2025 Economic & Investment Outlook

by

In this new video, Principals Ross Bramwell and Ford Donohue cover some key economic and investment themes:

· Markets have rewarded investors under a variety of U.S. Presidents

· The Fed may slow the pace of rate cuts given strong economic data

· Consumers remain resilient despite cautionary reports

· Mixed economic data will continue on path to soft landing

· A lot of good news is priced into stocks; broadening of earnings needs to continue

· The soft-landing scenario is looking more likely, but risks remain

· Geopolitical risk is elevated, but markets are taking it in stride for now

· Overall positioning – We see lower recession risk but monitoring elevated valuations

Watch here: https://youtu.be/ZS6ZCzXaL3A

Homrich Berg Brings On $6.4B RIA WMS Partners As Part of Family Office Expansion

by

$18B Atlanta-based RIA continues growth into the mid-Atlantic region

ATLANTA — December 11, 2024 —HB Wealth Management (HB), a leading Atlanta-based fee-only wealth advisor with offices across the Southeast, has entered into a definitive agreement to acquire WMS Partners (WMS), a $6.4 billion multi-family office and registered investment adviser (RIA) based in Towson, Maryland, which will become part of HB Family Office. The transaction is expected to close in early Q1 of 2025, subject to customary closing conditions.

Since 1993, WMS has provided a holistic suite of wealth management and family office solutions for high- and ultra-high-net-worth individuals and families, including robust trust and estate planning capabilities and a sophisticated private investments platform. The firm, founded by Tim Chase, David Citron and Martin Eby, has grown to more than 80 employees and partners.

“HB is highly selective as we evaluate potential partners, and we are thrilled to join forces with WMS Partners who we have long admired for their unwavering commitment to serving as a fiduciary to client families,” said Homrich Berg President and CEO Thomas Carroll. “WMS and HB share a unique approach to advanced planning and private market investing, and this collaboration will complement and enhance our service offering, allowing us to even better serve clients with complex planning and investment needs as we move to become the premier independent fee-only RIA in the Southeast plus region.”

“Our pledge to client families has always been to create a permanent solution to serve multiple generations,” said Martin Eby, co-founder and Senior Advisor at WMS. “By joining HB, we will fulfill that promise and benefit from a platform and leadership team that shares our unwavering commitment to always putting clients first. We look forward to a seamless transition and know the essence of WMS will remain as we join HB.”

“We’ve had a multi-year relationship with HB and have built strong connections across our organizations,” added Todd Wickwire, CEO of WMS. “We feel very fortunate to have found a firm with shared values and a vision of serving clients as fiduciaries and innovating through their investment and planning platforms.”

This transaction is a pivotal inflection point in HB’s growth story expanding into the mid-Atlantic region and comes on the heels of recent milestones for HB, including its strategic minority investment from TPG Growth and the opening of a Tampa, FL office through the addition of a 12-person team. Notably, the acquisition is the first since hiring Andrew Page, Head of Corporate Development at Homrich Berg, to lead its mergers and acquisitions activities.

The WMS acquisition will bring HB’s total assets under management to over $24 billion, expanding its footprint to include 10 offices across five states with more than 300 team members. At the closing of this transaction, all 21 WMS shareholders will become owners in HB, bringing the total shareholder count for the combined firm to over 70.

Willkie Farr & Gallagher LLP served as legal counsel to WMS Partners, while Alston & Bird LLP served as legal counsel to HB.

Read more here: https://citywire.com/ria/news/homrich-berg-to-acquire-6-4bn-wms-partners/a2456294?re=126600&ea=1905439&utm_source=BulkEmail_USA%20RIA%20Breaking%20News&utm_medium=BulkEmail_USA%20RIA%20Breaking%20News&utm_campaign=BulkEmail_USA%20RIA%20Breaking%20News&link_id=1778767

About Homrich Berg

Founded in 1989, Atlanta-based Homrich Berg is a national independent wealth management firm that provides fiduciary, fee-only investment management and financial planning services, serving as the leader of the financial team for our clients, including high-net-worth individuals, families and not-for-profits. Homrich Berg manages over $18 billion for clients across the U.S.

