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Independence is important in retirement. The more independent retirees are, the more fulfilling their retirement is likely to be. However, living independently as you age isn't always easy and may take some degree of planning well before you are even ready to retire. Want to ensure your chance of living independently during your retirement? Below are a few tips to put you on the path toward an independent future. 1. Have Your Finances on Track To remain independent in retirement, you will need to have enough money put aside to take care of your monthly costs and stay on top of inflation. By having enough money to cover your expenses, you may not need to rely on family members and shouldn't have to adjust your lifestyle as much to make ends meet.1 2. Make Your Home Safe While you may have several years before you have to worry about problems getting around your home, it is a good idea to plan for any major expenses you may need to make to ensure your home is safe when you are older.1 3. Keep Up With Medical Visits One of the primary reasons that many people are no longer independent as they age is due to medical conditions. You may lower your risk of major medical issues and lessen the effects of medical issues you may have by keeping up with medical visits and preventive services before you retire.2 4. Take Charge of Your Mental Health Depression and anxiety may become worse as you get older, especially if you don't live around family and friends. If you suffer from any mental health conditions, make sure that you address them so they do not become a significant hindrance when you are older and trying to maintain your independence.1 5. Build a Strong Support System The key to independent living is having help and knowing when to ask for help. As you age, there are tasks you won't be able to complete independently. You may need to outsource tasks to professionals, family members, or friends. By building this support system early, you will be more likely to maintain your independence for longer.2 6. Get Organized Getting organized and having systems in place to help you stay organized is crucial for living independently into your golden years. Keep good records of your finances and budget, keep to-do lists, and have contact information where it is easy to find. The more organized you are, the easier it will be to get through your daily routine.2 7. Keep Up With Technology Understanding and being able to navigate technology is a great way to ensure your independence in retirement. Technology often acts as a lifeline between you and the rest of the world and, when used correctly, has the potential to make your retirement easier. Smartphones, for example, can be used to order everything from food to medical supplies. Camera systems can help you maintain security.2 Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. LPL Tracking #516318-05 Footnotes: 1 “15 Tips to Stay Independent in Old Age (& Stay in Your Home),” Pacifica Angels Home Care, https://www.pacificangelshomecare.com/blog/tips-to-stay-independent-in-old-age/ 2 “3 Best Ways To Remain Independent As You Age,” Forbes, https://www.forbes.com/sites/nextavenue/2021/04/30/3-best-ways-to-remain-independent-as-you-age/ Sources https://www.pacificangelshomecare.com/blog/tips-to-stay-independent-in-old-age/ https://www.forbes.com/sites/nextavenue/2021/04/30/3-best-ways-to-remain-independent-as-you-age/

In the world of investing, risk and reward go hand-in-hand. To help manage risk and reward, investors often utilize a portfolio diversification strategy that mitigates risk while working toward accumulation across asset classes. Diversification mitigates the potential for unsavory pitfalls while offering a variety of suitable outcomes. In this article, we explore portfolio diversification by using concepts related to chocolate to make it more understandable – and palatable. An assortment of chocolates and asset classes When tasting different chocolate flavors, one may revel in the variety of experiences each offers. Some might prioritize white chocolate for its creamy sweetness, while others find the aromatic bitterness of dark chocolate satisfying. Like chocolate tastings, investment portfolios inherently cater to personal preferences. Each investor has goals, objectives, risk tolerance, and time horizon. Portfolio diversification helps tailor these individual tastes to their portfolio's holdings. Much like a box of assorted chocolates, equities, bonds, real estate, commodities, private investments, and other asset types may be included in the portfolio. Each asset type behaves differently under various market conditions, just like every chocolate provides a different flavor profile. Finding the right mix of different investment types can generate optimal results. Balancing chocolate flavors Similar to how chocolates have varying balances of sugar, cocoa, milk, and other ingredients, allocating investments in a portfolio also requires a balance. Too much emphasis on a single asset class can expose the portfolio to unnecessary, concentrated risk – just like consuming excessive amounts of a single type of chocolate may become less enjoyable or lead to negative impacts. By contrast, a diversified portfolio containing various investment types works together to pursue a consistent overall return. Like the chocolate connoisseur who consistently updates their chocolate selections, investors must frequently review, rebalance, and adjust their portfolios. The capital markets never remain the same; as some investments become less attractive or risky, investors must adapt their portfolio asset mix in response to these changes. Cocoa bean and investment strategy origins In the chocolate world, the cocoa beans' origins can come from different parts of the world: Africa, Central America, and South America. Each region produces cocoa beans that add a distinct flavor to the chocolate, enriching the overall experience. Similarly, a diversified portfolio containing investment strategies across different geographies and economies may offer growth opportunities and manage risk. Investors must work with their financial professionals to determine if foreign investments are suitable for their situation. In conclusion, portfolio diversification can be as sweet as a box of assorted chocolates. Diversification enables investors to spread risk across different investments and asset classes based on individual risk tolerance, goals, and time horizons. Finding a suitable investment mix can be satisfying, just like the joy of discovering your favorite piece of chocolate in a chocolate box. Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. This article was prepared by Fresh Finance. LPL Tracking #516734-03

