Four Strategies for a Smarter College Search

Four Strategies for a Smarter College Search

Presented by Gilbert & Cook in partnership with Cozy Wittman, College Inside Track

With college costs continuing to rise and the admissions process more competitive than ever, Gilbert & Cook recently hosted an educational event featuring Cozy Wittman, National Education & Partnership Manager for College Inside Track. Cozy has spent nearly 20 years helping families navigate the college search and application process to find schools that are the best academic, social, and financial fit.

This interactive session offered clear, practical guidance for parents and students looking to make informed decisions—and potentially save thousands of dollars in the process.

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1. Understand the True Cost of College

Over the past 30 years, tuition at flagship universities has skyrocketed. For example:

• University of Minnesota up 570%

• University of Iowa up 460%

• University of Wisconsin up over 1,000%

Wittman cautioned that flagship public universities—especially out-of-state—can often cost as much or more than private institutions. Families should look beyond sticker prices and explore schools offering significant institutional merit aid, which can make private universities surprisingly affordable.

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2. Focus on Fit to Avoid Costly Transfers

A staggering 38% of students transfer colleges at least once, often due to poor academic, social, or financial fit. Each transfer can add an average of $14,000–$24,000 to total college costs.

Choosing the right-fit school on the first try—considering learning style, campus culture, and available support—can make a major financial difference.

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3. Decode Financial Aid and the FAFSA

Wittman clarified key updates to the financial aid process:

• The FAFSA (Free Application for Federal Student Aid) and CSS Profile are the two main forms used to determine need-based aid.

• The new Student Aid Index (SAI) has replaced the “Expected Family Contribution.”

• Having multiple children in college no longer increases eligibility for aid.

• Parent assets are assessed at 5.64%, while student assets are assessed at 20%—a crucial distinction when planning savings.

• Qualified retirement accounts, primary residences, and grandparent-owned 529 plans are excluded from FAFSA calculations

These nuances make proactive planning essential to maximize aid eligibility.

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4. Scholarships and Admissions Strategy

Today, colleges themselves are the largest source of scholarship funding—not private organizations or online searches.

To become a competitive applicant for institutional merit aid, Wittman emphasized:

• Maintaining strong GPA and test scores (standardized testing still matters for both admission and scholarships).

• Building quality, meaningful extracurricular involvement—not just long activity lists.

• Demonstrating genuine interest through campus engagement, essays, and thoughtful applications.

• Understanding Early Decision (ED): it’s binding and best reserved for families confident they can afford full tuition without comparing aid offers.

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A Match to Be Made, Not a Prize to Be Won

Wittman encouraged families to redefine what “success” means in the college process.

“College isn’t a prize to be won—it’s a match to be made,” she shared.

Students should prioritize the environment where they’ll thrive academically and personally, not simply chase the biggest brand name. With over 80% of students changing majors at least once, flexibility and support matter just as much as prestige.

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Getting Started

College Inside Track offers complimentary family consultations to help assess college affordability, understand financial aid forecasts, and build a personalized search strategy. Families can learn more or schedule a consultation at CollegeInsideTrack.com.

For those interested in continuing the conversation about college planning and how it fits within your broader financial strategy, the advisors at Gilbert & Cook are here to help you align your families education goals with your overall financial plan—so you can live your Life of Abundance for generations to come.

The Great Wealth Transfer: Passing on More Than Money

Over the next two decades, more than $84 trillion is expected to change hands as baby boomers and Gen Xers transfer their wealth to younger generations. Economists have called it The Great Wealth Transfer — a movement unlike any other in history. But for many families, this isn’t just about numbers. It’s about the values, decisions, and relationships that determine whether that wealth becomes a lasting legacy — or a missed opportunity.

At Gilbert & Cook, we believe the most meaningful inheritance is one that empowers future generations to Live a Life of Abundance®.

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The Opportunity — and the Challenge

For families who have built substantial wealth, the transfer process brings both excitement and complexity. It’s an opportunity to provide freedom and security for loved ones, but it also raises important questions:

• Are our heirs prepared to manage what we’ve built?

• Do they understand our values and intentions?

• Will our legacy continue to create impact — or unintended conflict?

Studies show that nearly 70% of family wealth is lost by the second generation and 90% by the third. The reason isn’t bad investing — it’s a breakdown in communication, education, and shared purpose.

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 Defining What “Leaving a Legacy” Really Means

A true legacy extends beyond financial statements. It’s the story your family tells about what matters most — how you worked, gave, invested, and cared for others. Defining that legacy is a deeply personal process, and no two families are the same.

At Gilbert & Cook, we believe that a successful plan begins with understanding what Living a Life of Abundance truly means to you. For some, abundance may mean having time to travel and enjoy family; for others, it’s about achieving financial freedom, giving back to the community, or creating a lasting impact for future generations.

That’s why, at the start of every client relationship, we guide families through an Abundance Exercise — a thoughtful conversation that helps you identify and prioritize what matters most. These priorities often include Time, Retirement, and, importantly, Leaving a Legacy.

Defining what legacy means to you personally is at the heart of generational wealth planning. It’s not just about transferring assets; it’s about transferring purpose, wisdom, and values. Once we’ve helped you define what abundance looks like for your family, we create a plan that aligns your financial strategies with those priorities — and track your progress along the way — ensuring you stay on the right path to living the life of abundance you deserve.

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Teaching the Next Generation

Money can be a powerful tool for creating opportunities — when guided by wisdom. Families who successfully transition wealth don’t wait until it’s time to transfer assets; they start by transferring knowledge and perspective.

That might mean involving children in charitable giving decisions, teaching them how investments work, or inviting them to observe financial planning conversations. When younger generations understand both the how and the why behind family wealth, they are far more likely to protect and grow it responsibly.

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Bringing the Family Together

Open communication is at the heart of every successful transition. Family meetings — guided by a trusted advisor — create a space to discuss expectations, roles, and shared goals. These conversations can prevent misunderstandings, strengthen relationships, and ensure everyone feels connected to the legacy being built.

For business owners, this might also include succession planning — helping the next generation step confidently into leadership, with a framework that balances fairness, preparedness, and continuity.

At Gilbert & Cook, we often host Family Meetings to foster meaningful conversations that preserve and pass on values, wealth, and family vision across generations.

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The Time to Plan Is Now

We are living in a moment of opportunity. Current estate and tax laws remain favorable, and although the pressure of a sunset deadline has passed, it’s still important to act thoughtfully and take advantage of today’s favorable planning environment. You should meet with an estate planning attorney and your Advisor at Gilbert & Cook to ensure your plan reflects both the current laws and your family’s long-term goals.

Families who plan proactively today can take advantage of strategies that will help them for generations — from gifting and trusts to charitable vehicles and family partnerships.

The key is to integrate strategy with purpose. Technical plans alone won’t preserve your legacy; intentional communication and education will.

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Creating Abundance That Lasts

At Gilbert & Cook, we believe true abundance isn’t measured by how much wealth you accumulate, but by how that wealth supports the people and causes you care about — generation after generation.

Whether you’re preparing to transfer your business, share your estate, or simply start the conversation, our team is here to help you create a plan that empowers your family to live a life of abundance — today and for years to come.

Live a Life of Abundance®

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Sources

1. Cerulli Associates, U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2022: Shifting Demographics of Wealth, 2022.

