Blog

In today's world, an individual's personal finances are ever changing and throughout each of our lifetimes we will have dozens of financial accounts. Think about how many times you may have changed banks, insurance companies, retirement plans, etc. Sometimes we create new accounts and forget about the old ones. Trying to track down old accounts doesn't have to be a nightmare because the internet makes it easier than ever to try and track down old accounts.

Identity theft is one of the most prevalent crimes of the 21st century. Some of the more common forms of identity theft are unauthorized credit use and fraudulent tax refund claims. Another form of identity theft is called "Synthetic Identity Theft" and occurs when a criminal uses a Social Security Number in combination with fake information. Minors with no credit history are particularly susceptible to this type of identity theft.

"I'm worried about the markets. To reduce the risk in my portfolio, should I be invested in gold?" As financial advisors, this is a common question we are asked about our investment strategy. People like the idea of investing in gold because it's something that they know and understand. Gold is something you can feel, touch, and hold as opposed to owning company stocks which can seem complicated and intangible.

Star Wars. What an incredible franchise. Its movies have captivated audiences for decades, including financial advisors. Believe it or not, we do find some time between staring at spreadsheets and reading up on the latest change to the tax code to catch up on the important pieces of pop-culture. We can all enjoy these movies, but as financial advisors, we see things through a different lens, and Star Wars is no exception. Without further ado, we would like to present to you four financial lessons we can learn from Star Wars.

As more and more pensions have phased out, individuals have become increasingly reliant on other retirement savings vehicles, like a 401(k) or an IRA. We hear a lot about people not saving enough for retirement, but for those that do, it's likely they will end up passing their unspent savings to younger generations. This can leave the individual inheriting these accounts in tax situations they haven't come across before. While there are many options for transfers and distributions you have to make sure that you avoid making any mistakes that could lead to costly tax consequences.

No one likes talking about death. But as Ben Franklin said, the only two certainties in life are death and taxes. Although we may not enjoy talking about it, this is an incredibly crucial part of anyone's financial plan. But where do you start? After you have some sort of idea of what your wishes will be, it is crucial that you find a qualified estate planning attorney to set those wishes into action.