For over twenty years, I have assisted clients in navigating market fluctuations, tax changes, and life transitions. Recently, I have encountered a new challenge: helping clients who do not have a trusted contact listed. In rare situations, it may be necessary to reach out to someone who can check on you if you are unwell or experiencing difficulties. 

Most financial plans consider two key points in time: when you're fully able to manage your finances and when someone else legally takes over. However, there is often a vulnerable middle ground where your confidence and understanding can begin to diminish well before any formal diagnosis occurs. This gap may not be addressed in your financial plan, potentially putting your wealth at risk. Furthermore, this issue can be more pronounced for individuals who have no children, close family, or friends to support them. 

It may feel like a difficult topic to bring up, but it's a simple fix that can have great impact later. Let's discuss the importance of adding a trusted contact.  

The final months of the year give you an opportunity to take stock of your finances. It’s important to align your investment portfolio and tax strategy before the calendar turns. When you prepare thoughtfully now, you could reduce taxes, avoid penalties, and position your wealth more effectively for the future. 

If you've spent a lifetime working hard, building wealth, and providing for your family, it can be difficult to think about entrusting it to someone else. But from my personal experience as well as guiding clients through it, it’s better to have a plan and let it evolve as seamlessly as possible so that it doesn’t become a burden to your precious loved ones down the road. 

With the recent tax bill raising the cap on state and local tax (SALT) deductions from $10,000 to $40,000, a new planning opportunity has opened for high-net-worth individuals and couples. For nearly a decade, many households found themselves unable to benefit meaningfully from itemized deductions. The high standard deduction meant charitable gifts often provided no additional tax benefit. But now, deduction stacking has entered the conversation as a way to maximize both your generosity and your tax efficiency.

Significant lump sum expenses, such as home renovations, weddings, education funding, or a real estate purchase, often require more cash than you may keep on hand. Funding these purchases carries long-term financial implications that should be coordinated with your broader strategy to ensure they do not unintentionally disrupt your progress toward other vital goals. 

Many grandparents want to support their grandchildren’s education, and a 529 plan remains one of the most effective ways to do that. Recent changes to rules and regulations have given 529s more flexibility, improved tax treatment, and fewer unintended consequences when it comes to financial aid. 

Like many of us, you may remember starting a new job and being handed a stack of onboarding paperwork that consisted of tax forms, health insurance elections, direct deposit info, and somewhere in the mix, your 401(k) enrollment. At this time, you likely picked a contribution percentage and selected a few investment options, sometimes with little context or guidance. For you and many others, that might be the last time that those choices were reviewed or scrutinized.

Retirement is about more than just building up savings—it’s also about figuring out how to spend those savings in a way that lasts. One common approach is to use a fixed or “safe” withdrawal strategy, like the “4% rule,” where you spend a set percentage of your portfolio each year. But life doesn’t move in a straight line, and neither does the market. That’s why it’s important to regularly revisit your financial plan to determine whether adjustments to your spending might be needed.

As the April 15th tax filing deadline approaches, March is the ideal time to revisit your tax strategy, especially for families with trusts or more complex financial situations. By proactively addressing key tax areas, you can potentially reduce your tax liability and better position yourself for future financial success. Here are five essential tax strategies to consider this season:

The Heckerling Estate Planning Institute, sponsored by the University of Miami (Coral Gables) School of Law, was held in Orlando, FL, the week of January 12th. This was the 59th consecutive year of the conference, bringing together more than 4,100 attendees, consisting of wealth managers, probate attorneys, accountants, life insurance professionals, trust officers, charitable planned giving officers, financial planners and IRS Estate and Gift Tax Agents. Heckerling is the largest such gathering and has long been regarded as the Platinum Standard for practitioners representing clients throughout the U.S. and abroad. Each session is conducted by a distinguished probate practitioner or law school scholar. Discussed below are some of the current pressing topics of interest to clients served by Carnegie Investment Counsel.