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LPL Mid-Year Outlook 2024 - Still Waiting For the Turn

July 16, 2024

As we reach the halfway point of 2024, a sense of persistence defines the economic and market landscape. Trends from late 2023 have continued, with surprisingly resilient economic growth mixed with stubborn but decelerating inflation. Equity markets have thrived and regained all the lost ground from 2022. On the other hand, the bond market still grapples with policy uncertainty and remains range bound for the most part.

Three Types of Insurance You Need Even on a Budget

June 25, 2024

Here are three types of insurance that are critical to have, even on a shoestring budget.

Retirement Planning: The Ultimate Endless Summer Adventure

June 18, 2024

Here are some tips and tricks to help manage your retirement to have the goal of being carefree and relaxing as a child's summer vacation.

How Will My Children Pay for College?

May 22, 2024

It is never too early to start planning and saving for college or changing spending habits to prepare for education expenses.

Tips for Navigating Inflation as a Small Business Owner

May 21, 2024

So, how do small business owners weather the storm of inflation? Here are a few tips to help you get through it.

3 Tips to Ensure You're in Good Financial Health for Retirement

May 14, 2024

Achieving financial wellness is no different. It requires careful planning, smart decision-making, and consistent efforts toward improvement. Below, we discuss three tips to help you gain and maintain top financial health in retirement.

Avoid These 5 Things When Markets are Peaking

May 7, 2024

Here are five things to avoid when stock markets are peaking, along with wisdom from the Oracle of Omaha himself.

What to Do on the Receiving End of a Life Insurance Policy

May 1, 2024

Whether you are the sole recipient of a loved one's policy or only receiving a portion of it, it is essential to know a few things when it comes time to receive this payment.

The ABCs of Financial Literacy

April 23, 2024

Being financially literate allows you to have a better, more intelligent relationship with your money, allowing you to make financial decisions more quickly and efficiently.

5 Ways a Financial Professional May Help Propel High Earners Towards HNW

April 16, 2024

On Financial Professional Day, explore how working with a financial professional could be a game-changer on your path toward a higher net worth.

High-Net-Worth Retirement Planning: How Social Security Fits In

April 9, 2024

Understanding how Social Security fits into the retirement picture can be crucial for those with significant wealth as it may influence other planning decisions.

Wealth, Success, and Mental Health: Finding the Balance Between Wealthy and Heal

April 1, 2024

Here are some of the mental health challenges that high-net-worth individuals may face, how to address stigmas surrounding the issues, and a few practical tips to help you prioritize your mental health while continuing to pursue wealth and success.

The Role of AI in Investing and Financial Planning

March 25, 2024

As investors navigate the dynamic landscape of the financial markets, they find themselves at the intersection of cutting-edge technology and traditional expertise. The advent of Artificial Intelligence (AI) and data-driven solutions has undoubtedly revolutionized the financial advisory space.However, as industry research suggests, the next generation of investors places immense value not only on the personalized and immediate benefits AI brings but also on the human touch provided by financial

Inflation and Its Impact on Markets and Portfolios

March 19, 2024

In the ever-evolving world of finance, staying abreast of economic indicators is crucial for investors looking to make informed decisions. One such key indicator is inflation, which recently made headlines with the release of data in early January 2024.According to the report from the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) showed a 0.3% month-over-month increase in December 2023, following a 0.1% uptick in November. Additionally, Core CPI, which excludes food and energy,

Digital Payments and Taxes: What You Need to Know Before You File

March 12, 2024

In an unexpected turn of events, the IRS announced another delay in the implementation of the new reporting rule that would require third-party payment apps, for example, Zelle, PayPal, Cash App, or Venmo, to report earned income over $600 per year to the IRS on form 1099-K.Initially set to go live in 2022, this rule continues to hang in limbo for a second year as the IRS has determined that additional time is needed to implement the new reporting requirements adequately. Here’s what taxpa

Why Your Credit Score Matters in Retirement

March 4, 2024

Regardless of the stage of life, your credit score is an essential component of your financial health when you're in retirement. A consistently strong credit score can pave the way for greater confidence, easy loan access, and lower interest rates. Many retirees overlook the importance of maintaining a suitable credit score after they stop working or that credit scores lose relevance in retirement. Yet, nothing could be further from the truth. Here's a detailed look at why your credit sc

The Ultimate Guide to Navigating Tax Filing Season

February 25, 2024

The federal income tax filing deadline isn’t until April. However, the start of tax season is nearly upon us. Here are some tips for navigating the tax filing process to help lessen some of the stress you may feel as Tax Day arrives. · Gather up and organize your tax documentsCompile your tax documents and organize them. Print off digital documents so they are all together (unless you are e-filing) for a more manageable filing year.· Determine your filing statusYour fili