2. Williams Group, Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values, Roy Williams & Vic Preisser, 2002.

3. U.S. Trust, Insights on Wealth and Worth Survey, Bank of America, 2018.

4. PwC, Family Business Survey 2023: Transforming for the Future, 2023.

5. Tax Policy Center, Individual Income Tax Provisions of the Tax Cuts and Jobs Act (TCJA), 2024.

Why Resilience Matters More Than Headlines

Why Resilience Matters More Than Headlines: 
What Investors Need to Know About a Government Shutdown 

(10/1/2025) The federal government began to shut down overnight after Democrats and Republicans failed to come to an agreement to extend government funding ahead of the Oct. 1, 2025, deadline. When headlines warn of a potential government shutdown, it can stir up worry for both households and markets. For investors, the most important thing to remember is that while shutdowns are disruptive, they are not new—and history offers valuable perspective. 

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What Is a Government Shutdown? 

A U.S. government shutdown occurs when Congress fails to pass the necessary spending bills to fund federal agencies and operations. This leads to a temporary suspension of many government functions, ranging from national parks and museums to certain regulatory agencies. Essential services—such as Social Security payments, the military, and air traffic control—continue to operate. 

Market Impact: Short-Term Volatility vs. Long-Term Perspective 

Markets dislike uncertainty, and shutdown headlines can spark short-term volatility. However, history shows that government shutdowns have generally had limited and temporary effects on the broader markets. 

• Equities: The S&P 500 has often experienced modest declines during shutdowns, but historically markets have rebounded once government funding is restored. For example, during the 2018–2019 shutdown (the longest in history), the S&P 500 rose more than 10% in the following month after a resolution was reached. (1,2,4) 

• Bonds & Interest Rates: Treasuries may benefit from “safe-haven” demand, though prolonged uncertainty could add pressure to credit markets. Notably, after the 2013 shutdown ended, Treasury yields stabilized quickly as confidence returned. (3) 

• Economic Data: Delays in the release of government statistics (such as jobs reports or inflation data) can create gaps in information, which may temporarily affect investor sentiment and policymaker decisions. Yet once data reporting resumes, markets tend to digest the backlog quickly and return to focusing on fundamentals. (2) 

 Practical Implications for Investors 

• Federal Workers and Contractors: Delayed paychecks can reduce consumer spending in the short run. 
  However, spending often rebounds quickly once back pay is issued, creating a temporary surge in consumer activity. After the 2018–2019 shutdown, retail sales rose sharply in February as federal employees caught up on deferred spending. (4) 

• Regulatory Approvals: Companies relying on government contracts or regulatory decisions (e.g., FDA approvals) may experience delays. 
  Once funding resumes, agencies typically work through backlogs quickly. After the 2013 shutdown, for example, the FDA and SEC cleared months of delayed reviews within weeks, with minimal long-term impact on businesses waiting for decisions. (7) 

• Confidence and Sentiment: Prolonged political standoffs can weigh on consumer and business confidence. 
  Yet confidence tends to rebound once a resolution is reached. Following the 2013 shutdown, the University of Michigan’s Consumer Sentiment Index climbed back nearly 10 points in the two months after funding was restored, and equity markets followed suit with a strong rally. (5,6) 

 Why Investors Should Stay the Course 

It can be tempting to react quickly when political headlines dominate the news cycle. Yet, disciplined investors know that the markets are influenced far more by long-term fundamentals—corporate earnings, innovation, global growth—than by temporary Washington gridlock. 

• Past shutdowns have been measured in weeks, not years. 

• Market pullbacks during shutdowns have typically been modest and short-lived. 

• Long-term investors who maintained diversified portfolios have historically weathered these periods with minimal impact on their goals.  (1,2) 

 Our Perspective 

At Gilbert & Cook, we believe moments of uncertainty are when disciplined strategy matters most. Rather than letting political noise dictate investment decisions, we focus on aligning portfolios with long-term objectives—so that you can move forward with clarity and confidence. 

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Sources:  

1. Northern Trust. (2025). Government Shutdown and Labor Market Risks. Retrieved from Northern Trust Insights 

1. American Century Investments. (2023). How Do Government Shutdowns Affect Markets? Retrieved from American Century 

1. State Street Global Advisors (SSGA). (2019). What the U.S. Government Shutdown Means for Markets and the Economy. Retrieved from SSGA 

1. ABC News. (2019, January 28). What the government shutdown means for your investments. Retrieved from ABC News 

1. University of Michigan – Surveys of Consumers. (2013). Policy uncertainty dims consumer confidence in September. Retrieved from ISR Michigan 

1. PBS NewsHour. (2013, October 18). The shutdown is over, but consumer confidence hits 10-month low. Retrieved from PBS 

1. Wikipedia. (n.d.). 2013 United States federal government shutdown. Retrieved from Wikipedia 

Disclosure: The information provided in this article is for educational and informational purposes only and should not be construed as investment, legal, or tax advice. Past performance is not indicative of future results. Historical data on market performance following prior U.S. government shutdowns may not be representative of future outcomes, and investors should not assume that markets will respond in the same way to future events. All investments involve risk, including the potential loss of principal. 

See important disclosure information at: gilbertcook.com/disclaimer

Investment News $100M Club: Linda Cook & Megan Rosenstiel

We are honored to share that Gilbert & Cook Advisors, Linda Cook, and Megan Rosenstiel have been included in InvestmentNews’s inaugural $100M Club: Top Female Advisors 2025. This new recognition spotlights women in wealth management who hold at least $100 million in individual assets under management, and demonstrates excellence, leadership, and client‑centered service.

Congratulations Linda & Megan!

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Disclosure: Linda Cook and Megan Rosenstiel of Gilbert & Cook Advisors were named to InvestmentNews’s $100M Club: Top Female Advisors 2025 list. This inaugural list was based on nominations and required verification; eligible female advisors were those with a minimum of $100 million individual AUM as of December 31, 2024. Gilbert & Cook did not pay to be included. This recognition is not based on investment performance and may not be representative of any one client’s experience or predictive of future results.

Gilbert & Cook Named One of America’s Fastest-Growing RIAs — Again!

Gilbert & Cook Named One of America’s Fastest-Growing RIAs — Again!

We’re proud to share that Gilbert & Cook has once again been recognized in Citywire RIA’s 2025 report: 50 Growers Across America — an annual ranking of the fastest-growing Registered Investment Advisory (RIA) firms in each state.

This marks the third time in the past four years (2022, 2023 & 2025) that Gilbert & Cook has earned this recognition, a testament to the lasting trust of our clients and the dedication of our growing team.

The 2025 report analyzed over 15,000 SEC-registered firms nationwide and selected just 146 firms across all 50 states. Rankings were based on:

• Year-over-year AUM growth

• Percentage of AUM growth

• Employee headcount expansion

“Sustained growth only happens when you stay focused on delivering real value,” said Zach Ripka. “This recognition reflects our team’s shared commitment to helping clients Live a Life of Abundance®, no matter how complex or dynamic their financial world may be.”

At Gilbert & Cook, we believe growth is not just about numbers—it’s about the lives we help shape. This honor reinforces our belief that when we lead with purpose, progress follows.

