When it comes to managing wealth, it’s common for clients to adopt a set-it-and-forget-it approach to financial planning. However, effective financial planning goes further. Drawing from our experience serving high-net-worth clients, we understand that the best financial plans should adapt to market changes and align with your evolving needs.
As we’ve seen throughout our 36 years in practice, even the wealthiest individuals will, at some point, ask themselves if all their financial affairs are in the best shape to reach peak financial success. As we embark on a new year, now is the opportune moment for you to reevaluate your financial planning. Here are some essential tips to keep you on track.
Assess Your Goals
For many clients, a lot can change in a year, whether it’s a new job, new family members, or new plans for the future. Do your goals look the same as they did a year ago? Do you still want to meet them on the same timeline? These are great questions to ask yourself, and they’ll help you know whether adjustments need to be made to your finances.
Analyze Your Assets
At Peak, we’re constantly thinking about defining success for our clients. Returns are just one part of this formula; just as important is finding the right mix of assets for a client’s level of risk tolerance and their unique goals.
As we kick off 2024, economic trends suggest that declining inflation could lead to a less volatile macroeconomic climate. Consider discussing new opportunities in the market with your advisor. Keep in mind that even as investments change, they should still serve the same function — helping you maintain a balanced portfolio tailored to your goals.
Consider Your Tax Burden
It’s never too early to think about your tax situation. And, in California specifically, there are some changes to be aware of in 2024. As reported in Kiplinger, with the expansion of the new payroll tax, the state’s top income tax bracket has shifted from 13.3% to 14.4% and applies to income over $1 million. Capital gains, however, will still be taxed at a maximum rate of 13.3% in California in 2024.
Reflect on Your Estate Planning Strategies
Ensuring loved ones are supported in the future is top-of-mind for clients. That’s why we work with them to provide them with detailed estate planning strategies. As the new year begins, think about whether you have any new assets that need to be incorporated into your estate planning strategies. Oftentimes, there are different trust structures available that can create tax advantages while ensuring your family is supported for years to come.
For over 30 years, Peak Financial Group partnered with highly affluent executives and business owners and their families to address the unique, complex, and multifaceted financial needs they face. We act as financial guides, providing clients with concierge-level service as they navigate the path to financial success while focusing on what’s most important. If you have questions, don’t hesitate to reach out.
Osaic FA, Inc. and its representatives do not provide legal or tax advice. You should consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.
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