A Taxpayer’s Guide to Exemptions, Deductions, and Credits

February 20, 2024

When filing your income taxes, each taxpayer is different. Some prefer reducing the taxes they owe and getting the most significant possible refund, while others work to keep the taxes they pay as low as legally required. The IRS provides a few ways taxpayers can reduce the taxes they owe if they qualify for certain exemptions, deductions, and credits. Let’s take a closer look at what these are and how they could impact your tax return. Tax deductions – Tax deductions reduce you

How Portfolio Diversification Can Be Sweet Like a Box of Chocolates

February 13, 2024

In the world of investing, risk and reward go hand-in-hand. To help manage risk and reward, investors often utilize a portfolio diversification strategy that mitigates risk while working toward accumulation across asset classes. Diversification mitigates the potential for unsavory pitfalls while offering a variety of suitable outcomes. In this article, we explore portfolio diversification by using concepts related to chocolate to make it more understandable – and palatable. An assort

2024 Tax Brackets: How They Could Increase Your Take-Home Pay

February 6, 2024

As people settle into the New Year, some may notice a slightly larger paycheck deposited into their account. The Internal Revenue Service (IRS) implemented new federal income tax brackets, allowing some Americans to keep more of their income instead of handing it over to the government. Brackets were adjusted 5.4% higher for married and individual filers to account for inflation. Each year, the IRS adjusts the standard deduction, personal exemptions, tax brackets, and other tax credits to c

Deflation, Disinflation, and Why Investors Need a Plan for Both

January 28, 2024

When the market moves, whether up, down, or in circles, there are terms to describe these dubious economic fluctuations. Here, we will discuss two of them, deflation and disinflation, and why investors should plan for both. Deflation Deflation is the opposite of inflation. It is a term used to outline the decline in the price level across the economy, not the growth rate of the price level (disinflation). Deflation can be triggered by a decrease in the supply of money and credit, growth i

Protect Yourself From Tax Identity Theft as You Approach Retirement

January 23, 2024

Tax identity theft is a serious type of fraud that affects individuals of all ages and stages of life. To steal a person's tax identity, a scammer uses that person's Social Security number and other personal and financial information to fraudulently file a tax return and claim a refund they're not entitled to. Scammers often report little to no income and many deductions to get the largest refund possible.What's worse, the victim may not find out they've been defrauded until

IRS Announces New 2024 Income Tax Brackets

January 16, 2024

It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025.The Internal Revenue Service has elevated the thresholds for its seven tax brackets by 5.4% in 2024. This adjustment implies that a single person can now earn up

4 Tax Planning Tips for High-Net-Worth Families

January 9, 2024

Tax planning might be complex, but it's also essential—especially for high-net-worth families, where missing tax breaks or failing to optimize income could cost significant dollars, maybe millions, over a lifetime. And even in the short term, with the highest marginal federal tax rate sitting at 37% for 20241 (plus additional state and local taxes), a lack of tax planning could mean you keep less than half of every dollar you earn. Here are four tax planning tips that may help you opti

5 Financial Bad Habits to Cut This Year

January 2, 2024

When it comes to financial bad habits, the most common are also well known — don’t spend too much, don’t take on unsustainable debt, and avoid living paycheck to paycheck. But what happens once you’ve implemented this advice and still aren’t getting ahead? Here are five overlooked financial bad habits that could be draining your bank account. Engaging in Emotional Spending Many people tend to use shopping to cope with stress, sadness, or boredom. Nearly 9 in every

Dos and Don'ts for Investing During the Holidays

December 19, 2023

In the world of investing, the "holiday effect," as it is often referred to, is a phenomenon where stock prices see an increase right before a major holiday. There are many theories on why this may occur. It could be from trading volume being down due to investors taking a vacation or maybe because investors are becoming more averse to risk during the holiday season and off-loading their riskier investments.No matter the cause of this uptick, it is essential to be prepared for it and f

LPL Research Outlook 2024: A Turning Point

December 13, 2023

LPL Research’s Outlook 2024: A Turning Point provides insight and analysis into next year’s opportunities, challenges, and potential surprises. The insights in this report will help position investors to navigate this turning point and work toward achieving their objectives.

A Beginner's Guide to Tax-Smart Retirement Withdrawal Strategies

December 12, 2023

For many, retirement is the phase of life to kick back, relax, and enjoy the fruits of years of working and saving. However, financial decisions before and during retirement can significantly influence our quality of life and tax liability. Therefore, employing tax-smart retirement withdrawal strategies may help you maximize your retirement nest egg.Here are seven tax-smart retirement withdrawal strategies to help mitigate your tax burden and help you maintain financial confidence throughout ret

Year-End Tax Planning Considerations for Capital Gains

December 5, 2023

As the end of the year approaches, investors need to focus on tax-related considerations, particularly regarding capital gains. Year-end tax planning can help investors manage their overall tax liability while seeking to manage investments for suitable tax outcomes. In this article, we explore four key tax planning areas for capital gains: what it is, tax law changes, tax efficiency, and offsetting capital losses.Understanding Capital GainsFirst, having a good understanding of the concept of cap

