Between now and 2045, Cerulli Associates estimates that more than $80 trillion in wealth will be transferred from the Baby Boomer generation to their heirs. It is understandable to assume some of those assets will be in the form of retirement accounts such as IRAs, Roth IRAs and 401(k)s. With the enactment of the SECURE … Continued
At Sand Hill, we work with multi-generational families and one request that we sometimes see from clients is a preference to name minor children as account beneficiaries. Unfortunately, minors are legally unable to own property; therefore, they cannot inherit investment assets in their own name. Naming minors outright will lead to unnecessary complications for their … Continued
As our population ages, the demand for quality eldercare services continues to rise. Traditional family-based care—while often deeply valued—may become increasingly difficult to provide due to various factors such as geographic distance, work commitments, and personal limitations. In such instances, professional eldercare management services offer vitally important solutions and comprehensive support to ensure the well-being … Continued
In an age where philanthropy plays a crucial role in supporting communities, understanding the nuances of charitable giving is essential. Qualified charitable distributions (QCDs) offer unique tax advantages, making them an attractive option for many donors. As we move into the holidays and the season of giving, it’s a great time to explore the benefits … Continued
As the costs of higher education continue to rise, people are turning to tax-advantaged 529 savings plans to help fund their children’s education expenses. A 529 savings plan is a state-sponsored investment plan that offers tax-deferred growth and tax-free withdrawals when used for qualified education expenses. In addition, some states offer their residents additional tax … Continued
While you are probably familiar with the term cost basis, it is not likely something you think about very often. In fact, you may only think about cost basis information when asked for it by your Sand Hill Wealth Manager or CPA. Cost basis—also known as tax basis—is necessary to determine the capital gain or … Continued
Choosing between a SEP IRA (Simplified Employee Pension Individual Retirement Account) and an Individual 401(k)—also known as a Solo 401(k) or Self-Employed 401(k)—is an important decision for self-employed individuals or small business owners planning for retirement. Each option offers compelling benefits and considerations, and the choice largely depends on factors such as income, contribution limits, … Continued
Did you know that the number of Americans ages 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050?1 And life expectancy has been on the rise for decades thanks to advancements in medical technology and healthier lifestyles. Specifically, the average life for an American rose from 68 … Continued
If you’re a fan of Albert Brooks like I am, you’ve no doubt seen the 1985 movie classic Lost in America in which the protagonists sell all their belongings and purchase a Winnebago where they plan to live out the rest of their post-retirement days traveling the open road and living off their nest egg. … Continued
In late 2023, The Wall Street Journal (WSJ) published an article titled “The 4% Rule for Retirement is Back” and my immediate response was, “Where exactly did it go?” As a financial planner, I pay attention to articles on retirement withdrawal rules and can confirm I’ve seen and read many diverging opinions on the topic. … Continued