WestPeak Private Wealth

A will may be only one of the documents you need—and one of the factors you should consider—when it comes to managing your estate.

Did you know that disorganized estates can take years to settle, while well-prepared estates can be resolved in a shorter period of time? Here’s the truth: organizing your legacy isn’t about paperwork—it’s about helping to protect your loved ones. Our top tips: ?? Keep a physical “life folder” of essential documents—digital vaults are great, but in our experience, a paper folder can be more manageable for families to access when they need it most ?? Double-check those beneficiaries—in some instances, they actually override your will ?? Consider consolidating scattered accounts (your family will thank you later) ?? Look into TOD options to help manage the probate process ?? Get specific about sentimental items—they often cause the biggest conflicts The best time to organize your legacy? When you don’t need to. Let’s talk about making things better prepared for your loved ones. #PersonalFinance #EstateStrategy #Legacy #WealthManagement

Stocks notched a solid gain last week as upbeat comments from the Fed helped stocks snap their four-week losing streak. The Standard & Poor’s 500 Index rose 0.51 percent, while the Nasdaq Composite Index picked up 0.17 percent. The...

There are ways to protect your business in the event of your death or the death of a partner.

Is your household's inflation rate higher than the national average? #RetirementIncome https://lnkd.in/gmXQtU9d

Embrace the new digital era and ensure careful ownership, management, and estate strategy for your intellectual property. #IntellectualProperty #DigitalRevolution #EstateStrategy

? April 15th is around the corner—Have you maximized your 2024 IRA and HSA contributions? As the April 15 deadline approaches, it’s important to review your retirement savings and understand the potential tax advantages for the 2024 tax year. Reminder of Contribution Limits: ?? IRA (Traditional or Roth): ??$7,000 for individuals under 50 ??$8,000 for those 50 and older ?? Health Savings Account (HSA): ??$4,150 for single coverage ??$8,300 for family coverage ??Additional $1,000 catch-up for those 55+ With just a few weeks remaining, review your contribution status and consult with a financial professional to check whether you’re taking advantage of these opportunities and whether they align with your overall financial strategy. Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59?, may be subject to a 10% federal income tax penalty. With a Roth IRA, 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. Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). Any money withdrawn from your HSA for nonmedical reasons is considered taxable income and faces an additional 20% penalty. This penalty is void after the age of 65; however, it will still become taxable income. #RetirementPreparation #TaxStrategy #FinancialWellness

When was the last time you looked at the content of your portfolio? Steps to consider here.

?? Does an electric car always save you money? We've heard from more clients asking about electric vehicles (EVs). So, we thought we’d share some of the pros and cons of EVs that you might not be familiar with: Pros: ? You may be eligible for a clean vehicle tax credit of up to $7,500 on a new car. But this incentive can change without notice, so you’ll want to consult your tax, legal, or accounting professional. ?? EVs have fewer moving parts, which can mean less maintenance. No more 3,000-mile oil changes! ? Driving an EV costs only 3–5 cents per mile, compared to about 15 cents for gas cars. EVLife in April 2024 explained that that’s 3–4 times cheaper! Cons: ?? Home charging installation costs can vary widely: $300–$600 for essential equipment and over $4,000 for complex setups, according to 2023 research from Capital One. ?? Insurance alert: EV premiums can be higher. Policy prices depend on a wide range of factors, including the specific model. ? Finding an open EV charging port may be challenging, depending on where you live and drive. Hope this was helpful! We help clients explore these types of decisions and integrate them into an overall financial strategy. Feel free to message! #ElectricVehicles #FinancialStrategy #EVOwnership

Stocks posted modest gains last week, with quarterly earnings season in full swing and the election on the horizon. The Standard & Poor’s 500 Index increased 0.85 percent, while the Nasdaq Composite Index rose 0.80 percent. The Dow...