Year-End Financial Planning for Families

November 30, 2023

Year-end financial planning can help you assess your family’s financial situation, identify areas for improvement, and set achievable goals for the future.Here’s a closer look at seven essential areas where reviewing may enable you and your loved ones to better navigate the path to financial success. Financial goals As the year comes to an end, be sure to revisit your financial goals. Are you saving for a major purchase, retirement, or education or working to reduce your debt? Take

The Tax Advantages of QCDs

November 27, 2023

Qualified Charitable Distributions (QCDs) are vital for those who must take an annual required minimum distribution (RMD) but seek a tax-advantaged strategy that may help lower their adjusted gross income (AGI). Using a QCD strategy, one can transfer a portion or all their RMD directly from their IRA to a qualified charitable organization while receiving tax benefits for their donation.The tax advantages of QCDsTypically, RMDs increase one's AGI by the amount of the distribution, which may r

4 Thanksgiving Lessons for a Feast-Worthy Financial Plan

November 19, 2023

Thanksgiving is a holiday for spending time with loved ones, being grateful, and perhaps enjoying a bit of overindulgence. There are many financial lessons to be had in planning, preparing, and celebrating this annual feast.1 Here are four Thanksgiving lessons that might help your household's financial plan year-round. Planning is the Key to Preparation You cannot expect to whip together a flawless Thanksgiving meal if you do not begin planning and preparing at least a few days in advance.

Year-end Tax Planning for High-Net-Worth Individuals

November 14, 2023

As the year’s end approaches, High-Net-Worth Individuals (HNWIs) must prepare for one of the most critical monetary tasks: year-end tax planning. Due to the nature of their holdings and dynamic financial situation, HNWIs often grapple with complex tax management issues. With astute planning, mitigating significant tax liability may be possible.First, comprehensive tax planning involves critically reviewing current income and projected future earnings. Review helps ensure that you're op

5 Tax Benefits of Long-Term Care Insurance

November 4, 2023

Kitty O’Neill Collings, an American politician and pioneer in the area of international diplomacy, civil liberties, and social justice, once quipped, “Aging seems to be the only available way to live a long life.” Along with aging comes the certainty that most of us will gradually begin to deteriorate over the years, both physically and mentally, and many of us potentially might require long-term care. Because of this reality, long-term care insurance (LTC) becomes an attractiv

Estate Planning and Asset Protection: Are They The Same?

October 24, 2023

You may sometimes hear the terms "estate planning" and "asset protection" used interchangeably. They actually have different meanings, and it's important to incorporate both strategies into future financial plans. Below, we discuss key differences between estate planning and asset protection, as well as the optimal occasions when you should consider each wealth-preservation strategy.

The Complex Waters of Aging Parents’ Finances

October 17, 2023

As professionals, managing our own finances can be a challenge. However, one area that we often overlook, yet is vitally important, is understanding and navigating our aging parents' finances. As they move into retirement and beyond, their financial landscape can become complicated, making it necessary for us to step in. Here are some crucial areas to focus on:Understand Their IncomeUnderstanding your parents' income sources is the first step in comprehending their financial status. This

Traditional vs. Hybrid Long-Term Care Insurance: Which is Appropriate for You?

October 10, 2023

Growing old is simply one thing you can’t avoid. The goal is to enjoy your retirement years as you imagined after a lifetime of working. One aspect of growing old that young people may overlook is long-term care insurance and how expensive it can be if you need it and don’t plan for it. According to Money.com, long-term care expenses can run upwards of $9,000 per month. When you are young, the prospect of declining health 30+ years down the road isn’t at the forefront of your m

7 Changes to the FAFSA and How They Could Impact You

October 3, 2023

Deciding on which college to attend is an exciting time. Still, it can also be stressful. The Department of Education has been working to simplify the Free Application for Federal Student Aid (FAFSA) application process with a few modifications. Here are seven notable changes that could impact you:

4 Most Common Medicare Mistakes People Make

September 10, 2023

Medicare policies are the health insurance benefits you have worked toward throughout your life, and having the proper policy is critical as you are likely to face more health problems as you age.While these policies can provide you with the coverage you need for your health conditions later in life, they may be confusing to navigate for some and can include a variety of pitfalls. Whether you are ready for a Medicare policy or planning ahead for the future, below are some costly missteps that yo

Breaking Out of Recession Burnout

September 3, 2023

Nearly 1 in 3 Americans report that they aren't prepared for a recession — despite the near-constant drumbeat of recession talk from media and economic experts alike.1 This lack of preparation may be the result of "recession fatigue" or the exhaustion and burnout that can come from years of recession predictions that have yet to pan out

High Earning Women and Wealth Management

August 26, 2023

In the U.S., women control a third of household assets. But by 2030, U.S. women are expected to control much of the assets that the baby boomer generation will pass to heirs, roughly 30 trillion in assets. High-earning women have become the newest face of wealth and will increase their net worth even more.High-earning women are becoming the primary ‘breadwinners’ in many families and are increasingly the financial decision-makers. Women have unique needs that often differ from their

Elder Law or Estate Planning: Do You Know the Difference?

