News & Insights

In today's dynamic financial landscape, individuals seek innovative and effective ways to protect their assets while maximizing financial benefits for themselves and their family. One such strategy that has gained popularity in recent years is the Spousal Lifetime Access Trust (SLAT). SLATs provide a unique opportunity for married couples to protect their wealth, reduce estate taxes, and maintain control over their assets, all while ensuring financial security for their spouses.

"Artificial Intelligence," or simply "AI" is a catchphrase these days. The concept of having a computer perform tasks using human-like intelligence and discernment makes it feel like the next chapter in a sci-fi novel is here. The use of AI seems to have found practical use in almost all sectors of our economy. From commercial use, defense, entertainment, and even politics, AI has revolutionized the way we do things daily.

It is an age-old question — How to budget money? And it is one that I wish I knew the answer to back when I first started earning an income. I would spend many late nights staring at the ceiling wondering where my income was going and why I struggled to afford some of the basic necessities in life.

Going through a divorce during COVID was not easy. There was a lot to disentangle, especially finances, after being married so many years. Like many people, my number one concern was having a positive cash flow, not only after the divorce but 5, 10 or 20 years in the future. Would I have enough to live on? Do I want the house and, if not, where will I live and what will it cost? Can I maintain my lifestyle? So many questions and at first – so few answers.

We continue our Financial Planning 101 series with the balance sheet, by addressing what to do with any excess cash. If you don't have excess cash, then we will go over the importance of building up an emergency fund.

For many folks, the recent turmoil in the regional banking sector has added a fresh new layer of anxiety about their finances. The media has not helped matters either, calling it the 'greatest banking crisis since the financial crisis of 2008.' To be fair, it is the only banking crisis since the financial crisis. Nevertheless, at West Financial, we have heard from clients who question whether their investments are safe, or if they should be concerned. Based on this apprehension, we thought it a good idea to write a refresher on what risks clients assume when utilizing different savings instruments.

The start of spring is one of my favorite times of the year. It's not just the warmer weather itself, but also the excitement about anticipated trips to the beach and other vacation spots in the coming months. Wherever your favorite vacation spots are located, we've all been in get-a-way traffic, desperately searching Waze for the less traveled roads.

In this series of articles, we will be introducing financial planning concepts for participants to consider, related both to personal finances and participation in a retirement plan. This first discussion is about account consolidation, a basic recommendation in many of our plans.

Pre-tax retirement accounts are great while you are contributing, but the tax bite can be quite a shock when it’s time to take distributions in retirement. There is one way, however, to avoid paying tax on certain pre-tax IRA distributions. The secret is to make qualifying IRA distributions directly to charity! 

The increase of required minimum distribution (RMD) age from 72 to 73 this year, and to 75 in ten years, has the potential of creating some pretty impressive tax implications for those with larger retirement plan balances. While it is all well and good to put off taking distributions until you absolutely have to, you should be aware of how that decision impacts not only your own tax situation, but also the tax situation of your beneficiaries.