Are your important documents secure and accessible?

Keep your financial life organized with a thoughtful combination of digital and physical storage solutions.

Pop quiz: In an emergency, could your loves ones find your current will and power of attorney? If you had to evacuate your home, could you quickly get your hands on your passport, deeds and keepsakes? Are your documents in a watertight, fireproof safe, or scattered around unprotected?

It’s not enough to have the right documents – it’s also crucial to have them updated, neatly stored and accessible. Read on for five tips that can help you keep important files safe and handy.

Equip yourself for digital success
If you’d like to have a secure and organized system for paper, a scanner and a shredder are a must. Think you might need that document, but you can’t fit another thing in your file cabinet? Scan and toss, or shred if it contains sensitive data like a Social Security number.

Digital storage has many upsides. You don’t have to pay much attention to space restrictions as you would with physical files. Also, it’s easier to securely share and keep items, and you can search for files by dates or keywords.

Some fancy scanners such as the ScanSnap automatically sort documents based on file type (photo versus receipt) and name files based on scanned content. If you don’t have the budget or room for another machine, a smartphone app is a handy alternative.

One last essential tool: a service for storing and syncing your digital data in the cloud, so you don’t lose everything if your computer is stolen or damaged. Which one you choose will depend on what features are most important to you, but popular services include Dropbox, Google Drive and iCloud.

It’s also smart to take advantage of any proprietary storage features your financial advisor may offer, which allow you to securely store and share financial data with each other, as well as trusted family members, and helps them coordinate with other professionals (such as your accountant at tax time).

Think like an executor
The most crucial papers to organize are the ones those closest to you will need when you’re no longer around. This includes your will, bank statements, insurance policies and birth certificate, for starters. So put yourself in your executor’s shoes when storing estate paperwork – this kind of planning is about helping others.

Online services that organize and store all your vital details in a single convenient place are the latest innovation on this front. Some, such as Everplans, will even walk you through making a plan for everything from funeral details to healthcare wishes, sort of like TurboTax for end-of-life planning. You could also use an off-the-shelf workbook such as “The LastingMatters Organizer” to document your wishes.

As for notarized physical documents, storing them in a fireproof safe makes sense for most. Be sure your family knows where the safe itself is, how to get into it and what they can expect to find inside. You can also keep an extra copy in a safe deposit box or with your estate attorney.

Know what to keep
Certain official records deserve physical safekeeping: passports, Social Security cards, birth certificates and adoption decrees, property and vehicle deeds, marriage certificates, divorce decrees, signed and notarized powers of attorney, a will and medical directive paperwork. While you can pay to get another copy of many of these, it’s better to have them and not need them than the opposite.

Design a breadcrumb trail
This tip is especially relevant for worst-case-scenario documents such as your medical directive. Experts recommend keeping a copy in your car’s glove box, as well as giving copies to your doctor and your preferred healthcare proxy. You can then list these as “in case of emergency” or ICE contacts on a card in your wallet and in your smartphone’s emergency call screen (for iPhone users, add this data in Apple Health; Android users can go to Settings > About phone > Emergency information).

Don’t forget about digital access that your loved ones will one day need, which means everything from email and bank accounts to photo and music sites. Few of us think to create a paper trail to help locate these accounts and login IDs because it might invite unauthorized access. However, there is a secure way to guide your heirs.

The first step is to make an inventory. Next, document the details in a safe place. You can use a secure spreadsheet template to get started at yourdigitalafterlife.com or you can use a service like LastPass, which has an emergency access feature that allows you to hand down passwords to heirs who can then securely maintain or close your accounts based on your wishes. If it’s your main household responsibility to pay the bills and keep tabs on financial accounts, we’re talking to you. You want to leave a legacy – not a logistical headache.

Create a command station
Productivity pros say every home office needs a central collection spot for notes, bills, reminders, paperwork and actionable items. To make this a working system, you’ll have to regularly plow through it all, whether daily or weekly. This will help free your mind to focus on the given task at hand, knowing your household has a system for tackling all the incoming paper.

Progress, not perfection
If your home office is a wreck right now, start small. Pick one tip that speaks to your specific situation and take action. What feels like a small win today could make a major, lasting difference for your loved ones.

If you’re still feeling overwhelmed, you can seek out a professional organizer or turn to your advisor. They know your financial situation and can help you focus on the record-keeping tasks that are important for your life.

Sources: Real Simple; pcmag.com; “Getting Things Done: The Art of Stress-Free Productivity;" LastPass; yourdigitalafterlife.com; Everplans; NPR’s Life Kit; keepitsafe.com

Raymond James is not affiliated with any of the organizations mentioned. Raymond James does not provide tax or legal advice. Please discuss these matters with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.

From the Desk of Dale Crossley and Evan Shear – Year End Checklist

We hope this Q4 edition of the Journey finds you and your loved ones well. As 2024 draws close, we have some year-end financial planning tips to ensure you take advantage of tax-efficient strategies.

