Putting it all together.  You know where you want to get to and we help to ensure you can live the lifestyle you want.  The planning is also especially important in determining that you remain on track.  No one wants to run out of money before the end of retirement.  We can help you understand where you are today and what steps you can take to make your dreams come true.  I tend to put all your goals into a plan and then start to prioritize on which ones are most important, your non negotiables and which ones might we be able to dial back on our eliminate all together if necessary.  For many clients we will work backwards and figure out what the capable spending or income would be in retirement if they continued to go forward with their current path.  If the outcome is not acceptable we can certainly recommend making some changes such as increasing percentages in their retirement plans at work or even taking a hard look at current income versus expenses to see if we can eliminate some expenses that would could alter our cashflow enough to save more.

I am always amazed as to how much time and effort a couple will spend planning a vacation. Where to stay, what restaurants to eat at and what sites to see. Retirement is the biggest vacation you will ever take and yet some folks do little to no plannng for it. I use RightCapital to analyse your goals and track your progress towards what is important to you.

Retirement is one of the key financial goals for many people. Saving early and often is a wise strategy. Taking advantage of products and accounts designed specifically for retirement. Tax advantages are a key feature of annuities, IRAs and employer sponsored retirement savings plans, such as 401(k), 403(b) and 457(b) plans. Any earnings growth in these products is generally tax-deferred until you make withdrawals, generally when you are retired and may well be in a lower tax bracket.

Helping make sense of stocks, bonds, exchange traded funds ETFs, mutual funds, annuities, money markets and certificates of deposit CDs. There will be ups and downs over the years. The key is to weather the storm and stay focused on the long term. When we catch a down market, it is actually a wonderful thing for the long term investor as it allow your contribuions, interest and dividends to purchase more of what you own on sale. Sometimes it takes a year or two but the benefit typically soon surfaces.

Investing includes risks, including fluctuations prices and loss of principal. No strategy assures success or protects against loss.
Asset allocation does not ensure a profit or protect against a loss.

Although I’m not an attorney, we can have some conversations around wills, power of attorney, healthcare proxy, living wills (advanced directives), beneficiary, designations, trust, and guardianship designations.

Estate Will: A legal document that outlines how you want your assets distributed after your death. It can also appoint guardians for minor children if applicable.

Power of Attorney: This document designates someone to make financial or legal decisions on your behalf if you become incapacitated.

Healthcare Proxy (Healthcare Power of Attorney): This document appoints someone to make medical decisions for you if you are unable to do so yourself.

Living Will (Advance Directive): This document outlines your preferences for end-of-life medical care, such as whether you want life support or other interventions.

Beneficiary Designations: Ensuring that your life insurance policies, retirement accounts, and other financial assets have designated beneficiaries.

Guardianship Designations: If you have minor children, you can designate guardians to care for them in the event of your death.

It's important to consult with an estate planning attorney to ensure that your documents are properly drafted and reflect your wishes and the laws of your jurisdiction. Additionally, estate planning should be reviewed and updated periodically to reflect changes in your life circumstances or the law.

Lakeside Wealth Management and LPL Financial do not provide legal advice or services.  Please consult your legal advisor regarding your specific situation.​

LPL Financial representatives offer access to Trust Services through The Private Trust Company N.A. an affiliate of LPL Financial.

How we help clients by putting the right investments in the right accounts

Here are five financial ideas that can help you reduce or save taxes:

1) Contribute to Retirement Accounts: Maximize contributions to tax-advantaged retirement accounts such as 401(k), IRA, or Roth IRA. Contributions to traditional retirement accounts may be tax-deductible, reducing your taxable income for the year. Roth IRA contributions are made with after-tax dollars, but qualified withdrawals are tax-free in retirement.

2) Utilize Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs): Contribute to FSAs or HSAs to pay for eligible medical expenses with pre-tax dollars. These accounts can reduce your taxable income and provide significant tax savings, especially if you have high healthcare expenses.

