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

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

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

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

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

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?

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 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

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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Zach Morris was Recently Featured in CNBC Article for New Parents

In an article published by cnbc.com providing financial advice for new parents, Co-Founder Zach Morris offered his insight on childcare and healthcare. Here’s a snip of the article:

Adding another member to your family also adds a myriad of new financial considerations and expenses. A middle-class couple can expect to spend more than $230,000 to raise a child, not including college costs. One estimate found that by 2036, four years at a private university will cost around $303,000, up from $167,000 today.

Childcare and health care

Childcare is often the biggest immediate expense new parents will face, Richardson said. (Many families will spend more than $1,000 a month on the care.)

In some cases, one parent will decide to leave their job and take care of the child themselves, said Zach Morris, a CFP and founder of Paces Ferry Wealth Advisors in Atlanta.

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