdoor Roth IRA is not a type of account but rather a method to contribute to a Roth IRA even if your income exceeds the IRS income phase-out limits. You contribute to a traditional IRA with a contribution that is not tax deductible and then transfer those funds to a Roth IRA. Once completed, you can invest those funds within your Roth IRA, giving you access to the long-term tax advantage of a Roth IRA.
To understand why this is a beneficial strategy, we must first differentiate between a Roth IRA and a traditional IRA. Both are Individual Retirement Accounts (IRAs) used to invest money for retirement purposes. A traditional IRA has contributions that are tax-deductible in the year you contribute. When that money is pulled out in retirement, it is taxed at your regular income rate. Conversely, Roth IRA contributions aren’t tax deductible but grow tax-free. Withdrawals in retirement aren’t taxed, assuming you are 59 ½ or older and the account has been open for five years. The other perk of having Roth assets is the lack of required minimum distributions (RMDs), unlike traditional assets, which necessitate distributions starting at age 72, whether you desire them or not.
This strategy is useful for two groups of people. This isn’t a blanket recommendation for these groups, but if you fall into one of these groups, it may be worth considering. If you are a relatively young, high-income individual or household, a backdoor Roth might make sense since you have plenty of time for your investments to grow tax-free. The other category of people that should investigate this strategy would be someone who exceeds the income limits to contribute to a Roth and is anticipating their retirement income and tax bracket to be higher than their current income and tax bracket. However, it’s crucial to consult with an advisor for personalized analysis.
The first criterion for this strategy is an income that exceeds the IRS phase-out limit to contribute to a Roth IRA directly. In 2024, the phase-out is from $146,000 to $161,000 for singles and heads of households. The phase-out for married couples filing jointly is between $230,000 to $240,000. These limits can change annually, making it important to check the IRS website for the current year's standards. If your income exceeds these limits, working with a financial advisor to ensure it is the most prudent strategy in that given year is critical. It is essential to proceed correctly; you should work with an advisor and CPA as you make this decision.
While there are numerous advantages to doing a backdoor Roth conversion, it is important to weigh the downsides. There can often be tax implications that come alongside a backdoor Roth that could ultimately make the strategy less attractive, especially if you cannot afford the taxes. The other consideration is your investment timeline. The shorter the investment horizon, the less likely a backdoor Roth is a wise strategy. This often comes into play for those late in their careers. While other circumstances make a backdoor Roth a less attractive option, these are the two primary considerations that a financial advisor and CPA should be able to help you work through.
It's important to remember that the decision to use this strategy is not a one-time event. It's a discussion you should have with your financial advisor and CPA to ensure it's still the best approach for you. This strategy is not a one-size-fits-all solution and should be carefully analyzed before considering it. When used correctly, it can be one of the most powerful tools in your financial planning arsenal. Feel free to reach out if you need clarification on whether this approach is right for you.
References
https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000
Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.
Andrew discusses the importance of planning ahead for major life events, communicating with your spouse, and optimizing your savings strategy to be tax efficient.
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Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
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Thank you for Signing Up |
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
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Andrew Van Alstyne had the privilege to be featured in MSN to talk to readers about saving for both your children’s education and for retirement.
Andrew discusses the importance of setting goals and priorities while remaining adaptable to the variabilities that life may bring you.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Is it easier to be healthy when you are wealthy? Is it easier to be wealthy when you are healthy? I would say yes to both questions since health and wealth have synergy. Let’s explore a few habits that can assist healthcare professionals to be successful with both.
Struggling to maintain both physical health and financial stability can be a common issue for many healthcare professionals. Health challenges can include poor diet, lack of exercise, insufficient sleep, or poor stress management. Wealth challenges can include overspending, low savings rates, poor investment decisions, or the absence of a financial plan.