3) Take Advantage of Tax Credits and Deductions: Research and claim all eligible tax credits and deductions. Common tax credits include the Earned Income Tax Credit (EITC), Child Tax Credit, and Education Credits. Deductions such as mortgage interest, property taxes, and charitable contributions can also reduce taxable income.

4) Invest in Tax-Efficient Investments: Consider investing in tax-efficient investments such as municipal bonds or index funds, which generate minimal taxable income or capital gains. Tax-loss harvesting is another strategy where you sell investments that have experienced a loss to offset capital gains and reduce your tax liability.

5) Plan Charitable Giving Strategically: Donate appreciated assets such as stocks or real estate directly to charitable organizations instead of cash. This allows you to avoid paying capital gains taxes on the appreciation and receive a charitable deduction for the fair market value of the asset. Additionally, consider bunching charitable donations in certain years to itemize deductions and maximize tax benefits.

Remember to consult with a tax professional or financial advisor to determine the best strategies for your specific financial situation and goals. Tax laws and regulations can be complex and may vary based on individual circumstances.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal.  Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.

Lakeside Wealth Management and LPL Financial do not provide legal advice or services.  Please consult your legal advisor regarding your specific situation.​

Here's how it generally works and some key points to consider:

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

How 529 Plans Work:

Tax Advantages: Contributions to a 529 plan grow tax-deferred, meaning you don't pay taxes on the investment gains as long as the money is used for qualified education expenses.

Qualified Expenses: These typically include tuition, fees, books, supplies, and certain room and board costs at eligible educational institutions.

Flexibility: Funds in a 529 plan can be used at most accredited colleges and universities in the United States and many abroad, as well as for certain K-12 expenses.

Ownership and Control: The person who opens the account, known as the account owner, retains control over the account and can change beneficiaries if needed.

Key Points to Consider:

State Plans vs. Private Plans: Most states offer their own 529 plans, each with its own investment options, fees, and tax benefits. However, you're not restricted to your own state's plan, so it's worth researching to find the one that best fits your needs.

Investment Options: 529 plans typically offer a range of investment options, such as mutual funds or age-based portfolios, which automatically adjust based on the beneficiary's age.

Contribution Limits: While there are no annual contribution limits set by the IRS, each plan has its own maximum contribution limit, which can be quite high.

Financial Aid Impact: Funds held in a parent-owned 529 plan are generally considered parental assets for financial aid purposes, which can have less impact on eligibility compared to assets held in the student's name.

Penalty for Non-Qualified Withdrawals: If you withdraw funds from a 529 plan for non-qualified expenses, you may have to pay income tax on the earnings portion of the withdrawal, as well as a 10% penalty.

College Funding Strategies Using 529 Plans:

Start Early: The earlier you start contributing to a 529 plan, the more time your investments have to grow tax-free.

Regular Contributions: Set up automatic contributions to your 529 plan to ensure consistent savings.

Family Contributions: Encourage family members to contribute to the 529 plan for special occasions like birthdays and holidays.

Review and Adjust: Periodically review your investment options and adjust your contributions based on changes in your financial situation and your child's educational goals.

Overall, 529 plans can be powerful tools for saving for college, offering tax advantages and flexibility. However, it's essential to understand the specifics of the plan you choose and to develop a savings strategy that aligns with your financial goals. Consulting with a financial advisor can also provide personalized guidance based on your individual circumstances.

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

This conversion is significant because it involves paying taxes on the converted amount upfront, but once the funds are in the Roth IRA, they grow tax-free and qualified withdrawals in retirement are tax-free as well.

Here's how the Roth conversion process generally works:

Evaluate Eligibility: Not everyone is eligible to directly contribute to a Roth IRA due to income limits. However, there are no income limits for Roth conversions, so this strategy can be used by individuals who exceed the income limits for Roth IRA contributions.

Tax Implications: When you convert funds from a Traditional IRA or 401(k) to a Roth IRA, you'll need to pay income tax on the converted amount in the year of the conversion. This can result in a significant tax bill, especially if the converted amount is large.

Consider Timing: It's essential to consider the timing of the conversion. Some individuals choose to convert funds when their income is lower, such as during a year of retirement or a period of unemployment. This can help minimize the tax impact of the conversion.