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Explore CityWire’s annual 50 Growers Across America report on citywire.com: https://citywire.com/ria/special-reports/50-growers-july-2025/a2468618

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Disclosure & Methodology: The 2025 50 Growers Across America is presented by CityWire RIA. Gilbert & Cook did not pay to be considered for or included in this ranking. Inclusion is based entirely on the criteria and methodology established by CityWire RIA. This rating may not be representative of any one client’s experience and is not indicative of future investment performance. To be eligible for the Citywire RIA "50 Growers Across America" list, firms must be independent RIAs that file their own Form ADV with the SEC and provide financial planning and related services to clients. Citywire RIA looked at eligible firms' growth in 2024 across three categories: percentage growth in assets under management (AUM), monetary growth in AUM and percentage growth in employees. Citywire RIA uses these figures to create a "growth factor" score with companies scoring highest by state being named to the list. No fees or other considerations are required from RIAs to be included in the Citywire RIA ranking.

Roth Accounts: Small Contributions, Big Results

Roth Accounts: Small Contributions, Big Results

Roth contributions are a powerful tool for building savings for retirement. For 2025, the amount you can contribute to a Roth IRA is $7,000, or $8,000 if you’re over age 50. Those might not seem like huge amounts, but over time, they can grow into significant TAX FREE pools of assets. The earlier you can get started, the better.

So, What Exactly Are Roth Contributions?

Roth contributions go into a retirement account, like a Roth 401(k) or Roth IRA, after you've paid taxes on the money. That means you don’t generally get a tax break today, but your contributions grow tax-free, and when you take them out in retirement, they’re completely tax-free too (as long as you meet a few rules).

Why make Roth contributions? Here are the Benefits:

1. Tax-Free Growth and Withdrawals

With Roth accounts, all the growth is yours to keep.

2. More Flexibility in Retirement

Since Roth withdrawals don’t count as taxable income, they can help you stay in a lower tax bracket in retirement. That gives you more control over how much tax you pay and can even reduce how much you owe on things like Social Security benefits or Medicare premiums.

3. You Know What Your Taxes are Now

Predicting future tax rates is like predicting the weather in the future. With Roth contributions, you're locking in today’s tax rates, which are historically low. If tax rates rise in the future, you may save by making after-tax Roth contributions versus making pre-tax contributions, which are taxed later.

4. No Required Minimum Distributions (RMDs) for Roth IRAs

While traditional IRAs force you to start withdrawing money (and paying taxes) by a certain age, Roth IRAs let your money keep growing untouched for as long as you want. That’s great for people who don’t need the funds right away, or if you want a great account type to pass to your heirs as they won’t have to pay taxes on the funds either.

5. Great for Younger Savers

If you’re early in your career and in a lower tax bracket, Roth contributions are especially valuable. You’re paying relatively little in taxes now and potentially avoiding higher taxes later when you’re in a higher tax bracket.

6. You Can Withdraw your Roth IRA Contributions at Any Time

If you’ve made contributions to a Roth IRA and you decide you need some of those funds, any amount you’ve contributed can be withdrawn at any time, with no penalty and no tax. This gives Roth IRAs flexibility that traditional IRAs and pre-tax retirement plans just don’t have.

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A Quick Example

Let’s say you make the following contributions to a Roth IRA earning 8% a year:

·       $2,000 a year from Age 25-30

·       $3,000 a year from Age 30-39

·       $4,000 a year from Age 40-49

·       $5,000 a year from Age 50-59

·       $6,000 a year from Age 60-65

After making all those small contributions, by age 65 you would’ve contributed $166,000, but your account would be worth over $900,000!

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Diversify Your Account Types

You don’t have to choose between traditional and Roth. You may be able to do both! As long as you meet the income requirements, you can contribute to a Roth IRA and a pre-tax retirement plan (like a 401k). And if your income is too high, you may be able to utilize a backdoor Roth strategy that converts post-tax dollars into Roth dollars. Either way, getting money into a Roth IRA protects it from future taxes, and that can be a smart way to diversify your tax situation in retirement.

Don’t Forget to Invest!

After making your contributions, you’ll need to invest them! Consult with your Gilbert and Cook team for help with your investment allocation.

Bottom line: Roth contributions might not give you a tax break today, but they offer tax-free money tomorrow. And when you’re living your best retired life, you’ll be glad you made the choice to save a little now for a lot more later.

Ready to start? Whether it's a Roth IRA or a Roth 401(k), it’s worth exploring how this strategy fits into your financial plan. Consult with your Gilbert and Cook team for help with choices around Roth contributions.

The Future of Business in Iowa: As seen in Fortune & Entrepreneur

Sophisticated Strategies

As seen in Fortune & Entrepreneur Magazines; Linda Cook, Managing Partner & Founder of Gilbert & Cook, is interviewed on “the Future of Business in Iowa”. Meet Linda Cook

Originally published in Fortune Magazine & Entrepreneur Magazine in September 2025. (PDF)

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Being an entrepreneur, I’ve learned the value of an abundance mindset” says Linda Cook, CFP®, managing partner and founder of Gilbert & Cook. This mindset allows for the freedom to have a vision, innovate, and grow. “I started Gilbert & Cook because I believed entrepreneurs like me deserved more than cookie cutter advice,” says Cook. “I’ve been in their shoes—facing high stakes, building a legacy, and trying to make smart decisions with no margin for error.”

What if the next chapter of your life brought even more freedom, impact, and purpose than the first? That’s the kind of vision Gilbert & Cook helps turn into reality.

Access to Intellectual Capital

Entrepreneurs and families with significant wealth typically find themselves facing unique and complex opportunities, requiring a more sophisticated solution. Utilizing methodologies founded on years of experience, the team at Gilbert & Cook delivers individually tailored wealth management strategies for their clients’ financial security.

A team-based approach is crucial to Gilbert & Cook’s long track record of success. As an ensemble, the team at Gilbert & Cook provides each client the support to best suit their needs throughout their entire financial journey. Not only do they deliver advice around traditional investments, but their bench strength also provides access to opportunities in private equity, private debt, and other alternative investments.

“Our in-house investment and planning teams allow us to build sophisticated strategies for our clients,” Cook says. “We are committed to nurturing relationships with our clients, while providing individually tailored results.”

Behind every plan is a bench of sharp financial minds, working together to turn complexity into clarity. In addition to Gilbert & Cook’s roster of Certified Financial Planners (CFP®) and Chartered Financial Analysts (CFA®); the team includes several tax-planning focused CPAs as well as Certified Exit Planning Advisors (CEPA), Retirement Income Certified Professionals (RICP®), Certified Divorce Financial Analysts (CDFA®), and other designated professionals.

“An entrepreneur who is looking to make an orderly exit from their business has a very different set of needs from a corporate executive who is looking to maximize their company’s benefit structure for retirement,” Cook explains. “The one thing they have in common is their complexity. As a team, we’re able to navigate that complexity in a way that no one person could ever do on their own.”

“In a world full of financial advisors, we are truly different,” Cook says. “We’re dedicated to helping our clients achieve a life of abundance, no matter how complex their financial lives may be.”

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Additional Coverage on the Associated Press

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Disclosure: Advisory Services offered through Gilbert & Cook, Inc. a Registered Investment Adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. Advisory services are only offered to clients or prospective clients where Gilbert & Cook, Inc. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Gilbert & Cook, Inc. unless a client service agreement is in place. Gilbert & Cook, Inc. does not offer tax or legal advice. Consult with an attorney for legal advice and a qualified tax professional for tax advice.