About WMS Partners

Founded in 1993, WMS Partners has built a reputation as a trusted multi-family office and wealth management firm. As a fee-only fiduciary, WMS Partners provides sophisticated planning and investing services tailored to the unique needs of wealthy families. The firm emphasizes open communication, fiduciary commitment, and a collaborative approach with clients’ other advisors to ensure holistic financial stewardship.

Media Contact

Lily Schlosky
Gregory FCA
610-860-2103
lily@gregoryfca.com

New Year’s Resolutions for the Suddenly Single Woman

by

As one year ends and another begins, there is an opportunity to reflect, renew, and reshape our priorities. Many of my clients are eager to close the door on the current year after navigating the loss of a partner or closing the chapter on their marriage with a divorce. Using this time to set meaningful resolutions can be an empowering way to embrace the next chapter. Here are some resolutions to inspire growth, healing, and confidence in 2025.

1.Prioritize Self-Care

    This year, commit to making yourself a priority. Whether it’s setting aside time for regular exercise, picking up a mindfulness practice, or scheduling routine health checkups, self-care is the foundation of personal resilience.

    Ideas to try:

    • Join a yoga or fitness class to improve both physical and emotional strength.
    • Start journaling to process your emotions and track your personal growth.
    • Treat yourself to something special—a spa day, a hobby class, or a weekend getaway.

    2.Revamp Your Financial Plan

    Taking charge of your finances can provide peace of mind and independence. Review your spending plan (aka budget), savings, and financial goals to ensure you’re building the future you want.

    Steps to consider:

    • Create a spending plan tailored to your new circumstances, reflecting both current expenses and long-term goals.
    • Meet with a financial advisor to reassess investments, retirement plans, and debt management​​. Not surprisingly, many prospective clients call our office after talking with friends and family members over the holidays.
    • Educate yourself on financial topics through online courses or workshops.

    3.Explore Career Opportunities

    If your circumstances call for a fresh start professionally, this could be the year to explore new career paths or advance in your current one.

    Tips for success:

    • Assess your current skills and determine if additional training is needed​.
    • Set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals for your career progression.
    • Expand your professional network through LinkedIn, local events, or mentorship programs.
    • Read my other blog specifically on this topic.

    4.Strengthen Your Support Network

    You don’t have to navigate this journey alone. Surround yourself with friends, family, and professionals who uplift and guide you.

    Ways to grow your network:

    • Reconnect with old friends or make new ones by joining clubs or volunteering.
    • Seek a therapist or counselor to help process emotions and rebuild confidence.
    • Find peer groups of women who have experienced similar transitions.

    5.Pursue Personal Growth and Passion

    Reignite your sense of purpose and joy by diving into something you’re passionate about. The new year is the perfect time to try new things or rekindle old interests.

    Suggestions to inspire you:

    • Take up a hobby you’ve always wanted to try—whether it’s painting, gardening, golf, or learning a new language.
    • Dedicate time to causes or charities close to your heart.
    • Explore travel destinations that you’ve always dreamed of visiting.

    6.Celebrate Small Wins

    Change doesn’t happen overnight. Make it a resolution to celebrate even the smallest victories as you rebuild your life.

    Ideas for celebration:

    • Treat yourself when you hit a milestone, like saving a certain amount of money or completing a course.
    • Create a vision board to track your progress and keep your goals in sight.
    • Share your successes with close friends or family who can cheer you on.

    A Fresh Start for 2025

    The road to rediscovery may feel overwhelming at first, but with the right resolutions, you can take charge of your journey. The new year is your blank canvas—embrace it with hope, determination, and belief in your ability to create the life you deserve. You’ve got this!

    To learn more or get help with your finances, please visit us at homrichberg.com, send an email to info@hbwealth.com, or call 404.264.1400.

    Download this article.

    Important Disclosures

    This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

    All information is as of the date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

    ©2024 Homrich Berg.

    Beyond The Numbers: Why Drive or Fly When You Can Discover New Places by Train?

    by

    For many, travel is about efficiency—getting from Point A to Point B as quickly as possible. But there’s something to be said for a mode of transportation that lets you enjoy the journey itself. Trains offer a way to travel that’s comfortable, convenient, and filled with opportunities to explore without the hassles of driving or flying.

