From building a healthier lifestyle, to buying a home or being more charitable, furthering your education, or planning for your family’s future, this edition of The Fresh Take gathers our latest insights for your New Year's resolutions.
“When we talk to clients about estate planning, we often hear ‘I’m young and healthy, why would I want to think about estate planning and death?’” says Lindsay Hodgkins, executive director of the BBH Next Generation Experience. “While estate planning documents control your assets after death, they can also be helpful in managing your affairs today.”
These documents can help you ease the burden of completing financial transactions and medical decisions while you are out of town, incapacitated, or just too busy to handle alone. Read more in Why Now is the Time to Execute Your Estate Plan.
Whether you recently graduated college or are looking to further your education later in life, there are many paths to choose ahead of you.
“At the end of the day, your education is your power. No matter where you go in life, you will always take your education and credentials with you. For that reason, it is always a great investment,” says BBH Relationship Manager Allison Robinson.
Whether you’re considering a CFA, CFP, or MBA, here’s what to know in Unpacking Financial Designations.
Are you planning on pursuing your entrepreneurial dreams in the new year Starting a business can be a complicated process, and it’s important to understand what will be required of you.
“As a CEO, you need to find a way to both be in the details today and also make time to visualize where the business will be five to 10 years from now,” says Brendan Candon, founder of SidelineSwap. In our Next Gen Spotlight, he provides valuable insight on what it takes to get a startup off the ground.
“A mission statement is more than just a formality – it serves as a compass that directs philanthropic efforts and fosters continuity across generations,” says BBH Head of Philanthropy Drew Rabe. “Whether for individual giving or a family, a clear and concise mission statement helps ensure philanthropy is intentional, focused, and impactful.”
In Crafting a Lasting Mission: Your Blueprint for Meaningful Giving we break down where to begin and how to set yourself up for long term success.
Maybe your loved one just popped the question! Maybe planning your wedding has been on the to-do list for quite a while. It’s never a bad time to think about what your life together looks like financially and how you might best protect it.
Prenups are often portrayed in a negative light, but when approached the right way, they can be a practical way to make things a lot easier down the road. Here’s what to know from BBH Senior Wealth Planner Stacia Kroetz in “Something Borrowed, Something Blue, a Contract to Sign Before ‘I Do.’”
Buying your first home can be equal parts exciting and stressful. Beyond just the purchase price, it’s important to understand the process, available financial strategies, and all the costs associated with your investment.
“First time entrants to the housing marketing are looking for their “perfect” entry point. Notably, they are watching closely to see if fixed-rate mortgages fall back towards pandemic era lows of 3-4% after the Federal Reserve began their interest rate reduction earlier this year,” says Senior Relationship Associate Sean Kennedy. “However, mortgages are largely correlated with longer dated government bonds, which have seen a weakened demand from years of strong economic growth and reignited inflationary developments in the new presidential administration.
With the 30-year average mortgage rate remaining above 6% for the last two years, current homeowners have little economic incentive to sell into a higher rate environment. The result has exacerbated the limited housing supply and increased home prices. In short, the “perfect” entry point may not come, or may be too long to wait.”
In Everything to Know as a First-Time Homebuyer we provide a crucial framework so buyers can be prepared.
As the holiday season brings a spirit of giving, the end of year presents a perfect opportunity to consider your plan for passing down wealth to the next generation. “As you contemplate year-end tax and estate planning, you may also want to finalize your strategy for gifting and take advantage of annual opportunities to maximize tax-free transfers of wealth,” says BBH Senior Relationship Associate Holly Rule. “From gifting within annual tax limits to setting up trusts, careful planning now will allow you to preserve assets for loved ones in years to come.”
If your resolution is to plan for your children’s future, check out “Tax Efficient Strategies for Passing Down Wealth.”
Please reach out to your BBH Relationship Team if we can be helpful in achieving your goals.
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