Partial or Full Conversion: You have the flexibility to convert all or part of your Traditional IRA or 401(k) balance to a Roth IRA. Some people choose to do partial conversions over several years to spread out the tax liability.

Investment Considerations: Once the funds are in the Roth IRA, they can be invested in a wide range of options, including stocks, bonds, mutual funds, and ETFs. It's essential to choose investments that align with your long-term financial goals and risk tolerance.

Roth IRA Benefits: One of the primary benefits of a Roth IRA is that qualified withdrawals in retirement are tax-free. Additionally, Roth IRAs are not subject to required minimum distributions (RMDs) during the account owner's lifetime, allowing for greater flexibility in retirement planning.

Overall, Roth conversions can be a valuable strategy for individuals looking to diversify their retirement savings and potentially reduce their tax burden in retirement. However, it's crucial to carefully consider the tax implications and consult with a financial advisor or tax professional to determine if a Roth conversion makes sense for your specific financial situation.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

A Health Savings Account (HSA) is a tax-advantaged savings account available to individuals enrolled in a high-deductible health plan (HDHP). HSAs are designed to help people save money for medical expenses that their HDHP doesn't cover. Here's how they typically work:

Eligibility: To qualify for an HSA, you must be enrolled in a high-deductible health plan (HDHP). These plans usually have higher deductibles than traditional health plans.

Tax Advantages: Contributions to an HSA are tax-deductible, meaning you can deduct them from your taxable income. Additionally, any interest or investment earnings on the money in the account grow tax-free. Withdrawals used for qualified medical expenses are also tax-free.

Contribution Limits: There are annual contribution limits set by the IRS. These limits can vary depending on whether you have individual or family coverage under the HDHP. For instance, in 2022, the annual contribution limit for individuals was $3,650, and for families, it was $7,300.

Portable: HSAs are portable, meaning the funds belong to you and can move with you even if you change jobs or health insurance plans.

Withdrawals: You can withdraw money from your HSA tax-free at any time to pay for qualified medical expenses, including deductibles, copayments, and coinsurance. If you withdraw funds for non-medical expenses before you turn 65, you may be subject to income tax and a 20% penalty. After age 65, you can withdraw funds for non-medical expenses without penalty, but you will have to pay income tax on the withdrawals.

Unused Funds: Unlike Flexible Spending Accounts (FSAs), which may have a "use it or lose it" policy, funds in an HSA roll over from year to year. There's no deadline for using the money in your HSA, and it continues to grow tax-free.

HSAs can be a valuable tool for saving money on healthcare expenses while also providing tax benefits. However, they are only available to individuals enrolled in high-deductible health plans, so it's essential to consider your healthcare needs and financial situation before choosing this type of plan.

Lakeside Wealth Management and LPL Financial do not provide tax advice or services. Please consult your tax advisor regarding your specific situation.

There are several types of life insurance, each designed to meet different needs. Here are the most common types:

Term Life Insurance: This type of insurance provides coverage for a specific period, typically ranging from 10 to 30 years. If the insured person dies during the term, the policy pays out a death benefit to the beneficiary. Term life insurance is usually more affordable than permanent life insurance and is suitable for those who need coverage for a specific period, such as paying off a mortgage or providing income for dependents until they become financially independent.

Whole Life Insurance: Whole life insurance provides coverage for the entire life of the insured person, as long as premiums are paid. It also includes a cash value component that grows over time, tax-deferred. Whole life insurance tends to have higher premiums than term life insurance but offers permanent coverage and a cash accumulation feature.

Universal Life Insurance: Universal life insurance is a flexible type of permanent life insurance that allows policyholders to adjust their premiums and death benefits. It also includes a cash value component that earns interest based on current market rates. Universal life insurance offers flexibility in premium payments and death benefits but requires careful monitoring to ensure the policy remains adequately funded.

Variable Universal Life Insurance/Variable Life Insurance policies are subject to fees and charges. Policy values will fluctuate and are subject to market risk and to possible loss of principal. Guarantees are based on the claims paying ability of the issuer.. The cash value and death benefit can fluctuate based on the performance of the underlying investments. Variable life insurance offers potential for higher returns but also comes with greater investment risk.

