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Financial Partner

Tailored financial support for business owners and executives.

As a business owner, you know that, while cash is the lifeblood of any business, there’s more to professional success than money in/money out.

Building a successful business requires keen decision-making skills, from 30,000-foot view strategizing to capitalizing on last-second opportunities in the moment. But constantly bearing the pressure of making the right move, especially when it has the potential to impact your livelihood and others, can be both isolating and overwhelming. That’s why our support goes beyond just financial advice, our team has practical business experience too, and we’re here to offer support and guidance that makes a difference.

From risk exposure to crucial investment insights, you’ll get the advice your business needs to thrive, including essential technology solutions, with a collaborative approach that’s rooted in your unique needs. We can also help you consider future changes to your markets and other circumstances when planning and projecting growth. You’ll even get our help with succession planning.

Let us simplify your life, take the investment reins, and secure your business legacy.

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May 2024 Financial Planning Newsletter – Spring cleaning!

Spring cleaning! We are all familiar with this time of year. The sun is shining, the windows are open, and donating/decluttering our homes is a focus. Those shirts in the back of your drawer that you haven’t worn in a decade because you wear the same seven shirts can go to a new home (or is that just me?). The same concept can be applied to insurance coverage in your life. Just like those shirts, what you needed 5-10-15 years ago may not be optimal for today. Even if you haven’t changed, rules have. At the basic level: property values, income replacement needs, and health coverage concerns need to inevitably be reassessed over time. At the more advanced level: estate taxes, updated trusts/estate plans, and cross-state revaluations can be very nuanced. Let’s look at three broad categories to start the conversation: Coverage assessment, life changes, and health insurance. I know, these overlap in certain areas, but these are the areas I find myself talking about most frequently. At Sunpointe, we don’t sell insurance policies, but are committed to helping families feel comfortable about their financial situation.  In many cases, that is achieved by giving families confidence that their financial lives are integrated, and risks being addressed.  How can we help you ensure your family is covered and decide on what coverage is necessary? P.s: If you are wondering what my kids talk to their Poppy (Great Grandfather) about when we visit, it is always insurance coverage!

March 2024 Financial Planning Newsletter -Back Door Roth IRA and roth 401k

Just like diversification within your investment portfolio, we normally recommend diversification of asset location, or the type of vehicle in which you are saving.  Having some savings in taxable accounts, some in traditional tax deferred accounts (401k or IRA), and some in Roth retirement accounts gives investors more control over spending and tax impact in the future.    However, many investors can’t contribute directly to a Roth individual retirement account (IRA) due to income limitations. For 2024, the income limits are $161,000 for single, and $228,000 for joint filers, and this number is based on modified adjusted gross income (MAGI). When your income exceeds this, it requires planning to determine “how” and “if” you can utilize a back door Roth IRA to better prepare for retirement. So, what are your options? The most prominent strategy for those above these limits is to do what has been termed the “back door Roth IRA.” In this strategy, you contribute to a traditional IRA, but take no deduction for it, (also known as a “non-deductible IRA”) and then immediately convert this money to a Roth IRA. Because you never took a deduction for the contribution, the conversion is typically tax-free (Please consult your tax professional for your specific situation). The immediate part is important, as any growth in the traditional IRA would be subject to taxes during the conversion process. The other popular strategy is to contribute to a Roth 401k through your employer. This has become much more popular in recent years with a wider range of investment and account type options hitting the market. This option has no income limits like highlighted above which means anyone can use this option if it is offered. There are a couple benefits to this method over the back door Roth. This is much

February 2024 Financial Planning Newsletter

Over the coming weeks, you will hear a lot from us on the topic of Estate Planning. Why? We find that it’s a topic that is uncomfortable for many clients. However, it’s crucial for everyone to have an estate plan; whether you have $300 or $300 million, you need documents in place to guide your loved ones. Highlighting the essential nature of estate planning, Sunpointe’s entire agenda for the first quarterly Financial Planning Webinar will be devoted to this topic. The Webinar kicks off on March 6th at 12 PM EST. (Link to register)  The term “estate” is typically thought of synonymously with “wealth” which certainly has its truths, however, there is a quote that yields truer. “Everyone has an estate plan; some people just choose to control theirs.” There are basic documents everyone should have put together:– A Will and Testament: This gives instructions on how to distribute certain assets.– Healthcare Proxy: This person will work with healthcare professionals to carry out your wishes in the event you can’t make those decisions.– Power of Attorney: Legal authority for another person to make decisions on your behalf.– Guardianship: This person will raise your young children. Trusts:– Revocable Trusts: These can be changed as often as you would like without the need to notify anyone if you are a “Trustor.”– Irrevocable Trusts: Much more challenging to make changes freely but has big advantages from a tax perspective. o Examples:– Dynasty Trusts: Multi-Generational planning– Qualified Personal Residence Trust (QPRT): Designed to remove a home fromyour estate while retaining the right to use the property.– Irrevocable Life Insurance Trust (ILIT): Trust-owned life insurance to reduceestate tax liability at the time of passing. We can help provide you with peace of mind by facilitating the completion of these documents and keeping you on