“The great use of life is to spend it for something that will outlast it.”
“No legacy is as rich as honesty.”
“Love isn’t something natural. Rather it requires discipline, concentration, patience, faith, and the overcoming of narcissism. It isn’t a feeling, it is a practice.”
This year you have likely (and hopefully!) followed your advisor’s advice and worked on your estate plan. Congratulations on completing this important step toward financial well-being! However, you are not done yet. This February, say “I love you” by getting your friends and family involved in your estate planning. A conversation or a family meeting with your loved ones about their role in your estate plan is important but is often overlooked or avoided. My own daughter did not want to speak about this subject. After pushing for a “family sit down,” she now has a better understanding of our wishes, her role, and where she can find my “Green Notebook” of important contacts, phone numbers and accounts.
The conversation is also an opportunity to go beyond the documents and location of assets. You can reiterate your end-of-life wishes that are expressed in your Advanced Medical Directive, create a dialogue around the stewardship of family wealth, and let your loved ones know that you have carefully planned for the inevitable with the goal of lightening their burden.
Below are some final questions to ask yourself after you have created or amended wills, trusts and other planning documents:
Key Provisions May Impact Your Financial & Retirement Planning
As school and work adjourned for the holidays in late December, some of Congress’ most substantial efforts of the year were underway as its members sought to pass a 2023 fiscal year spending bill. Ultimately, they succeeded, with a $1.7 trillion package being signed into law by President Biden on December 27. Among other measures, the legislation contains the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, a group of retirement reforms intended to expand and increase retirement savings.
The Act, which builds on prior legislation passed in 2019, includes a wide range of provisions to help both older and younger workers, including further increasing the age at which required minimum distributions (RMDs) must be made and enabling employers to “match” student loan payments with retirement plan contributions. Here are some highlights of the SECURE Act 2.0 provisions to note and review with your VWG financial advisor as you plan for 2023 and beyond. Click here for more details as some of these provisions are complicated and have exceptions.
Changes to Contributions
Changes to Required Minimum Distributions (RMDs)
Changes Particularly Relevant to Younger Individuals Making It Easier to Save
Once again tax filing season is upon us. Many astute professionals now view tax management and filings to be a perpetual and not a seasonal task. Regardless of how you see it, Federal taxes for 2022 must be filed by Tuesday, April 18th. Below are some tips to help guide you through this year’s tax season:
Valentine’s Day is just 1 (albeit a very special day for us romantics) out of 365 days in which we can practice acts of love, care and compassion for our partners, family, friends and even strangers. Taking responsibility for our own financial affairs, retirement planning, and the handling of our affairs after life are also acts of love and compassion when they are done well! VWG is honored to be able to play a part.
We wish you a wonderful Valentine’s Day connecting with those you love.
VWG Wealth Management
A Hightower Company
Suzanne, Ashley, Lynette, Michelle, Rashmi, Kay, Ona, Brandi, Justin, Ryan, Ryan, Ryan, Patricia, Elana, Susan, Marnie, John, Rick and Jeff
VWG Wealth Management is a team of investment professionals registered with Hightower Securities, LLC, member FINRA and SIPC, and with Hightower Advisors, LLC, a registered investment advisor with the SEC. Securities are offered through Hightower Securities, LLC; advisory services are offered through HighTower Advisors, LLC.
The information provided has been obtained from sources not associated with Hightower or its associates. All data and other information referenced herein are from sources believed to be reliable, although its accuracy or completeness cannot be guaranteed. Any opinions, news, research, analyses, prices, or other information contained in this report is provided as general market commentary, it does not constitute investment advice. VWG Wealth Management and Hightower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.
This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.
This document was created for informational purposes only; the opinions expressed are solely those of VWG Wealth Management, and do not represent those of Hightower Advisors, LLC, or any of its affiliates.
The2019 Financial Times 300 Top Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2019). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.
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Hightower Advisors, LLC is a SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Some investment professionals may also be registered with Hightower Securities, LLC and offer securities through Hightower Securities, LLC, member FINRA/SIPC. You can check the background of our firm and investment professionals on brokercheck.finra.org. Unless otherwise indicated relative to a specific award or ranking, Hightower Advisors, LLC does not pay a fee to be considered for any ranking or recognition, but may have paid to publicize rankings obtained and disseminated prior to 11.4.2022. All awards / rankings / ratings obtained and distributed on or after 11.4.2022 will be accompanied by specific disclosure as applicable.
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