CFP Board owns the marks CFP®, CERTIFIED FINANCIAL PLANNER™ in the U.S.

Gilbert & Cook Named One of America’s Top Financial Advisory Firms by Newsweek

Gilbert & Cook is honored to be recognized as one of America’s Top Financial Advisory Firms 2025 by Newsweek and Plant-A Insights Group, a national acknowledgment of the firm’s enduring commitment to empowering clients to Live a Life of Abundance®. 

This recognition celebrates the firm's impact and excellence in private wealth management, based on a large-scale independent study conducted by Newsweek and Plant-A Insights Group. The study analyzed more than 15,000 SEC-registered financial advisory firms across the United States, using a range of criteria including client satisfaction, growth of assets under management, and professional reputation. 

“To be recognized among the top financial advisory firms in the nation is incredibly meaningful,” said Chris Cook, Chief Investment Strategist and Partner at Gilbert & Cook. “It reflects the trust our clients place in us, the dedication of our ensemble team, and our shared commitment to helping people make confident, informed decisions about their financial future.” 

For more than 30 years, Gilbert & Cook has helped individuals, families, and business owners simplify complex financial choices and align their wealth with what matters most. Guided by its core value—a quest to grow and improve—the firm continuously evolves to deliver personalized, sophisticated planning and investment strategies that reflect each client’s unique goals. 

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Check out the full list and read more about the methodology.

About the Rating & Required Disclosures 

Newsweek’s America’s Top Financial Advisory Firms 2025 ranking was created by Newsweek in partnership with Plant-A Insights Group. The list was compiled based on an independent analysis of over 15,000 SEC-registered financial advisory firms and evaluated factors including client satisfaction, firm growth, and industry reputation. 

Gilbert & Cook did not pay to be considered for or included in this ranking. Inclusion is based entirely on the criteria and methodology established by Newsweek and Plant-A Insights Group. This rating may not be representative of any one client’s experience and is not indicative of future investment performance. 

2025 Mid-Year Review - Event Summary

Navigating Consumer Sentiment, Volatility, and Financial Markets Outlook

At the midpoint of 2025, investors face a familiar yet evolving landscape—one where political headlines, short-term volatility, and emotional sentiment often blur the view of long-term fundamentals. In a recent event hosted by Gilbert & Cook, Chief Investment Strategist Chris Cook provided insight and context to help investors cut through the noise and stay focused on the drivers that truly matter.

Consumer Sentiment: Low Readings, Positive Outcomes

Chris opened with a long-term perspective on consumer sentiment, drawing on a University of Michigan chart dating back to the early 1970s. With current sentiment hovering around 52.5—near historical lows—he reminded the audience that this isn't uncharted territory. Similar sentiment troughs occurred during Watergate and Vietnam in the 1970s, the inflation crisis of 1980, the tech bust, the 2008 financial crisis, and the COVID shock.

Despite the pessimism in those moments, the subsequent 12-month market returns often turned positive. "Investor emotion doesn’t always track market fundamentals," Chris emphasized. "Low sentiment has historically created opportunities and actually mitigated risks."

The Political Noise vs. Market Reality

From tariffs and immigration to fiscal and monetary policy changes, today’s headlines often amplify market anxiety. Chris noted that while such headlines can trigger short-term volatility, they rarely dictate long-term market direction. Investors who react emotionally may miss out on rebounds rooted in earnings growth and broader economic resilience.

Bear Markets: Lessons in Perspective

To put current volatility in context, Chris compared today’s market climate with bear markets of the past—such as 1973–74, the dot-com bubble, and the 2008 recession—all of which played out over extended periods. More recent disruptions, such as the COVID crash and the 2022 inflation-driven downturn, were sharp but brief.

The takeaway? Resist the temptation to exit quality investments due to short-term market movements. "The market rewards patience, not panic," Chris advised.

Corporate Earnings Remain the Core Driver

While headlines come and go, corporate earnings remain the lifeblood of market performance. Chris shared encouraging projections: U.S. companies are expected to deliver +9% earnings growth in 2025 and +14% in 2026. These robust estimates suggest continued strength in business fundamentals—critical fuel for long-term stock market gains.

U.S. Debt: Stimulus Today, Challenges Tomorrow

Turning to the broader economy, Chris addressed the U.S. debt-to-GDP ratio, which stands at roughly 100%. He explained that while increased government borrowing can stimulate economic activity in the short term, it is not a sustainable long-term strategy. The fiscal injections we see today support consumer spending and business momentum, but rising debt remains a structural concern that demands vigilance over time.

A Global Shift? International Equities and Currency Impact

A notable shift in performance has emerged in global markets. During the first half of 2025, European equities outpaced U.S. stocks in U.S. dollar terms. For example, Germany’s market delivered a 19.2% local currency return—but when converted to dollars, the gain swelled to 35.2% thanks to a weaker U.S. dollar versus the Euro.

This may signal the start of a more sustained leadership rotation from U.S. equities to global markets. "Investors need to think globally," Chris noted, "and currency dynamics are playing a larger role in total returns."

Spotlight on the U.S. Middle Market

Lastly, Chris highlighted an often-overlooked area of opportunity: U.S. middle-market companies with EBITDA between $10 million and $100 million. Taken collectively, these businesses represent what would be the world’s third-largest economy—behind only the U.S. and China.

While institutional investors like insurance companies have long targeted this space, Gilbert & Cook is also providing clients access through partnerships with managers specializing in private equity and middle-market lending. “It’s an area of the market that offers attractive risk-adjusted returns and diversification,” Chris explained.

Conclusion: Staying Focused Amid Uncertainty

While the headlines may stir uncertainty, the fundamentals tell a more stable story—one of earnings growth, evolving global leadership, and opportunity in overlooked segments of the market. For investors, the challenge isn’t just navigating the noise, but understanding where clarity and conviction lie.

At Gilbert & Cook, we remain committed to helping others look beyond the daily headlines and stay aligned with strategies designed to weather volatility and pursue long-term abundance.

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Linda Cook named as a 2025 Best-in-State Wealth Advisor by Forbes

We are excited to announce that Gilbert & Cook’s Founder and Managing Partner, Linda Cook has been named to the 2025 Forbes ranking of Best-In-State Wealth Advisors. 

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This elite list annually recognizes the country’s top-performing financial advisors who are leading the way in offering best practices and providing a high-quality experience for their clients. Top advisors are presented on a state-by-state basis, and the ranking is based on industry-specific qualitative and quantitative factors. 

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Forbes Best-In-State Wealth Advisors, created by SHOOK Research. Most recently presented in April 2025 based on data gathered from 06/30/2023 to 06/30/2024. No fee was paid to be included in the ranking. A fee was paid to hold out in marketing materials.

The Forbes ranking of Best-In-State Wealth Advisors is developed by SHOOK Research. Each advisor selected by SHOOK Research is chosen based on an algorithm of qualitative and quantitative criteria, including in-person interviews, industry experience, compliance records, revenue production, and assets under management. SHOOK Research is the only rating firm that interviews advisors via telephone and in person. 

