A fellow advisor once shared a story that has always stuck with me. He tried to help his grandmother with her financial and life planning, but she refused. “She insisted that John—her advisor and friend for decades—was doing just fine,” he said. “Besides, she couldn’t imagine taking business away from someone she trusted for so…
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Legendary basketball coach John Wooden once said, “It is what we learn after we know it all that counts.” That quote perfectly captures one of the greatest challenges in retirement planning. As human beings, we like to feel respected and knowledgeable—and we really don’t like being wrong. That feeling often grows stronger as we get…
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As the end of the year approaches, it’s natural to reflect on our financial successes—and to look for smart ways to save on taxes. The clock is ticking, but here are five strategies you may want to consider before year-end. #1… Charitable Giving Opportunities Are Changing The rules around charitable giving are shifting next year.…
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Your account statement might say you earned 10%, but is that really what you get to keep? Not exactly. Once taxes and inflation step onto the scene, the picture changes—sometimes drastically. For example, let’s say your tax rate is 40% and inflation is 3%. That 10% return suddenly shrinks to an after-tax, real return of…
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Last week, we talked about the Top 3 Costly Mistakes in Transitioning Your Business. Notice who didn’t make that list? Uncle Sam. Why? Because if your business can’t even attract a buyer at a strong price, taxes don’t matter yet. (If you missed that article, I’d recommend starting there first.) But let’s assume your business…
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I love starting my day with a little time in the Word, and recently I was listening to a sermon that hit me right between the eyes. The pastor asked a simple but powerful question: Where are you getting your advice? It made me pause. Every day, we let different voices shape our thoughts and…
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Wow! There is a lot in this bill and no way we are going to cover everything or deep dive into anything specific. So…after reading and reading, here is an extensive glance at some of our notes. Note: It is imperative that you consult with your tax advisor before implementing any strategies. One of the…
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Retirement accounts and trusts…Could be like oil and water. If you have a substantial retirement account like an IRA or 401(k), it’s not uncommon to want to name a trust as a beneficiary. There are a number of reasons. Maybe you have underage children. Perhaps you are concerned that your heirs would spend everything the…
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You may want to think again! It’s common for a parent, or parents, to start gifting assets to their children as they get older. The problem is that they don’t seek advice and if they do, it’s typically from the wrong people. Unfortunately, the result can be very costly to the family. It could rock…
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This might be an easier question to answer than “what is new in DC?” It feels a bit like drinking from a fire hose, so we thought it might be beneficial to zero in on some things that are important to the families we serve. #1…Which, by the way, is my favorite! The on again,…
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Securities offered through Calton & Associates, Inc. member FINRA and SIPC, a Registered Investment Adviser. SEC registration does not imply a certain level of skill or ability. Investment advisory services offered through Smart Money Group, LLC, a Registered Investment Adviser. Smart Money Group, LLC and Kennedy Financial Services, Inc. are not owned or controlled by Calton & Associates, Inc.