WealthPoint Advisors

Exciting announcement! We are pleased to announce that we’ve recently formed a new partnership with award-winning, Sacramento-based, Allworth Financial. Our same talented team will continue to help you reach your financial goals. To learn more, visit:

Committed to increasing your financial literacy? Don't be afraid to ask questions. #FinancialLiteracy

Legacy is more than financial assets—it’s the values, traditions, and memories we pass down, the pieces of ourselves that live on. For many, this time of year can also bring the weight of loss and the absence of loved ones. Yet, the true power of a legacy is in how it continues to shape us, even when those who created it are no longer here. Here are a few ideas families have shared that may inspire you to start some new traditions: ?? Family Recipe Book: Collect cherished family recipes and print them in an 'Official Family Recipe Book.’ ?? Annual Family Reunions: Gather regularly at a favorite spot to strengthen bonds and create lasting memories. ?? Volunteer Together: Each Christmas, pick a family in need of support and teach the value of giving back. ?? Holiday Crafting or Baking: Bake the same sweets or craft ornaments each year to create tangible memories. The most important legacies are built on love, traditions, and unforgettable experiences—those precious pieces that live on beyond us. What traditions do you hope will continue with future generations? #Legacy #FamilyTraditions #HolidaySeason

Tax deferral—the secret weapon for savvy investors. How can this powerful tool work for you?

TRUE or FALSE . . . Healthcare costs are one of the largest expenses most retirees will face. ?? It is TRUE! Healthcare is often a significant and inadequately projected expense. Many people wait until retirement to understand their healthcare options, often because they’re accustomed to employer-sponsored plans. This delay can lead to inadequate savings and uncertainty about covering these significant expenses. ?? Key Considerations, according to a 2024 study by Fidelity: ? Healthcare costs continue to outpace general inflation, driven by longer lifespans, medical advancements, and increased demand. ? Medicare starts at age 65, but it has gaps that necessitate considering supplemental insurance for broader coverage. ? Home healthcare and nursing facilities can be costly. Strategies that anticipate extended care can help. ? Documents like a medical power of attorney and living will are critical to managing healthcare decisions and letting your wishes be known. Our Take: Healthcare options are often complex and confusing, so early preparation is key. A well-structured strategy can help you remain prepared and informed throughout retirement. #RetirementStrategy #HealthcareCosts #FinancialWellness #Medicare #PersonalFinance

Marginal tax bracket and holding period affect capital gains taxes. Learn more.

?? Attention parents with multiple 529 accounts! We recently encountered a situation that serves as an important lesson: A parent used funds from their daughter's 529 to pay for their son's college expenses, assuming the accounts were interchangeable. However, the daughter's account was overfunded, while the son's was underfunded. The result? The withdrawal was treated as a non-qualified distribution! ?? Key takeaway: While you can transfer funds between 529 accounts or change beneficiaries, consider working with a financial professional who understands 529 plans and can help navigate these complex rules. ?? #CollegeSavings #529Plans #FinancialTips A 529 plan is a tax-advantaged college savings plan. Before choosing a plan, it's important to consider not only the state tax treatment but also any associated fees and expenses. Availability of a state tax deduction will depend on your state of residence, as state tax laws and treatment may vary from federal tax laws. And as this parent learned, if you make non-qualified distributions, earnings will be subject to income tax and a 10% federal penalty tax. If you have more questions, a tax, legal, or accounting professional may be able to provide you with some real-life advice.

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?? As the year winds down, here are 7 year-end tax ideas to consider: 1?? Check your retirement contributions to your 401(k), IRA, and HSA limits. Are you hitting the limits? 2?? Charitable giving: Have you considered donating appreciated securities and other options? 3?? Investment portfolio review: Talk with your financial professional about any rebalancing that may be needed and if there are any tax-loss harvesting opportunities. This post is not a replacement for real-life advice. Consult your tax, legal, and accounting professionals before modifying your tax strategy. 4?? Business owners: Now is a great time to review estimated tax payments and determine whether you need to purchase any equipment. Your tax professional may also help here. 5?? Estate management check-up: Have you utilized annual gift exclusions? Is your trust funding on track? 6?? Roth conversion opportunities: Have you analyzed potential long-term tax benefits? 7?? Review required minimum distributions (RMDs): Don't forget inherited accounts! Here are some housekeeping items to remember: 1?? Once you reach age 73, you must begin taking required minimum distributions (RMDs) from your 401(k), IRA, or any other defined contribution plan in most circumstances. Withdrawals are taxed as ordinary income and, if taken before age 59?, may be subject to a 10% federal income tax penalty. 2?? If you spend your HSA funds on non-qualified expenses before age 65, ordinary income taxes may apply, and it may result in a 20% penalty. But, after age 65, you may be required to pay ordinary income tax if the funds are used for non-qualified expenses. Also, keep in mind that contributions are exempt from federal income tax but, in some cases, are not exempt from state tax. 3?? To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59?. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner's death. The original Roth IRA owner is not required to take minimum annual withdrawals. ?? Questions? Your financial future is worth the conversation. #FinancialStrategy #YearEnd #TaxManagement

For many, retirement starts a new phase of life. Are you getting prepared for your new phase? #SavingForRetirement