So, you STILL haven't completed your Will? It’s not nearly as intimidating as you might think. Simply, it’s a legal document that goes into effect upon your death and tells your heirs where you’d like your assets to go and who Will take care of your children (if you have any). A simple way to start is by preparing a Will checklist. And while there is plenty of nuance and consideration required, here are the top 3 things you should keep in mind: 1.

Think back to December 2020: we knew that Joe Biden was elected President but--with the Georgia Senate seats still in a toss-up--we didn’t know what Congress’s makeup was going to be. That meant that trying to predict what was going to happen with tax reform was like asking a Magic 8 Ball.  Cut to today: we know that Democrats hold the majority in the House and a razor-thin majority in the Senate. That means tax reform may be on the table (among many other issues).

There’s no way to put enough emphasis on the importance of succession planning. Consider for a moment all that you do for your business–from all of the major strategic decisions to the small daily tasks that keep things moving forward, and everything in between. You’ve worked hard up until this point, and would ideally like to stop burning the midnight oil post-sale with little to no follow-up commitment on continuing to oversee your life’s work.

Retirement planning is something that people should always think about, but the way that they think about it and its level of precision changes as they approach retirement. Earlier in life, you’re trying to figure out how much to save and put towards retirement. Within 5-10 years of desired retirement age, you should be thinking about the below checklist to prepare for a smooth transition to retirement: 1.

Currently, the average American predicts that they’ll be retiring at the age of 66 and 25% of them believe that they will need at least $1 million to retire early and live comfortably. Ok, fair enough. But, here’s the thing. It’s not always about the amount of money that you have when you retire. There is no perfect “retirement calculator”. Your comfort level through retirement depends on how well you plan for it.

Actually receiving an inheritance from someone who has passed away isn’t a taxable event, but how much tax you’ll pay when you take money out of that asset—for example by selling a stock or distributing money from a retirement account—depends on the asset itself. Here’s why. Got a step-up in basis? You’ll owe less tax if you sell. When an heir receives an asset from a decedent, the value of the property must be determined.

Understanding your investment time horizon is a key component of success in the investment world because it’s the period of time you expect to hold an investment strategy until you’d like the money back. Since the inception of the S&P 500, there have been zero rolling 20-year periods where (if you were invested solely in the S&P 500) you didn’t have more money than when you started.

Tips and challenges for transitioning into retirement