Just as a winning team meticulously plans its Super Bowl plays, individuals and families may benefit from developing a comprehensive plan for their estate. Estate planning isn't just for the wealthy. Estate planning is a strategic move for everyone to use that helps to see your wishes honored, your assets managed, and your loved ones taken care of. Here are a few benefits of having a well-thought-out game plan for your estate. Define Your Goals Just as a football team sets its sights on the Super Bowl trophy, individuals need to define goals for their estates. Whether preserving wealth, providing for family members, or supporting charitable causes, having a clear set of goals helps guide the process and lets you focus on your ultimate goals. Manage Your Assets In football, defensive plays try to prevent the opposing team from scoring. An estate plan also acts as a defense, managing your assets to avoid undesirable issues such as excessive taxation, attacks by creditors, and lawsuits. You could safeguard your wealth for future generations through mechanisms like trusts and strategic gifting. Ensure a Smooth Transition A well-executed game plan ensures smooth transitions between plays and helps your team adapt to unforeseen challenges. Likewise, an estate plan facilitates a seamless transition of assets to heirs, manages confusion, and lowers the risk of any potential disputes down the line. Having clearly outlined instructions on asset distribution, beneficiaries, and contingency plans could help you and your loved ones navigate any unexpected life events. Quarterback Your Legacy In football, the quarterback is the leader on the field, directing plays and making split-second decisions. Likewise, you can act as the quarterback of your estate plan, making critical decisions on important items such as a power of attorney, healthcare directives, and guardianship for minor children. Taking charge now is an opportunity to see your legacy unfold according to your vision. Use Special Teams In football, special teams play a targeted role in handling kickoffs, punts, and field goals. In estate planning, specialized tools like life insurance, charitable trusts, and family limited partnerships act as the "special teams," providing additional avenues to help you work toward your financial goals. Adapt to Changing Conditions Just as a football team adjusts its strategy based on the game's dynamics, an effective estate plan should be adaptable. Regular reviews and updates determine if your plan reflects changes in laws, family circumstances, and financial goals while allowing flexibility. Avoid the Two-Minute Warning In football, the two-minute warning signals the game's imminent end, and teams must act quickly. Similarly, you shouldn't wait until the last minute to create an estate plan. Procrastination may lead to missed opportunities and added stress for loved ones. Planning ahead can help put you more in control. From defining goals and managing assets to quarterbacking your legacy, the parallels between a winning game plan and an effective estate plan couldn't be clearer. By recognizing the importance of early and thoughtful planning, you could work to manage your financial future and your loved ones’ future and leave a lasting legacy that may even rival the triumph of a Super Bowl victory. Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. This article was prepared by WriterAccess. LPL Tracking #516318-04

While protecting your financial data has always been important, it grows even more critical as you start planning for retirement. From preserving your retirement savings to maintaining financial independence to avoiding stress, you want to keep all the assets you've accumulated by hard work. Here are a few steps you may take to protect your financial information now and in retirement. Shred Sensitive Documents Although most financial fraud is committed over the internet these days, some scammers still rely on old-fashioned approaches—and there's no need to make it easier for them! Always shred financial statements, old tax returns, and any other documents containing personal or financial information before you dispose of them. Secure Your Mail On a similar note, you should have a way to secure regular mail, especially if it's delivered to an unlocked mailbox. Be sure to collect your mail promptly to prevent theft of sensitive documents or financial statements. If you travel frequently and cannot get your mail the day it's delivered, consider investing in a locking mailbox with a slot. Secure Your Personal Identification Keep your Social Security card, passport, and other sensitive identification documents in a secure place, such as a locked safe. Don't carry these cards or documents in your wallet or leave them in your car unless absolutely necessary, such as when traveling. Use Strong Passwords and Two-Factor Authentication Create complex and different passwords for each financial account. Consider using a password manager to store and manage your passwords securely. Whenever possible, enable two-factor authentication for your online financial accounts. This adds an extra layer of security by requiring you to type in a code texted to your phone or sent to your email. Beware of Phishing Scams Always be cautious about unsolicited emails, texts, or phone calls requesting personal or financial information. One of a scammer's most effective tools is a false sense of urgency. Financial agencies understand that you may need to verify that a request is legitimate. Scammers pressure you to make a quick decision by telling you your accounts will be locked, or your credit cards will be canceled if you don't immediately comply with their requests. Secure Your Devices Protect your computer, smartphone, and other devices with strong, up-to-date security software. Encrypt your data and use screen locks with PINs or biometrics. Always avoid conducting sensitive financial transactions on public wireless networks. If you absolutely must use public Wi-Fi, use a VPN. Consider a Credit Freeze If you're not actively seeking new credit, consider placing a credit freeze on your credit reports. This restricts access to your credit information, making it far more difficult for identity thieves to open new accounts in your name. Taking these precautions can significantly reduce the risk of falling victim to identity theft as you approach retirement. Consider consulting with a financial professional to manage your accounts. Have them set up in a way that manages the risk of fraud and provides a secure transition into retirement. Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This article was prepared by WriterAccess. LPL Tracking #502472-03

When you think of identity theft, you may think of unauthorized credit card payments or new lines of credit. However, tax identity theft is one of the most common types of identity theft — and it’s also the most common fraud attempt during tax filing season.1 If your identity is stolen for tax purposes, you can find yourself waging battle on two fronts: against the identity thief and the IRS. Fortunately, protecting your tax identity doesn't have to be difficult. Below, we explain a couple of ways you can theft-proof your ID. Identity Protection PIN The IRS can issue an identity protection pin ("IP PIN") that will prevent anyone else from filing a tax return using either your Social Security number or your individual taxpayer identification number ("TIN"). Only you and the IRS will know your IP PIN, and the identity verification process required to qualify for an IP PIN helps prevent fraud. Your IP PIN is valid for just one calendar year, and the IRS will generate a new PIN each year for as long as you'd like one. To get an IP PIN, you can either confirm your identity through an online process or file an application in person at a local IRS office.2 Keep this PIN in a secure place, since entering the wrong IP PIN on your electronic or paper tax return will cause it to be rejected. Also remember that the IRS will never ask you for your IP PIN, so don't reveal this PIN to anyone but your tax professional. Identity Protection Software Along with the IP PIN issued by the IRS, there are several different types of identity protection software that can prevent your SSN from being used anywhere without your consent. These programs will ensure you receive notifications whenever someone is trying to use your personal information for their own gain. These programs aren't specifically for protecting your tax identity, however; they will also lock your credit at credit bureaus to prevent others from taking out loans or lines of credit using your personal information. This means that whenever you'd like to apply for a new credit card or refinance your mortgage, you'll need to have this credit lock temporarily lifted and then re-applied. Because of the above factors, if you'd prefer to protect only your tax identity—not your total identity—an IP PIN may be the way to go. Important Disclosures: Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. LPL Tracking # 1-05345916. Footnotes 1  “Identity Theft Reports by State, 20022,” IPX 1031, https://www.ipx1031.com/id-theft-by-state-2022/ 2 “Get an Identity Protection PIN,”  Internal Revenue Service, https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

Do you consider yourself a high-net-worth individual (HNWI)? Most people tend not to categorize themselves or see themselves as anything more than a spouse, parent, sibling, neighbor, boss, or business owner. However, society does classify people. HNWIs typically have at least $1 million in cash or assets that can be converted to cash easily, which could make planning for retirement more complex. Organizing your financial life can seem daunting at first, so here are 6 ideas to help you get started. 1. Goal setting and money management People of significant means are often interested in wealth preservation and growing their savings and investments. They are also noticeably concerned with the social impact their money will have on the world. According to the Oxford Press, wealth managers have shifted their focus from specific investment vehicles and strategies to a more holistic investment approach and goal setting. With goals in place, cash flow projections with inflation adjustments will be easier to design. Historically, inflation averages around 2.5% annually; however, recently, this average has deviated. A financial professional can help you adjust your long-term strategy to include a rise in future inflation and assist with planning how to save enough money to stretch 30+ years without getting sidetracked by expenses such as college tuitions or weddings. Thirty-four percent of U.S. HNWIs claim retirement savings as a top goal, while 26 percent cite preserving wealth for their children as their highest priority. The reality is that creating a comprehensive plan can be challenging and careful planning is critical. 2. Max out your retirement accounts A 401(k) can be a powerful tool. If you have access to a plan through your employment, it may be beneficial to max out your 401(k) each year and take advantage of any match offered by your employer. The contributions are tax-deductible in the year that they are made. Any money left over can be put into an individual retirement account (IRA), health savings account (HAS), annuity, or another taxable account. Some retirement accounts have required minimum distributions (RMDs) which, by law, you must withdraw once you attain age 73. In some cases, you may be able to delay RMDs until after you retire if you are still working at 73. Other complexities may arise if you inherit a retirement account, but consulting a financial professional can help you determine how to proceed depending on your relationship with the account holder, the type of account, and the decedent’s date of death. The following accounts generally required minimum distributions after a certain age: Traditional IRAs SIMPLE IRAs