When is Enough Really Enough? 5 Strategies to Create a Transition Plan
Sharon Olson was recently featured on the podcast, Poised for Exit, hosted by Julie Keyes. The podcast features business owners and professionals who discuss topics, experiences, and lessons relevant to small businesses with actional steps. During her episode, Sharon talks about how she got her start as an entrepreneur at the ripe old age of 9 years old, when
Family Office Services for Women: What Female Executives and Business Owners Should Expect
For many successful women executives and business owners, the services of a family office or a multi-family office can help bring together what is often an incredibly complex financial picture. In this Forbes article, Olson Wealth Group President Sharon Olson, CFP®, CEPA shares her perspective on how and why family offices can and should cater to the unique needs of
5 Ways Women Need to Save for Retirement Differently
Nikki Scanlon, J.D. 1. Save early and aggressively Women, on average, live 2 years longer than men, yet historically, women earn less than their male counterparts. These two factors can lead to insufficient funds during retirement if saving is not prioritized early and often. Additionally, women are more likely than men to stop working to
March 4th marks the unofficial holiday of “March Forth and Do Something Day”. It is a day dedicated to doing what you’ve always wanted to do, to take risks in pursuing your dreams, to create a plan to achieve those goals, and to celebrate aspirations that have already been accomplished. Many use the day to
How Business Owners Can Keep More of Their Wealth and Leave a Legacy
We are proud to share the following article, recently published in Forbes. The focus was a strategy to reduce tax on the sale of a business in coordination with estate and charitable planning goals. A NIMCRUT is a trust that allows you to provide income to yourself or others for life, or for a term
The importance of a family mission statement
Minneapolis / St. Paul Business Journal Leadership TrustBy Sharon Olson, President, CFP and Nicole Scanlon, J.D., Managing Director, Family Wealth. Olson Wealth Group brings wise counsel and clear strategies to deliver real-life returns for generational wealth. My company helps families build wealth and pass it down through generations. But of course, it’s more than just
Today is Give to the Max Day, How to Maximize your Charitable Gifts
Today is Give to the Max Day! Consider joining thousands of generous donors in helping to support local charities. While giving cash is one way, there are many other ways to maximize your generous donation so that it fits within your financial plan. #GTMD20
How to Create a “Stretch” IRA Lifetime Income For Your Family While Also Benefiting Charity
IRA owners are seeking alternative ways to incorporate tax effective giving strategies into their estate plans. One way to maximize a gift to a beneficiary, while also benefiting a charity of choice, is by using a Charitable Remainder Trust (CRT).
Estate Planning: Don’t Set It and Forget It (Part 1)
Do you have a "dusty will"? When it comes to estate planning, this article illustrates what can happen if "life events" such as marriage, divorce, birth of a child or grandchild, move to another state, death of a beneficiary or receipt of an inheritance are overlooked.
This article discusses some common mistakes people make when leaving tax deferred retirement assets to their heirs. These costly errors can reduce your client’s legacy and prevent their wishes from being carried out.
We recently had a discussion with a client about their loved family members, their dogs. They are married with no children and love their pets as much as they would as children. They have also served as foster parents to several dogs over the years. Part of their estate plan was to provide their pets with consistent care and security beyond their lives. Just like a lamp is a piece of personal property, pets are considered personal property under state law. You can’t leave property to property. So how can you ensure that your pet is taken care of if you are disabled or die?
The IRS and Family Foundations – Proceed with Caution.
IRS rules are so stringent that virtually any proposed transaction between a family foundation and a disqualified person should be considered a potential act of self-dealing which can lead to an ugly audit and potential fines.
Multiple Generations Can Use 529 College Savings Plans
Did you know that a 529 College Savings Plan can transfer to other beneficiaries while avoiding tax penalties? This way, you can contribute to the education costs for multiple generations.
Best States for Retirement…spoiler alert…MN is ranked 7.
The LPL Research Retirement Environment Index is a state by state holistic view into the pre-retiree landscape that provides depth and balance in six broad categories that reflect retiree desirability on housing, healthcare, housing, quality of life, education and wellness.