The Woodward Financial Advisors Blog

When I was in high school, I created a family tree for history class. Some of you have probably completed similar projects, drawing Sharpie lines between people, figuring out connections, and bringing complicated relationships together on one page. As I talked to my relatives about the assignment, stories about quirky family members invariably came up in conversation. I learned about a great-grandmother who lived to be 100 and ate an ice cream sundae every afternoon. There are tales of a distant great-uncle who said he was a doctor but was actually a bit of a con artist. One of my favorites is a romantic story about my (5x) great-grandfather who immigrated to the US because his family did not approve of his wife.

I remember the pre-internet days when the biggest scams you had to look out for were friends trying to get you to buy into a pyramid scheme. Once we all became familiar enough with this wonderful invention called email, we eventually learned never to click on any suspicious links, even if they are coming from a “known” email. Unfortunately, scammers have gotten so sophisticated now that they are stealing (literally) billions of dollars each year through phone and internet-based scams. Here are some basic reminders to keep your money and information safe:

Happy New Year from all of us at Woodward Financial Advisors! Three years ago, the original SECURE Act (Setting Every Community Up for Retirement Enhancement) passed, bringing a host of changes, including an increase to the Required Minimum Distribution age from 70 ½ to 72 and the elimination of the “Stretch-IRA.” On December 29, 2022, the much-anticipated SECURE Act 2.0 was signed into law.

The holiday season is upon us! For me, this brings fond memories of family traditions centered around spending time together, eating good food, and exchanging gifts. This year, consider giving the gift of financial education to your children (or grandchildren) that will pay dividends (pun totally intended) as they grow.

If you are reading this post in the hopes of “knowing your worth” as it relates to your moral character, societal contributions, or, more literally, how much you can get for your plasma, I am sorry to disappoint. But before you click away from this page, this article may give you something more valuable: education on the calculation and application of your net worth. It might not sound exciting, but this could help you focus on goals and live your life to the fullest, and what could be more thrilling than that?

Each year, I get a tax bill for our family dog. This county tax pays for animal control and shelter services. Our neighbors get a similar bill for their cats. But this kitty tax is entirely different from what’s known as the “kiddie tax”, which is the topic of this article… sorry if this is a disappointment for you cat lovers out there! The kiddie tax comes into play when someone is considering giving to a minor-age family member. Many of our clients are very generous to their loved ones, so we find ourselves discussing this sometimes-overlooked rule often.