Tag: wealth management

4 Major Ways to Reduce Your Required Minimum Distributions (RMD)

Written by Zachary Morris, CFP® on January 20, 2026.

Did you know you can end up paying thousands more in taxes every year because of how and when you take money out of your IRA? This surprises a lot of retirees, and it usually comes down to required minimum distribution, or RMDs. RMDs are mandatory withdrawals from tax-deferred retirement accounts such as traditional IRAs and 401(k)s.

Under current law, RMDs begin:

At age 73, if you were born between 1951 and 1959
At age 75, if you were born in 1960 or later

If you are already taking RMDs, you may be familiar with how they work. The amount you must withdraw each year is based on your account balance as of December 31 of the prior year and is calculated using the IRS Uniform Lifetime Table, which factors in life expectancy. Below are three strategies, plus one major exception, that can help manage or reduce required minimum distributions.

Setting Financial Goals for the New Year: A Comprehensive Guide

Written by Zachary Morris, CFP® on December 30, 2024.

Start 2025 strong with our guide to setting financial goals for the New Year and learn practical wealth management tips.

The start of a new year often feels like a clean slate—a perfect opportunity to reflect, recalibrate, and set meaningful goals. While personal resolutions like exercising more or learning a new skill may top your list, prioritizing financial goals can have a transformative impact on your long-term well-being. By setting financial goals in the new year, you can create a roadmap to not only work toward financial security but also build the life you envision. Let’s explore how to approach this critical process with purpose and clarity.

What is IRMAA? How to Avoid Medicare Premium Surcharges in 2025

Written by Zachary Morris, CFP® on November 18, 2024.

In this video, I’ll explain everything you need to know about IRMAA (Income-Related Monthly Adjustment Amount), including how it affects your Medicare Part B and Medicare Part D premiums. IRMAA is a surcharge added to your Medicare premiums based on your Modified Adjusted Gross Income (MAGI), typically from two years prior. It’s important to understand how IRMAA is calculated because it can lead to higher Medicare premiums if your income exceeds certain thresholds.

Planning for Incapacity: Powers of Attorney and Living Trusts in Retirement

Written by Jeff Diamond on October 8, 2024.

incapacity planning, wealth management, living trusts, powers of attorney

As we enter our golden years, retirement often signals a shift in priorities—less focus on work and more on enjoying personal time and accumulated savings. However, another critical element of retirement planning often gets overlooked: preparing for potential incapacity. The possibility of being unable to manage your financial or medical affairs due to illness, injury, or cognitive decline is a reality many choose to avoid addressing. Although this is understandable, leaving these decisions unplanned can result in significant financial, legal, and emotional challenges for loved ones. Two essential legal tools that help address this issue are Powers of Attorney (POA) and Living Trusts. Both can help provide direction on managing your affairs if you become unable to make decisions for yourself.

Choosing the Right Financial Advisor: 6 Frequent Pitfalls to Look Out For

Written by Zachary Morris, CFP® on September 16, 2024.

Discover the six most common mistakes people make when choosing the right financial advisor and learn how to avoid them.

Choosing the right financial advisor is one of the most important decisions you’ll make in your financial journey. The right advisor can help you build wealth, plan for the future, and help achieve your financial goals with confidence. However, selecting the wrong one can lead to costly mistakes and mismanagement of your hard-earned money. In this blog, we’ll explore some of the most common mistakes people make when choosing a financial advisor and offer tips to help you avoid these pitfalls, helping you make a decision that aligns with your financial aspirations.

Crafting a Retirement Exit Strategy: A Roadmap for Entrepreneurs

Written by Zachary Morris, CFP® on August 19, 2024.

Discover steps in retirement planning for entrepreneurs to help transition smoothly from business ownership to retirement.

Retirement is often viewed as the final chapter in one’s career, but for entrepreneurs, it signifies much more than just an end to work. It’s a major transition from the hustle and bustle of business ownership to a phase where you can really enjoy the fruits of your labor. Crafting a well-thought-out retirement exit strategy can help immensely with making this transition one that’s smooth and fulfilling. Whether you plan to sell your business, pass it on to a family member, or simply wind it down, the journey requires meticulous planning and foresight. Let’s explore some key steps to retirement planning for entrepreneurs that may help you on your journey.

Advanced Estate Planning Tools for High-Net-Worth Individuals

Written by Jeff Diamond on September 27, 2023.

Discover advanced estate planning tools meant to help high-net-worth individuals build their financial legacy.

Strategies to Consider for Helping Secure Your Wealth and Preserving Your Legacy

Estate planning is a critical aspect of financial management for anyone who is looking to further protect their wealth and ensure their wishes are honored after death. However, the planning process becomes even more intricate for high-net-worth individuals with significant assets to plan for. Because these individuals have accumulated substantial wealth over their lifetimes, they may need advanced estate planning tools to ensure a smooth transition of their assets to the next generation while also minimizing tax liabilities and maintaining financial security.

If you’ve accumulated significant wealth and are in the process of planning your estate, below are several advanced estate planning tools tailored to the unique needs of high-net-worth individuals that may be beneficial to your planning.