    Whether you’re planning a getaway or just looking for a new way to experience a destination, train travel might be the perfect option.

    1.What Makes Train Travel Different?

        Train travel eliminates many of the common frustrations of modern transportation. There are no long security lines, baggage fees, or stressful freeway traffic. Instead, you’ll enjoy:

        • Comfort: Ample legroom and the ability to move freely.
        • Efficiency: Stations are often centrally located, cutting down on overall travel time.
        • Relaxation: Travel without the pressure of being behind the wheel or navigating airport chaos.

        It’s a mode of travel that simplifies the process while offering plenty of opportunities to take in the surroundings.

        2.Must-Try Train Experiences

        • The Rocky Mountaineer (Canada): This luxurious train winds through Canada’s stunning Rocky Mountains. You’ll see snow-capped peaks, forests, and rivers, all from the comfort of a well-appointed train car. Find out more by clicking here.
        • Amtrak’s California Zephyr (USA): This route takes you through the heart of America, from Chicago to San Francisco, with highlights including the Colorado Rockies and Utah’s desert landscapes.
        • The Venice Simplon-Orient-Express (Europe): For those who appreciate tradition, this classic train route offers an elegant way to explore Europe, complete with fine dining and polished service.
        • The Napa Valley Wine Train (California): This experience combines stunning vineyard views with fine dining and wine tastings. It’s a great option for a relaxing day trip or as part of a longer visit to California’s wine country.

        3. Tips for Planning Your Train Trip

        • Pick the Right Route: From short regional trips to cross-country adventures, there are train journeys to suit every schedule. Decide how much time you have and choose a route that matches your interests.
        • Pack Smart: Trains typically allow more flexibility with luggage than airplanes, but you’ll still want to pack efficiently. Comfortable clothes, snacks, and something to read will make the trip even more enjoyable.
        • Book Early: Popular routes, especially luxury or scenic ones, can sell out quickly. Make reservations early to secure the best experience.

        Train travel is an excellent way to see the world while avoiding the usual hassles of driving or flying. Whether you’re planning a family trip, a romantic getaway, or a solo adventure, trains offer a balance of comfort and convenience that’s hard to beat.

        For more insights into enriching your family’s life experience beyond financial success, stay tuned for more insights from our “Beyond the Numbers” series.

        To learn more or get help with your life experiences, please call 404.264.1400 or email us at info@hbwealth.com.

        Download this article.

        Important Disclosures

        This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

        All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

        ©2024 Homrich Berg.

        No Wool for the Black Sheep: Estate Planning for Clients with Estranged Family Members

        by

        Abbey Flaum, J.D., LL.M., is principal and family wealth strategist at Homrich Berg. Abbey applies the company’s holistic approach to each client’s planning, and she provides clients with ongoing, personalized guidance on tax-efficient wealth, business, and estate planning strategies.

        Although families often try to portray themselves like Norman Rockwell paintings in society, the unfortunate truth is so many of those smiles you scroll through on Instagram are masking feelings of anger, hurt, resentment, or frustration. More families than you think have at least one family member who marches to the beat of their own drum—the “black sheep,” a person who falls victim to substances, holds extreme beliefs, is a spendthrift, or who just does not have a good relationship with anyone. Research shows that as many as one in four people have experienced estrangement from at least one family member.1

        When engaging in estate planning, these underlying family dynamics may significantly shape the structure of the client’s plan, but few clients walk into their adviser’s office and immediately disclose, “My son has a substance abuse problem, and I’m worried about what will happen if I leave him a large inheritance.” More commonly, clients keep their family conflicts hidden, either out of shame or simply because they do not realize the importance of disclosing this information for the purposes of estate planning. 

        How do advisers encourage clients to speak freely about such sensitive subjects? This process begins with building a relationship of trust and creating a safe, judgment-free space for clients to share personal and sometimes painful details about their family dynamics.