August 21, 2023

Nearly 56 million American adults are 65 or older, and the demand for community living and estate planning services may increase over the next few decades.1Do you know what arrangements you need to make when the time comes? What are the differences between elder law and estate planning? And what should you know before you begin to get your affairs in order?Elder Law: Protecting Seniors Today and TomorrowElder law encompasses various legal issues for seniors, including legal support for elder abu

How Compound Interest Makes You Money

August 15, 2023

Interest is one of the simplest and most appealing ways to gain profits from an investment. Like clockwork, you receive an interest payment on your principal, or the amount of money you deposit when you open an account.Unlike more turbulent investments such as stocks, whose revenue is dependent on your ability to sell at a profit, accounts that pay interest will always generate some amount of profit—with only some rare exceptions.However, there is more than one type of interest, and not al

A Mid-Year Review of Your Bond Allocations

August 7, 2023

Investing in financial markets requires a proactive approach, and one key aspect of maintaining a healthy investment portfolio is conducting periodic reviews. While many investors focus primarily on equities, it's crucial not to overlook the fixed-income portion of one's investments.The financial landscape is dynamic, with economic conditions, interest rates, and market trends constantly evolving. A mid-year portfolio review provides an opportunity to assess whether your fixed-income inv

Investor Expectations and Market Realities

August 1, 2023

In recent times, investor expectations have shown a concerning trend of becoming detached from the realities of the market. The focus on technology and artificial intelligence (AI) has largely kept investors engaged and buying, creating a sense of enthusiasm that seems to overshadow other factors. However, the recent ADP employment report has managed to jolt the market, if only temporarily, reminding investors that they should exercise caution and not solely rely on the prospects of futuristic

An Introduction to Estate Planning for the Sandwich Generation

July 23, 2023

For members of the "Sandwich Generation"—those currently in their 40s and 50s who are caring for children and their parents who are over 65-years old—estate planning may seem like a low priority. After all, when you're juggling multiple caregiving responsibilities daily, sitting down to draft a will is easy to put off.But estate planning can be crucial to protecting your assets and providing for your children or other loved ones after you are gone. Here are some tips fo

The Role of Insurance in Your Financial Plan

July 18, 2023

A critical part of financial planning that is often overlooked is insurance. Having various insurance policies will provide different benefits to your financial plan, ranging from protection to tax breaks. In fact, insurance is a component of most financial plans, and some financial professionals are licensed to sell it themselves. Read on to learn more about the role insurance plays in financial planning and what policies you might consider.

LPL 2023 Mid-Year Outlook: The Path Toward Stability

July 11, 2023

The insights in LPL Research’s Midyear Outlook 2023: The Path Toward Stability will help position investors, along with guidance from their financial professionals, to achieve their goals by providing guidance and actionable insights as the second half of 2023 unfolds.

Inflation: The Nemesis of Every Single Retiree

July 10, 2023

As a retiree, one of the significant financial challenges you may encounter is inflation. The rising costs of goods and services can erode the purchasing power of your retirement savings, making it difficult to maintain your desired lifestyle.However, it's not all doom and gloom. There are ways to safeguard your finances and make your retirement more inflation-resistant.

A Global Recession in 2023: Are We There Yet?

July 4, 2023

As we approach summer, there has been a fair share of speculation and concerns about an impending global recession. While economic cycles are an inherent part of any economy, there are several reasons to believe that a global recession is not imminent. In our latest blog, we shed light on the factors that support a more positive economic outlook.

Insurance Coverage Review

June 27, 2023

Right now is a great time to assess your insurance coverage. Insurance is a means of protecting your assets against premature liquidation. When a loss occurs, the assets you've worked hard to attain face liquidation if your insurance coverage isn't enough. It's always possible to strengthen your current insurance coverage or purchase new coverage. The insurance review and planning process is unique to each individual but has three parts for determining how much insurance coverage you

3 Ways Planning For Retirement is Like Planning For Summer Break

June 19, 2023

For kids, teens, and college students, summer break often represents freedom from schedules, responsibilities, and all those other drains on your time. Retirement actually can provide a similar level of freedom, but only if you've adequately prepared, planned, and saved. Below, we discuss three ways that planning ahead for your retirement can be like scheduling your summer.

