Category: IRS documents to keep

Women have long been the architects of family wealth—not just by managing the household, but by nurturing relationships, shaping values and planning for the future. It’s no surprise that women, who are more likely to inherit wealth, are often excellent stewards of multigenerational prosperity. Women today are shaping one of the largest wealth transfers in

Women are poised to take control of an unprecedented share of wealth, setting the stage for a seismic shift in financial decision-making. By 2030, they are expected to manage $30 trillion in assets, according to a report from McKinsey & Co. This growing financial influence is already evident in households, where more than two in three women take

When Susan, a high-level executive at a successful tech company, looked at her portfolio, her heart sank. Despite the immense wealth her company’s stock had generated, she faced an alarming reality: Over 80% of her holdings were tied to a single, volatile asset. The risk of losing everything in a downturn kept her up at

Looking back, 2024 clearly echoed many of the themes from 2023. By and large, the economy continued to defy expectations and surprised once again. Stocks continued their strong performance, driven by powerful trends in artificial intelligence and technology. On the other hand, the bond market experienced another lackluster year amid policy ambiguity and uneasiness over

Nearly $400,000 a year for a landscaper to maintain a home he didn’t live in. Unknowingly paying for 16 cars and 23 cellphones. Those are just some of the frivolous expenses that actor Al Pacino details in his new memoir, Sonny Boy, expenditures that eventually whittled his fortune down from $50 million to nothing. Thankfully, Pacino appears

As we move forward from an emotional election and gain clarity, we recognize that political divisiveness may not disappear now that the election is over, we hope this allows us to make more progress in bridging our divides. For many investors, achieving an outcome and removing the cloud of uncertainty is, in and of itself,

The Minneapolis-St. Paul Business Journal held a panel discussion recently on estate planning. Panelists included Sharon Olson, president, Olson Wealth Group; Nicholas Hulwi, attorney, Hellmuth & Johnson; Erika Toftness, attorney, Larkin Hoffman; and Jennifer Lammers, attorney, Best & Flanagan. Dyanne Ross-Hanson, president, exit planning strategies, served as moderator. Dyanne Ross-Hanson: Estate planning is such a

It’s understandable that some ultrahigh-net-worth individuals believe Roth IRAs are “not for them.” After all, in my experience, many UHNW people are not fixated on saving for retirement. However, by dismissing Roth IRAs, they are inadvertently missing out on a powerful estate planning and wealth transfer tool. With federal income tax rates scheduled to increase

“Before anything else, preparation is the key to success.” When it comes to preparing for family meetings, these words, attributed to Alexander Graham Bell, ring especially true. For multigenerational families of wealth, family meetings can be the linchpins in aligning the family around a shared vision for the family’s wealth and what they want that

LPL Research recently unveiled Midyear Outlook 2024: Still Waiting for the Turn, the semi-annual report that recaps where the markets and the economy have been over the first half of 2024. As we reach the halfway point of 2024, a sense of persistence defines the economic and market landscape. Trends from late 2023 have continued,

Recently, my clients announced that their son and daughter-in-law were having twins. They were incredibly proud and highly motivated to start saving for their education. I told them about the 529 college savings plan which also allows tax-free distributions for private elementary and high school. The 529 plan provides an excellent tool where approved educational

Sharon Olson, CFP®, CEPA, President and Founder of Olson Wealth Group and Inspired Life Family Office®, has been recognized as a Trust and Estate Practitioner (TEP) by STEP, the global professional body for trust and estate advisors. STEP has over 21,000 members globally, including lawyers, accountants, trustees, and other practitioners that help families plan for

Olson Wealth Group President and Founder, Sharon Olson, CFP®, CEPA, recently participated in the Mergers and Acquisitions Table of Experts panel discussion hosted by the Minneapolis/St. Paul Business Journal (MSPBJ). The discussion featured insights and perspectives from distinguished professionals, including representatives from Olson Wealth Group, Highland Bank, RSM, EisnerAmper, and Hellmuth & Johnson. As the President and Founder of Olson Wealth Group and

