Zenith Wealth Partners’ Post

Business Continuity I’ve talked lately about planning ahead for having sufficient liquidity for some of life’s biggest events. Death and taxes, it’s been said, are the two most certain things in life. And they can be expensive. Both look different in impact at different stages of your life. We typically create estate plans at a time in our life when we’re seeing death as something more likely, and life as something less certain. What we less commonly do is look at our estate plan after a couple more turns of the road have changed our circumstances, increased our assets, revealed some health concerns, created more family members whose future you hold dear. The business owner who set aside money for a buy-out from a partner may not have considered their business’ worth has outpaced the money reserved. As we enter fall, it’s a good reminder that everything changes, and life has seasons. If your estate plan is more than three years old, I strongly encourage you to have it reviewed again. Can we help you? DM me or click on the Book an appointment link, and we can talk about it. #planningnetworkpartners #taxplanning #happyclients #wealthmanagement #investments #taxminimization #familyoffice #charitableswap #charity #charitableplanning 

Save on Taxes with Qualified Charitable Distributions QCDs can be an effective way to give to charity as well as reduce your tax bill, since they are excludable from taxable income. https://lnkd.in/gc2xBc38

Year-End #FinancialWellness: The checklist The year is almost over but there is still a little time left to take action on your financial plan! Remember that things you do now pay off immediately in peace of mind and in asset growth over time. I know you're busy so this is going to be a quick checklist of things to do before the ball drops: 1. Review your 2024 spending 2. Create a budget for January 2025 3. Spend any leftover funds in your flex spending account (FSA) 4. Increase your #401k contribution (at least 1% but 3% is even better) 5. Max out your IRA contributions 6. Check your asset allocations and rebalance if necessary 7. Review your insurance policies and needs 8. Update beneficiaries (if any family changes in the year) 9. Update withholding on your W-4 (if any family changes in the year) 10. Donate to tax-deductible charities (and get receipts) 11. Ask your financial advisor about tax-loss harvesting 12. Set up automatic transfers for your savings (great way to build the emergency fund) Let us know if you have any questions and we look forward to helping you achieve your financial goals in 2025. #money

Deciding where to keep your nonprofit’s various cash reserves is a major part of cash management. Where you store your funds determines important factors like your interest rates, FDIC insurance coverage, and fund liquidity (how quickly you can access and withdraw your funds). Traditional bank accounts are often not the best financial option for nonprofits. This is because they typically offer low rates and liquidity as well as strict limits on the amount of funds the FDIC will cover in a single account. Instead, our nonprofit financial experts recommend storing your reserve funds in: ➡️ Sweep accounts ➡️ CDs for nonprofits ➡️ Treasury bills Read more in our blog: https://lnkd.in/ebfkaBjs

As the year winds down, here are 7 things to consider: Check your contributions to your 401(k), IRA, and HSA and their limits. Are you hitting the limits? Have you, at a minimum, maxed out your employer match? Charitable giving: Have you considered donating appreciated securities and other options? Investment portfolio review: Have you checked your asset allocation? Rebalancing may be needed and you may have tax-loss harvesting opportunities. Business owners: Now is a great time to review estimated tax payments and determine whether you need to purchase any equipment. Consult with your tax professional. Estate planning check-up: Have you utilized annual gift exclusions? Is your trust funding on track? Are your beneficiaries up to date? Roth conversion opportunities: Have you analyzed potential long-term tax benefits? Are you subject to required minimum distributions (RMDs): Don't forget inherited accounts! In the last few years due to the SECURE Act 1 & 2, there have been a lot of changes to these rules. As always, consult your tax, legal, and accounting professionals before modifying anything on the above list. #FinancialPlanning #Markets #TaxPlanning

💸  Take Control of Your Finances with These Top 10 Money Management Tips! 💸 Managing your money doesn’t have to be stressful. Here are ten tips to help you get on track and stay there: 1. Understand your financial priorities: Know exactly what you have and owe. 2. Create a monthly budget: Plan your regular expenses. 3. Track your expenses: Monitor your spending to stay on budget. 4. Build an emergency fund: Prepare for unexpected expenses. 5. Pay off debt: Focus on paying off high-interest debts first and avoid accumulating new debt. 6. Reduce spending: Analyze your spending habits and find areas where you can cut back to save more. 7. Save for big purchases: Set aside money regularly for large purchases to avoid relying on credit. 8. Invest for the future: Start investing early to take advantage of compound interest and build a secure financial future. 9. Protect yourself with insurance: Ensure you have adequate insurance coverage to protect against unforeseen events. 10. Be generous: Allocate a portion of your budget to charitable donations and helping others. Start implementing these strategies today and take control of your financial future! 💥 #Mayfin #FinancialLiteracy #ErasmusPlus #EmpowerYouth #FinancialEmpowerment Pokaż mniej