        Read more here: https://www.financialplanningassociation.org/learning/publications/journal/DEC24-no-wool-black-sheep-estate-planning-clients-estranged-family-members-OPEN

        1. Schumer Chapman, Fern. 2024, February 19. “What Research Tells Us About Family Estrangement.” Psychology Today. www.psychologytoday.com/us/blog/brothers-sisters-strangers/202402/statistics-that-tell-the-story-of-family-estrangement ↩︎

        What You Focus On Expands

        by

         We all know that if we track something – our weight loss progress, our mileage toward a 10k, or our money goals, it is much more likely to move us toward that goal than if we just hope for the best. It is our focus and attention that puts the unconscious part of our brains to work on the goal. It says, “This is important, pay attention; seek out this” – hence the reason we suddenly see a particular type of car once someone mentions it or a book title keeps appearing everywhere once it is selected for book club. 

        So, what are you focusing on as we enter the holiday season? I have often focused on the “to do’s” – the gift list and cards and decorating and let the work of it be my focus. And guess what? The work and the effort expanded! I saw tasks everywhere and absolutely no joy! 

        What if I focus on delight? What if I focus on creating a plan for my gift-giving, card-sending, and holiday merriment and focus on bringing the plan to life? Maybe my plan is to create delight (instead of frenzy). Maybe my plan is also to be conscious about what I spend so that I don’t face a jaw-dropping credit card bill in January. 

        These are great lessons to teach our kids as we build the spending plan into the holiday planning. It is ok to show kids how to make a list and check it twice while also thinking about a great and thoughtful gift that stays within a spending plan. If we want our kids to be responsible with money, we need to show them how to do that. We need to explain that we have set aside a certain amount of money for gift-giving and holiday treats and let them help you allocate it to what is most important and most meaningful for everyone. It is also helpful to see how seemingly small amounts can add up quickly to big amounts! 

        Time is generally at a premium during the holiday season, but creating gifts together can be a fun experience where you are sharing talents and creativity while enjoying time together, and it certainly beats battling holiday traffic and crowded shopping centers (in my opinion). 

        Ask your kids what type of gifts they would enjoy making or baking and what each person on your holiday list might enjoy receiving. Kids have a lot of creativity, and it may spark conversation and be enlightening to see what hidden talents and aspirations they have. You may also be surprised at how perceptive they can be about noticing what people enjoy or need. 

        I am definitely one who gets caught up in the moment and throws money, presents, and food at everything. I know that more is not better (and is often worse), so I must stay focused and intentional to keep myself in check. What I do want most, though, is for those around me to feel seen, appreciated, and cherished. I want them to be delighted by the holidays and experience joy and connection. Figuring out how to do that requires more thought, more creativity, and more reflection than racing around frantically buying and baking, though. 

        If you want your holiday delight to expand, focus on the activities that create delight. If you want your January finances to expand, focus on your spending plan and share it with your family. It is such a great way to teach kids to value financial resources and use them intentionally. We all can do a better job of understanding how we allocate our money and how we can be more intentional about using it wisely, regardless of how much we have. We can also all share those lessons and learnings more openly to help our kids understand that process and expand their own focus on those things that are most important while staying within the spending plan. 

        My hope is that you have a wonderful holiday season filled with the experiences that most connect you to those you love and that what is most important to you continues to expand through the holidays and into the new year. 

        Download this article

        Important Disclosures 

        This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent. 

        All information is as of the date above unless otherwise disclosed. The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision. 

        What A Red Sweep Could Mean For Markets

        by

        The markets breathed a sigh of relief the morning after the election as there was no uncertainty about the outcome for the White House and Senate. Although there are still a few uncalled seats left in the House, the Republicans have secured a majority with at least 218 seats. However, markets have been choppy since those initial days after the election, as now investors must evaluate what a red sweep could mean for the economy and stock and bond markets. In this video, we will discuss our thoughts on what impact the elections could have and what we will be monitoring as we move into 2025.

        If you have any further questions, please reach out to a member of your client service team.

        Watch here: https://youtu.be/mDs8c4tydCg

        Saving For College As A Newly Single Parent

        by

        As a newly single parent, saving for your children’s college education can seem daunting, but with careful planning and informed decisions, you can create a solid financial strategy to secure their future. At HB, this is an area in which we routinely advise our clients. Below are some of the essential steps and considerations that are part of building a successful college savings strategy.