Inherited IRAs (typically, however, there are some exceptions) Simplified Employee Pension IRAs (SEPs) Qualified stock bonus plans Qualified pension plans Qualified profit-sharing plans, which include 401(k) plans Section 403(b) and Section 457(b) plans 3. Stay up to date with tax law changes Estate and gift tax changes – As of January 1, 2023, the federal gift/estate tax exemption increased to $12,920,000, while the federal annual exclusion amount increased to $17,000 per person per parent. So, in effect, any individual may receive up to $34,000 per couple per year. Any amount over the $34,000 threshold can be put toward the lifetime exemption amount. Utilizing this benefit now may be a good idea as come January 1, 2026, unless Congress decides otherwise, these high exemptions are scheduled to sunset and return to the previous Tax Cuts and Jobs Act amounts. Modifications to charitable deductions – Currently, you are permitted to deduct 60% of adjusted gross income (AGI) for cash contributions held for over a year. For non-cash assets (property and long-term appreciated stocks), you generally deduct, at fair market value, up to 30% of your AGI for charitable contributions to an IRS-qualified 501 (c)(3) public charity if you select to itemize, which means forgoing the standard deduction. To account for inflation, the standard deduction is higher in 2023, up to $13,850 for individuals, $20,800 for head of household, and $27,700 for married couples who file joint returns. When you itemize, you should expect the sum of your itemized deductions to be greater than the standard deduction. Home sale exclusion for primary residence (Statue 26 U.S. Code 121) – Exclusion of gain on the sale of principal residence allows an exclusion of $250,000 (for individuals) and a $500,000 (for married couples) on home sale gains. People who own a home as a primary residence for at least two of the five years immediately before selling their home can qualify for capital gains tax exclusion. There are many moving parts and rules to this exclusion, and getting help from a financial professional is highly encouraged. The impact from Medicare surtax – Taxpayers that are above certain income thresholds of $125,000 (married and filing separately), $200,000 (single, head of household or qualifying widow or widower with dependent child), or $250,000 (married and filing jointly) may be subject to the Medicare surtax of an additional 0.9% tax rate. This can be a bit confusing. HelpAdvisor gives a good example; if you make $150,000 per year and are married and filing separately, you pay the standard 1.45% on the first $125,000 and 2.35% (1.45% + 0.9%) on the remaining $25,000. Other expenses that qualify for deductions along with charitable donations include: State and local tax Mortgage interest Medical and dental expenses 4. Confirm and communicate your charitable goals An estimated 95% of HNWI gives to charity. A financial professional will want to know the details about your philanthropy efforts to help you get the most out of your giving strategy. o   How are you involved in a charity? Are you just a donor, or do you sit on the board? o   Why do you support the charities that you do? o   What types of assets do you typically donate? o   Have you always donated, or do you plan to wait and donate after you die? 5. Create a withdrawal strategy The question many retirees have is, “How do we deal with withdrawing our money when the time comes”? When it comes to your retirement, having a well-defined plan can help mitigate stress and frustration and potentially preserve wealth. Some of the concepts you may want to explore include: Focusing on the lower tax brackets first – Typically, the income of a high net-worth individual will dip after you stop working. Depending on your age and other requirements, you can consider withdrawing from your IRA and paying the taxes at the lowest marginal tax rate, especially in that window before social security benefits kick in. And if you can, delay taking social security benefits until the maximum age, maximizing the amount you will receive. Review where your assets are located – Where are your stocks and bonds, for example, located? Are they in a tax shield IRA account where you may benefit because the bonds produce income taxed at ordinary income rates? IRA Conversion (Traditional IRA -> Roth IRA) and Recharacterization (Roth IRA -> Traditional IRA) – A potentially helpful strategy, albeit complicated, involves converting assets from an IRA to a Roth IRA in what is called a Roth conversion. You pay taxes on any assets converted, and money is withdrawn later tax-free. This strategy could be beneficial if you suspect you may be in a higher tax bracket in the future. A recharacterization is converting assets from a Roth IRA to a traditional IRA. So, for example, you convert assets to a Roth account, and the market happens to drop after your conversion. You can recharacterize those assets back to a traditional IRA, removing the tax liability resulting from the conversion. Don’t get bullied by the tax rates – You can’t predict the future of the tax rates and where you will be within them down the road. If taxes happen to go up, which they tend to do, then your tax-deferred money suddenly has less value than before since it gets taxed at a greater rate upon coming out of the account. Because this is possible, you should consult a financial professional and let them help you create a strategy that aligns with your financial goals. 6. Seek professional financial guidance Managing your finances in an ever-changing world can be overwhelming, especially if you are someone with significant wealth. It would help if you had someone to guide you along your financial journey. Working with a financial professional can help you mitigate risk, consider options you might not have considered before, and stay aligned with your financial goals. Schedule a meeting with a financial professional and get the help you need to start your retirement planning journey today. Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. Traditional IRA account owners should consider the tax ramifications, age and income restrictions in regards to executing a conversion from a Traditional IRA to a Roth IRA. The converted amount is generally subject to income taxation. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax. An annuity is a financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time. Annuities are primarily used as a means of securing a steady cash flow for an individual during their retirement years. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy. This article was prepared by LPL Marketing Solutions Sources: Medicare Tax Rate 2023 | HelpAdvisor.com For high-net-worth investors in America, planning is key to confidence in financial goals (rbcwealthmanagement.com) How to Receive a Charitable Tax Deduction | Fidelity Charitable 2023 Tax Rules and Tips for Easier, Cost-Effective Charitable Giving | UNICEF USA Tax Considerations for High-Net-Worth Individuals in 2023 - CPA Practice Advisor High-Net-Worth Retirement Planning Guide - SmartAsset You Can Contribute Even More To Your 401(K) In 2023, But Should You? (forbes.com) High Net Worth Individuals and Donor Advised Funds (aefonline.org) Avoiding capital gains tax on real estate: how the home sale exclusion works (hackyourwealth.com) Guardrails Approach: A Flexible Retirement Withdrawal Strategy (cnbc.com) LPL Tracking #1-05374400

Tax planning might be complex, but it's also essential—especially for high-net-worth families, where missing tax breaks or failing to optimize income could cost significant dollars, maybe millions, over a lifetime. And even in the short term, with the highest marginal federal tax rate sitting at 37% for 20241 (plus additional state and local taxes), a lack of tax planning could mean you keep less than half of every dollar you earn. Here are four tax planning tips that may help you optimize your finances. Allocate and Diversify Your Taxable Assets High-net-worth families tend to have a broader range of assets than other families. These assets may include stock, real estate, alternative investments, businesses, and assets held in trust. By putting each asset in a helpful category for tax purposes, you'll be able to manage your tax liabilities. For example, many investors hold tax-efficient investments like municipal bonds, ETFs, and tax-managed stock funds in taxable accounts. Because these underlying investments are already tax-efficient, paying taxes on any earnings at year-end won't take much of a bite out of your investment. Meanwhile, tax-inefficient investments (or those that tend to lose more of their returns to taxes) are possibly held in tax-advantaged accounts, like 401(k)s and IRAs, where you might be more strategic about when to take withdrawals. Consider Other Tax-Efficient Investment Strategies Along with effectively allocating your taxable assets, it's important to take advantage of tax-efficient investment strategies, such as tax-loss harvesting, to offset gains with losses and manage capital gains tax. Consider investments that generate qualified dividends and long-term capital gains since these are typically subject to lower tax rates than short-term capital gains or regular income. Plan Your Estate Estate planning is important at all income levels, as it helps guide your assets to those you want to have them. But for high-net-worth families, creating a comprehensive estate plan becomes even more crucial, as estate taxes may come into play. If you pass away in 2024 or 2025 and leave more than $12.92 million (the current exemption) to your loved ones, they may be required to pay taxes on any amount above this exemption. And remember, you are allowed to give your loved ones up to $17,000 per year (or $34,000 if you're married)2 without it counting against this lifetime exemption, so feel free to begin transferring assets while still alive. Shift Your Income High-net-worth families may use income-shifting strategies to distribute income among family members in lower tax brackets. This might involve setting up family partnerships or trusts—but be careful about the "kiddie tax" rules that apply to unearned income for children under 18. It's important to remember that these are general guidelines, and tax planning should be tailored to your specific financial situation and goals. Because tax laws change almost every year, you must stay informed of these changes and adapt your tax strategy accordingly. Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. The tax-loss harvesting and other tax strategies discussed should not be interpreted as tax advice and there is no representation that such strategies will result in any particular tax consequence. Clients should consult with their personal tax advisors regarding the tax consequences of investing. The payment of dividends is not guaranteed. Companies may reduce or eliminate the payment of dividends at any given time. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. LPL Tracking #502472-01 Footnotes 1 Get Ready: Sneak Peek Of 2024 Tax Rateshttps://www.forbes.com/sites/matthewerskine/2023/09/14/get-ready-sneak-peek-of-2024-tax-rates/?sh=3ccb57e54912 2 The Estate Tax and Lifetime Gifting https://www.schwab.com/learn/story/estate-tax-and-lifetime-gifting

Christina Shockley, JD, CFP®, Chief Planning Officer When Gatewood Wealth Solutions became independent, it offered us the opportunity to make our own decisions as a firm when it came to how we cared for our clients — from the technology we used to the services we offered. As Chief Planning Officer, I worked closely with the GWS Leadership Team to carefully craft a Client Care Team structure that suited our clients’ needs. To me, this structure is one of our most important differentiators in the market. What Do We Mean by “Team Structure?” The phrase “team structure” can be used in reference to a number of team configurations. But to us, “team structure” refers to a true ensemble structure in which all teams work under the same roof to serve our clients consistently with uncompromising quality. To accomplish this, we carefully divided our clients according to financial life complexity into three groups: Private Client Care: Ultra-high net worth, ultra-high financial complexity. Client Care Plus: High net worth, high financial complexity. Client Care: Average net worth and financial complexity. Within those segments, we designated specific Client Care Teams to serve