Warren Buffett once said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” However, that tree didn’t just grow in the perfect place on its own. That kind of foresight requires careful planning.

Estate planning is crucial for securing your legacy and ensuring that your wishes are carried out regarding the distribution of your assets. Establishing a trust can be a key component of an effective estate plan. Trusts provide powerful tools for managing and distributing assets during and after your lifetime. What different roles can a trust play in your estate plan?

When considering if a Roth Conversion is right for you, it's important to evaluate your current financial situation, future income expectations, and long-term retirement goals. We encourage you to seek the guidance of a financial professional to review the complexities of this strategy. That said, here's an informative introduction to the Roth Conversion strategy — how it works, why one would consider taking advantage of it, and when it could make the most sense to be considered.

For a majority of Americans, a Will is likely sufficient to accomplish their simple wealth transfer needs and desires. For others with more complex wealth transfer stipulations, a Will may fall short and the use of a Trust may be necessary. Learn more about the important estate planning conversation: Will vs. Trust.

As you work through the labyrinth of decisions that move you from working and planning and working some more, to drawing an income and conserving value, it is always a welcome discovery to reduce your tax bill and, therefore, add another layer of security to your personal financial outlook.

One of the lesser-known strategies some retirees should consider applies if they have company stock within their 401(k) or Profit Sharing Plan; the special tax election is known by the label Net Unrealized Appreciation (NUA). Learn more.

The legal construct of a Trust is invaluable in financial management, offering a means to secure and distribute assets according to specific terms and conditions. Given the complexities of individual, family, and business relationships and objectives, a tool with these capabilities is unique. Learn about the various types of Trusts and the role they play in financial planning.

Interest rates (and interest income) are significantly higher than we've seen in many years. And many taxpayers may be surprised when they see their next tax bill due from interest income earned in their taxable accounts—whether from their investment portfolio, or their bank or credit union. Be prepared.

It is no secret that the financial odds are stacked against women. Whether caused by life circumstances outside of their control, unfair perceptions, or chosen priorities, women, on average, have more financial stress to overcome than men. Stress of any kind can take its toll on your health and well-being.

SECURE Act 2.0 continues a push in legislation to address some of the financial stress points that women face. Learn which new potential stress-reducer might benefit you?

We all invest money for one primary reason—to make money. No doubt, your financial plan outcome hinges on achieving some amount of return on your money you’ve accumulated. While the whole point of investing is to get a positive return on those resources over your holding period, your success does not rise nor fall on the consistency of price increases. Well-formed financial plans consider not only reasonably anticipated rates of return but also the variability of outcomes. In short, your financial plan should not experience shock from short-term fluctuations in the markets. Learn how to get ahead with capital losses.

As a registered investment advisory firm or RIA, McKinley Carter does not provide accounting services. However, as fiduciaries, we continually monitor both state and federal tax laws and revisions. We are fortunate to have several experienced Certified Public Accountants (or CPAs) on staff, as well as benefit from the work of an internal, seven-member Specialized Practice Group that is completely dedicated to Tax and Legacy issues. Moreover, we regularly confer and collaborate with outside professional tax experts who take a deep-dive into the nuances of each tax law and any potential impact on our clients. We understand the importance of collaborating with accountants to ensure our clients know their options and get the most comprehensive tax advice and guidance.