What the 2025 Tax Legislation Means for You

What the 2025 Tax Legislation Means for You:

Highlights from the “One Big Beautiful Bill Act”

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As we enter the second half of the year, one of the most consequential developments for individuals and businesses is the passage of the much-anticipated 2025 tax legislation—formally referred to as the Tax Relief for American Families and Workers Act, but popularly dubbed “One Big Beautiful Bill Act” (OBBBA).

Designed to extend and preserve many of the favorable provisions of the 2017 Tax Cuts & Jobs Act (TCJA), this new legislation provides clarity around tax planning for high earners and business owners, while introducing a handful of noteworthy new benefits. Here’s what you need to know:

1. Individual Income Tax Rates Remain Favorable

The bill “permanently” extends the individual tax brackets established under the TCJA, avoiding a scheduled reversion to higher pre-2017 rates. This means the 10%,12%, 22%, 24%, 32%, 35%, and 37% marginal tax brackets will continue—an important win for high-income individuals and families looking for long-term predictability. Notably the 10% and 12% bracket levels also received inflationary adjustments.

2. SALT Deduction Cap Expansion (with a Catch)

The cap on State and Local Tax (SALT) deductions increases from $10,000 to $40,000 for married couples filing jointly. However, this benefit starts to phase out for households with Modified Adjusted Gross Income (MAGI) between $500,000 and $600,000. This creates a planning opportunity for those taxpayers below the phaseout range—but may offer little relief for higher-income earners (with MAGI greater than $500,000). The marginal federal tax rate between $500,000 and $600,000 of MAGI can be as high as 45% taking into consideration the phaseout of the SALT deduction from $40,000 back to $10,000.

3. Standard Deduction and Itemized Limitations

The higher standard deduction established under the TCJA remains intact. The Pease limitation on itemized deductions is eliminated but replaced with a new limitation. Specifically, the effective itemized deduction benefit drops from 37% to 35% for those in the highest federal income tax bracket.

 4. Estate Tax Exemption Rises

The estate tax exemption will increase to $15 million per individual in 2026 (from roughly $13.99 million in 2025), adjusted annually for inflation thereafter. This increase provides a larger window for legacy planning and tax-efficient wealth transfer strategies, especially for those with complex estates. The OBBBA legislation did not make any material changes to basis step-up, family entity planning, or grantor trust regulations.

5. New Individual Provisions to Watch

Four new tax breaks have been introduced:

• Qualified Tips Deduction: Often referred to as the No Tax on Tips provision, this legislation doesn’t technically eliminate all tax on tips but provides a deduction on tip income received. The provision allows a taxpayer to deduct up to $25,000 of qualified tips from income for years 2025 to 2028. The deduction starts to phase out for Single Taxpayers with $150,000 of MAGI or Married Filing Joint Taxpayers with $300,000 of MAGI.

• Qualified Overtime Pay Deduction: Similarly, there is a deduction for Qualified Overtime Pay, which has been referred to as No Tax on Overtime. The deduction is $12,500 for Single Taxpayers and $25,000 for Joint Taxpayers. The phaseouts are similar to the Tip provision. Note only the overtime portion of pay is excluded, not the regularly hourly rate.  For example, if regular pay is $30.00 per hour and overtime pay is $45.00 per hour, ONLY the additional $15.00 per hour is deductible as “overtime pay,” subject to the aforementioned phaseouts.

• Enhanced Temporary Senior Deduction: The Enhanced Senior deduction, touted as No Tax on Social Security, is a deduction up to $6,000 for Single Taxpayers and $12,000 for Joint Filers. The deduction starts to phase out for Single Taxpayers with MAGI of $75,000 and Joint Filers with $150,000 of MAGI. Projections from the legislation suggest roughly 88% of Taxpayers will now not incur tax on their Social Security (up from approximately 65%), but Social Security can still create a tax liability for high income individuals.

• “Above the Line” Charitable Deduction: Starting in 2026, a new provision in OBBBA allows non-itemizers to deduct up to $1,000 ($2,000 for married couples filing jointly) for cash contributions made to public charities (does NOT apply to donations to Donor Advised Funds).  This provision is similar to temporary deductions offered during the Covid-19 pandemic, which saw significant participation.

While some of these provisions are unlikely to benefit high-net-worth families directly, they could be meaningful for employees or children entering the workforce.

Additionally, interest paid on loans used to purchase domestically-produced vehicles may now be deductible—an incentive aimed at boosting U.S. manufacturing.

6. Business Owner Provisions Offer Significant Opportunities

This bill continues to provide robust support for entrepreneurs, medical practice owners, and closely held businesses:

• 199A Deduction Extended: The 20% pass-through income deduction for qualified business income (QBI) remains in place, continuing to provide substantial tax savings for those individual business owners who are eligible.

• 100% Bonus Depreciation Restored: Businesses can once again claim 100% bonus depreciation on qualifying property. Before OBBBA, bonus depreciation was at 40%.

• Section 179 Expensing Increased: The limits on 179 Expensing (both the deduction and qualifying property place in service) have both increased.

• Improved QSBS Treatment: Enhanced tax treatment of Qualified Small Business Stock (QSBS) makes equity-based planning more attractive and entity-based planning more important. Depending on your long-term goals with a business, whether a business is a pass-through entity or a corporate structure could have significantly different tax results.

What This Means for You

This legislation offers continuity in many areas while providing new opportunities for proactive tax planning. For individuals with significant income or estate planning needs, the preservation of TCJA rates and the expanded estate exemption could be especially impactful.

For business owners, the extended deductions and accelerated depreciation rules can materially improve after-tax profits and support reinvestment.

Next Steps

At Gilbert & Cook, we view tax planning as a key component of your broader wealth strategy. With the 2025 legislative changes now in place, we encourage a mid-year review to assess how these updates align with your personal and business goals.

Whether you're evaluating gifting strategies, planning a business exit, or simply looking to optimize your income and deductions—our team is here to provide clarity and confidence in every decision.

Let’s talk about how these new provisions may impact your plan—and how to position yourself to live a life of abundance.

Disclosure: The material presented has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Gilbert & Cook does not provide tax or legal or accounting advice, and nothing contained in these materials should be taken as such. Gilbert & Cook is a Registered Investment Adviser. SEC Registration does not constitute an endorsement of Gilbert & Cook by the SEC nor does it indicate that Gilbert & Cook has attained a particular level of skill or ability

Inside the Mind of CIO: Brandon Grimm

Brandon Grimm, MBA, CFA speaks with CAIS Live Conversations: Building With Alts. In this episode, “Inside the Mind of a CIO: Brandon Grimm on Investing Beyond the Traditional”, Brandon sits down to discuss how he’s evolving client portfolios with the inclusion of alternatives and what “Living a Life of Abundance” means.

2025 Mid-Year Financial Checklist

2025 Mid-Year Financial Checklist

What Should You Be Looking At This June?

June marks the halfway point of the year — a natural time to pause, reflect, and ensure your financial life is aligned with your broader goals. For high-net-worth individuals and families, this isn’t just about balancing a budget — it’s about strategic adjustments in light of market shifts, potential tax policy changes, and evolving planning opportunities.

As we move through an election year, with potential legislative changes on the horizon and continued market uncertainty, it’s more important than ever to stay nimble and aligned with a long-term strategy. A thoughtful mid-year financial check-in helps ensure your plan stays resilient and your progress remains on track.