a particular number of families, so they could familiarize themselves with precisely what typical client needs are within those segments. Finally, regardless of segment, each of our Gatewood Wealth Solution client families has their own Client Care Team served by four professionals collaboratively working together to guide clients towards their financial goals. They include: Wealth Advisor Wealth Planner Wealth Coordinator Portfolio Strategist We intentionally structured our team this way, so that no financial plan or investment portfolio is ever reliant on just one person. If something ever happened to one of the advisors — whether retirement, promotion, death, or any other unforeseen circumstance — there would always be another team member familiar with the client's goals, objectives, and moving pieces. This continuity plan ensures we can deliver on our promises to the families we serve for generations to come as a truly enduring firm. While some firms take the traditional, one-client-to-one-advisor approach, we set the standard on a true family-to-firm approach. Below is a breakdown of each role, what the responsibilities are, and why we structured them this way: Wealth Advisors Brian McGeehon, MAcc, CFA®, CLU®; Christina Shockley, JD, CFP®; Dan Goeddel, MBA; or Jared Freese, CFP®, CLU®, CEPA®, ChFC® As your primary relationship manager, your Wealth Advisor is responsible for enhancing your experience with our firm. His/her main goal is to ensure your family is receiving excellent Client Care, especially during times of crucial or complex life decisions. Contact him/her with questions on: Your experience with GWS Changes to your high-level goals and strategy Navigating all of the resources GWS has to offer Introductions to outside, trusted professionals -- Wealth Planners Nina Breen, CFP®, RICP®; Lauren Goeddel, CFP®; or Clint Clemons, CFP® Your Wealth Planner is your family's personal Certified Financial Planner® professional. The CFP® designation demonstrates their proficiency in financial planning, risk management, investment, tax efficiency, retirement, and estate planning advising. They create and maintain your personalized financial plan that aligns with your goals and aspirations, going beyond simply providing day-to-day services. He or she will be your go-to for most questions! Contact him/her with comments or questions on: Updates to your family’s financial plan Important financial decisions Scheduling meetings Moving money Investing excess cash -- Wealth Coordinators Melissa Sims, CLU®; Blake Higdon, MBA; Mo Khalid, MSF; Annie Erickson, CPA, MAcc; and Brandon Laxton, CFP® Your Wealth Coordinator takes care of the administrative details of your accounts, from information updates to paperwork. They are the glue that holds the team together, and they work tirelessly to ensure your family has its financial details covered. Contact them with questions on: Account paperwork Address changes DocuSign Account Aggregation on the GWS Portal (our app) LPL My Account View (Tax documents and statements) -- Portfolio Strategists Aaron Tuttle, CFA®, CFP®, CLU®, ChFC® and Chris Arends, CFA®, CMT, CAIA® Each Portfolio Strategist is a member of the GWS Investment Committee. This group works behind the scenes every day to ensure we're positioning your investments in a way that helps you pursue your goals. Be sure to tune into our Market Insights videos to hear their transparent take on the market! With this Client Care Team structure, you can be confident we’re proactively watching out for your family’s financial needs — and you’ll know exactly to whom to go with your questions. We’re proud of our team and confident in their ability to provide you with a high-quality experience. We always welcome feedback, so feel free to share any ideas or feedback with your Wealth Advisor.

Whether you are just entering your golden years or are already several years in, setting goals to stay on track and maintain your health, happiness, and finances is essential. So why not use the New Year's holiday to turn these goals into resolutions you will work on for the upcoming year? Ready to get started tackling some new goals to help improve your mind, body, and finances? Below are a few resolutions worth considering. Create a Budget Creating a new budget each year is an excellent idea as it will allow you to review your expenses and income, see areas where you may need to cut back and determine if your current budget is working or is time for a little revamp. If you have not created a budget before, you will need to write down all of your monthly expenses and your monthly income. It may be beneficial to list your monthly costs in order of importance if you need to find places to trim some excess. Ensure to include everything, including the money you put away in monthly savings and money allocated for clothing and entertainment.1 Get Active Staying active is vital to physical and mental health, but as you age, you may become less active than before. Even if you have physical limitations, you will still be able to find some way to stay physically active. Enjoy daily walks or go swimming when you have the chance. You may also want to consider physical hobbies and sports that interest you, such as golf or tennis. Sports are a great way to stay physically active, get social interaction, and stay mentally sharp.2 Review Your Insurance Policies Your insurance needs will change over time, so giving them the once-over each year is an excellent practice to make sure you have the coverage you need for each stage of life you are at. Ensure you have enough coverage and the correct coverage so you don't have a significant financial burden after a loss.1 Stimulate Your Mind A healthy mind leads to a healthy body, and for many, as they age, mental stimulation is less common in their day-to-day life. Consider joining a group such as a book club or gaming club where you will be able to enjoy activities that stimulate your mind and also provide you with social interaction.2 Review Your Estate Plan Estate planning is an important piece of retirement planning. Without a plan, you may find that your final wishes are not fulfilled or that an undue burden has been placed on your family, who may have to make medical and financial decisions without knowing what you would want. If you don't have one in place, now is the time to have one created. If you currently have one, ensure it still aligns with your current situation and wishes.2 Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. LPL Tracking #490820-01 Footnotes 1 “12 Financial New Year's Resolutions for 2023,” US News Money, https://money.usnews.com/money/personal-finance/saving-and-budgeting/slideshows/financial-new-years-resolutions 2“Tip Sheet: Top 10 Healthy New Year’s Resolutions For Older Adults, Healthy Aging.org, https://www.healthinaging.org/tools-and-tips/tip-sheet-top-10-healthy-new-years-resolutions-older-adults