        Set Clear Saving Goals

        Define your college savings goals by considering factors such as the number of children you have, their ages, and the type of colleges they might attend (public, private, in-state, out-of-state). Use online college savings calculators to estimate future college costs and determine how much you need to save annually to reach your goals.

        Explore Savings Options

        There are several savings plans designed specifically for education expenses. Each option has its benefits and potential drawbacks:

        • 529 College Savings Plans: These state-sponsored plans offer tax advantages, including tax-free growth and tax-free withdrawals for qualified education expenses. Some states also provide tax deductions or credits for contributions. 529 plans typically have higher contribution limits and allow anyone to contribute, including family and friends.
        • Coverdell Education Savings Accounts (ESA): These accounts offer tax-free growth and withdrawals for qualified education expenses, including K-12 expenses. However, they have lower contribution limits ($2,000 per year) and income restrictions, which may limit their usefulness for higher earners.
        • Custodial Accounts (UTMA/UGMA): These accounts allow you to save money for your child, which can be used for any purpose, including education. However, the funds are considered the child’s assets, which may impact financial aid eligibility, and there are no tax advantages specifically for education.

        Automate Your Savings

        Automating your savings can help ensure consistency and discipline. Set up automatic transfers from your checking account to your chosen college savings plan. By treating your savings like any other monthly expense, you make it a priority and reduce the temptation to skip contributions.

        Take Advantage of Employer Benefits

        Check if your employer offers any benefits related to education savings. Some companies provide matching contributions to 529 plans or offer scholarships for employees’ children. Participating in these programs can significantly boost your savings without additional strain on your budget.

        Maximize Tax Benefits

        In addition to the tax advantages offered by specific education savings accounts, you may be eligible for other tax benefits:

        • American Opportunity Tax Credit (AOTC): This credit offers up to $2,500 per year for each eligible student for the first four years of college.
        • Lifetime Learning Credit (LLC): This credit provides up to $2,000 per year per tax return for qualified tuition and related expenses for eligible students enrolled in an eligible educational institution. Unlike the AOTC, there is no limit on the number of years you can claim the LLC.

        Consider Financial Aid and Scholarships

        While saving for college is crucial, it’s also important to explore other funding sources:

        • Scholarships and Grants: Encourage your child to apply for scholarships and grants, which do not need to be repaid. Many organizations offer awards based on academic achievement, talents, community service, and other criteria.
        • Financial Aid: Fill out the Free Application for Federal Student Aid (FAFSA) annually to determine your child’s eligibility for federal, state, and institutional financial aid.

        Conclusion

        By taking these steps and staying committed to your savings goals, you can confidently plan for your children’s college education. Remember, every contribution, no matter how small, brings you closer to providing them with the opportunities they deserve.

        If you are a suddenly single woman and would like to discuss your finances, and life goals, or if you need assistance starting these conversations, visit homrichberg.com, email us at info@hbwealth.com, or call 404.264.1400.

        Download this article.

        Important Disclosures

        This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

        All information is as of the date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

        ©2024 Homrich Berg.

        Red, White, And Blue, And Your Green: Estate Planning In A Post-Election World

        by

        We survived the election, and while we celebrate the lack of political texts, mailings, commercials, advertisements, and candidate-related traffic, we must also think about what the results mean for estate planning.

        What We Know

        The only certainty we have in the estate planning world is what we know right this minute: spouses may give assets of unlimited value to each other, but the limit for making gifts or bequests to non-spouse beneficiaries is $13.61 million, set to increase in January to $13.99 million. We know that these are the same limits for making gifts to “dynastic trusts,” established to benefit several generations of families, without gift, estate, or generation-skipping transfer tax. We know that the annual exclusion – the amount anyone may give to an unlimited number of recipients each year without consuming this exemption – is $18,000/donor/recipient/year, set to increase to $19,000 in January. For now, we know that the exemption is set to decrease to approximately $7 million on December 31, 2025.

        What We Think

        It is no secret that our President-Elect, his inner circle, and many members of Congress are wealthy and in favor of tax cuts, so we may surmise that they would all like to see the estate and gift exemptions implemented by President Trump in 2017 extended beyond 2025. Will they do the work to extend the exemptions before the ball drops on December 31, 2025? Perhaps, or perhaps they will act out of necessity in 2026 and climb back up the tax cliff that we fall off in 2025, retroactively “fixing” the exemptions. Overall, it is reasonably likely that we will continue to enjoy the highest-ever exemptions that we enjoy today for at least the next four years until the text messages and campaign ads fire up again.

