Banknotes

By: Jeff Collins, Vice President & Trust Officer

At some point in our lives, we may inherit a home or another form of real property, which the Internal Revenue Service defines as “land and generally anything built on or attached to it.” To prepare for that possibility, it’s helpful to gain an understanding of some of the jargon that one can reasonably be expected to encounter when inheriting real estate. For instance, what does “cost basis” mean? And what is a “step-up,” and what kind of tax break does it offer?

Topics: Trust, Wealth Management, Succession Planning, Estate Planning

By: Mark Drachenberg, Senior Portfolio Manager and Trust Officer

Summer has arrived, and with it, the return of long, hazy days, filled with lazing by the pool, or on the beach, or at the lake. A sense of peace and calm, that things are just right in the world. 

Topics: Financial Planning, Wealth Management, Stock Market, Economic Outlook, DJIA, Economy

By: Dan Savage – Senior Vice President and Senior Trust Officer

Estate planning is defined as the process by which an individual plans for the acquisition, use, conservation, and disposition of property or wealth. The National Network of Estate Planning Attorneys offers a clearer explanation:

I want to control my property while I am alive and well, care for myself and my loved ones if I become disabled, and be able to give what I have to whom I want, the way I want, when I want, and, if I can, I want to save every last tax dollar, attorney fee, and court cost possible.

Topics: Trust, Wealth Management, Succession Planning, Retirement Planning

By: Dan Savage – Senior Vice President and Senior Trust Officer

Regardless of your relationship status, wealth planning (sometimes referred to as "life planning") is an important undertaking, but it is particularly critical for single individuals who do not have children.

Topics: Wealth Management

By: Jeff Supple, Vice President & Trust Officer

There are approximately 232 million more Google searches for cute puppies than there are for net unrealized appreciation (NUA), so please forgive me for the clickbait-y title to this piece – it's only meant to draw attention to a wonderful tax and estate planning strategy that is rarely utilized.

Topics: Wealth Management

By: Dan Savage, Senior Vice President and Senior Trust Officer

Regardless of the nature of your business, powerful, unseen laws influence the quality of your client relationships. More to the point, they determine success or failure. When abiding by these laws, your company enjoys the following benefits: 

• Your networks rapidly grow
• Prospects become enthusiastic customers
• Clients view you as trusted partners, rather than expenses to be managed
• Others become eager to help you succeed

Topics: Business Banking, Trust, Wealth Management, Community Banking, Business Operations

By: Jeff Supple, Vice President & Trust Officer

Steven Wright’s quintessential, dry-witted line about excess probably doesn’t do much for most of us, other than cause a chuckle. We probably aren’t looking for a deeper meaning or applying it to our everyday life. However, I thought it might be interesting to examine a few well-known idioms/quotes/sayings and explore how we might use them to make practical applications to our personal finances.

Topics: Financial Planning, Wealth Management, Retirement, Stock Market, Economic Outlook, Retirement Planning, Saving, Budget

By: Dan Savage, Senior Vice President and Senior Trust Officer

Business owners know that a high-quality 401(k) plan is an essential fringe benefit, valuable to both company and employee alike. Some also believe that offering 15 to 25 mutual funds, daily valuation, online statements, reasonable cost, and perhaps a few slick online planning tools somehow make their plan “first-rate.”

We disagree. We believe that the above-listed attributes, while important, are insufficient to qualify a plan as first-rate.

Topics: Financial Planning, Wealth Management, Retirement, Retirement Planning, Saving

By: Mark Drachenberg, Vice President and Senior Portfolio Manager

The following article – republished here courtesy of Broadridge Investor Communication Solutions, Inc. – contains sound advice for investors of any age and level of expertise. Regardless of one's market savviness, employing a back-to-basics approach can help keep things simple and provide perspective on one's goals and how best to achieve them.

Topics: Financial Planning, Wealth Management, Retirement, Stock Market, Retirement Planning, Saving

By: Jordon Geiger, Vice President and Trust Officer

What is a legacy? Is it the continuing operation of your business? It can be. Your personal wealth? Your family’s wealth? The brand image and reputation you’ve built? The lifestyles and careers of your children or other successors? Yes to all.

There is no formula a business owner can use to address the emotional side of succession. But there are strategies and leading practices an owner can use to confirm that his or her legacy isn’t left to chance.

Topics: Wealth Management, Succession Planning, Retirement, Business Plan, Business Valuation, Retirement Planning