Many of us have heard the cautionary tale of “shirtsleeves-to-shirtsleeves in three generations,” in which a family builds a fortune only to have it gone by the third generation. Many successful families understandably wonder how a family can lose its wealth in such a short amount of time. And more importantly, they want to know

As your trusted financial advisor, it is important to keep you informed to ensure you have accurate information and updates about the process for reporting your investment income and preparing your tax documents. In an effort to save you and your CPA some frustration, we advise that you NOT file your taxes until at least

LPL Research recently unveiled Outlook 2024: A Turning Point, which recaps where markets have been over the last half of 2023 to help position your portfolio through midyear of 2024. It’s with pleasure that we bring you a few of its key highlights today. In 2024, we believe markets will make a definitive turn to a

Women often “tend to be more deliberate in their decisions and look longer term, and end up more effectively making risk-return judgments” as a result, notes Sharon Olson, founder and president of Olson Wealth Group, a multi-family office in Bloomington, Minn. Olson’s company currently advises many multi-generation ultra-high-net-worth families, along with other private clients, on business succession

New chapters, particularly ones with newfound wealth, often require thoughtful, strategic planning to achieve both long-held and newly identified goals. And within a family, this process involves navigating a variety of viewpoints and relationship dynamics that come with managing potentially complex financial and legacy components. It’s an assignment few individuals or families can successfully take

Our 2023 investing outlook started with a theme of returning to normalcy. Considering 2022’s market volatility and the aftereffects of the pandemic, the idea of finding balance was certainly a welcomed change. It’s a theme we could all embrace six months ago and what we will continue to rally around through year-end. That’s not to

Donor-advised funds and charitable remainder trusts are often viewed as mutually exclusive philanthropic strategies. And while many debate the advantages of each, combining them offers leveraged tax deductions, income back to the donor and, in the end, a legacy gift to charitable organizations on your terms. So, how does one maintain the flexibility to freely

May is National Inventors Month and a time to honor the incredible inventions that have changed our lives. In the last decade, there have been countless innovations that have transformed the world we live in. From smartphones and social media to streaming services and electric cars, these inventions have made our lives more convenient and

Olson Wealth Group is proud to announce that Sharon Olson, our Founder and CEO, has been recognized as a 2023 Notable Woman in Wealth Management by Twin Cities Business. Twin Cities Business’ Notable Women in Wealth Management list recognizes outstanding women professionals who are making a significant impact in the wealth management industry in the Twin Cities area.

As we approach the 2022 Tax Filing Deadline on April 18th, we would like to share a tax guide that might be helpful as you finalize your tax filing.

We are honored to share that Olson Wealth Group has been included in LPL Financial’s Chairman’s Council. This elite award is presented to a very select number of high-performing enterprises with exceptional client, financial planning, and investment services. The Olson Wealth Group team is proud to be recognized for this distinctive honor and thank our clients and

As we approach March 4th, we once again are reminded to take a moment to reflect on our past successes and focus on what brings us personal fulfillment. March 4th marks a day to “march forth” towards future goals and refocus on ambitions that are most important to us.   It is during these times of

For C-suite executives, contemplating a job offer (or a promotion within an existing company) is about more than just weighing salary and title. Myriad factors can play into executive compensation: stock options, restricted stock units, long-term incentive plans, vesting schedules, insurance benefits, restricted covenants and releases. The list goes on. While most executives are rightfully

For 2023, the IRS has updated annual contribution limits, contribution eligibility thresholds, tax-deductibility guidance, and plan features for retirement plans and accounts, reflecting the latest cost-of-living adjustments. These changes will impact retirees and retirement savers. The tables below provide an overview of key retirement planning numbers for 2023.

Congress recently passed new legislation to expand the Secure Act of 2019. The recent provisions are referred to as the Secure Act 2.0. Many of these provisions are effective as of this year, while some will not become effective until 2024 or even years later. The recent change includes tax incentives to encourage more employers

As you may know, Congress passed SECURE 2.0 as part of the fiscal 2023 spending package. This bipartisan retirement security legislation could present opportunities for your retirement savings strategy and incentivize you to save for retirement. The new law includes a number of provisions intended to benefit individuals as well as small business owners. We

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