Banknotes

We hope you are staying safe and encourage you to use this time for “spring cleaning” of your estate and financial plans! During these unprecedented times, many of us are staying home more often and finding ourselves with extra time on our hands. Now, more than ever, it is important to make sure the many aspects of our financial futures are in order.

Will 2020 be the year? If so, congratulations are in order! You are about to embark on an exciting and rewarding chapter of your life – one you've been working toward, intentionally or not, for decades. Whether your plan is to retire cold-turkey or transition more slowly, there are a few things to keep in mind that will help make the process easier, less stressful, and, ultimately, more enjoyable.

Congratulations! Your estate plan is set, your beneficiaries are named ... you’re done, right? Not so fast. In the oft-quoted words of the Greek philosopher, Heraclitus: “Change is the only constant in life.”

If you’ve had a big life change, it is a good time to review your estate planning documents, to ensure your plan continues to reflect your wishes. It also makes sense to review life insurance or investment accounts where a list of beneficiaries has been made. Here are a few life events that could trigger a review of your documents.

When it comes to succession planning, company leadership often considers and plans for the impact of a change in management style and corporate vision. Many companies, however, fail to consider the financial impact of such a major transition, even if all other aspects of a change in leadership are a resounding success.

Your succession plan should include a budget.

When it comes to estate planning, three big questions that must be answered are:

Most people have a pretty good idea of what they want for “who” and “how much.”  But, deciding “when & how” can be a bit tricky.  Luckily, the same options for this are available whether you decide to do your planning with a will or with a revocable living trust.  Those three basic options are:

The death of a loved one is difficult time.  Emotions flow and it can be hard to keep track of the many arrangements that need to be made in a relatively short amount of time.  From funeral decisions to final tax returns, here’s an overview of the process:

With costs of higher education continuing to rise at a rate of nearly 5% per year, financial aid eligibility remains an important issue for families with college-age children.  In general, the more income the family has, the less financial aid the student(s) will be eligible for.   But, there are some creative (and legal!) ways to increase financial aid eligibility.  As always, be sure to consult with your team of professional advisors for advice on what works best for your individual situation.

Good estate planning utilizes a solid team of trusted advisors to set it up properly and ongoing “check-ups” to ensure the plan still meets changing financial, family and health situations.  For success with your estate plan, follow these six steps:

When a loved one passes away there are many financial matters that must be addressed.  From notifying creditors and beneficiaries, inventorying (and sometimes selling) assets, distributing personal property, claiming life insurance proceeds, and following through with final distributions and completion of necessary tax returns… there are a lot of moving parts!

As professional fiduciaries, the Wealth Management Team at State Bank is able to serve as both Personal Representative and Successor Trustee.  Our team of experts efficiently carries out the post-death administration process and works together with families to involve them as much or as little as they want.  The passing of a loved one is a difficult time.   We’re here to make it a little easier.  Should you have questions or want to know more, please feel welcome to contact me directly at (608) 826-3503 or achance@sbcp.bank. 

'Tis the season for taxes, tax planning and contemplating new strategies to reduce your tax burden in 2017.  No doubt, you’re aware that certain charitable contributions qualify for a tax deduction.  But, have you thought about other ways your business can “win” with charitable giving?