Category: Blog

Tax Season is Over! Now What do I do with All of this Paperwork?

It is always a relief to get your tax return filed and satisfy Uncle Sam for another year. But what about all of the tax documents and records you painstakingly pulled together to prepare the return? And what about all of the other “financial stuff” you have been keeping. Do you really need to keep all of that? The answer is “yes” and “no”… There are two things to consider when determining what to save and what can be discarded. The first is whether or not you will ever need that information in the future (and for how long). The second thing to consider is how to securely store what needs to be retained and dispose of what you can toss. A good organizational system will tackle the first issue (what to save and for how long) in a very systematic way. It may seem painful to set up this system initially, but once it is done and if maintained regularly, you can rest assured that whatever you need will be readily and easily accessible.

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How to Choose the Best Trustee for your Estate

No one enjoys thinking about what will happen after they’re gone, but we all want our families to be well cared for. Many people set up trusts to provide for their loved ones, but the trust is only as good as its trustee.Choosing a trustee is one of the more difficult decisions in creating your estate plan. Some attorneys suggest choosing several trustees to promote checks and balances, but sometimes choosing just one trustee can be difficult in light of family relationships and other factors. Choosing a trustee is a very personal and complex decision, but there are some basic guidelines one should consider.

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“Honey, I shrunk the tuition… burden”

It is that time of year again where school years are coming to a close and many parents are gearing up for a bitter-sweet high school graduation or are celebrating their child being one year closer to a hard-earned college diploma. Whatever the case may be, it is hard to deny the heavy lift education costs can be. You may not be able to shrink the bottom-line cost of attendance any further, and you surely can’t impact how fast many costs are going up, but, you can reduce the weight this line-item carries within your financial plan by remembering these 5 things:

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What’s Ruining Medicine for Physicians?

Each year, Medical Economics asks physicians about their top challenges for the new year. During the 2018 end-of-the-year polling, this leading healthcare publication posed a more provocative question: “What is ruining medicine for physicians?” An overarching theme that emerged from the 2018 poll centered on how the business side of healthcare is demanding more of physicians’ attention than any other issue – even patient care. From continuing education requirements to continued declines in reimbursement rates to hard-to-use EHR systems and payer relations, there seems to be fewer hours left in physicians’ days to do what they do best and were trained to do – diagnose illnesses and treat patients. As a Wealth Manager and the spouse of a physician, I’ve called out four of the nine “pain points” that I found most relevant to a physician’s finances:

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Asset Protection: Don’t Just Build Wealth— Defend It

Are you prepared to protect your assets in case you get sued? Hopefully this won’t happen to you, but the hard reality is that successful, financially secure individuals, especially business owners and professionals, are targets — a magnet for actions such as lawsuits and torts. For example, more than a third of physicians (34%) have had a claim filed against them at some point in their careers.1 For business owners, 36-53% of small businesses are involved in at least one litigation in any given year.2 Even if these claims or lawsuits are frivolous, they can be frustrating and potentially devastating to your financial well-being.

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Are Emotions Ruling Your Portfolio?

As human beings we may not be wired to make good financial decisions. Behavioral finance points to anchoring bias and recency bias are just two of the many factors that influence our decision-making. If not properly addressed, these biases can have a negative impact on the foundation and long-term success of your financial plan, and they tend to present themselves most strongly at the tail-end of a bull market.

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