What do per stirpes and per capita mean? Should I elect per stirpes on my taxable accounts?
Time to Read: 10 Minutes Section 529 plans are arguably the best college savings vehicle around. In this article, we will cover what 529 plans are, why they make such great college savings accounts, and how high net worth investors can take advantage of 529 plans for their estate planning tax benefits. Introduction to 529 Plans
Time to Read: 9 Minutes If you follow the economy in the news – and sometimes even if you don’t - you may have heard terms like “the Federal Reserve”, “Chairman Powell”, “transitory”, and “tapering”. Reporting on these terms is often followed by prognostications on how the markets may or may not react to
Time to Read: 7 Minutes Maximizing retirement savings and devising strategies to keep taxes low are the cornerstones of building wealth. But with relatively low limits on 401(k) savings, how should high earners invest excess cash? There’s an extremely productive strategy that can turn your 401(k) into a vehicle for saving above the income limits and creating tax-free
Time to Read: 3 Minutes Consistently saving into a 401(k) plan during your working years is the foundation of a successful retirement plan. The process is usually quite simple, and an additional benefit can be a 401(k) match offered by an employer, which essentially amounts to free money, once you’ve met the threshold to qualify. There are some
Time to Read: 7 minutes Building and maintaining good credit is critical to financial success, whether you’re just getting started or have already accrued wealth. However, we’ve noticed that high-income earners tend to pay less attention to their credit as their net worth grows because they often make more purchases with cash and have
Time to Read: 8 Minutes Correctly naming the beneficiaries on your retirement accounts is more important than you might think. Contrary to common belief, retirement accounts, such as IRAs, 401(k)s, 403(b)s, and transfer on death (TOD) accounts, do not fall under your trust or will. The distribution of these assets is dictated solely by
Time to Read:7 Minutes Roth IRAs are known for their tax-free growth and withdrawals; however, high earners and retirees regularly overlook these dream savings accounts because they have income limits that, on the surface, prevent them from participating. At BWM Financial (BWM), we think that Roth conversions are an effective, alternative way to save