A Few Red Flags in the Stock Market to Watch

June 13, 2023

As an investor, it's important to keep a close eye on the stock market indicators. Currently, the indicators are showing a concerning trend that investors should pay attention to.The stock market has seen a rally in big tech stocks after their earnings this week, driving up major indexes. However, the number of stocks outperforming the broader market has slipped to levels that have not been seen in decades, and in some cases, ever. This weakness is being considered by some experts as a warni

Retirement Annuities Explained: What They Are and How They Work

June 5, 2023

Having enough retirement income is a top concern for many Americans nearing or in retirement. Even though they may have saved consistently throughout the working years, they may be concerned that their retirement plans will succeed. A successful retirement plan provides the ability to maintain your lifestyle for the duration of your life.Having enough retirement income for what you need and want is essential and must be planned for, even in the best economic conditions. A way to provide income s

The Joys and Financial Challenges of Parenthood

May 30, 2023

Parenthood can be both wonderfully rewarding and frighteningly challenging. Children give gifts only a parent can understand — from sticky-finger hugs to heartfelt pleas to tag along on Saturday morning errands. You raise them with a clear goal that you secretly dread will actually take place — that someday they will be grown, independent, and ready to move out on their own, and your work will be over.As your children travel this long and never-dull road from infancy to adulthood, yo

Life Insurance Riders that Help Pay for Long-Term Care

May 27, 2023

Life insurance has many uses, including income replacement, business continuation, and estate preservation. Long-term care insurance helps provide financial protection against the potentially high cost of long-term care. If you find yourself in need of both types of insurance, a life insurance policy that combines a death benefit with a long-term care benefit may appeal to you.

Unused 529 Plan Funds: 5 Spending Options to Consider

May 21, 2023

529 plans are tax-advantaged savings vehicles designed to accumulate contributions and help pay for the beneficiary's qualifying education expenses. Sometimes, 529 plans have unused funds after the beneficiary graduates or decide to discontinue their education. There may be other reasons the funds were not used, such as:· The beneficiary received scholarships· The beneficiary used monies from a relative (inheritance) for education expenses· The secondary education costs

Six Uses for Life Insurance You May Not Know About

May 16, 2023

When people think of life insurance, what usually comes to mind is settling the deceased's final expenses and providing financial support for their beneficiaries. Although these are the most common uses of life insurance, cash value, or whole life insurance, they offer financial resources to other situations. Here are six cases where using life insurance may be appropriate:

Nurses and Insurance Considerations

May 7, 2023

Being a nurse comes with many challenges, both in their profession and everyday life. Nurses should consider their need for insurance a bit more carefully than some other professions. In today's society, lawsuits are prevalent, and unfortunately, the medical industry is one of the main areas under attack from these suits. Yet, malpractice insurance is not the only insurance consideration nurses have to worry about.

Bank Failures Shine Light on Interest Rate Risks

April 28, 2023

Financial markets reacted turbulently to the collapse of Silicon Valley Bank (SVB) on March 10, 2023, followed two days later by the failure of Signature Bank of New York. With $209 billion in assets and $175 billion in deposits, SVB was the nation's 16th largest bank and the second largest to fail in U.S. history.1-2This news was alarming to savers who worried their own bank accounts could be at risk and investors who feared a wider financial crisis. To help restore confidence in the U.S. f

As Volatility Increases, So Does Retirement Worry

April 25, 2023

Many retirees underestimate their expenses, get bored without a daily grind, and panic over market corrections. Especially when the media is shouting about bank failures, historically high inflation numbers, a ballooning national debt, a hawkish Federal Reserve, and countless predictions of a looming recession. Here are a few exercises that you can take to get ready for the reality of retirement.

Money Matters: Financial Literacy For The Whole Family

April 16, 2023

Financial literacy is crucial, not only for adults but for everyone in the family. When you have a good foundation of financial literacy, you will have a greater understanding of money and prepare yourself for a brighter financial future. Ready to improve the financial literacy of your family? Below are a few ways to get started.

3 Reasons to Wait Until 70 to Claim Social Security Benefits

April 11, 2023

When it comes to claiming Social Security retirement benefits, you may want to consider waiting to start benefits when you’re 70. Here are three reasons why delaying taking your Social Security benefit to age 70 is a decision you may want to consider.

Navigating Money Stress with a Financial Professional

April 3, 2023

Money worries may be one of the biggest sources of stress—from wondering how to pay for an unexpected expense to making retirement calculations when considering leaving a job. Here are a few things a financial professional may do to possibly decrease your stress. If you have questions please feel free to contact us.

Physicians: Why You Need a Financial Professional Who Understands Your Industry

March 28, 2023

As a physician, you've devoted a lot of time to educating yourself, building a career, and providing top-notch care that enriches your patients' lives. It can be easy to overlook your finances. When choosing a financial professional, keep in mind that understanding the numbers and the markets isn't enough. You need a financial professional who understands the medical industry in general and your profession in particular.

How to Spring Clean Your Finances with a Financial Review

March 21, 2023

Spring cleaning presents a great opportunity to clear out any items you no longer need—and the same goes for your finances. Checking in with your finances during tax season may be particularly beneficial, as it allows you to complete last year's taxes while making any changes you need to potentially improve next year's tax situation. Below, we discuss what's included in a financial review and how such a review can help you spring-clean your finances.