But before we cover those tips, we have some exciting news to share! It’s hard to believe our 25th Anniversary Gala took place one year ago. The evening was truly memorable – we loved spending time with our amazing clients. To elevate the experience even further, we’ll be setting sail on the CrossleyShear Wealth Management Inaugural Cruise from August 8-11, 2025, aboard Utopia of the Seas. We invite you to join us on this getaway at exclusive group rates. For more details, please visit here.

Now, let’s explore year-end strategies to ensure you’re ready for 2024 taxes. You can also access our at-a-glance guide Tax rates, schedules, and contribution limits for quick reference.

Charitable Giving

In a recent poll, 79% of students whose families give charitably feel that it is important to continue the tradition in their generation. That’s a testament to the generosity of our country and, of course, it has the added advantage of providing a potential tax deduction.
For cash donations to an IRS-qualified 501(c)(3) public charity, you can generally deduct up to 60% of your adjusted gross income. Appreciated assets, including long-term appreciated stocks and property held more than a year are generally deductible at fair market value, up to 30% of your adjusted gross income. Combining more than one type of asset can also be a tax-efficient move by allowing you to maximize the amount that you can take as a charitable tax deduction.

IRA QCD’s: Tax-Free Charity from IRA Distributions

Drawing from an IRA, distributions are typically taxed as income after enjoying years of tax-deferred contributions. However, charitable giving offers you a tax-free alternative to IRA distributions. These are known as Qualified Charitable Distributions or QCD’s. When you choose qualified charitable donation routes, you can give up to $105,000 per year from your IRA distributions without incurring the usual income tax. IRA distributions are tax-free as long as they are paid directly to a qualified charitable organization, from the trustee to the charity.
Just be sure to report your charitable donations correctly when filing your tax returns.

Maximize IRA Year-End Contributions

As we approach the end of the year, it's important to ensure you are taking full advantage of your IRA. If you are still working, be sure you have reached the contribution limit to help build the foundation of your post-retirement finances. You can also continue to make contributions under your 2024 IRA limits up until April 2025. For a complete guide on contribution limits, please see our reference guide, Tax rates, schedules, and contribution limits. We also have a Roth IRA calculator available so you can ensure you are opting for the best retirement investment.

For those past the distribution age, be sure to use your required minimum distributions. If you've made excess contributions, there’s still time to withdraw the excess before the due date of your tax returns. Smart investing means making the most of these opportunities.

Tax-Loss Harvesting

It has been a chaotic year for investments. Those who have experienced a few losses are not alone. Fortunately, every cloud has a silver lining. While it may be tempting to minimize the appearance of your losses, those losses could be tax-deductible. Accurately reporting loss on your investments for a tax benefit is known as tax-loss harvesting. This practice can allow you to harvest losses in order to offset capital gains, deduct against earned income, and possibly even carry over the tax benefits into the next year if you still have some losses left over. We can help you with this strategy.

Direct Indexing

When looking for an investment strategy, index funds offer a sense of stability based on current high-performing indexes. While index funds provide indirect investment, you can apply the same strategy through direct indexing by buying your own shares of the stocks included in each index to directly mirror the index's performance. Direct indexing gives you greater access to the advantages of investing in these profitable stock groupings and allows for customization based on your personal interests, priorities, and values.

Please do not hesitate to reach out to plan your 2024 end-of-year financial strategy further. That’s what we’re here for.

Any opinions are those of CrossleyShear Wealth Management and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. All opinions are as of this date and are subject to change without notice. Past performance is not a guarantee of future results.

Trending Investments

It’s challenging to escape the noise of a bustling market, where the 24/7 news cycle on trending investments often dominates the mainstream media. This relentless coverage makes it difficult to ignore the constant hype around the next big opportunity.

Even the most prudent investors can be tempted, but their temptation is tempered with the skepticism of experience. How do you, somewhat less experienced but not risk-averse, avoid the trap of following the trends?

Stay steady, stay informed, and stay focused on your long-term goals.

The Pitfalls of Chasing Trending Investments

What makes a trend? A promising new technology, better than expected growth in a given sector, or, worse, the fruits of an intense marketing campaign?  How do novice investors identify risky trends?

FOMO

Perhaps the most insidious risk in chasing trends is FOMO — fear of missing out. It's easy to let your emotions take over good judgment when you're convinced you're missing out on the next unicorn. Remember that rising prices inevitably fall.

Timing

Another pitfall of FOMO investing is timing.  Rather than knee-jerk investing in the latest and loudest, research how the most recent sure things are doing — chances are strong initial investors sold for a loss. Wait and see how an investment performs before buying in. Long-term, waiting is a better plan.

Diversity

A balanced portfolio is the key to long-term success. If you're chasing the hot new things at the expense of diversification, you're increasing your risk exposure and slimming your cushion against the inevitable market slowdowns. The point of diversification is that you can ride out the bust markets with limited damage to your overall portfolio.

Focus on Strategy, Not Trending Investments

Savvy investors develop a strategy to collectively balance their financial goals, risk tolerance, and time frame. Focusing on trends diverges from a strategic plan, and too much straying can turn a well-thought-out plan into a sector-heavy mishmash.

