There can be a difference between a good wealth strategy and a great one. A good wealth strategy helps keep you on track to meet your financial goals and objectives. But a great one helps keep you on track and incorporates your individual and family values in every facet of your overarching wealth strategy.
No one likes seeing the value of their portfolio falling, however, as long-term investors, we should treat market corrections, bear markets and recessions as a normal set of outcomes when they occur.
As this year’s tax payment and filing deadline draws near, investors are faced with the decision as to how to pay their tax bills: fund with cash, liquidate assets or borrow. While in a perfect world liquidity would be preset for such expenses, this is not always the case.
NewEdge Wealth is a business built upon a foundation of safety, objectivity, differentiated technology, and the in-house intellectual capital capability and customer services experience our clients have come to expect.
To assist clients with the many areas of financial consideration for 2022, we have summarized some key topics to review.
What you leave behind will be your legacy. For most people, the idea of a legacy isn’t something that is planned out. It just happens. Others may take steps toward what they think will be their legacy; however, studies show that somewhere between 60-70% of wealth is completely depleted by the 2nd generation. What you do today can help shape what your legacy really ends up being.
You may still consider your 18-year-old a child, but to the world, they are an adult. As your child graduates from high school and heads out into the newfound ventures of adulthood, it’s important to consider the legal implications that arise when they legally become an adult.
The transfer of wealth from one generation to the next is an obstacle all high-net-worth families face during the estate planning process. The team at NewEdge Wealth has prepared a whitepaper with everything you need to know to prepare the next generation for wealth.
As we head into the new year, now is the time to take stock and assess whether your wealth strategy utilizes the appropriate strategies to address the current tax law, soaring market returns, and any changes to your goals or family circumstances.
It was announced this morning that President Biden will renominate Jerome Powell as the Federal Reserve chair. He will also elevate Fed Governor, Lael Brainard, to vice chair of the Fed.
On November 2nd, 2021, Congress released the most recent tax provisions for the Build Back Better Act, including several proposed changes to retirement plans. Amongst the changes are those that directly target contributions to retirement accounts with large balances, limit future Roth Conversions and potentially eliminate the Backdoor Roth IRA strategy.