A Guide to Retirement Planning for Doctors

March 6, 2023

Working in medicine may be challenging, especially with the strain placed on health care professionals in recent years. Working towards a comfortable early retirement may be a financial goal for some physicians. Here are some suggestions that doctors may use to manage financial independence. Investigate Qualified Retirement Plans Physicians are often subject to complex employment and contractual arrangements that may broaden their retirement options. Some physicians are not limited to the same

Utilizing a Health Savings Account to Reduce Your Future Tax Bill

March 6, 2023

An HSA offers several tax benefits, including tax-deductible contributions, tax-free investment growth, and tax-free withdrawals for eligible medical expenses. The following are some of the key benefits of an HSA and how you can use it to help reduce your future tax bill.

5 Last Minute Considerations Before Tax Day

February 28, 2023

Before you rush to get that return out the door, are you confident you have everything in order to make your tax filing go as smoothly as possible? Here are five last-minute details to double-check before Tax Day.

Managing Investment Returns with Tax-Efficient Strategies

February 20, 2023

Investing in U.S. stocks and bonds is a popular way for individuals and institutions to grow their wealth and generate income. However, it is important to consider the impact of taxes on these investments before and after making them.

Nothing Says Love on Valentine's Day Like a Spousal IRA

February 13, 2023

Looking for ways to say "I love you" on Valentine's Day? Then you may want to consider opening a spousal individual retirement account (IRA). This gift says, "Let's grow old together comfortably and can be a potent instrument for married couples to grow wealth.. Here is how.

Health Savings Accounts - Are They Just What the Doctor Ordered

February 6, 2023

A health savings account (HSA) could be just what the doctor ordered. Used wisely, this innovative approach to health coverage may provide major advantages that could keep both your personal and financial life healthy.

5 Critical Financial Strategies for Physicians

January 29, 2023

Physicians have a lot to worry about financially, from juggling student and professional debt to running their own clinic, and saving for the future. Our blog covers five financial strategies Physicians should be aware of.

Protecting Your Tax Identity Doesn't Have to Be Taxing

January 28, 2023

When you think of identity theft, you may think of unauthorized credit card payments or new lines of credit. However, tax identity theft is one of the most common types of identity theft. protecting your tax identity doesn't have to be difficult. Below, we explain a couple of ways you can theft-proof your ID.

Advanced Tax Planning Ideas: Tax Loss Harvesting & Ways to Quantify the Benefits

January 17, 2023

When you lose money on certain investments, you can typically claim the loss against other investments, and in some cases, you may even be able to claim all or a portion of the loss against regular income. Called tax-loss harvesting, this strategy can be critical for investors, day traders, or anyone who regularly buys and sells investments.

How Should I Invest in 2023?

January 16, 2023

We think 2023 will be “A Year of Inflections”––for inflation, interest rates, and growth. Navigating these inflections will be key to investment success in the year ahead.

Understanding Capital Gains Tax as an Investor

January 9, 2023

As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your wealth.

Your Financial Fresh Start: 12 Resolutions in 12 Months

January 3, 2023

Do you want to get on top of your finances this year? Are you looking for ways to improve your fiscal health? Here are 12 financial resolutions to consider.

What You Need to Know About Secure Act 2.0: 401[k] and IRA Changes

December 27, 2022

Saving for retirement just got a little bit easier. Congress approved big changes that can help 401(k) and IRA savers put a little more money away for their futures.

Cheers to a New Investing Year

December 26, 2022

For many investors, this year has been a wild ride—with interest rate increases, a crypto implosion, and whipsawing values in the major market indices. But the end of the year is the perfect time to take stock of your investments, evaluating what worked, what didn’t, and what you might do better next year. Here are four key opportunities to consider that may recharge and reset your finances as you enter the new year.

The 12 Days of Year-End Planning: Things to Consider Going into “The New Year"

December 17, 2022

The end of the year is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved, it can seem overwhelming. Consider breaking up the responsibilities over twelve days, focusing on one each day, and ensuring it gets a comprehensive review.

A Look at Tax Planning for Retirement

December 13, 2022

It's common for people nearing retirement not to consider the tax burden they may face once they stop working. The amount of taxes you owe will most likely decrease after 65, but you should still plan ahead if you wish to minimize your tax liability.

Medical Professionals - A Prescription for Your Financial Health

December 12, 2022

The demands on medical practitioners today can seem overwhelming. Health-care delivery is changing, and those changes are reflected in the financial issues that health-care professionals face every day. Just as patients need periodic checkups, medical professionals may need a financial checkup to make sure their finances receive the proper care.

Tax Planning Tips: Life Insurance

December 12, 2022

As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has grown blurry. To differentiate between the two, a mix of complex rules and exceptions now governs the taxation of insurance products. Here are some life insurance tax tips and background information to help you make sense of it all.

Ways to Minimize Tax on an Investment Portfolio

December 12, 2022

Improving return by minimizing taxes Although we are all obligated to pay our fair share of taxes, few of us would be pleased to pay taxes unnecessarily. Because taxes lower the actual return on your investments, you should be interested in legitimate ways to minimize taxes on your investment portfolio. Several approaches and strategies exist, including the following.

