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8 Year-End Financial Planning Tips to Start Now

Mon, 04 Nov 2024 14:30:00 GMT

The end of the year is fast approaching, which means it's time to get your financial house in order before 2025. This can help ease tax season stress and ensure you're set up for a smooth start to the new year. To get ahead, here are eight key financial planning tips to consider:

1. Organize Your Documents for Taxes

Tax season will be here before you know it, so now is the perfect time to start gathering important documents, like bills, bank statements, and receipts for any deductible expenses. Staying organized makes filing much easier and helps you avoid missing out on potential deductions.

2. Review Your Filing Status

Did your marital status change this year? Getting married, divorced, or welcoming a new child into your family can impact your filing status and, consequently, your tax bill. Checking your status now can help avoid surprises and possibly lead to a bigger refund.

3. Max Out Your Retirement Contributions

Have you contributed the maximum amount to your retirement accounts? For 401(k) and 403(b) plans, the limit for 2024 is $23,000. If you're 50 or older, you can take advantage of catch-up contributions, adding an extra $7,500. Looking ahead, those aged 60-63 can contribute even more in 2025 with an additional $10,000 catch-up limit.

4. Check Your Estate Plan

Life changes can also affect your estate plan. Now is a good time to review your will, trusts, and beneficiary designations to ensure they align with your current situation and goals. Updates to estate tax laws could also mean adjustments are needed.

5. Review Insurance Coverages

Open enrollment is coming up for many employer benefit plans, so it’s a great time to review your health, life, long-term care, and disability insurance. Make sure your policies provide adequate coverage, especially if you’ve had major life changes like marriage, a new baby, or purchasing a home.

6. Think About Your Investments

The end of the year is a good time to review your investment portfolio and ensure it still aligns with your financial goals. If you have any underperforming stocks, consider selling them to offset capital gains elsewhere. And don't forget—if you've sold cryptocurrency, the profits are taxable too!

7. Plan for Required Minimum Distributions (RMDs)

If you turned 73 this year, you’ll need to take your first RMD by April 1, 2025, and your second by December 31, 2025. RMDs apply to certain retirement accounts like 401(k)s and IRAs, so make sure you’re prepared to take the correct amount to avoid penalties.

8. Evaluate Your Charitable Contributions

If you plan to make charitable donations, now is the time to do it. Donations made to qualified charities can be tax-deductible, and if you itemize, this can offer significant tax savings. For those over 70½, you can also use a qualified charitable distribution (QCD) to donate up to $100,000 tax-free.

Financial health requires regular monitoring, and these year-end steps can help keep you on track for a prosperous 2025.

Schedule a consultation today to make sure your financial plan is aligned with your goals.

How Elections Affect Markets

Fri, 11 Oct 2024 14:19:22 GMT

Elections have always been a time of uncertainty for markets, with investors wondering how political changes might affect their portfolios. However, history tells us that markets are resilient, and long-term strategies often withstand the ups and downs of election cycles. Here’s how elections impact markets and why sticking to your plan can lead to strong returns.

1. Market Uncertainty vs. Political Affiliation

One of the key drivers of market fluctuations during elections is uncertainty, not the political party in power. Markets generally dislike uncertainty, and elections introduce a sense of unpredictability as policies and leadership could shift. However, it’s important to note that since World War II, no political party has consistently experienced superior market returns. This suggests that while short-term volatility may occur, the markets have trended upwards over the long term, regardless of who holds office.

For investors, this is a critical reminder: rather than reacting to the headlines, focus on the policies that will likely impact the market, such as tax reforms or regulatory changes, and not the personalities involved.

2. Historical Election Year Returns

Historically, election years have been positive for investors who stayed the course. In 20 of the last 23 election years, a balanced 60/40 portfolio (60% stocks, 40% bonds) finished in positive territory. On average, election years delivered an 8.5% return. The three exceptions were due to broader macroeconomic factors, not political outcomes.

This data demonstrates that, despite the uncertainties elections may bring, staying invested during these times has typically paid off. Pulling out of the market or drastically changing your investment strategy based on election results can lead to missed opportunities for growth.

