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Business, Family Legacy, Motivation, Retirement Planning

Preserving Family Wealth is a Generational Effort 

Wealth within a family can be a double edged sword. It can serve as an incredible resource to benefit its family members, but it can also be destructive and divisive. Destructive in the sense that if not properly tended to and respected, wealth can destroy the purpose and outcomes of individual family members, and divisive in the sense that it can damage the bond between family members and cause a splintering of the family.

Retirement Planning

Considering the Roth IRA Conversion after the Secure Act 

Considering the Roth IRA Conversion after the Secure Act After the passage of the SECURE Act, in December of 2019, many laws were included that impact IRA inheritances, IRA distribution rules, and IRA and other Retirement accounts in relation to estate planning strategies. Please reference my previous article which discusses these areas at a greater length. But one area that has always presented planning opportunities, and still continues to do so, is the Roth IRA conversion. When we refer to…

Tax Planning

The SECURE Act: Some Planning May Be Required 

Surprise! Surprise! In the month of December, 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” Act, known as the SECURE Act, and President Trump signed it into law. Although, this law does have some minor reliefs or enhancements within it, it pretty much throws out the “Stretch IRA” provision of the past. Overall, this new law can be viewed as another step to increase tax revenue by the forced acceleration of IRA or retirement plan withdrawals. Keep…

Motivation

Live Each Day to the Fullest 

Live Each Day to the Fullest – by S.H. Payer A good friend of mine read this poem about living life, to me. It was written many years ago, and it really says it all. Here it is: Live each day to the fullest. Get the most from each hour, each day, and each age of your life. Then you can look forward with confidence, and back without regrets. Be yourself, but be your best self. Dare to be different…

Business Owner

Protect Your Business with a Solid Continuity Plan 

Protect Your Business with A Solid Continuity Plan A great characteristic of successful business owners is that they are optimistic people. They have a “can do” attitude, setting their goals high, taking risks, hiring the right people, constantly striving to improve the delivery of their service or product, with a constant drive to build their entity into one of great significance. As a result, the experience of building a successful company may give the owner great pride of their achievements,…

Business Exit Planning

Build a Successful Business Exit Plan by Using a Planning Process 

As a business owner, planning the exit from ownership of your business is probably the single most important decision you will make.  When to exit, how much to walk away with, who to sell it to, what’s the most tax efficient strategy in your circumstance, what timeline is most suitable, and what are the areas of business that need to be improved upon to make it marketable, etc.?  Those are just some of the things that need to be considered….

Retirement Planning

Preparing Your Runway for a Smooth Landing into Retirement – Part 2 

In Part 1 of this series, “Preparing Your Runway for a Smooth Landing into Retirement”, we discussed four important areas to address in the development of a retirement plan, which was “Painting Your Picture”, determining your cash flow requirements, thinking through inflation assumptions, and determining your sources of income. There are nine other areas and/or issues to address that I think are important in completing a well-rounded plan. Your Potential Risks in Retirement – I mentioned inflation is a potential…

Retirement Planning

Preparing Your Runway for a Smooth Landing into Retirement – Part 1 

Planning for a successful retirement is like any other type of financial planning, in that it is an ongoing process, and it takes time. Depending on where you are in the planning stages, is key in determining how much time you want to allow yourself. Aside from that, there are several important areas that you want to address in your planning journey. Everyone’s planning picture is different, in having different needs, parameters, expenditures, investment assets, family dynamics, retirement lifestyle preferences,…

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