Indexed Universal Life Insurance:

The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. Indexes are unmanaged and cannot be invested in directly.The cash value of the policy can grow based on the performance of the index, subject to certain limits and guarantees.

People buy life insurance for various reasons, including:

Income Replacement: Life insurance can provide financial protection to dependents in the event of the insured person's death, ensuring that they have enough income to maintain their standard of living.

Debt Repayment: Life insurance proceeds can be used to pay off debts such as mortgages, car loans, and credit cards, relieving financial burdens on surviving family members.

Final Expenses: Life insurance can cover funeral and burial expenses, which can be substantial.

Estate Planning: Life insurance can be used as part of an estate plan to provide liquidity for estate taxes and ensure the smooth transfer of assets to heirs.

Business Continuation: Life insurance can fund buy-sell agreements and provide financial support to businesses in the event of the death of a key employee or owner.

Overall, life insurance serves as a crucial financial tool for protecting loved ones and ensuring financial security in the face of unexpected events. The type and amount of coverage needed depend on individual circumstances, such as age, income, family situation, and financial goals.

ariable Universal Life Insurance/Variable Life Insurance policies are subject to fees and charges. Policy values will fluctuate and are subject to market risk and to possible loss of principal. Guarantees are based on the claims paying ability of the issuer. The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. Indexes are unmanaged and cannot be invested in directly.

Long-term care (LTC) refers to a variety of services designed to help meet the medical and non-medical needs of people with chronic illnesses or disabilities who cannot care for themselves for an extended period. Long-term care services can be provided at home, in the community, or in residential facilities such as nursing homes or assisted living facilities. Here are some key aspects of long-term care:

Types of Long-Term Care Services:

Home Care: Services provided in the person's own home, including assistance with activities of daily living (ADLs) such as bathing, dressing, and meal preparation, as well as skilled nursing care.

Community-Based Services: Services offered in community settings such as adult day care centers or senior centers, providing social activities, meals, and assistance with daily tasks.

Assisted Living Facilities: Residential facilities that offer a combination of housing, personal care services, and healthcare services to individuals who need help with ADLs but do not require the level of care provided in a nursing home.

Nursing Homes: Facilities that provide 24-hour nursing care and assistance with ADLs for individuals with more complex medical needs or disabilities.

Who Needs Long-Term Care:

Older adults with chronic health conditions such as Alzheimer's disease, dementia, or Parkinson's disease.

Individuals with disabilities or injuries that limit their ability to perform daily activities independently.

People recovering from surgery or illness who require temporary assistance with activities of daily living.

Cost of Long-Term Care:

Long-term care can be expensive, and costs vary depending on the type of care needed and where the care is provided.

According to the Genworth Cost of Care Survey, the average annual cost of a private room in a nursing home in the United States was over $100,000 in 2021.

Home care and assisted living facilities are generally less expensive than nursing home care but can still be costly, especially if care is needed on a long-term basis.

Paying for Long-Term Care:

Long-term care services may be paid for through a combination of personal funds, long-term care insurance, Medicaid (for low-income individuals who meet eligibility requirements), and veterans' benefits (for eligible veterans and their spouses).

Long-term care insurance is a type of insurance that helps cover the costs of long-term care services not typically covered by health insurance, Medicare, or Medicaid.

Planning for Long-Term Care:

Long-term care planning involves considering potential future care needs, assessing available resources, and developing a plan to pay for care if needed.

It's essential to start planning for long-term care early, as the cost of care can be significant, and purchasing long-term care insurance when you are younger and healthier may be more affordable.

Advanced directives and legal documents such as powers of attorney and living wills can also be part of long-term care planning, ensuring that your wishes regarding medical care and decision-making are followed if you become incapacitated.

Long-term care is an important consideration for many individuals and families, and planning ahead can help ensure that you or your loved ones receive the care and support needed as you age or if you experience a chronic illness or disability.

Guarantees are based on the claims paying ability of the issuer.