3. The Impact of Tax Policies

Tax policy changes are often a focal point during election cycles, and they can indeed influence markets. For example, past tax hikes have had mixed effects on market performance. Between 1931-1932, tax increases contributed to a market decline of -27.9%. However, from 1934-1936, the market saw a 24.9% increase despite higher taxes. More recent periods of tax changes, such as the 2012-2013 increases in individual and capital gains taxes, coincided with a 23.9% market gain.

This historical perspective underscores that while tax policy changes can have short-term effects, they do not typically dictate long-term market trends. Investors should be prepared for potential policy changes, such as the expiration of the Tax Cuts & Jobs Act in 2025, but not allow these potential shifts to derail a well-thought-out investment plan.

4. Sticking to the Plan

The most important takeaway for investors is that staying the course during election years and beyond has historically been a winning strategy. Research shows that forward 4-year returns following elections have been robust, regardless of the outcome. Reacting emotionally or making hasty changes in response to political shifts can undermine long-term goals.

In times of uncertainty, it’s easy to feel compelled to make adjustments. However, having a solid investment plan, tailored to your goals and risk tolerance, means you shouldn’t need to react to short-term events, including elections.

Webinar Invitation

To dive deeper into how elections and other global events influence markets, join Stanton Advisory Group for an exclusive webinar on October 14th at 3 p.m. CST. In partnership with financial experts, we’ll explore more on this topic and provide actionable insights for navigating election year volatility. Email us to receive the registration link.

Call to Action

If you’re concerned about how elections might affect your portfolio or are unsure whether your current strategy is optimized for the long term, now is the time to take action. Schedule a consultation with Stanton Advisory Group today to review your plan and ensure you’re on track for financial success, regardless of the political landscape.

Disclosure: Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.

Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. This material does not constitute legal, tax, securities, or investment advice. Consult a licensed professional for tailored advice.

Beginner's Guide to Roth Conversions

Fri, 06 Sep 2024 12:30:00 GMT

Planning for retirement can feel like navigating a maze, especially when it comes to taxes and ensuring you leave behind a strong financial legacy for your loved ones. One strategy that more and more people are exploring is a Roth conversion. But what exactly is a Roth conversion, and how can it benefit you? Let’s break it down in this beginner-friendly guide.

What Is a Roth Conversion?

A Roth conversion involves moving money from a traditional retirement account, like a 401(k) or a traditional IRA, into a Roth IRA. Why would you do this? The key difference between these accounts is how they are taxed. With a traditional IRA or 401(k), you get a tax break upfront when you contribute, but you’ll pay taxes on the money you withdraw in retirement. With a Roth IRA, you pay taxes on the money before you contribute, but then you get to withdraw it tax-free in retirement.

Why Consider a Roth Conversion?

Now that you know what a Roth conversion is, let’s explore why it might be a smart move for you:

Tax-Free Withdrawals in Retirement: By converting to a Roth IRA, you can enjoy tax-free withdrawals in retirement. This can be a huge benefit if you expect to be in a higher tax bracket when you retire or if you’re worried about rising tax rates in the future.
No Required Minimum Distributions (RMDs): Traditional IRAs require you to start taking distributions at age 73, whether you need the money or not. Roth IRAs, on the other hand, have no required minimum distributions during your lifetime, giving you more control over your money.
Leaving More to Heirs: If one of your financial goals is to leave money to your heirs, a Roth conversion can help. Since Roth IRAs don’t have RMDs, your account can continue to grow tax-free, potentially leaving more for your beneficiaries. Plus, your heirs can withdraw the money tax-free, which can be a significant advantage.
Hedge Against Future Tax Increases: Converting to a Roth IRA now, while tax rates are historically low, could save you money if tax rates increase in the future. It’s a way to lock in your current tax rate and avoid potentially higher taxes later on.

When Does a Roth Conversion Make Sense?

A Roth conversion isn’t for everyone, and it’s important to consider whether it makes sense for your specific situation. Here are a few scenarios where it might be particularly beneficial:

You Expect Higher Taxes in the Future: If you think tax rates will go up or you’ll be in a higher tax bracket in retirement, paying taxes now with a Roth conversion could save you money in the long run.
You Have a Long Time Until Retirement: The longer your money has to grow in a Roth IRA, the more you can benefit from tax-free growth.
You Want to Leave a Tax-Free Legacy: If you’re focused on maximizing what you leave to your heirs, a Roth conversion can be a powerful tool.

