Special Needs Financial Planning

You don’t need a fortune to channel your giving through a DAF. These funds are designed for everyday people who want to make charitable donations in a way that offers tax efficiency, flexibility, and choices.

AI and automation will revolutionize the financial advisory industry. These technologies enhance efficiency, improve client communication, and enable data-driven decision-making. By 2035, AI will be integral to most advisory firms.

For married couples, typically those who have a high net worth, a Spousal Limited Access Trust (SLAT) could be an efficient wealth-preserving strategy. These irrevocable trusts allow one spouse to transfer assets such as cash, marketable securities, real estate, and life insurance, to a trust that benefits the other spouse.

The longer I spent working at a big firm, the more I came to understand that the advice I could offer was determined by decisions at the top. My input as an advisor was limited, which didn’t sit well with me, so I looked for a position that would allow me to offer unbiased financial advice.

I have long admired Jonathan Clements. His columns in The Wall Street Journal introduced me to index-based investing. I was deeply saddened to read his column in HumbleDollar, dated June 15, 2024, that, at age 61, he has been diagnosed with lung cancer that has metastasized to his brain and “a few other spots.”

Why do people so consistently underestimate their lifespan? Their thinking is influenced by the money scripts, financial circumstances, stories, and emotions that drive a person’s cognitive biases, or mental shortcuts.

Of course, perfect or even near-perfect market forecasting is folly. But even if we can find a successful forecaster, odds are that they won’t add any value after taxes.

Here are the key things advisors don’t always know about exchange funds.

In an ever-evolving healthcare landscape, Medicare’s complexities present both a challenge and an opportunity for financial advisors. As clients approach retirement or face health-related decisions, they often turn to their trusted advisors for guidance on navigating the Medicare maze.

In this article, I provide a basic framework for understanding and developing a lifelong plan for a person with disabilities. I’ll introduce matters as they relate to establishing a well thought out and comprehensive plan that ties together life, public benefit, and resource planning as well as financial and legal planning.

When clients express a pragmatic approach to their terminal diagnosis, respect their perspective. Acknowledge their desire to avoid prolonged suffering and financial burden. Assure them you will work diligently to help achieve their goals and honor their wishes.

You might think that having an ADA-compliant website is only about adhering to legal requirements, but it can actually help your firm grow.

The generational wealth transfer is the mountain range on our horizon, likely dominating the landscape for much of our careers. Yet many firms struggle to move from acknowledgement to action.

Your clients deserve access to key players to take the field in dealing with each aspect of their financial lives, and so do you.

A few years ago, I was speaking to financial advisors about saving, spending, financial well-being, and life well-being.

When each of my children was born, I had their application for a 529 college fund filled out, mailed, and funded with the first $100 before they were released from the hospital.

Apple Inc. shares jumped the most in almost a year-and-a-half after the company posted stronger-than-expected sales last quarter and predicted a return to growth in the current period, sparking optimism that a slowdown is easing.

In the competitive landscape of the investment advisory industry, retaining top talent is essential for the long-term success and growth of investment advisory firms. To incentivize and reward key employees, investment advisors often turn to equity compensation tools.

What should financial advisors do to attract and retain high-net-worth and affluent investors? I have a one-word answer.

There are rules to follow if you set up a 529 college plan. If you don’t follow the rules, then the IRS will get involved, which is something you want to avoid.

In the competitive financial advisory landscape and ongoing quest for new clients, advisors often miss an obvious opportunity – the children and grandchildren lying within their existing clientele.

To keep your clients, do more than just your job – you need to keep them engaged. There’s a place for old-school engagement techniques like birthday cards and regular client meetings, but we can do better.

Advisors often get overexcited and overwhelm clients when discussing Roth conversions. Here’s how to dial back and effectively communicate this tax-saving strategy.

While getting your loans wiped out can seem like a lifesaver, it may come with some negative financial implications.

When a spouse dies, many women face severe financial hardship despite being part of a married couple for decades. This "widowhood penalty" results from men failing to ensure their wives are financially secure if tragedy strikes.

Dynasty 529 plans allow savvy families with significant means to potentially fund college costs forever.

This article provides an overview of RIA buy-sell agreements, addressing what they are, why they’re important, their key elements, and common mistakes RIAs make with respect to those agreements.

Here are some reasons couples should sign a formal prenuptial agreement.

Goldman Sachs Asset Management is charting a path to break into the top ranks of what’s projected to grow into a more than $10 trillion industry by the end of the decade.

Losing a parent is devastating. Losing both in a short time creates a unique set of emotional and practical challenges.

A 529 plan offers higher contribution limits as well as more flexibility when it comes transferability and your range of investment choices.

Let’s look at some of the important financial professional designations. I’m informally putting them into three categories based on the level of training and time commitment they require.

Clients want help with tax and estate planning, healthcare planning, and much more. Technology-based solutions make it possible to offer this.

Selecting the appropriate technologies for your wealth management firm is a daunting task, but by adhering to a systematic approach, you will identify the solutions that will drive your business forward.

As the market prepares for Apple Inc.’s earnings on Thursday, all I can think is this: Chief Executive Officer Tim Cook has problems. Plenty of them.

Here is how to make lasting changes in your practice so you can reach your goals instead of wasting your time and burning out.

With Americans living longer and deferring retirement for lots of reasons, the retirement planning landscape is changing. Employers are not offering pensions, and the age to maximize Social Security benefits is increasing. All these factors make planning for retirement income crucial. I explore this in depth with Matt DiGangi.

Take this little “acid” test, and you will know if a subscription model could work for your practice.

How do you make your marketing, something that’s blasted out to the public, feel personal enough to entice individual leads based on their specific needs?