        What To Do

        For those of you who have been waiting to see what will happen politically before addressing your planning…the time has come. Given what we know and what we think, there is no reason for further delay. Here are some items to keep in mind:

        • For those with taxable estates, strong consideration should be given to proceeding with pre-election estate planning. A dollar removed from your estate today may mean many dollars of growth removed from your estate (and future taxes saved) tomorrow. Remember that we do not know what the estate tax regime will look like beyond 2025, and solid yet flexible plans may very well still be worth pursuing.
        • If you are even thinking about funding an irrevocable gift trust during this brief remaining window of certainty in the tax laws, you are not alone, and the estate attorneys are busy. Remember that the trust itself is a receptacle…and an empty bucket; you do not have to fund it later if you decide not to, but if you think you might consider getting in your estate attorney’s drafting queue today.
        • Gifts – whether you are thinking about making large gifts that consume your exemption, smaller gifts that take advantage of the annual exclusion, or limitless gifts to pay for education or medical expenses, crafting a gifting plan with your advisors may help to understand the gifting laws and ensure you attain your gifting goals while preserving family harmony, avoiding friction, and ensuring you have the budget you need to comfortably live your life the way you want to.
        • Examine existing trusts – even though your attorney likely (and appropriately) told you that you could not change an irrevocable trust back when you signed it, there are now some efficient ways to modify old trusts that do not require court approval or, in some cases, beneficiary approval. Perhaps a bank is named as a trustee or successor trustee in an old trust and should not be, or your trust is designed to be distributed to your children when they turn thirty-five, but they would now be better served if the trust remained in place for their lifetime. Maybe you have other concerns about the provisions of the trust? Additionally, there may be some available income tax planning you may accomplish by substituting assets of the trust with other assets. Paying attention to your established trusts and whether they still suit your family’s needs is important for your overall estate plan.
        • Irrevocable Life Insurance Trusts – whether you have life insurance because your estate will need the liquidity provided by the death benefit to ultimately pay estate taxes, because you are a believer in life insurance products in general, or another reason, how the insurance is owned matters. If your life insurance is not already owned by an irrevocable life insurance trust (“ILIT”), it is worth examining whether you may and should establish an ILIT and transfer the ownership, as such titling may result in the exclusion of life insurance proceeds from your taxable estate while ensuring your family inherits the life insurance in the manner you would like.
        • Everyone should examine their documents if five or more years have passed since they were signed, if there has been a significant change in the value of the estate (for better or worse), or if your family has experienced a major life event (e.g., a birth, a death, a divorce, or a marriage). Not only might your documents require some adjustments to their embedded tax planning, but your personal wishes for your estate may have changed, including items like:
        • Fiduciaries – are the executors, trustees, guardians, health care agents, and powers of attorney still what you want? Do you still talk to the people you named? If you named contemporaries or older individuals, have you named younger successors? Is there a need to include a professional trustee? Have your children reached a point where it makes sense to include them as fiduciaries if you have not already?
        • Structure of Inheritances – are your spouse and children set to receive their inheritances from you outright (free of trust)? Would it be beneficial for them to receive their inheritances in a trust to potentially provide them with certain future tax planning and asset protection? If you already have trusts for them, are the provisions reasonably flexible to accomplish your goals? Are family dynamics considered and appropriately planned for?
        • Structure of Estate Documents – some attorneys are proponents of using revocable trusts and others are not. Incorporating a revocable trust into your estate plan offers many benefits, including helping your estate avoid probate and preserving the privacy of your wishes for your estate after you pass
        • Young Adult Children and Grandchildren – everyone has been so focused on the election and the tax laws that they have not necessarily thought about other aspects of planning like the younger generation’s planning. Have your children or grandchildren turned eighteen? Do they have advance directives for health care? Powers of attorney? Wills? Although it may not feel like an eighteen-year-old is an adult, they are in the eyes of the law and need to be planned for accordingly.
        • Charity – do you have charitable intentions for your estate plan? Have you discussed the use of retirement accounts and/or examined the best ways to fulfill such intentions?
        • Are your titles and beneficiary designations coordinated with your will and revocable trust? Any assets that are titled “joint with rights of survivorship,” that have a “transfer-on-death” designation, or that have beneficiary designations associated with them will not pass under the terms of your will or revocable trust; instead, the title or designation will supersede and circumvent your estate documents. There is no time like the present to review all your asset titling and to ensure that your life insurance and retirement accounts have beneficiary designations that are consistent with your wishes.

