Navigating Inter-Generational Wealth Transitions When You Run a Family Business

wealth transfer
Guidance for Overcoming Common Challenges

Having something to pass down to future generations of your family is a dream shared by many people, especially those with family businesses. If you’re lucky enough to achieve it, however, you may face some of the common challenges of an inter-generational wealth transition. So challenging is such a transfer, in fact, that 90% of affluent families have greatly diminished wealth by the third generation. Below, we will discuss three common wealth transfer issues and provide guidance to help you navigate these potential challenges and ensure your assets move smoothly to the next generation.

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Tax-advantaged Savings Accounts for High-Income Earners

tax-advantaged savings accoutns

Saving for retirement requires planning and, to some extent, strategizing on a multitude of levels, this is especially so if you’re a high-income earner. If you’re a high-income earner, in particular, one of the most important strategies you’ll need to implement is a tax strategy that maximizes the benefits provided by different types of retirement savings accounts.

These accounts encourage individuals and households to save toward their retirement goals. For more affluent households, however, there are more options available regarding which accounts to allocate savings to. So, the question becomes, how can you maximize the tax benefits of various retirement savings accounts when your high-income status allows you the ability to contribute to several different accounts simultaneously? We’ll discuss your options below.

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Why Bankruptcy Can Sometimes Be the Right Option for Your Business

bankruptcy
If you can get past the stigma, bankruptcy can be a vital lifeline.

Running a business is always a challenge, and it’s been made more so in recent months as stimulus aid for COVID-19 begins to run out for many struggling small business owners. If you find yourself in this boat and you are unsure of your options for survival, know that there is a way forward. If you’re unsure how to stay afloat and avoid closing your doors for good, bankruptcy may be the right option for you.

Bankruptcy may seem like a frightening concept, but it can offer a struggling small business the opportunity to reorganize, oftentimes without the need to lay off employees or even close temporarily. In this way, it can preserve your relationships with vendors and customers, too. Of course, there’s a certain stigma around bankruptcy, which makes many business owners reticent to choose this option, but it could be key to your business’ survival during this pandemic.

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How to Maximize Your Earnings Through Smart Career Moves at Any Age

maximize earnings
Steps to Bring You Closer to Financial Security in Any Phase of Life

Achieving financial security demands the cultivation of good money habits. These include saving regularly, sticking to a budget, and investing wisely. However, wealth management isn’t the only way to go about establishing a firm financial footing. It’s also critically important that you manage your career smartly. The choices you make at work can have a lasting and significant impact on your future financial comfort.

Here are some steps you can take to maximize your earnings at work no matter where you are in your career.

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401(k) 101: Six Things You Need to Know Before You’re 50

401(k) retirement funds
Considerations for Your 401(K) as You Approach Retirement Age

Contributing to your 401(k) is a habit you’ll want to start as soon as you enter the workforce. Likely, it will become a yearly or monthly contribution you don’t actively think about for the most part. However, as retirement approaches, it becomes even more imperative for you to understand your 401(k) and the best ways to access it. Here are six things to know about your 401(k) as you approach age 50.

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Social Security Taxes Will Rise Higher than Benefits in 2021: Are You Prepared?

social security taxes
Learn How These Changes Will Impact Your Financial Security

Each year, the Social Security Administration announces important numbers that impact both workers and retirees. In October, new wage base and benefit information for 2021 was released and it means a significantly larger tax bill for nearly 12 million high-earning workers. Why? Let’s dig into the numbers for both taxes and benefits below.

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Financial Tips for the ‘Sandwich Generation’

financial tips for multigenerational families
Financial Tips for Those Who Juggle Caring for Aging Parents While Raising Kids.

Are you in the position of feeling you need to juggle your own financial needs with both your children and your aging parents (or another relative)? If so, you are a part of the “sandwich generation”. You are not alone; twelve percent of all parents fall into this category.

It can be a taxing and stressful situation to be in, not just financially but also emotionally. Your kids may need help with college and large expenses like a car or home, and your parents may be depending on you for extra security as they move further into retirement, and possible medical issues arise. With these added economic expectations, how are you to save for your financial health and retirement?

These tips are different strategies designed to help you, the sandwich generation, navigate the difficulties of caring for your children and aging parents. The most important thing is to have a plan, and if you do not have one, this will get you started on the right foot.

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Business Loans: What You Need to Know to Get the Right One

business loans
How to make sure you’re getting the best loan for your business.

If you’re an entrepreneur looking for a business loan to start or grow your business, you have your work cut out for you. While personal loans may be readily available and easily obtained, the same is not always true with business loans. There is a lot more that lenders have to take into consideration when assessing whether they think they’ll be repaid or not. They’re going to look to see if you or your business has a solid credit history, whether the bank can manage the risk, if you as a business owner are qualified and responsible to be running your business, and, ultimately, whether or not the loan makes good business sense.

Before you get started applying for a business loan, here are some things you should know.

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Stay at Home Spouse: Considerations for a One Income Household

stay at home spouse
There are Many Benefits to One Spouse Staying Home, but Don’t Neglect These Crucial Points

In the United States today, about 20 percent of households include one stay-at-home spouse. There are certainly many benefits to a one-income household on the childcare and housekeeping fronts, but there are important financial considerations for stay-at-home spouses that don’t often get the attention they deserve.

Here are four things to keep in mind if you have a stay-at-home spouse in your household, or you’d like to in the future.

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FSA vs HSA: How to Make the Most out of Your Employee Benefits

healthcare costs
A comparison of the two biggest tax-advantaged savings accounts offered by employers

If there was a pop quiz and you were asked to explain the difference between a flexible spending account (FSA) and a health savings account (HSA), would you pass the quiz?

Chances are, you’d probably struggle with the answer. Though they share similar names and some other key similarities, such as both being tax-advantaged options available through work benefits, there are some major differences between the two accounts.

Like any decision, it’s best to make your choice from an informed position. To do so, here are the main takeaways you should know when it comes to the differences between an HSA and an FSA account.

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