✔ 2025 MID-YEAR FINANCIAL CHECKLIST

🧾 Cash Flow & Budgeting

• Review income vs. spending across all categories.

• Identify any overages in discretionary or lifestyle expenses.

• Adjust your cash flow strategy based on upcoming goals or known changes (e.g., tuition, travel, charitable giving).

💼 Income Shifts

• Account for any income changes YTD (e.g., bonuses, business distributions, investment income).

• Plan ahead for Q3/Q4 income events or liquidity needs.

💳 Debt Management

• Review all liabilities — including margin loans, real estate, or business debt.

• Assess your effective interest rates in the current environment.

• Evaluate tax-efficient strategies to reduce or restructure debt where applicable.

📈 Investment Strategy

• Assess portfolio performance relative to your long-term goals — not just the market.

• Reconfirm asset allocation based on your risk tolerance and time horizon.

• Explore whether it’s time to realize gains/losses for tax or rebalancing reasons.

• Consider increasing contributions to retirement or taxable investment accounts.

🏦 Savings & Liquidity Planning

• Review your emergency fund — is it right-sized given your lifestyle and risk exposure?

• Ensure excess cash is working for you (e.g., in high-yield or tax-efficient vehicles).

• Reassess saving targets for short-term needs vs. long-term goals.

• Confirm you're maximizing employer-sponsored benefits (401(k), HSA, deferred comp).

📋 Tax Strategy Checkpoint

• Review year-to-date income and tax withholdings or estimates.

• Model potential changes based on potential 2025 legislation or sunsetting tax provisions.

• Explore Roth conversion opportunities.

• Strategically plan charitable giving — including donor-advised funds or appreciated assets.

🛡️ Insurance & Risk Management

• Review all personal and business coverage: life, disability, property, liability, umbrella.

• Adjust policies to reflect any major life changes or asset acquisitions.

• Revisit your family’s long-term care and estate liquidity planning needs.

📚 Estate Planning & Legacy Review

• Revisit estate documents to ensure they reflect your current intentions.

• Check beneficiary designations on retirement accounts and insurance.

• Confirm titling on real estate or investment accounts aligns with your estate plan.

• Discuss wealth transfer strategies, including annual gifting or family trusts.

🗂️ Organization & Documentation

• Secure and organize financial documents — physical and digital.

• Use a secure portal or vault to share relevant documents with your advisory team.

• Review your personal financial statement and net worth snapshot.

🤝 Schedule a Strategy Session

• Touch base with your Advisor to:

• Update your financial plan with any new goals, risks, or opportunities.

• Discuss market outlooks and how they relate to your specific strategy.

• Coordinate with your CPA, attorney, or other key professionals if needed.

Staying Proactive in a Year of Possibility

With the uncertainty of 2025 — from the upcoming election to potential tax reform — your financial plan should be built for both resilience and opportunity. A mid-year review isn’t just a check-in. It’s a strategic pulse-check to keep your plan evolving with you.

At Gilbert & Cook, we’re here to help you navigate transitions and create confidence through clarity. If anything has changed in your world — or if the world itself feels like it’s shifting — now is the time to revisit the roadmap for your family's abundant future.

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Coping With Market Volatility

During periods of economic uncertainty, financial markets are often characterized by wide swings in market value. Such “market volatility,” with prices sharply rising and falling, is a reflection of changeable investor sentiment as well as more substantive economic or political events. Even during more stable times, financial markets will fluctuate, although price movements tend to be more moderate. By their very nature, financial markets rise and fall constantly, with an ever-present potential for gain or loss.

How to Cope with Market Volatility

Avoid an Emotional Response

When markets fall sharply, some investors panic, sell their holdings, and shift assets into perceived "safer" investments. This emotion-driven decision-making can turn paper losses into real ones and limit gains if markets recover. Similarly, buying when the markets are “hot” can lead to buying high and selling low.

"Timing" the Market

Some investors try to buy low and sell high, but identifying market tops and bottoms is nearly impossible. As the Wall Street phrase goes, “No one rings a bell.” While market timing may sound logical, no system has consistently and accurately identified market peaks and troughs.

Diversify Your Portfolio - Asset Allocation

Asset allocation involves spreading investments across different asset types to manage risk. Stocks, bonds, cash equivalents, and tangible assets like real estate or gold are often included in a well-diversified portfolio. This strategy helps smooth out volatility since different assets perform differently over time.

Regularly Review Your Investment Strategy

Portfolios should be adjusted based on changing goals, market conditions, and economic factors. A well-balanced strategy accounts for liquidity needs, risk tolerance, and tax considerations. Rebalancing ensures the portfolio stays aligned with financial objectives.

Take a Long-Term View

Historically, equity markets have trended upward despite periodic declines. Investors should focus on long-term goals and keep a portion of their portfolio in liquid assets for short-term needs, allowing the rest to grow.

Automatic Investing - Dollar Cost Averaging

Investing a fixed amount at regular intervals, known as dollar cost averaging, helps manage market fluctuations. This strategy buys more shares when prices are low and fewer when prices are high, but it does not guarantee profits or protect against losses.

Remember… You have a team behind you.

Regardless of market conditions, working with your Abundance Team at Gilbert & Cook can help provide clarity in times of uncertainty and give you the confidence to make important wealth decisions. Always feel free to contact your Advisor if you have any questions or concerns.

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All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Gilbert & Cook does not provide tax or legal or accounting advice, and nothing contained in these materials should be taken as such. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional. Gilbert & Cook is a Registered Investment Adviser. SEC Registration does not constitute an endorsement of Gilbert & Cook by the SEC nor does it indicate that Gilbert & Cook has attained a particular level of skill or ability. Advisory services are only offered to clients or prospective clients where Adviser and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Adviser unless a client service agreement is in place.

Love & Money

Managing Finances as a Couple

Managing finances as a couple can be one of the most rewarding yet challenging aspects of a relationship. Money touches nearly every facet of life, from daily expenses to long-term goals, and navigating it together requires trust, communication, and shared vision.

Here are some key strategies to help couples harmonize their financial lives:

1. Open and Honest Communication
The foundation of financial harmony is open dialogue. Couples should discuss their financial histories, including debts, savings, spending habits, and attitudes toward money. Transparency helps build trust and allows both partners to understand each other's financial mindsets.

Tips for success:

• Schedule regular "money talks" to discuss finances.  Make it fun and not stressful.

• Approach conversations with empathy, avoiding blame or judgment.

• Share financial goals and dreams to align your visions for the future.

• Seek the help of a fiduciary financial planner.

2. Set Joint Financial Goals
Identifying common goals can give your financial planning purpose and direction. Whether saving for a home, paying off student loans, planning for college costs, when to retire and where, or planning a dream vacation, working together toward a shared goal builds commitment.

Steps to take:

• Review your current monthly spending and savings plan.

• List short-term, medium-term, and long-term goals.

• Assign priorities to each goal.

• Break down each goal into actionable steps with timelines.

3. Decide on a Financial System
Couples need to determine how to manage their money practically. This might involve merging finances, keeping them separate, or adopting a hybrid approach.

Options include:

• Joint accounts: Pooling all money into a single account for shared expenses.

• Separate accounts: Keeping finances independent but sharing responsibility for joint bills.

• Hybrid approach: Combining a joint account for shared expenses while maintaining individual accounts for personal spending.