Instead of focusing on health OR wealth, it is crucial to focus on BOTH since they are interconnected. Poor health can limit work capacity and increase medical expenses, reducing financial security. Conversely — limited finances can cause increased stress and decrease the time available for exercise/relaxation, which is detrimental to health. By focusing on both, you can create a positive feedback loop where improvements in one area support improvements in the other.
The hardest part is usually just getting started. It takes a lot of hard work and dedication to move from out of shape to in shape. Once in shape, it is much easier to maintain and stay in shape. The same is true regarding finances. It takes a lot of hard work and dedication to pay off debt, balance the budget, and start setting money aside for the future. Once a financial plan is in place and followed, it is much easier to maintain and stay on track. Fortunately, the same habits can help enhance health and wealth.
Example: Set a savings target for your retirement account for the year
Example: Set an activity goal for the number of times you plan to exercise every month
Example: Set up automatic monthly payments into your retirement account
Example: Carve out specific times each week for consistent exercise
Small actions every day can lead to significant results over a long period of time
Example: Review your budget and expenses regularly
Example: Calculate your net worth and update it every 6 months or every year
Example: Track your weight, strength, and cardiovascular health
If you struggle with eating or exercise habits, consider working with a dietician or personal trainer to achieve your health goals
If you struggle with finances, budgeting, or expenses, consider working with a fee-only fiduciary financial advisor to achieve your financial goals
Having another person to assist with accountability and goal tracking can be immensely helpful
No one is perfect, but striving for continual improvement can lead to a healthier and more financially secure tomorrow. Here are a few key thoughts to remember.
Consistency is Key: Small, incremental changes can lead to significant improvements over time
Start Today: Don’t put things off until tomorrow. Make the harder first steps now so your future self will thank you
If you would like help improving your financial situation, please Schedule a Time to Meet. I would be happy to connect and assist.
Fiduciary Financial Advisors, LLC is a registered investment adviser and does not give legal or tax advice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. The information contained herein has been obtained from a third-party source which is believed to be reliable but is subject to correction for error. Investments involve risk and are not guaranteed. Past performance is not a guarantee or representation of future results.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
Read MoreFiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.
Estate planning goes beyond preserving wealth; it’s a strategic approach to financial security, tax efficiency, and legacy building. This guide explores advanced estate planning techniques, including trusts, business succession strategies, and philanthropic giving, to help you safeguard assets and optimize wealth transfer. Whether managing a business or planning for future generations, these insights ensure a comprehensive and tax-efficient estate plan.
Discover strategies to maximize owner compensation, attract and retain key employees, and foster long-term business success with tailored incentives, equity-based rewards, and retention-focused programs.
Managing wealth when your largest asset is real estate requires thoughtful strategies. From tax-efficient tools like 1031 exchanges to diversification through DSTs and UPREITs, each option offers unique benefits and trade-offs. Finding the right path depends on balancing growth, liquidity, and long-term goals while navigating the complexities of real estate investment.
The Supreme Court's Connelly decision reshapes estate planning and buy-sell agreements for business owners.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.
Passing on wealth to the next generation is more than just managing financial assets—it's about ensuring your values, wisdom, and legacy endure. This article explores simple strategies to transfer both financial and qualitative capital, helping you create a lasting legacy for your family.
Discover the power of a family bank: transform your wealth management. Many American families face the challenge of preserving and growing their wealth across generations. The concept of a family bank offers a robust solution, providing a structured system to manage and utilize family wealth effectively.
Learn why filing estimated quarterly taxes is crucial for avoiding IRS penalties, managing cash flow, and ensuring financial predictability. Our comprehensive guide provides key dates, steps to estimate what you owe, and expert tips for entrepreneurs, investors, and high-net-worth individuals.
Fiduciary Financial Advisors is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
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A cash balance plan helps business owners save more for retirement while lowering taxes. With higher contribution limits than a 401(k) and tax-deferred growth, these plans offer major financial advantages. Employers fund the plan, providing stable benefits for employees. While they require annual contributions and administration, the tax savings and wealth-building potential make them a smart choice for high-income professionals.