Blog

Turning Profits into Wealth: A Guide for High-Earning Business Owners

Brian J Scott, CRPC®

Wednesday, May 1, 2024

Growing a business is impressive, but it takes more than just turning a profit to build wealth: It requires a mind shift from short-term gains to long-term prosperity. Here are some critical tips to help turn your earnings into wealth.

529 Plans Demystified: What Affluent Families Need to Know

Brian J Scott, CRPC®

Wednesday, May 1, 2024

As an affluent family, planning for your children's education is a top priority. You want to ensure that they have access to the best education possible without worrying about the cost of tuition; this is where 529 plans come into play.

The first quarter is in the books, and it was an excellent one for stocks.

Conducting a business valuation is critical for tax planning and estate planning, allowing for a fair distribution of the assets to business successors and family members.

SECURE Act 2.0 features a host of potential changes for 2024. Here are the details of each provision to remain compliant with the Act.

The truth is that Social Security can and should factor into HNW retirement planning, albeit differently than for the average retiree. Here's what HNW individuals must consider regarding their Social Security retirement benefits.

Making investing possible for your children, nieces, nephews and loved ones may be the key to improving their financial future and getting them off to a good start in adulthood. Here are a few ways to help develop good money habits.

Here is a business owner’s guide to social security and planning for your future.

Here’s hoping for a warm — but not too hot — spring for the economy and markets, keeping Fed rate cuts in play while providing a solid foundation for corporate America to grow earnings.

Women entrepreneurs face a unique set of hurdles when it comes to starting new businesses, particularly in a post-pandemic world. In 2021, women started about 40 percent of all new businesses, and this figure has remained fairly steady.

Approximately 60 million workers contribute to a 401(k)-retirement plan. A 401(k) is a tax-advantaged retirement savings plan companies offer employees and is funded through elective salary deferrals.

As we kick off 2024, the world of retirement planning is undergoing a fairly significant transformation, as tax brackets, retirement contribution limits, estate and gift tax exemptions, among other things, are set to undergo revisions.

Wealth preservation is essential for high-net-worth (HNW) individuals, but it warrants a gender-specific focus, too. Particularly for HNW women, understanding the complexities of wealth preservation is crucial.

Stocks are off to a solid start in 2024. January gains are particularly enjoyable because of the old adage from the Stock Trader’s Almanac, “As goes January, so goes the year.”

Even if you never thought of yourself as especially wealthy, there may be a fair chance that you fall into the category of "high net worth individuals"—those who have liquid assets of $1 million or more.

With tax season coming to an end, it’s the ideal time to use this year's tax return to help update your financial plan.

Business succession planning — what is it? One of the important decisions a business owner must face is when and how to step out of the business — in other words, business succession planning. Do you expect to retire from your business?

Long-term care (LTC) planning is a significant financial decision that requires thoughtful consideration and precise planning.

Do you consider yourself a high-net-worth individual (HNWI)? HNWIs typically have at least $1 million in cash or assets that can be converted to cash easily, which could make planning for retirement more complex.

Last year was especially gratifying given the pessimism at the outset. It also offers some important lessons for investors.

Whether your retirement is within the next couple of years or the next five, the new year is the perfect time to make financial resolutions to help you toward your retirement goals.

Asset management and financial wellness can help develop long-term confidence when wealth transfers from generation to generation. Understanding and implementing financial wellness techniques is essential for effectively sharing wealth.

Tax planning might be complex, but it's also essential—especially for high-net-worth families, where missing tax breaks or failing to optimize income could cost significant dollars, maybe millions, over a lifetime.

As one approaches retirement, monitoring your financial situation by understanding your net worth and assessing the assets and resources needed to maintain a comfortable lifestyle throughout retirement is vital.