Investment strategy is not static. Review your plan regularly and make adjustments as needed. Remember that all markets correct from time to time and that, overall, you see strong gains over time. Long-term investing that takes advantage of compounding growth is a better strategy than hopscotching from trend to trend.

A financial advisor can help you reduce the volume in a noisy market and keep you focused on your long-term goals rather than the daily ups and downs that are rarely indicative of real market movement.

A significant benefit of working with an advisor is that you become educated in finance and investing so that you can make more informed decisions. You'll also learn to identify market cycles and asset classes that are key to your financial planning. The more you understand the fundamentals of the market, the less likely you'll fall prey to trends.

Am I Letting Market Noise Drive My Investment Decisions?

Before you respond to the siren call of a trending investment decision, take a deep breath and ask yourself, "Is this a decision that aligns with my long-term strategy? Does it boost my diversification or put me at greater risk?"

There is little downside to slowing down and considering all the facets of trending investments. If the purchase is truly a long-term asset in your portfolio, waiting a few weeks will ultimately have little impact on your net worth.

Stay disciplined in your investing decisions to minimize risks. Don't rely on the media for critical information. Instead, focus on investing for the long term. Working with the team at CrossleyShear Wealth Management team, for example, we’ll design a portfolio mix that helps weather the inevitable ups and downs of the market.  Reach out to us today to learn more about our long term comprehensive financial planning approach.   

Any opinions are those of Dale Crossley and Evan Shear are not necessarily those of Raymond James.  Expressions of opinion are as of this date and are subject to change without notice.  The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  The information contained here does not purport to be a complete description of the securities, markets, or developments referred to in this material.  Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.  Past performance may not be indicative of future results.  Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification.  Prior to making an investment decision, please consult with your financial advisor about your individual situation.

4 priceless money lessons for kids

Financial literacy is a gift that lasts a lifetime.

Financial tradeoffs, interest rates and the importance of having an emergency fund: Our current economic circumstances are full of teachable moments we can and should share with our children. After all, they’re probably not learning these topics in school. Only 1 in 6 students will be required to take a personal finance course before earning a high school diploma, according to nonprofit Next Gen Personal Finance.

That’s why we’re equipping you with money tips and topics to discuss with the children in your life, plus independent study materials (ahem, videos and games) that will hold kids’ attention while teaching them money management. Keep reading to get to the head of the class.

Being in charge of the budget

Are your children constantly asking you for money? One Florida father found a way to nip that in the bud: He had his teen and preteen sign a contract stating what expenses he would pay for, then gave them a set amount of money to spend each month for clothing, cellphone bill and extras. “My son’s hard lesson came when his friend pushed him into a pool along with his cellphone. He learned why it’s important to build a reserve for unexpected expenses,” the father said. Giving your kids a paycheck allows them the chance to make financial decisions – and experience the consequences firsthand.

The economics of higher ed

We’ve all asked a kid, “What do you want to be when you grow up?” Instead ask what their interests are, and help them explore how they might be applied in a future career. This teaches them adaptability, something of value in a changing economic landscape.

As they get closer to making a decision about whether to attend college or trade school, help them think through the costs and benefits. Junior Achievement’s Access Your Future app can help them crunch the numbers. And if you have a child already attending college, know that timing is everything. Yale researchers have found that graduating from college in a bad economy has a lasting negative impact on wages – and many students are considering gap years and grad school because of this.

The roots of retirement

Raise your hand if you want to raise a child who will hit the ground running when it comes to saving for retirement. Personal finance experts say we should let our children know that retirement is the biggest expense they’ll ever save for, and it’s important to start early. To help them understand the value of compounding, help them open a savings account (or guardian-type brokerage account) where they can experience the power of this phenomenon for themselves.

Extra credit knowledge
When you’re young and don’t have much money, it’s easy to rely too much on credit and jeopardize your financial future. Help your child understand the importance of a good credit score, and explain how you keep yours up. Share stories about how you financed your first car or house, and explain in concrete terms how the interest rate affected the overall purchase price. Finally, consider adding your teen as an authorized user on your credit card and teaching them how to read a statement and pay the balance in full each month.

Homeschool resources

For teens:

• Search ngpf.org/arcade for web-based games like “Money Magic,” “Payback,” “Stax” and “Credit Clash”

For younger kids:

• Schoolhouse Rock! vintage videos like “Budget” and “Dollars and Sense”
• Cha-chingusa.org offers Money Smart Kids videos like “Do it Passionately” and “Saving for Success”

In giving your child the gift of financial literacy, you’re helping set them up for a brighter future. Through a purposeful approach, we can all do our part to raise the next generation of resourceful citizens.

Next steps

• Have family or friends share stories of how they thrived during a recession or found creative ways to stretch a budget.
• Consider helping your child get started with investing, keeping in mind their investments will change calculations for college aid.
• Introduce your family members – even the younger ones – to your advisor, who can act as a teacher’s aide for financial literacy.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.