We hope that your kick start to spring has been as productive and exciting as ours. Now that tax planning season is coming up, we are reaching out to clients to schedule meetings in June through August. Get ready to mark your calendars!
Additionally, Kristen & Chandler are taking vacations through the end of May and plan on returning in early June. If you have any questions or need immediate assistance, please do not hesitate to reach out to Kendyl (Kendyl@NorthAvenueFA.com) or T.J. (TJ@NorthAvenueFA.com).
GAP Group: Kicking Axe & Taking Names
In early May, Kristen met with the GAP (Gen Y Advisor Peer) Group. During their meeting they discussed new technology, processes, strategies, and ideas to better their clients' experience. Afterwards, they stepped up to the chopping block and threw axes for their team building activity.
The GAP Group is comprised of successful advisor/owners of fee-only financial planning companies in six major cities across the Midwest. For these advisor/owners to commit and maintain membership in the GAP Group, they must strictly follow two rules:
1. They are required to attend every in person meeting, twice a year.
2. They must share everything about how they run their businesses in order to better the client experiences of the advisors in the group.
Estate Planning Education at FPA Chapter Meeting
Kristen, Chandler, T.J. and Martina recently received an update on estate planning law at the monthly meeting of the Central Ohio Chapter of the Financial Planning Association (FPA). Matt Gibson and Wren Kruse, both of Pappas Gibson in Powell, gave the presentation. Matt and Wren have produced estate plans for multiple NorthAvenue clients.
Matt shared that the current estate tax exemption of $11.4 million per individual and $22.8 million per couple has greatly changed the estate planning landscape. He said that it has significantly decreased annual gifts to heirs, since fewer taxpayers will be subject to estate taxes upon death and have little reason to reduce the size of their estate—much to the disappointment of the heirs, as Matt pointed out.
Trusts are a good way to protect inherited assets from creditors and divorce, Matt said. He said that as long as the heir keeps inherited assets in the trust, creditors cannot place liens against them and they cannot be subject to division in a divorce.
Matt also showed that even though the estate tax exemption has been raised multiple times in the past decade or so, estate tax revenue continues to increase.
Dimensional Fund Advisors: Getting to the Point of a Point
A 500-point swing in the Dow doesn’t mean as much as it used to. Dimensional Fund Advisors put together a brief article on what really is a point and what this means for your investment portfolio.
Working Toward a More Inclusive Ohio
Kristen and Chandler attended the first Inclusion Incorporated event, a first-of-its-kind research and education initiative established by the US Chamber of Commerce Foundation to demonstrate the corporate and community value of LGBTQ-inclusive workplaces. They had the opportunity to hear from rapidly growing local companies, like CoverMyMeds and Jeni’s Splendid Ice Cream, as well as from large nationwide companies, like Cardinal Health and Huntington Bank, as they shared their journey toward structuring the ins and outs of their business to support and empower LGBTQ employees.
Inclusive practices can encourage us all to bring our “whole selves” to work, so that we can lead more productive and happier professional lives. As we grow, NorthAvenue is committed to inclusivity of all forms. We are actively learning about issues that affect different areas of our community so that we can build these practices and values into our business from the very beginning.
The Women's Fund of Central Ohio’s Wealth Gap Report
Kristen and Chandler attended the The Women's Fund of Central Ohio’s Wealth Gap Report, which focused on the wage and wealth gap that women, people of color, and particularly women of color experience across our nation. The event featured panelists who provided insight into the barriers contributing to the gender and racial wealth gap, and they brought to our attention the policies and initiatives that can help with breaking down these barriers. As a women-owned business, NorthAvenue is extremely interested in ways that we can help move the needle, and the panelists’ discussion inspired us to brainstorm on ways that we can use our expertise and skillsets within our community to do so. For example, increasing access to financial literacy and educational programs is right in our wheelhouse. We learned further how access to affordable childcare is a major hurdle that disproportionately affects women’s ability to build wealth. Though this now seems common sense, this event brought more awareness to these hurdles and peaked our interest to ways that we can continue to get involved in causes that align with our company values.
If you are interested in reading further about some of the findings from the Wealth Gap Report, select the hyperlink.
Columbus Young Professionals Week 2019
Columbus Young Professionals Week is a week dedicated to bringing out the city’s young professionals and emerging leaders to experience events around town. 2019 marks the third annual CYP week. NorthAvenue recently became a supporting “Friend” of the Columbus Young Professionals Club organization, and Chandler and Kendyl were excited to attend a few of the various events.
The first stop was speed networking – like speed-dating – which Chandler has officially declared her favorite way to network. It was a great way to meet people doing interesting work across Columbus in a small amount of time. Unfortunately, Chandler went down with a cold the remainder of the week and was unable to attend the other events, but she is looking forward to participating in CYP Week again next year.
Breakfast of Champions: How to Be a Champion for Social Change
Kendyl participated in CYP Week 2019, by attending the How to Be a Champion for Social Change event hosted by The Women's Fund of Central Ohio.
During the Breakfast of Champions: How to Be a Champion for Social Change event, many women from Central Ohio engaged in energetic round table discussions regarding social change in our communities that would create a lasting alteration in our society's values, norms, cultures, and behavior.
Sponsored Scholarship Opportunities for Success
SOS Pops the Cork
Kristen and her husband Jeff attended SOS Pops the Cork on Friday, May 10th at the York Golf Club. NorthAvenue is proud to sponsor and support Scholarship Opportunities for Success (SOS). SOS assists women of low income with financial aid for education. Their vision is 'to see [their] recipients succeed in meeting their education and employment goals, provide better lives for themselves and their children, become better role models, become free of dependence upon public welfare programs, and begin to stop the cycle of poverty in their families and communities'. Photos of the event can be viewed on their Facebook page.
Happy Hour Birthday Extravaganza
Like Martina, Kendyl's birthday was also postponed to after tax season. We decided to celebrate with guacamole, tacos, and a pitcher of mango margaritas while enjoying the sunshine and spring breeze on the patio at Condado Tacos. We toasted to 25 and the many more years ahead!