SSB&T Wealth Management

🚨Attention Business Owners: Did you know the Supreme Court has taken away a popular succession tactic? 🚨 On June 6, 2024, the Supreme Court ruled that life insurance proceeds used to buy a deceased shareholder's stock MUST be included when valuing a corporation for estate tax purposes. 😱 What does this mean for business owners? 1️⃣ Your estate could owe more in taxes 2️⃣ Common succession strategies may be in question Don't let this ruling catch you off guard! Here's what you need to do: ✅ Meet with your financial professional, estate attorney, and tax professional ASAP ✅ Review and update your corporate agreements ✅ Get a professional valuation The landscape has changed, but opportunities for your business and legacy remain. If you’re a business owner or know someone who is, make sure they speak to professionals who can help navigate these new changes. Remember, several factors affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments. So, there is much to consider when it’s part of your succession approach. #BusinessOwners #Estate #SupremeCourt #TaxStrategy #Financial

The Federal Reserve cut rates by 0.25%, bringing the target range to 4.25-4.5%. While markets anticipated this move, what's particularly interesting is the Fed's signal of fewer rate cuts ahead than previously expected. A few key takeaways from Chair Powell's announcement: - The Fed has now reduced rates by a full percentage point from peak levels - Economic growth projections for the year were actually raised to 2.5% - Only two more cuts are expected in 2025, half of what was projected in September As we look ahead to 2025, the Fed's cautious approach to future rate reductions suggests a continued focus on balanced economic growth and price stability. 💫 #FederalReserve #Economy #Financial #Investing https://lnkd.in/g3TVBrkP

Happy Holidays to you and your family! During this festive season, we cherish our most meaningful connections and spread joy throughout our communities. Whatever traditions you celebrate, may your holidays be filled with happiness, laughter, and time spent with those who matter the most. Wishing you and your loved ones a wonderful holiday season and a bright start to the New Year. 🌟 #HappyHolidays #SeasonOfJoy #CommunitySpirit

As 2024 wraps up, it's a great time to reflect on what we've learned and prepare for the year ahead. 💡 My Take: 1️⃣ Market Volatility: Strong overall performance, but with plenty of ups and downs—highlighting the value of staying focused on long-term goals. 2️⃣ Fed's New Direction: Rate cuts to support the labor market have wide-reaching effects, proving how impactful the Federal Reserve's impact is on financial markets. 3️⃣ AI's Rise: The rapid adoption of AI has reshaped industries, driving both opportunities and challenges for investors. 4️⃣ Global Events & Market Sentiment: Unexpected events can quickly sway markets, underscoring the need for adaptable strategies. 2025 will be a year of both new opportunities and challenges. Staying informed will, of course, be key to making the most of what lies ahead. We’ll do our best to continue to share insights and keep you updated as events unfold. #PersonalFinance #2025Outlook #InvestmentStrategy #AI #Markets #FinancialGoals

🚜 Technology is amazing... until the sun has other plans! Who knew our modern farming heroes were battling not just weather and market prices but solar storms too? In May 2024, farmers across the Midwest experienced something straight out of a sci-fi movie: their GPS-guided tractors going "demon-possessed" during one of the largest solar storms in decades. Here's a wild fact: 80% of Midwest farmers now rely on GPS technology for precision farming. When solar storms hit, those perfectly straight crop rows? Not so perfect anymore! Imagine driving a high-tech tractor that suddenly decides to dance across the field. Talk about an unexpected light show with consequences! ✨ #ModernFarming #TechLife #SolarStorms https://lnkd.in/gYu8WNa4

Ever wondered if you've left money behind in old retirement accounts? You're not alone! Recently, we learned about someone who uncovered thousands of forgotten retirement money from previous employers. How? By simply reaching out to their past workplaces. 👉 Take action now: 1. Review your resume to make a comprehensive list of all your past employers 2. Create a simple form letter requesting information about potential retirement accounts 3. Send the letter to HR departments or plan administrators of each former employer 4. Contact them to follow up Remember, it's YOUR money. Don't let it get lost in the shuffle of life's changes. Have you ever rediscovered a forgotten account? Share your story below! 👇 #RetirementStrategy #FinancialWellness #HiddenMoney

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

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

🏠 Good news for the housing market! Mortgage rates have dropped to 6.69% - the lowest level in over a month. The data shows that homebuyers responded positively, with purchase applications jumping 6% last week. What does this mean for those considering a home purchase? There's more inventory available now than earlier in the year, giving buyers more options to choose from. While rates are still higher than historical lows, this dip could present an opportunity for those who've been waiting on the sidelines. Interested in learning more about today's market conditions? Let's talk. #HousingMarket #MortgageRates #RealEstate #Financial #HomeOwnership https://lnkd.in/gd-P8TEb

🎓 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.