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The Internal Revenue Service (IRS) today announced its annual update to dollar limitations for retirement plans for the 2025 tax year. The table below provides a few highlights.

When you die, you leave behind your estate. Your estate consists of your assets—all of your money, real estate, and worldly belongings. Your estate also includes your debts, expenses, and unpaid taxes. After you die, somebody must take charge of your estate and settle your affairs. This person will take your estate through probate, a court-supervised process that winds up your financial affairs after your death. The proceedings take place in the state where you were living at the time of your death. Owning property in more than one state can result in multiple probate proceedings. This is known as ancillary probate.

“I once had a client tell me his goal was to die with just enough money to pay his very last doctor’s bill,” says CAPTRUST Financial Advisor Mike Gray. Even though the comment was made in jest, the client was serious about not exhausting his money too soon. Gray says this is a common concern.

Question: What impact do you foresee the 2024 presidential election having on stock market returns this year? How much do elections matter to markets?

After an illustrious career in drug development and research, Dr. Robert Ruffolo retired from Wyeth Pharmaceuticals in 2008. For decades, he gave his all as a scientist and pharmaceutical executive. His crowning achievement was the discovery of carvedilol, a revolutionary treatment for congestive heart failure that has helped tens of millions of patients and for which he was honored with some of his industry’s most prestigious awards.

As part of her PhD program in creative writing, Anne Youngson drafted a short story each week and then reviewed it with her academic advisor: a successful, well-connected professional author with a long and admirable career. But one week, instead of a short story, she brought him a longer story—something she had been working on for a while. 

Question: My retirement savings and investments are spread between multiple financial institutions. Should I combine them, or are there benefits to keeping things separate? 

Question: I run a family business that my children will inherit. How can I make sure they are financially prepared for this transition?