What Are the Drawbacks?

While Roth conversions offer many benefits, there are a few potential downsides to consider:

Immediate Tax Bill: When you convert a traditional IRA to a Roth IRA, you’ll owe taxes on the amount you convert. This can be a significant cost, especially if you’re converting a large amount.
Higher Income Taxes: The amount you convert is added to your taxable income for the year, which could push you into a higher tax bracket.

Is a Roth Conversion Right for You?

Deciding whether to do a Roth conversion depends on your individual circumstances, including your current tax bracket, future income expectations, and retirement goals. It’s a complex decision, but one that could have significant benefits for your financial future.

Ready to Explore Your Options?

If you’re curious about whether a Roth conversion could be right for you, we’re here to help. At Stanton Advisory Group, we specialize in helping our clients navigate the complexities of retirement planning and tax strategies.

Schedule a Consultation with us today to explore how a Roth conversion could fit into your financial plan and secure a brighter, tax-efficient future.

Estate Planning: A Beginner’s Guide

Mon, 05 Aug 2024 13:00:02 GMT

Estate planning is a crucial yet often overlooked aspect of financial planning. Ensuring that your assets are distributed according to your wishes, and that your loved ones are taken care of, requires careful preparation. This guide will walk you through the essential components of estate planning, explain why they are important, and provide a glossary of common terms.

Why Estate Planning is Important

Estate planning is about more than just drafting a will. It involves making arrangements to manage your estate during your lifetime and beyond. A comprehensive estate plan can help reduce taxes, legal fees, and court costs, provide for your family, and ensure your healthcare wishes are carried out if you become incapacitated. It’s an essential part of your financial planning that ensures your legacy is preserved and your loved ones are cared for according to your wishes.

Key Components of Estate Planning

Will: A legal document that spells out your wishes regarding the distribution of your assets and the care of any minor children. Without a will, the state laws will determine how your assets are distributed, which might not align with your wishes.
Power of Attorney (POA): This legal document allows you to appoint someone to manage your financial affairs if you are unable to do so. There are different types of POAs, including general, durable, and limited, each serving different purposes.
Healthcare Directive (HCD): Also known as a living will, this document specifies your healthcare preferences if you become incapacitated and cannot make decisions for yourself. It often includes a Medical Power of Attorney, which designates someone to make healthcare decisions on your behalf.
Trusts: These legal entities hold and manage assets on behalf of your beneficiaries. Trusts can provide significant benefits, including avoiding probate, protecting assets from creditors, and providing for minors or individuals with special needs. There are several types of trusts, including revocable and irrevocable trusts.

Common Terms

Beneficiary: A person or entity designated to receive benefits from an estate, trust, insurance policy, or retirement account.
Executor: The person appointed in a will to manage the estate, ensuring that assets are distributed according to the will and that all legal and financial matters are resolved.
Grantor: The person who creates a trust.
Probate: The legal process through which a deceased person’s will is validated, and their estate is administered and distributed.
Revocable Trust: A trust that can be altered or revoked by the grantor during their lifetime.
Irrevocable Trust: A trust that cannot be changed or terminated without the beneficiary's consent once it is established.

How Estate Planning Fits into Your Financial Plan

Incorporating estate planning into your financial plan ensures that all aspects of your financial life are aligned and working together towards your goals. Here are some ways estate planning fits into a comprehensive financial plan:

Protecting Your Legacy: An estate plan ensures that your assets are distributed according to your wishes, preserving your legacy for future generations.
Providing for Loved Ones: Through trusts and beneficiary designations, you can provide for your loved ones in a way that meets their needs and protects their financial future.
Minimizing Taxes and Expenses: Proper estate planning can reduce the taxes and administrative costs associated with transferring your estate to your heirs.
Ensuring Healthcare Wishes: A healthcare directive ensures that your medical preferences are honored, providing peace of mind for you and your family.

Disclaimer

Please note that Stanton Advisory Group is not a law firm, and we do not provide legal advice. For legal advice and services, please consult a qualified attorney.

Estate planning is a vital part of your financial journey, and it's never too early to start. To learn more and begin creating a plan tailored to your unique needs, schedule a consultation with Stanton Advisory Group today. Our team of experts is here to guide you through every step of the process.