Choose a system that suits your relationship dynamic and financial needs.  It really does come down to personal preference for each couple.

4. Create a Budget Together
A joint budget is essential for tracking income, expenses, and savings. Working on it together ensures both partners are accountable and aware of their financial situation.

Budgeting tips:

• Use tools like spreadsheets or budgeting apps to simplify the process.

• Include categories for joint expenses (e.g., rent, groceries) and personal spending.

• Review your budget regularly and adjust as needed.

• Don’t forget to budget for fun together!

5. Address Debt as a Team
Debt can be a source of stress in any relationship, but tackling it together can strengthen your bond. Discuss any existing debts and create a repayment plan that works for both partners.

Key considerations:

• Be honest about all debts, including credit cards, student loans, or personal loans.

• Make sure you understand the debt terms, like length and interest rate.

• Decide whether to tackle debts together or separately.

• Explore strategies like the snowball or avalanche method for repayment.

6. Establish an Emergency Fund
Unexpected expenses can strain finances and relationships. Building an emergency fund provides a safety net for life's uncertainties, giving you peace of mind.

How to get started:

• Aim to save three to six months' worth of living expenses.

• Contribute regularly, even if in small amounts, to grow the fund.

• Have a goal end mind of what to do with the extra funds after your emergency fund is met.

7. Plan for the Future
Long-term planning, including retirement savings, investments, and estate planning, is crucial for financial security. Discuss your aspirations for the future and create a roadmap to achieve them.

Steps to consider:

• Open retirement accounts and contribute regularly.

• Consider life insurance and wills for protection.

• Meet with a financial advisor for professional guidance.

8. Respect Individual Differences
Partners may have different spending habits, financial priorities, or risk tolerances. Respecting these differences and finding compromises is key to a healthy financial relationship.

Practical tips:

• Allow each partner some personal spending money within the budget.

• Focus on shared goals rather than differences.

• Practice active listening to understand your partner's perspective.

• Don’t be afraid to speak up respectfully.

9. Check in Regularly
Life changes, and so do financial circumstances. Regular check-ins help couples stay on the same page and adapt their plans as needed.

When to check in:

• Annually to review overall progress and goals.

• Monthly or quarterly for budgeting and expense tracking.

• During major life events, such as job changes or starting a family.

• Don’t forget to make it fun! 

Love and money are deeply interconnected, and managing finances as a couple requires patience, teamwork, and a shared commitment to growth. By fostering open communication, setting joint goals, and respecting each other's differences, couples can build a strong financial foundation that supports their relationship for years to come.

If you are interested in finding about more about how you and your partner feel/think about finances, contact a Gilbert & Cook advisor to ask them about our behavioral finance tools.

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Authored By: Jerit Tripp, CFP®, CRPS®, CWS®, BFA, CPFA

All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Gilbert & Cook does not provide tax or legal or accounting advice, and nothing contained in these materials should be taken as such. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional. Gilbert & Cook is a Registered Investment Adviser. SEC Registration does not constitute an endorsement of Gilbert & Cook by the SEC nor does it indicate that Gilbert & Cook has attained a particular level of skill or ability. Advisory services are only offered to clients or prospective clients where Adviser and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Adviser unless a client service agreement is in place.

Getting Ready for Tax Time: Key Considerations For Both Retirees & Those Who Are Still Working

Tax season is in full-swing, and whether you are retired or still in the workforce, it’s important to be prepared. Understanding how your income, deductions, and credits affect your tax return can help ensure that you are maximizing your benefits and minimizing your tax liabilities. Whether you’re navigating retirement income, required distributions, or job-related expenses, taking time to review the details of your tax return is crucial. The following considerations will help guide you in reviewing your 2024 tax return.

When reviewing your 2024 tax return as a retiree, there are several key considerations to keep in mind:

Social Security Benefits:
Determine how much of your Social Security income is taxable. If you have other sources of income, a portion of your Social Security may be subject to taxes. The taxable portion can depend on your combined income (total income plus half of your Social Security benefits).

Required Minimum Distributions (RMDs):
If you are 73 or older (as of 2024), you are required to take RMDs from your retirement accounts (such as traditional IRAs and 401(k)s). Ensure that you’ve taken the appropriate distribution for the year and report it correctly.

Pension and Retirement Income:
Pensions, annuities, and other retirement income sources are generally at least partially taxable. Review how these are reported on your tax return to ensure that your income is properly accounted for.  Specifically, make certain your tax preparer is aware of any Qualified Charitable Distributions that you made from your IRA during the tax year 2024!

Tax-Advantaged Accounts:
If you still have tax-advantaged accounts such as IRAs or Roth IRAs, review any contributions or conversions that may have been made during the year. Roth IRAs, for example, are not taxable upon withdrawal, but conversions from traditional IRAs to Roth IRAs are taxable.

Deductions and Credits:
You may be eligible for various deductions or credits specific to retirees, including the standard deduction for those over 65 (which is higher than the basic standard deduction), medical expense deductions (if they exceed a certain percentage of your income), or credits for certain types of care or living assistance.

State Taxes:
Various states tax Social Security income, pension income, or retirement distributions differently, so make sure to review how your state taxes your income. If you’ve moved to a new state, consider how your new state's tax laws will affect you.

Tax Rate Changes:
Changes to tax brackets or rates may impact your overall tax liability. Stay up-to-date on any tax law changes that could affect your situation.

Health Savings Accounts (HSAs) and Medical Deductions:
If you qualify for an HSA or have significant medical expenses, ensure that you’ve maximized your contributions or are deducting eligible medical costs that exceed the IRS threshold.

Estate and Gift Tax Planning:
Consider any potential estate or gift tax implications if you made large gifts or have substantial assets in retirement accounts or other investments.

Tax Withholding and Estimated Payments:
Make sure your withholding or estimated payments are on track to avoid penalties. Many retirees rely on withholding from retirement accounts or make quarterly estimated tax payments.

When reviewing your 2024 tax return as someone who is working, here are some important considerations:

Income Reporting:
Make sure all sources of income are correctly reported, including wages, salary, self-employment income, and any additional side income. Check that your W-2s (from employers) or 1099s (for contractors, freelancers, etc.) are accurate.

Tax Withholding:
Review whether your tax withholding is on track. If you received a large refund or owe a significant amount, you might want to adjust your withholding for the next year. Use the IRS’s withholding calculator to estimate if any adjustments are needed.

Deductions and Credits:
Review any deductions or credits you are eligible for. Common examples include the standard deduction (or itemizing deductions like mortgage interest, property taxes, charitable contributions, or medical expenses), child tax credits, or education-related credits (e.g., Lifetime Learning Credit or American Opportunity Credit).

Retirement Contributions:
Check if you contributed to any retirement accounts (e.g., 401(k), IRA) and make sure those contributions were reported correctly. Contributions to traditional IRAs or 401(k)s can reduce your taxable income. If you contributed to a Roth account, keep in mind those amounts are not tax-deductible but grow tax-free.

Health Savings Accounts (HSAs):
If you have an HSA, verify that your contributions and distributions are accurate. Contributions to HSAs are tax-deductible, and withdrawals used for qualifying medical expenses are tax-free.

State Taxes:
Some states have unique tax laws that may affect your filing, especially around deductions, credits, or the taxation of specific income types (like state-specific credits for working individuals). Review your state’s tax return closely to ensure compliance and maximize potential savings.