The Gift of a Lifetime: How to Donate Life Insurance to Charity

November 27, 2022

The primary purpose of life insurance is to provide financial resources for those that depend on you when you die. However, you can lessen the complexity of charitable giving through wealth transfer by using life insurance as a gifting strategy. Often, the strategies you use to transfer wealth, which organizations you want to donate to, and the length of time you want your assets to last is simplified by using life insurance.

Worried About Your Financial Health? It May Be Time For A Checkup

November 19, 2022

When was the last time you gave yourself a financial checkup? As the saying goes, there’s no time like the present. This is especially true when it comes to reviewing the current state of your finances and figuring out what you need to do to get – or stay – on track so you can pursue your financial goals. To do this requires you to take into account a variety of factors. Setting aside time to understand your financial condition and conduct an honest assessment of where you stan

A Year-End Wealth Planning Guide

November 15, 2022

As we approach the end of the year, you may want to review areas that may impact your wealth and estate planning next year. In this year-end planning guide, we examine four critical areas to consider that may affect your finances

Enduring Market Volatility With a Financial Plan

November 8, 2022

If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments. What might you do to survive and even thrive during volatile markets? A financial plan may help you feel more confident and help you consider a few additional ways to manage your financial worries in retirement.

A Quick Guide to Estate Planning for Those With High Net Worth

October 18, 2022

Even if you never thought of yourself as especially wealthy, there may be a fair chance that you fall into the category of "high net worth individuals"—those who have liquid assets of $1 million or more.1 For many individuals who hope to leave a legacy for their loved ones, estate planning may take on new importance. Here are two estate planning tips every high-net-worth individual should consider.

How Financial Professionals are Closing the Financial Literacy Gap

October 12, 2022

The financial literacy gap—or the gaps in financial knowledge among various sectors of the public—may have racial, gender, and socioeconomic components. Those whose parents or mentors are experienced investors who may provide sage advice have a leg up on those who must navigate the process themselves.However, financial professionals have identified ways to close these gaps and make budgeting, investing, and wealth creation more accessible to more people. Below, we discuss a few ways

How To Keep All Your Financial Accounts & Assets Neatly Organized

October 5, 2022

Don't let disorganization become one of your biggest money problems.

College Savings Options: Life Insurance or 529 Plan?

September 27, 2022

Parents of kids heading off to college soon may wonder about the best way to save for these seemingly inevitable costs. Two popular options include whole life insurance policies and 529 college savings plans, but the paths to paying for a college degree utilizing either of these op

Reading and Understanding Your Life Insurance Policy

September 19, 2022

Most people hate the thought of reading a life insurance policy (or any insurance policy, for that matter). However, if you can find the time and muster the patience, it's probably a good idea to read through your policy.

Don’t Believe That This Bear is Different – It’s Not

September 14, 2022

Bull markets happen. Bear markets happen. Just stick to your financial plan, and stay calm and disciplined. When the market sours or slumps, don’t believe talk that this bear it is different. It is not.

401(k) vs. Life Insurance: Comparing Your Retirement Savings Options

September 6, 2022

When it comes to saving for retirement, the options can seem endless. From 401(k) plans to IRAs, to Roth IRAs, health savings accounts, even life insurance policies, there are a variety of financial vehicles that allow you to set aside and invest funds for your future. But when it comes down to allocating your funds between accounts, what should you consider? Here we discuss the basics of the 401(k) vs. life insurance debate.

How to Minimize Taxes During Market Downturns

August 29, 2022

Market downturns could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future.

One Tax Shift Most People Miss in Retirement

August 22, 2022

See if you can spot the flaw in this couple's plan:A husband and wife are retiring next month at age 62, with an equal amount saved in retirement and non-retirement accounts (let's call it $500,000 each).Like most, over their lifetimes they have emphasized higher-growth assets in their retirement accounts (IRAs, 401(k)s, etc.), which are invested almost entirely in stocks. By contrast, their non-retirement accounts are far more conservative, since they were more likely to tap those over

4 Tax-Efficient Ways to Help Your Kids Pay for College

August 16, 2022

From 2008 to 2022, the cost of in-state tuition at public universities rose nearly 80%.1 The high price tag now associated with a college education makes it critical for families to carefully plan how to pay for higher education expenses. Part of this careful planning involves reducing tax liability—the more you pay in taxes, the less you will have available for these other important expenses. Here we discuss four especially tax-efficient ways to help your kids afford college.

3 Tax Strategies Every Doctor Should Consider

August 8, 2022

Being a doctor comes with a lot of stressors, but planning for taxes should not be one of them. As a doctor, you have been through years of hard work and may be looking for ways to help limit your tax liability and preserve as much of your hard-earned income as possible. Below are some tax strategies that doctors may find useful to help minimize their tax liability.