Market Update: A Look Back at Q2 2024

Mon, 15 Jul 2024 13:00:01 GMT

As we enter the second half of 2023, it is the perfect time to review the last quarter. Overall, bulls continued to run during the second quarter of 2024 as several major stock indexes broke out of recent trading ranges to the upside.

Stock Market Performance

In the second quarter, the S&P 500 increased by approximately 3.90%, the Nasdaq Composite rose by close to 8.1%, and the Dow Jones Industrial Average decreased by nearly 1.7%. These movements highlight the varying performance across major indices, influenced by different sectors and market dynamics.

Interest Rates and Inflation

At the beginning of the year, there was widespread speculation about multiple rate cuts. However, due to sticky inflation, which has shown early signs of potentially softening, the narrative has shifted. Current expectations are for one rate cut in 2024, with uncertainty around the timing due to the presidential election.

Inflation Metrics

The Consumer Price Index (CPI) inflation rate declined in Q2, with May showing a year-over-year inflation rate of 3.3%. Core CPI, which excludes food and energy, dropped to a three-year low of 3.4%. This decrease in core inflation supports the case for potential rate cuts, illustrating the significant impact of essential goods on inflationary pressures.

Labor Market Dynamics

Labor markets remained mostly steady to higher throughout Q2, with payroll gains of 206,000 in June, 272,000 in May, and 175,000 in April. However, the unemployment rate rose to 4.1% in June, the highest since November 2021. This increase suggests that the Federal Reserve's rate hikes may be starting to dampen economic activity.

Federal Reserve Policy

The second quarter included two Federal Reserve policy meetings, both of which resulted in unchanged interest rates, maintaining a target overnight lending rate of 5 - 5.25%. Market expectations indicate a high probability of no rate cut in July and a potential 25-basis-point cut in September.

Bond Market Trends

Slowing inflation data and expectations of Fed rate cuts led to a decline in Treasury yields by over 30 basis points from their April peak, ending Q2 near 4.37%. This decline resulted in price appreciation for bonds, with the Morningstar Core Bond Index gaining 0.17% and high-yield bonds adding 1.07% for the quarter.

Technology and AI: Sector Performance

Technology and AI sectors continued to outperform, with the technology sector rising by 11.40% in Q2. AI-fueled gains were a dominant narrative, driving substantial investment inflows.

Other Sectors

Basic Materials: -5.88%
Communication Services: +9.16%
Consumer Cyclical: -1.20%
Utilities: +4.48%
Industrials: -3.41%

The divergence in sector performance underscores the importance of strategic diversification in investment portfolios.

Bonds and Fixed Income: Investment Strategies

Despite recent challenges, bonds may present a generational buying opportunity, especially if inflation continues to decelerate. The extended drawdown in the bond market suggests potential value for smart money looking to capitalize on fixed-income assets.

Dividend Stocks: Investment Strategies

Dividend-paying stocks, lagging behind trendier sectors, may regain favor if interest rates decline. Established companies like Coca-Cola, Disney, and 3M remain robust investment options for those seeking stability.

Final Thoughts

As we transition from Q2 to Q3, attention will remain on inflation data and Federal Reserve communications. Diversification and a long-term focus are crucial for navigating market volatility and achieving investment success. For personalized advice and to discuss your investment strategy, contact Stanton Advisory Group today.

Insurance Check-Up with Stanton Advisory Group

Fri, 03 May 2024 14:00:00 GMT

As we embrace the joys of lake life and cabin time, and look forward to the summer travels that Minnesota generously offers, it’s also the perfect moment for a quick check-up on your property and casualty insurance. At Stanton Advisory Group, we understand that life’s adventures are best enjoyed with peace of mind. That's why we're here to help ensure that your insurance coverage meets your current needs. Whether you're hitting the road, safeguarding your home, or protecting your cherished personal articles, let's make sure you're fully covered. Here’s a breakdown of essential coverages and some tips to keep you well-protected through all seasons.

1. Auto Insurance: Drive with Confidence

Whether you're commuting daily or planning a scenic drive along the North Shore, auto insurance is your first line of defense against the unexpected.