In Charles Dickens's timeless classic, "A Christmas Carol," Ebenezer Scrooge transforms from a miserly old man to a generous and empathetic soul. Along the way, he encounters the Ghosts of Christmas Past, Present, and Yet to Come, who reveal important lessons about life and, surprisingly, financial planning. Join us on a journey through Scrooge's experiences to learn valuable financial lessons regarding the past, present, and future. The Past: "Financial Regret and Missed Opportunities" In the first part of Scrooge's journey, the Ghost of Christmas Past shows him scenes from his earlier years. Scrooge witnesses moments of missed opportunities and poor financial decisions, like turning down his nephew's invitation to celebrate Christmas or neglecting to help those in need. These glimpses from his past remind us of essential financial planning lessons. Opportunity Cost Scrooge's obsession with money causes him to miss life's most precious moments. The lesson is that financial planning should balance saving/investing for the future with enjoying the present. Generosity Pays Off Scrooge's transformation began when he realized the joy of giving. Charitable giving may benefit others but also bring personal fulfillment. The Present: "Finding Joy in Financial Balance" In the second part of his journey, Scrooge is visited by the Ghost of Christmas Present, who shows him the joyous celebrations of others, including the Cratchit family. Despite their meager means, the Cratchits find happiness in their modest Christmas feast and love for one another. From the present, we may learn these lessons. Family and Relationships Matter Money should not be the sole focus of our lives. Building and nurturing relationships with loved ones can bring lasting happiness that no amount of wealth can replace. Living Within Your Means The Cratchits make the most of what they have. Living within your means and budgeting wisely is crucial for financial stability. The Future: "Consequences of Neglected Financial Planning" Finally, Scrooge is confronted by the foreboding Ghost of Christmas Yet to Come, who shows him a future where his death is met with indifference and scorn. This bleak vision is a stark reminder of the importance of long-term financial planning. Estate Planning Scrooge's neglect of estate planning led to a chaotic distribution of his wealth. Proper estate planning ensures that your assets are passed on to your chosen beneficiaries as you wish. Preparing for the Unexpected The future is uncertain, but investing wisely, having insurance coverage, and saving for retirement may help you prepare for life's twists and turns. Just as Scrooge's journey led to his character's transformation, it also offers valuable financial planning lessons. From the past, we learn to seize opportunities and embrace generosity. In the present, we find the importance of balancing economic goals with life's joys. And in the future, we are reminded of the need for careful planning and preparation. Let's take a page from Scrooge's book this holiday season and consider the financial lessons that Dickens cleverly wove into his tale. May your financial journey be balanced, generous, and prepared, ensuring a brighter future for you and those you care about. Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation. This article was prepared by WriterAccess. LPL Tracking #490820-02

It’s the most wonderful time of year. The holiday season is upon us, and no matter what festivity you participate in, there is a good chance that you might once again watch the timeless Dr. Seuss classic, The Grinch Who Stole Christmas. It is not just a fun Christmas story that has stolen our hearts since 1957; it is a story packed with life and business lessons that we can apply to our lives. What makes this story so poignant is not just the antagonist (The Grinch) trying to ruin the hopes and joys of the protagonists (the Whos) but the transformation of good over evil, positivity over negativity, and the realization that it is the collection of small things you do in pursuit of a bigger goal. Here are five business lessons we can steal from the Grinch: 1. Creating goals and formulating a plan The prickly and cranky Grinch lives in a cave on a mountain that looks down upon the town of Whoville, where the cheerful and fun-loving Whos live. Every Christmas, the Whos celebrate with songs, toys, and festivities. This Christmas Eve, the Grinch has finally had enough and decides that he is going to stop Christmas from coming. The Grinch has created a goal. He then plans to disguise himself as Santa Claus, travel down the mountain to town, and steal the presents, food, and Christmas trees from each house in Whoville. The Grinch set a goal for himself, formulated a plan, and executed it. The same strategy applies to individuals in the business world. Setting goals and creating plans provides a direction and a map of how to work toward the end result. 2. Thinking while under pressure While the Grinch is in one house, a young Who, Cindy Lou, interrupts him in the act cramming the Christmas tree up the chimney. The Grinch is forced to think on his feet and out of the box to escape the situation. Despite being caught red-handed, a moment that would leave some people frozen and tongue-tied, the wily Grinch is able to think on his feet, replying to the young Who that a bulb on the tree is broken. He is taking the tree to fix the bulb, and then he will “return it right here.” In this case, the Grinch wasn’t being honest, but he could pursue his goal by thinking on his feet under pressure. In business, you have to be able to think on your feet and often under pressure. Just make sure to always be honest! 