Wealth Management

During the 12 months ending in June 2021, consumer prices shot up 5.4%, the highest inflation rate since 2008.1 The annual increase in the Consumer Price Index for All Urban Consumers (CPI-U) — often called headline inflation — was due in part to the "base effect." This statistical term means the 12-month comparison was based on an unusual low point for prices in the second quarter of 2020, when consumer demand and inflation dropped after the onset of the pandemic...

Written by Mike McCarthy, CPA,CFP®, MST   This is the third in a series of articles explaining the importance of exploring estate planning strategies in anticipation of expected tax changes that could be enacted under the Biden administration. Be sure to also read our first two articles in the series, Proposed estate tax changes: prepare now to preserve your assets and A good estate plan starts with thorough documentation. As a business owner developing or updating your estate plan, it’s essential to take personal and professional considerations into account. It’s a process you’ll likely undergo more than once as your plan evolves...

Empowered Planning: Your Business Transition The decision to sell your business is a big one, and you’re far from alone if you’re thinking about making this kind of transition – here at Rehmann we are hearing from clients considering a move of this kind, either soon or in the not-too-distant future, and they understandably have important questions and concerns. Listen to the on demand webinar below if you are among the family-owned or closely held businesses considering selling...

You may have purchased life insurance years ago and never gave it a second thought. Or perhaps you don't have life insurance at all and now you need it. When your life circumstances change, you have a fresh opportunity to make sure the people you love are protected. Marriage When you were single, life insurance might have seemed like an unnecessary expense, but now someone else is depending on your income...

By Cathy Shoemaker, CPA, MBA, MST   This is the second in a series of articles explaining the importance of exploring estate planning strategies in anticipation of expected tax changes that could be enacted under the Biden administration. Be sure to also read our first article in the series, Proposed estate tax changes: prepare now to preserve your assets. Think of an estate plan as a life plan. A good estate plan does more than simply detail what you want to happen to your assets after you die...

Significant life events, such as changing employers or entering retirement, should prompt you to consider rolling your retirement assets into an IRA. A rollover may be a wise financial move depending on your current financial situation. When done correctly, it can set you up for long-term financial success. However, an IRA rollover is not your only option...

In 2020, nearly 100 lawsuits alleging breach of fiduciary duty were filed. And with the number of 401(k) lawsuits on the rise targeting plans both large and small, sponsors are well-advised to consider taking additional measures to mitigate fiduciary risk where practicable. Here are a few to consider.  Create and follow an IPS...

Life insurance has long been recognized as a useful way to provide for your heirs and loved ones when you die. Naming your policy's beneficiaries should be a relatively simple task. However, there are several situations that can easily lead to unintended and adverse consequences you may want to avoid. Not Naming a Beneficiary The most obvious mistake you can make is failing to name a beneficiary of your life insurance policy...

Debt poses a growing threat to the financial security of many Americans — and not just college graduates with exorbitant student loans. Recent studies by the Center for Retirement Research at Boston College (CRR) and the Employee Benefit Research Institute (EBRI) reveal an alarming trend: The percentage of older Americans with debt is at its highest level in almost 30 years, and the amount and types of debt are on the rise. Debt Profile of Older Americans In the 20-year period from 1998 to 2019, debt increased steadily for families with household heads age 55 and older; in recent years, however, the increase has largely been driven by families with household heads age 75 and older. From 2010 to 2019, the percentage of this older group who carried debt rose from 38...

The COVID-19 pandemic has taken a toll on us all—but not everyone has been affected in the same way. When it comes to the economic consequences of the pandemic, individual impact has varied widely. As we head toward a potential economy recovery, financial planning should be reflective of how the pandemic has impacted you personally. As such, it’s helpful to think about ourselves in one of two categories: those who have been negatively impacted financially by the economic downturn, and those who have not...