What to Check: Verify that your policy limits are sufficient to cover potential damages and injuries. With more drivers on the road during summer, consider whether it might be time to increase your coverage.
Tip: Take advantage of discounts for good driving, multiple vehicles, and safety features like anti-lock brakes and airbags.

2. Homeowners and Renters Insurance: Protect Your Sanctuary

Your home, be it owned or rented, is your sanctuary. With Minnesota's love for the great outdoors, it's important to ensure that your base camp is well protected.

What to Check: Ensure that your coverage includes not just the structure and your possessions, but also any potential liabilities. Are natural disasters common in your area? Make sure you’re covered.
Tip: Inventory your possessions with photos or videos. This can be incredibly helpful in the event of a claim.

3. Personal Articles: Safeguard Your Treasures

From fishing gear to precious jewelry, your personal articles are what make your house a home and your trips memorable.

What to Check: Review your policy to ensure high-value items are specifically listed and adequately insured.
Tip: Keep receipts and appraisals up to date for valuable items. They’re essential when filing a claim.

4. Umbrella Insurance: Extra Protection for the Rainy Days

Umbrella insurance provides an additional layer of liability protection that kicks in where your other policies leave off.

What to Check: Consider the total value of your assets. Your umbrella coverage should at least match this to protect you from liability claims that could threaten your financial stability.
Tip: Regularly review your life situation. Changes like a new home, marriage, or starting a business might require adjustments to your umbrella policy.

Tips and Tricks for All-Round Protection

Review Annually: Circumstances change. An annual insurance review ensures that your coverages evolve with your lifestyle.
Bundle and Save: Consider bundling various policies with Stanton Advisory Group for ease of management and potential discounts.
Stay Informed: Understand what each part of your policy covers and what it doesn’t. This knowledge can be crucial when you need to make a claim.

Remember, the purpose of insurance is to bring peace of mind in your day-to-day life and during your adventurous pursuits. If you're unsure about your current insurance status or if it's been a while since your last review, Stanton Advisory Group is here to assist. We can walk through your policies together to make sure that your coverage truly reflects your current life stage and the activities you enjoy.

Ready to Ensure You're Fully Covered?

Don’t wait for the unexpected to remind you about the importance of up-to-date insurance coverage. S chedule a consultation with Stanton Advisory Group today and rest easy knowing you're prepared for whatever life throws your way. We're here to help you secure the coverage that best fits your life. Let’s make sure you can continue to enjoy everything Minnesota has to offer, from lake days to city nights, with the utmost confidence.

Market Update: A Look Back at Q1 2024

Thu, 18 Apr 2024 18:48:17 GMT

The first quarter of 2024 brought notable movements in the stock market, with various sectors experiencing gains and challenges. As we wrap up this quarter, let's delve into the key developments that have shaped the market landscape.

S&P 500: Best Q1 Since 2019

The S&P 500 kicked off the year with its strongest first quarter performance since 2019, marking a five-month winning streak. The index showcased early strength in the AI sector, notably with contributions from companies like NVIDIA. Towards the end of the quarter, there was a notable expansion into other sectors, particularly energy and communication, which garnered investor interest.

Inflation Dynamics: Soft Landing or No Landing?

A significant question lingering in investors' minds is whether the Federal Reserve can navigate its inflation-fighting campaign without triggering a recession. Market bulls seemed optimistic about a "soft landing," characterized by moderated inflation without a recession, while the possibility of "no landing" also remained under consideration.

Mixed Inflation Trends

While the cost of goods and services continued to rise, the pace of inflation showed signs of moderation compared to previous peaks. However, metrics fluctuated throughout the quarter, with consumer inflation exhibiting variations from month to month. Despite the Federal Reserve's target inflation rate of 2%, the market has been signaling its desire for rate cuts.

Labor Market Resilience

The labor market demonstrated resilience throughout the first quarter, with solid payroll gains exceeding analyst expectations. However, despite these positive indicators of economic strength, the initial figures didn't align entirely with the market's preference for rate cuts. Nevertheless, downward revisions in subsequent months provided some support for such actions.

Unemployment Trends

Unemployment rates presented a mixed picture, with a notable uptick observed in the last monthly data release of the quarter, reaching a one-year high of 3.90%. These fluctuations underscore the complexities of interpreting labor market dynamics amid broader economic trends.

