NEWS & RESOURCES

Authored by: Financial Advisor, Director of CNC Financial Group

In the onslaught of presidential race commercials, politically charged debates, and constant media coverage, it’s natural to wonder about the influence of a presidential election year on the financial markets. Some investors may even be tempted to make portfolio changes in the face of uncertainty. However, just like in major ups and downs of the market, it’s wise to take a long-term view of your goals and remain disciplined in your financial plan. Many factors affect stock market returns, and historical patterns may offer some insights, but it’s important to note that past performance does not indicate future results. Here are some key strategies to help.

Tax Planning – With the recent changes in tax law and potential shifts in the tax landscape depending on the election’s outcome, proactive tax planning is more critical than ever. Many individuals pay more taxes than necessary due to a lack of coordination between their financial advisor and CPA. For instance, a financial advisor who overlooks the tax consequences of portfolio adjustments could lead to unwanted capital gains taxes. By working with a tax-savvy financial advisor who is a CPA or collaborates closely with one, you can leverage strategies like tax-loss harvesting to reduce your tax burden and keep more of your hard-earned money.

Insurance Planning – In today’s uncertain world, protecting your wealth is as important as growing it. The potential for unforeseen expenses underscores the need for comprehensive insurance planning. A holistic financial strategy should include a thorough review of your insurance coverage, ensuring adequate protection against future risks. Whether it’s long-term care, disability, or life insurance, a well-rounded plan should address your unique needs and safeguard your financial future.

Estate Planning – The importance of a well-crafted estate plan cannot be overstated, especially in an election year where estate tax laws could be subject to change. Creating a plan that clearly outlines how your assets should be distributed after your passing can provide your family peace of mind and ensure your wishes are honored. Collaborating with an experienced estate attorney and a tax-focused financial advisor can help you minimize estate taxes and maximize the wealth you pass on to the next generation.

Elections often stir emotions and can lead to increased market volatility. However, with a solid, integrated financial plan tailored to your future goals, there’s no need to fear for your long-term security. A tax-savvy advisor who collaborates with CPAs can help you navigate uncertain times and capitalize on opportunities that arise, even in a down market.

Cordell, Neher & Company, PLLC offers an integrated approach to financial planning, blending the expertise of tax professionals and financial advisors to ensure you have a complete financial team on your side. For more information, visit cnccpa.com.