Minneapolis / St. Paul Business Journal Leadership Trust: This year’s best gift idea? Helping your child’s first job contribute to their retirement fund
While some teens excitedly await getting their first job, others dread it, as the minimum wage they earn does not stretch very far considering the amount of time they put in. While it’s difficult to make enough at a first job to pay for daily expenses, let alone contributions toward college or retirement, there is
Why Women Need To Plan for Retirement Differently Than Men
The burden of saving for retirement in the U.S is heavy for most people, but it’s generally more cumbersome for women, who, thanks to a number of factors, have a greater likelihood of running out of money in their golden years. For starters, women, on average, live longer than men. Surely it’s no guarantee, but women need
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
Top Three Overlooked Financial Planning Items to Consider in 2022￼
By Tom Knutson, CFP® There are a few common pitfalls that individuals miss when reviewing their financial plan. In this article, my goal is to outline what these pitfalls are and how to plan for them throughout the year. Common Pitfall #1: Not Reviewing Tax Returns Many individuals believe that since they have hired a
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).
Finding cash to bridge the gap.
What is the most efficient and least costly process to use your investment portfolio to access cash when you need it.
Your Best Tips for Managing the Family Money
We clearly have complicated feelings about money and spouses and children can make it even more difficult if we aren’t on the same page about managing money. The New York Times presents “Best Tips for Managing Money”, sage advice about how to prevent money management from fracturing families.
Business Owners With No Retirement
In my experience, 70% of my clients who own businesses do not have a retirement savings plan. For many entrepreneurs, their wealth is tied up in their firms. These few steps can help you pursue your retirement goals.
Estate Planning: Don’t Set It and Forget It (Part 2)
Last month, we spoke about ‘dusty wills’ when you have to blow off the dust because it’s been so long since you reviewed them. In Part 2, Paul Brown, attorney and president of Chandler & Brown, LTD, continues to share some real-life examples of what can happen if estate planning oversight is neglected.
Simple Steps to Protect Yourself from Identity Theft
According to the Department of Justice, an estimated 17.6 million people, or 7% of all U.S. residents age 16 or older, were victims of one or more incidents of identity theft in 2014 (latest available). What's more, about 7% of identity theft victims experienced out-of-pocket losses of $100 or more. Here are some steps to help you prevent significant loss.
Financial Flashpoints and Financial Freedom
The lessons you learned early form your “Money Imprint”; your hardwired operating system that determines if you stumble or strut in your money life. Ask yourself these questions to understand how your beginnings shape your future.
Minimize Taxes and Maximize Impact with Donor Advised Funds
Recent tax reform will lower the overall tax bill for millions of filers beginning in 2018. On the flip side, however, it has made it more difficult for most people to realize a tax benefit from making charitable contributions. In our experience, there are still strategies you can undertake to optimize your philanthropic efforts from a tax standpoint. Effectively utilizing donor-advised funds can allow individuals to reduce their income tax liability while directing funds to their favorite charities.
Kevin Fruechte Becomes Sole Person in Minnesota to Obtain CFA, CFP, and CPWA Credentials.
Kevin Fruechte, Chief Research and Operations Officer at Olson Wealth Group, completes the Certified Private Wealth Advisor (CPWA®) program and now combines this certification with his CERTIFIED FINANCIAL PLANNER (CFP®) and Chartered Financial Analyst (CFA) credentials. In so doing, he becomes the sole advisor in Minnesota to simultaneously hold all three of these prestigious designations.
Questions to Ask When Picking a Financial Adviser
Glenn Raffenach from The Wall Street Journal gives you some resources to ask the right questions when looking for a financial adviser.
The (Long) List of Financial Documents You Should Keep
Won’t be itemizing your deductions under the new tax bill? That doesn’t mean there won’t be piles of paper stacked up on your dining room table.
With all the recent tax talk, we wanted to remind you that a Solo 401(k) is a great way for sole proprietorships and their spouses to reduce taxable earnings.
New Minnesota Legislation allows for Tax Deductions in 529 College Saving Accounts.
Minnesota recently passed legislation that allows either a credit or a deduction for Minnesotans saving for college through a 529 savings plan. Here's what you need to know.
Couples Reveal They Don’t Share Investment Decisions
Family of origin impacts how you talk and feel about money as an adult.