If you knew you’d need $20 million at your anticipated life expectancy to cover estate/inheritance taxes, would you pay $1 million dollars a year for 10 years to get it? Most people I spoken with would. But not everybody, including the ultra wealthy, can pay a bill like that. That takes liquidity and for many business owners, they are asset rich and cash poor. Their resources are tied up in illiquid assets like their business. We talked about this on Wednesday and threw out a few options. Because an insurance policy like that is costly, many don’t consider it. But you actually can fund the $1 million a year without writing a check for it. Premium Financing. That’s the solution you need to consider if an insurance policy could provide the peace of mind, you and your family need down the road. Some banks will let you pay a fraction of that premium annually, and they’ll loan you the rest every year. That’s a big loan, yes! But they’ll use your assets and eventually the cash value in the policy, as collateral. They know that when the policy pays out, they’ll be paid back first. After 10 years, the policy is paid in full. Eventually there should be enough cash value in the policy to pay off the loan and remove the drag of annual interest payments. If market conditions are favorable that can happen sooner rather than later. The opposite is also true. Can we help you? DM me or click on the Book an appointment link, and we can talk about it. #planningnetworkpartners #taxplanning #happyclients #wealthmanagement #investments #taxminimization #familyoffice #charitableswap #charity #charitableplanning 

For VCSE CEOs, Trustees and Finance Directors 👇 Are you maximising the potential of your organisation's cash reserves? Whether you're a CEO, Finance Director, or Trustee, it's crucial to ensure every pound works hard for your charity. Sticking solely to traditional banking options might be holding your organisation back given low deposit rates on offer. There are other options that traditional banks do not provide. We want to invite you to this ‘infosession’ breakfast at Evelyn Partners, where financial experts Christopher O'Neill and Claire Watson, will explain how you can make your charities cash deposits yield higher returns completely risk free. Don't worry if finance isn't your forte – we'll make sure you leave with clear steps to capitalise on your cash reserves. And it gets better... You will have all this information for free, as a CO3 member, while enjoying a nice breakfast, a stunning view of Belfast City and re-connecting with other leaders. REGISTER HERE 👇 https://lnkd.in/eCqGgEKt #CO3EmpoweringLeadersDrivingChange

Ensuring Financial Stability in Charities: The Importance of Maintaining Minimum Cash Reserves One principle has consistently proven crucial to the financial health of non-profits organizations: maintaining adequate cash reserves. This practice is not merely a matter of compliance; it is a fundamental aspect of sustainable financial management. What are Cash Reserves? Cash reserves are funds set aside to provide a financial cushion in times of uncertainty. For charities, these reserves are vital to ensure continuity of services, meet unexpected expenses, and bridge funding gaps. Why are Cash Reserves Important? 1. Operational Continuity: Cash reserves allow charities to maintain their operations during periods of fluctuating income or unexpected expenditures. 2. Risk Management: They provide a buffer against unforeseen events such as economic downturns, funding cuts, or emergency situations. 3. Financial Stability: Healthy reserves enhance the charity’s credibility with donors, beneficiaries, and other stakeholders, indicating prudent financial management. Best Practice: Minimum Cash Reserve Levels Based on best practices and my extensive experience, a charity should aim to maintain a minimum cash reserve equivalent to 3-6 months of operating expenses. This range offers a balance between having enough liquidity to weather financial challenges and avoiding excessive accumulation of funds that could otherwise be used for mission-critical activities. How to Calculate the Appropriate Level 1. Assess Monthly Operating Costs: Calculate the average monthly expenses over the past year. 2. Determine Reserve Target: Multiply the average monthly operating costs by 3-6 to set your reserve target. 3. Regular Review and Adjustment: Periodically reassess your reserve levels in light of changes in your operating environment and financial position. Implementing a Cash Reserve Policy 1. Board Approval: Develop a cash reserve policy and seek approval from your board of trustees. 2. Regular Monitoring: Integrate reserve monitoring into your financial oversight processes. 3. Transparent Reporting: Communicate your reserve levels and policy to stakeholders to build trust and demonstrate financial prudence. In conclusion, maintaining a robust cash reserve is not just a financial best practice; it is a strategic imperative for any charity committed to long-term impact and resilience. By adhering to these guidelines, charities can navigate uncertainties with confidence, ensuring they continue to serve their communities effectively. Feel free to connect if you have any questions or need further insights into charity financial management. #CharityFinance #NonProfitManagement #FinancialStability #BestPractices #unitedkingdom #auditor

Maximize Your Last-Minute Tax Savings with SB Group As the financial year comes to a close, there’s still time to make smart moves and reduce your tax liability. At SB Group, we believe in proactive planning, and our guide provides several legal options to save on taxes. Whether it's knowing your eligible deductions, utilizing Section 80C benefits, investing in health insurance, or making the most of home loan benefits, every small step counts. You can also explore NPS contributions, track medical expenses, and contribute to charitable donations for additional deductions. Remember, tax planning is not just about saving money but also about being financially aware and compliant. Always consult a tax professional for advice tailored to your circumstances. #TaxSavings #IncomeTax #TaxPlanning #SBGroup #SmartTaxMoves #FinancialHealth #Section80C #HomeLoanBenefits #TaxDeductions