        Life is busy. Work. Family. Community obligations. Vacations. Funerals. Celebrations. There will always be another reason to delay focusing on your estate plan, which would be fine if you knew precisely when you would be leaving this earth. What was seemingly a common reason for the delay – the 2024 election – is now over, and your legacy deserves your focus. Schedule some time to talk with your advisors about your plan and whether it requires important adjustments for your family.

        Download this article.

        If you have any questions or would like to discuss this further, please reach out to your client service team, call us at 404.264.1400, or visit us on the web at HomrichBerg.com.

        Are You Prepared For An Unexpected Event?

        by

        Life is unpredictable, and unexpected events can happen at any time. Ensuring that you and your family are prepared for these situations can provide peace of mind and security when it matters most. It’s crucial to organize your estate and have plans in place now, rather than waiting until a big trip or a significant life event. By taking proactive steps today, you can ensure that your loved ones are protected and that your wishes are honored, no matter what the future holds. We recommend that you focus on four “P’s” – People, Packet, Passwords, and Paper – as you embark on this important task.

        #1: People

        Organize the contact information for all the important people in your life, including:

        • Your family
        • Friends you want to be notified in the event of an emergency
        • Your primary care physician and specialists
        • Your successor trustee, attorney in fact, and executor
        • Your advisor and other financial advisors
        • Caregivers for people and pets who are dependent on you
        • Membership director of clubs you belong to
        • Your employer
        • Insurance agents
        • Realtor
        • Housekeeper and lawn care
        • Clergy (as applicable)

        #2: Packet

        Store your important documents safely and share the location with the appropriate people.

        • Identification: Birth certificate, social security card, driver’s license, passport, marriage license, etc.
        • Medical Information: Blood type, known allergies, medical history, medicine(s), care preferences, organ donation, etc.
        • Real Property: Deed(s) to residence(s), mortgage information, location of keys and security system instructions, property insurance, tax information, leases, cemetery plot, etc.
        • Additional Assets and any Liabilities: Safe deposit boxes, safes, bank and investment accounts, employee benefits, stock and bond certificate(s), cars, boats, coin(s), collectible(s), and related insurance policies, photos, etc.
        • Legal Documents and Tax Returns: Will, trusts, powers of attorney, health care advance directives, income and gift tax returns, etc.

        #3: Passwords

        Ensure your attorney in fact, successor trustee, or executor has a list of your usernames, passwords, and security questions. Ideally, store all information related to digital assets and accounts with a password manager like LastPass, so that the only username and password you need to share is access to that password manager. 

        #4: Paper

        Include all your personal information on an actual piece of paper; typed or handwritten, stored with the “Packet”. In addition to the other “P’s,” consider:

        • Ongoing care instructions: For you or others, including pets
        • Funeral, burial, and celebration of life arrangements
        • Personal thoughts, messages, explanations of specific bequests, last wishes
        • Reference to the location of all important items not stored with the “Paper”

        Conclusion

        Taking the time to prepare your estate and ensuring everything is in order is one of the most meaningful steps you can take to protect your family. By addressing these important matters now, you provide your loved ones with clarity, security, and a lasting legacy of care. Don’t wait for life’s milestones—start planning today for a future that’s as secure as it is unexpected. If you need help getting started, reach out to your financial advisor for checklists and tools that can help you get organized.

        Download this article.

        This blog was written by Principal, Amy Owen, J.D., LL.M., with contributions by Associates, Garrett Liebe, CFP®, and Alex Colovos.

        If you have any questions or would like to discuss further, please reach out to your client service team, or call 404.264.1400. You can also visit us on the web at HomrichBerg.com.