Federal Reserve Outlook

Against the backdrop of economic data, the Federal Reserve held two meetings during the quarter, maintaining interest rates at a 23-year high. While the Fed hinted at potential rate cuts in its Summary of Economic Projections, the decision to hold rates steady in March reflects a cautious approach pending further inflation readings.

Implications and Market Sentiment

Market sentiment remained buoyant throughout the first quarter, with major U.S. stock indexes continuing their upward trajectory. However, concerns persist regarding the sustainability of this rally, particularly amidst discussions surrounding potential rate cuts and broader economic uncertainties.

Crypto Market Dynamics

The cryptocurrency market experienced significant volatility, with Bitcoin registering a notable 65% increase in Q1. Factors such as spot ETF buying and anticipation surrounding Bitcoin's halving event contributed to this surge. However, the onset of the second quarter saw a shift in sentiment, with increased volatility and selling pressure observed across various cryptocurrencies.

Long-Term Perspective

Amidst evolving market dynamics, it's crucial to maintain a long-term perspective on investment strategies. While short-term fluctuations can be unsettling, adherence to disciplined investment principles is essential for navigating market uncertainties.

Final Thoughts

As we reflect on the first quarter of 2024, it's evident that the market landscape remains dynamic and multifaceted. Whether you're a seasoned investor or just starting, staying informed about market trends and their implications is paramount. If you have any questions or concerns about your investment portfolio or the market outlook, don't hesitate to reach out to Stanton Advisory Group for personalized guidance and support.

Spring Cleaning After Tax Season

Thu, 18 Apr 2024 11:18:23 GMT

Spring cleaning is not just for your home—it's also a crucial time to tidy up your finances, especially after tax season. For many, filing taxes is a task met with a mix of relief and trepidation, marking the end of one financial year and the beginning of another. This transition period offers a prime opportunity to organize your financial landscape and plan ahead. At Stanton Advisory Group, we're diving into essential post-tax season organization and planning strategies. Whether you're working or retired, the completion of your taxes opens the door to financial clarity and preparation for the future. Join us as we explore some frequently asked questions that can guide you through this process.

How can I get organized after completing my taxes?

A: Start by reviewing your tax return to understand your income sources, deductions, and any tax liabilities or refunds. This exercise can illuminate areas for improvement or adjustments in your financial plan. Next, organize your financial documents. Create a system to keep track of important receipts, statements, and documents throughout the year. This system will not only ease your next tax season but also help in monitoring your financial health.

What should I consider for next year’s taxes, now that this year’s are done?

A: Reflect on the past year’s tax return. Identify opportunities for tax savings or strategies you may have overlooked. Consider if there were any unexpected tax outcomes and why they occurred. This understanding can guide you in adjusting withholdings or quarterly tax payments, maximizing contributions to retirement accounts, or investing in tax-advantaged accounts.

Why is spring a good time for a financial review?

A: Spring symbolizes a fresh start and is the perfect time to review and reset your financial goals. The tax season provides fresh financial data and insights into your income, expenses, and potential tax strategies. This makes it an ideal time to reassess your financial plan with an advisor, ensuring you’re on track for your goals and making any necessary adjustments.

How can Stanton Advisory Group help with post-tax season planning?

A: At Stanton Advisory Group, we understand that financial planning is a year-round endeavor. Similar to how some manage the burden of annual spring cleaning by spreading it throughout the year, tax planning also requires attention at various points, not just during the tax-filing season. We can assist you with:

Tax-loss harvesting: To offset capital gains with any capital losses and potentially lower your taxable income.
Tax-aware asset allocation: Considering the tax implications of different accounts to increase after-tax returns.
Tax-favorable investments: Exploring investments like municipal bonds, tax-efficient mutual funds, and 529 plans for their tax advantages.

How do I schedule a consultation with Stanton Advisory Group?

A: Ready to spring clean your finances? We invite you to schedule a consultation or meeting with us. Our team is eager to assist you in reviewing your financial plan, exploring tax-efficient strategies, and setting you up for success in the coming year. Contact us today to take the next step towards a well-organized financial future.

At Stanton Advisory Group, we believe in proactive, year-round financial planning. Let’s work together to ensure your financial house is in order, ready to grow, and protected against unforeseen taxes. Schedule your consultation now and make this spring the start of your financial refresh.