Stocks - Tax Planning

August 2, 2022

What is investment tax planning for stocks? Investment tax planning for stocks takes advantage of the tax rules with the goal of achieving the best after-tax return on these investments. Strategies will differ depending on whether you purchase common stock or preferred stock. What is common stock, and how does it generate earnings? Common stock is a form of equity that represents a share of ownership in a corporation.

5 Life Events That Impact Your Life Insurance Needs

July 27, 2022

A life insurance policy is part of financial planning. Life insurance is there to help ease the financial trauma that comes with the loss of a spouse, parent, or partner. As you encounter different events in your life, you may need to review your policy and make changes.

I’ve Been Denied a Life Insurance Policy. What Now?

July 18, 2022

Life insurance can provide you with the confidence that your family and loved ones will not experience any financial distress if you die unexpectedly. However, the importance of having a life insurance policy can make being rejected sting even more.

2022 Midyear Outlook: Navigating Turbulence

July 13, 2022

LPL Research’s Midyear Outlook 2022: Navigating Turbulence is designed to help you assess conditions over the second half of the year, alert you to the challenges that may still lie ahead, and help you find the smoothest path for making continued progress toward your destination.

6 Ways to Minimize Your Tax Liability Throughout the Year

July 13, 2022

5 Ways Whole Life Insurance Provides Tax Advantages

July 5, 2022

Life insurance is essential in providing for beneficiaries upon your death, but it can also offer other tax advantages you may not know. For this reason, whole life insurance, also called cash value life insurance, is often used as a vehicle to reduce your taxes while alive and for your estate and beneficiaries.

Annuities: What Every Retiree Should Be Aware Of

June 28, 2022

Planning for retirement is essential as a step toward financial security. Most investors are familiar with 401(k)s, Traditional IRAs, or Roth IRAs but often may not know about an annuity's benefits in retirement. Knowing if retirement savings can last the rest of our lives can be stressful, and retirees often consider an annuity to provide them with consistent payments that last their entire life.

Investor Summer School: 3 Investing Moves to Make Before Summer is Over

June 21, 2022

Many investors still adhere to the adage; "sell in May and go away" while others remain fully invested even as the summer heatwaves begin. What goes unsaid is that if your asset allocation accurately reflects your risk tolerance, you won't need to base your investment decisions on the calendar.

2 Ways for Nurses to Take Control of Their Finances

June 15, 2022

Being a nurse comes with a lot of responsibility alongside a sense of pride in knowing that you are helping others. But while the road to becoming a nurse already involves a fair bit of course work, there unfortunately isn't much on helping nurses take control of their finances.Staying on top of finances will help put you in the ideal position to pursue your financial goals, whether they include early retirement, travel, or just feeling more comfortable.

10 Easy Financial Planning Steps for Beginners

June 7, 2022

If you have never engaged in financial planning and are unsure how to get started, this article is for you. A financial plan starts by evaluating your current financial situation and future expectations and can be created independently or with the help of a financial professional. In short, financial planning involves: Examining long-term financial goals and creating a strategy to pursue them.

3 Key Money Moves Every Parent Should Make

June 1, 2022

Whether you are expecting your first child or have been a parent for years, finances and building a future for your family go hand-in-hand. Luckily, there are money moves you can make now to help manage financial stress, support yourself and your loved ones, and help your children as they get older. Here are three key financial moves all parents should consider making.

Retirement Planning for Teachers and Public School Workers

May 24, 2022

The ability to enjoy a secure retirement is an objective that many teachers and their colleagues pursue years before they leave their jobs. Many public school workers, in different positions, devote their lives to furthering the education of young people. Eventually, each must consider life beyond his or her career and the benefits offered through, and outside of, the public school retirement system.

Financial Planning Tips for Police Officers

May 18, 2022

Police officers have one of the most stressful and dangerous jobs in the United States. As a result, they also have different retirement benefits that may allow full retirement after only a couple of decades of active duty.1 For some officers, relying on the police pension may not be enough to retire comfortably and confidently.

What Life Insurance Options are Available to First Responders?

May 2, 2022

First responders; police, firefighters, and EMS workers; spend their shifts responding to disasters and emergencies from which many people would flee. They often deal with hazardous diseases, natural disasters, and violent outbursts as a normal part of their job. Unfortunately, these risky situations can increase the chances that a first responder will suffer a job-related injury or death.

4 Tips for Teaching Children the ABCs of Money Management

April 29, 2022

Teaching your children about finances may seem like a weighty topic; however, it does not have to be challenging. By opening the lines of communication early and demonstrating good financial decisions of your own, you may set your children up for success.

The Basics of a 401K: Thoughts From a Financial Professional

April 20, 2022

Most often, the first question a prospective employee will ask is about your company’s benefit program. And in my experience, the two most often-asked questions are about health insurance and an employer-sponsored retirement program.

Tax Planning and Financial Planning Go Hand in Hand

April 12, 2022

With tax season coming to an end, it’s the ideal time to use this year's tax return to help update your financial plan. If you’re in the group of one in four Americans who do not already have a financial plan, it may be time to create your first one.