As the world increasingly embraces sustainable energy solutions, the popularity of solar panels has soared for both residential and commercial energy generation. Beyond the environmental benefits, solar energy offers a plethora of tax incentives , like the federal solar tax credit, that can significantly bolster the financial position of savvy individuals.
Divorce can be emotionally and financially challenging, but with careful financial planning during divorce, you can navigate this difficult phase with confidence. Here are the financial strategies you need to get through this arduous time and build a secure future.
Topics: Financial Planning
As a parent, you want to prepare your children to navigate the world confidently, and that includes the world of money. Instilling healthy financial habits from an early age will help set them on the path to being financially responsible children. But how do you know if you’re instilling those essential habits? Here are six tips:
Topics: Financial Planning
Early retirement can be an enticing idea, but it requires careful consideration and planning.
Retirement…the golden phase of life that many of us aspire to achieve, where we can bid farewell to the daily grind and embrace the freedom to pursue our passions. Yet there is a lot to consider before making the leap, even if you have the financial resources available.
What do you see when you envision your retirement? Are you on a sailboat in the Mediterranean? Baking cookies with your laughing grandchildren? Starting up that small business you were always passionate about? Writing that book like you always wanted? Realizing your dreams requires financial resources and a well-structured plan that optimizes savings and minimizes tax burdens.
Social Security benefits play a crucial role in retirement planning, and deciding when to claim them can have a significant impact on your financial future. Making an informed decision requires careful consideration of several factors. So, how do you know the optimal time to claim Social Security benefits?
Navigating the market can be challenging even in favorable conditions, but the task becomes even more daunting during periods of volatility. It's especially beneficial to rely on effective portfolio risk management strategies during those times.
Building wealth is a significant achievement but preserving it for future generations is another accomplishment entirely. A legacy of financial stability requires careful planning and strategic decision-making because wealth preservation goes beyond accumulating assets; it involves a comprehensive approach to protecting and growing wealth while minimizing risks and mitigating potential challenges.
With the recent bank failures, we have received inquiries as to the strength of the financial firms holding the assets of our clients. As a fiduciary advisor, we have maintained an arms-length approach to the selection of a client’s custodian, preferring to remain impartial and allowing the client to decide. Since there is a wide variety of options: banks, brokerage firms, discount brokerage firms, etc., there is also great variance in the quality and cost of services. We have historically suggested using Charles Schwab, TD Ameritrade, or Fidelity due to their size, low cost, service teams and independence. While clients still choose to use US Bank, Raymond James, PNC and others, with the preponderance of the assets we manage at Schwab and Fidelity, we will focus on these two custodians for this discussion. (Charles Schwab bought controlling interest in TD Ameritrade in November of 2019 and will transition accounts to Schwab by October of this year.)
Topics: Investment Management
While many outlets have reported on the failures of Silicon Valley Bank and more news will continue to trickle in, it is our understanding that these episodes do not reflect the systemic risks experienced during the financial crisis of ’08-’09. The Treasury and the Federal Reserve are providing full backing for customers’ deposits in banks of all sizes. Affected customers are being made whole from a pool of emergency cash that receives its funding from a 2010-era banking legislation (Dodd-Frank) that mandated special fees on banks.