The Steps of Estate Planning
In our last piece, we emphasized the importance of estate planning as the greatest gift you can bequeath to your loved ones, to reduce their stress load during an already painful time. If you’ve been putting off your estate planning, taking the initial steps can be daunting—but liberating. While it may feel overwhelming, ShankerValleau can assist you through every step of the estate planning process. Hurdle #1: Deciding Who Gets What A great first step is to think through what you’d like to have happen after you die. Who are your heirs and other beneficiaries? How much should each receive? …
Superfunding a 529 College Savings Plan
At ShankerValleau, we frequently advise entire families; supporting each generation as they plan for the next. Wishes for the next generation may include jump starting a grandchild’s college savings or giving a meaningful gift to a cherished family member. But sometimes, an individual’s wish to gift to the younger generation is constricted by gift tax laws. While there are various tools available for making significant, tax efficient gifts, let’s focus on 529 college savings plans and the act of “Superfunding”. What is Superfunding? In 2021, the federal gift tax exclusion is $15,000. A person may give away up to $15,000 …
Charitable Giving – Understanding the Donor-Advised Fund
Many Americans want to give generously to the charities of their choice. We give to support the causes we cherish. We give because we’re grateful for the good fortune we’ve enjoyed. We give because it elevates us too. Good giving feels great – for donor and recipient alike. That said, a tax break can feel good too, and it may help you give more than you otherwise could. Enter the donor-advised fund (DAF) as a potential tool for continuing to give meaningfully and tax-efficiently under the current tax law. In the spirit of giving, ShankerValleau does not charge a fee …
The Importance of Estate Planning
In this two part series, we’ll review the importance of an estate plan and its basic elements. While estate planning may be a difficult topic, a well-structured estate plan provides a great peace of mind. Whether you need a recommendation for an estate planning attorney or assistance implementing your previously drafted estate plan, ShankerValleau is here to help you ensure your wishes are fulfilled in life and death. Fact: When you die, you will leave behind an estate, and somebody will need to settle it. Your estate may be worth a little or a lot, but there’s no escaping death …
Is Inflation Jeopardizing Your Financial Dreams? (Part 2)
Inflation is in the headlines and on our clients’ minds. In Part 2 of our two-part inflation series, we explain why forecasts for inflation remain fuzzy and how investors can prepare for a concern that may never materialize. For investors, it’s important to take a step back and look at the big picture before acting on breaking news. But what if inflation does get out of hand, and stays that way for a while? The Federal Reserve has been suggesting rising rates should wane. We hope they’re right. But we also know the future remains uncharted. Nearly any outcome is …
Tax-Wise Financial Planning
ShankerValleau provides a unique and powerful combination of financial planning and tax services, with both CFP® professionals and CPAs on our team. Although it may seem a natural fit, few financial advisors are, or work closely with, CPAs. And this is surprising, because a strong, tax conscious financial plan is vital to a healthy financial life. Whether you’re building, preserving, or spending your wealth, tax-planning remains integral every step of the way. Each financial move you make can and should be leveraged for tax efficiencies. Better still, a seasoned tax-planning professional can combine these parts into an integrated whole as …
Is Inflation Jeopardizing Your Financial Dreams? (Part 1)
Inflation has been a frequent question in our client financial checkups this summer. The specter of inflation is on everyone’s minds, and rightfully so. As of July 2021, the Consumer Price Index was up 5.4% from 12 months ago. But consumer pricing has been in the headlines since the spring, with eye catching numbers reported as early as May. In this two-part series, let’s take a closer look at what to make of all the commentary, and what you can do about it as an investor. First and foremost, we caution against succumbing to fear or panic in the face …
Safeguarding What’s Yours (While You’re Alive)
What tools are available to help you protect your assets in your everyday life? In the following article, we explore ways to make your directives known and assign responsible individuals to carry out your wishes, while you are temporarily unavailable to make critical financial or health care choices. If you’ve documented your desires in advance, it removes stress for everyone, plus the outcomes are more likely to be what you had in mind! One source of confusion over when and how to protect what’s yours is understanding which legal logistics apply during your lifetime, and which don’t come into play …