3. Attention to detail The Grinch’s attention to detail in the story is quite remarkable. He takes literally everything representing Christmas for the Whos, going so far as to take a crumb off the floor. Attention to detail is a skill that helps with time management, accurate reporting, the management of workloads and day-to-day responsibilities, and other important aspects of business. 4. Don’t get tunnel vision The Grinch had a big goal and a heart three times too small. He would steal Christmas this year so the Whos couldn’t enjoy the holiday. He formulated a plan and carried out a tremendous feat by sneaking into Whoville in the middle of the night and stealing all the presents, stockings, food, and toys from every house and took all the goodies on his sleigh to the top of Mount Crumpit to be thrown into the abyss. When the Whos woke up, they would find out that Christmas was gone. The Grinch expected them to be as miserable as he was, but instead of crying over material things, they joined hands and sang joyful songs. In a remarkable transformation, the Grinch, hearing the Whos singing, realized that there was more to Christmas than what he stole, and his heart grew three times bigger. Instead of being stuck in his tunnel vision of damage and destruction, he returned to Whoville and gave the Whos back their property. The Grinch changed from having a small cold heart to a large warm one. This significant moment of learning and growth shows us that we should never get too hung up on any one idea. Be willing to observe and evolve with the changing world around you. The lessons we learn in business and out in the world that can be applied to business may influence our financial decision-making. We often think we are knowledgeable when it comes to our financial goals and what we need to do to align our actions to reach these goals. However, the business world is complex, regularly changing, and there are so many moving parts moving simultaneously. Getting the help from a financial professional can be very beneficial when it comes to making decisions that affect your business or financial strategy. Although he’s a mean one, even the Grinch would agree. Important Disclosures: The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy. Sources: 9 How The Grinch Stole Christmas Part 1 Low mpeg2video - YouTube This article was prepared by LPL Marketing Solutions LPL Tracking # 492996

The holiday season is a time of joy and headaches, celebration, fatigue, and togetherness mixed with a few knock-down drag-out fights. On top of the emotional rollercoaster ride can come a big wallop of financial stress. From buying gifts to hosting parties and traveling to see loved ones, plus filling up a cabinet with booze, expenses can quickly add up, leaving many overwhelmed. However, with careful planning and a few practical strategies, you may manage your finances, keep all your hair, and enjoy the holidays without breaking the bank or accumulating excessive debt. Here are five strategic to-do’s that are worth considering. To-do Number One — Create a Realistic Budget The emphasis is on being realistic instead of maxing out your credit cards. Start by listing all the holiday-related expenses you anticipate, including gifts, decorations, travel, and hosting expenses if you're entertaining guests. Be sure to account for any regular monthly bills and ongoing commitments. Once you estimate your anticipated expenses, set a spending limit for each category. You might allocate more funds to the most important aspects of the holidays, such as gifts for loved ones. However, a thoughtful and meaningful gift doesn't always have to come with a hefty price tag. Cut back on less essential items like an out-of-this-world outdoor holiday display that makes the energy bill sky-high. To-do Number Two — Start Saving Yesterday Procrastination may lead to last-minute financial stress. Start saving for the holidays well in advance. Open a separate holiday savings account. Even small, regular contributions add up, perhaps making a significant difference when the holiday season arrives. Consider automating your savings by setting up direct deposits or automatic transfers to your holiday fund. This way, you won't be tempted to spend the money on other foolish things, and you'll have a financial cushion when the holidays arrive. To-do Number Three — Creative Gift-Giving Gift-giving is a cherished holiday tradition but may also be a significant source of financial stress. To alleviate this pressure, consider more creative and budget-friendly gift-giving options. Create thoughtful and personalized gifts such as handmade crafts, baked goods, or photo albums. Suggest to friends and family that you draw names and only buy a gift for one person rather than purchasing something for everyone. Establish a cap on how much you and your loved ones spend on gifts to keep expenses in check. Instead of physical gifts, consider gifting experiences like concert tickets, a cooking class, or a spa day. To-do Number Four — Sales and Discounts are Your Friend The holiday season is known for its numerous sales and discounts. Keep an eye out for Black Friday and Cyber Monday deals and pre-holiday sales. Make a list of the items you need to purchase and research prices to help get better deals. Additionally, consider using cashback and rewards programs credit cards offer to save money on purchases. Pay off your credit card balance in full before interest charges apply to avoid accumulating interest charges. To-do Number Five — Manage Expectations The pressure of high holiday expectations may drive you to financial stress. To alleviate this, open a line of communication with your loved ones about your budget constraints. It is OK to admit you're broke. Explain how you'd like to enjoy the holidays without so much focus on material things. Encourage friends and family to participate in budget-friendly activities or opt for more meaningful, non-material gifts. You may manage to foster a spirit of understanding and a true holiday spirit of being grateful for what you have. This article was prepared by WriterAccess. LPL Tracking #490642-01