In the competitive landscape of talent acquisition and retention, small business owners face a unique challenge – only one-third of them currently offer retirement plans to their employees. This statistic, revealed by Fidelity Investment's 2023 Small Business Retirement Index, not only highlights a missed opportunity for businesses but also underscores the potential for attracting top-tier candidates in a tight labor market.

When it comes to financial accounts like the IRA, details are everything. Look past the surface, examine it closer, and you may be surprised that numerous accounts, including your IRAs, contain hidden gems and little-known facts you didn’t know existed. These are the moments when you may discover there are some rules out there that may benefit you and your financial strategy.

Generational wealth involves proactive financial planning, especially when parents or grandparents pass on their wealth to loved ones after they die. Entrusting family members with receiving an inheritance is more than just getting a hold of assets or a check in the mail. It is about understanding how to steward the hard-earned wealth that you and your spouse spent your lives building.

Businesses generally are illiquid, which can create problems if a business owner requires care in a long-term care facility. LTC is ongoing care in a care facility, nursing home, or at home for those unable to perform a certain number of activities of daily living (ADL) without assistance. ADLs include eating, bathing, dressing, toileting, transferring in and out of bed, continence, or when physical, mental, or cognitive function is impaired or a doctor has ordered specific care.

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.