Job-Related Expenses:
If you’re eligible for job-related deductions (though these have become less common under recent tax law), review whether you can claim any unreimbursed work expenses, particularly if you’re self-employed or have a side business.

Self-Employment Considerations:
If you’re self-employed, you need to review your income, expenses, and deductions related to your business. Be sure to track things like business mileage, home office deductions, and other business-related costs that could reduce your taxable income.

Taxable Benefits:
If you receive benefits from your employer, such as health insurance, stock options, or bonuses, ensure those are accounted for correctly in your tax return. Some benefits are taxable, while others may not be.

Tax Rate Changes:
Be aware of any changes to the tax brackets or tax rates in the current year. This can affect how much you owe or the amount of your refund.

Student Loan Interest:
If you have student loans, check whether you qualify to deduct the interest paid on your loans. There are income limits for this deduction, so review whether you meet the eligibility criteria.

Tax Planning for Future Years:
It might be a good time to review your overall tax strategy with a tax advisor to plan for future years. This could involve adjusting your withholding, contributions to retirement accounts, or utilizing tax-saving strategies for upcoming years.

Reviewing these considerations carefully can help ensure that you're taking advantage of available benefits and avoiding potential pitfalls. If you’re unsure, it may be helpful to consult with your CPA and your Gilbert & Cook Advisor, both of whom can offer personalized guidance and help navigate the specifics of your financial situation.

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Authored By: Al Ryerson, CPA, ASA, CDFA®

All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Gilbert & Cook does not provide tax or legal or accounting advice, and nothing contained in these materials should be taken as such. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional. Gilbert & Cook is a Registered Investment Adviser. SEC Registration does not constitute an endorsement of Gilbert & Cook by the SEC nor does it indicate that Gilbert & Cook has attained a particular level of skill or ability. Advisory services are only offered to clients or prospective clients where Adviser and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Adviser unless a client service agreement is in place.

An Economic Outlook 2025

Insights From The Past & The Path Ahead

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As we take stock of the past three years, it is crucial to recognize the distinct challenges that defined the year 2022, setting it apart from the subsequent years of recovery. The S&P 500 experienced a significant decline, finishing 2022 down approximately 18%. Inflation emerged as a major issue, proving to be persistent rather than temporary, which affected consumer purchasing power and confidence. In response, central banks implemented measures to combat rising prices by increasing interest rates, contributing to a decline in consumer sentiment amidst financial uncertainties.

In contrast, the economic landscape in 2023 and 2024 presented a dramatic turnaround, with these years marking some of the highest returns in recent history. The S&P 500 rebounded sharply in 2023, posting a return of about 26%, followed by continued strong performance in 2024 with a return of 25%. Financial markets reached all-time highs during these years, reflecting robust performance across various sectors. However, despite this growth, inflation continued to remain elevated, presenting ongoing challenges for policymakers. Rate cuts, though anticipated, did not materialize as quickly as hoped, leading businesses and consumers to recalibrate their strategies in response to the evolving economic environment.

Looking ahead for 2025, the outlook appears promising, with expectations of sustained economic growth. Central banks have indicated a cautious stance regarding rate cuts, suggesting that higher interest rates may persist for longer periods. This strategy aims to balance inflation targets while fostering economic expansion. Additionally, new policies designed to enhance infrastructure and promote innovation are expected to further support this upward trajectory.

In light of these developments, it is advisable for investors to consider a diversified portfolio as a prudent measure. By spreading investments across various asset classes, sectors, and geographies, individuals and institutions can better mitigate the risks associated with fluctuating economic conditions. As the path to 2025 unfolds, maintaining a diversified investment strategy will be critical in navigating potential uncertainties.

The journey from the challenges encountered in 2022 to the recovery experienced in 2023 and 2024 highlights the resilience of the economy. While obstacles such as inflation and interest rate pressures continue to loom, the outlook for 2025 remains cautiously optimistic. With sustained economic growth on the horizon and supportive policy developments, stakeholders can adopt a proactive stance toward investment. As the landscape evolves, the emphasis on diversification will be essential, enabling both individuals and institutions to effectively navigate uncertainties and seize emerging opportunities.

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Authored By: Kate Gudgel, CFA & Thomas McCaffrey, CFP®, CFA

All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Gilbert & Cook does not provide tax or legal or accounting advice, and nothing contained in these materials should be taken as such. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional. Gilbert & Cook is a Registered Investment Adviser. SEC Registration does not constitute an endorsement of Gilbert & Cook by the SEC nor does it indicate that Gilbert & Cook has attained a particular level of skill or ability. Advisory services are only offered to clients or prospective clients where Adviser and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Adviser unless a client service agreement is in place.

January is Financial Wellness Month

Your 2025 Financial Wellness Check-Up

Now that we’re already a couple of weeks into 2025, it’s a great time to take stock of your finances and ensure you’re on track to live your life of abundance. With a little planning and a few strategic adjustments, you can help position yourself to stay on track for the duration of the year.

While financial planning may not carry the same excitement as New Year’s resolutions focused on health and wellness, your financial health is deeply tied to your overall wellbeing – and January happens to be Financial Wellness Month. The good news about new year resolutions? You don’t need to make major changes all at once. By taking simple, manageable steps, you can confidently maintain or improve your financial health throughout 2025.

1. Evaluate Your Spending
Start the year by reviewing your spending—this simple act can bring clarity and focus to your finances. Assess your monthly income, fixed and variable expenses, and consider how inflation may have impacted your spending in recent months. This is the perfect time to realign your budget with your financial priorities for 2025.

2. Tackle Your Debt
Managing debt effectively is an essential part of financial health. If you’ve been diligently managing your debt, this could be a great time to take it a step further. Consider applying any extra income from a raise or bonus to high-interest debt to reduce your balances faster. Another strategy to explore is debt consolidation, which can simplify your finances by combining multiple loans into one with a potentially lower interest rate. A streamlined debt management plan can also reduce financial stress. Your Gilbert & Cook Advisor can guide you on the best strategies for your specific situation.

3. Revisit Your Asset Allocation
Asset allocation is key to ensuring your portfolio aligns with your evolving goals. As life stages shift, so should your investment strategy. If you're approaching retirement, you may want to adjust your portfolio to a more conservative mix. Alternatively, if recent market events have you feeling uncertain about your current allocation, it’s a great idea to visit with your advisor to discuss if any changes may be needed. A well-diversified portfolio helps you weather market fluctuations and stay focused on your long-term goals, so it’s important to revisit your allocation periodically.

4. Check Your Emergency Fund
A well-stocked emergency fund is your financial safety net. It's always a good idea to check whether your current fund is sufficient, especially given the unpredictable nature of the economy. A general rule is to have three to six months’ worth of living expenses set aside in a safe, liquid account. However, as life evolves, so too should your savings goals. Ensure that your emergency fund is still in line with your current financial situation and lifestyle. Conversely, It’s may be a good idea to review to make sure you’re not keeping too much in your emergency fund and if so, you could consider redistributing some of those funds towards your investments, paying down debt, or your non-financial goals.

5. Make Sure You’re on Track with Your Goals
It’s important to regularly assess whether you’re making progress toward your financial goals, especially long-term objectives like retirement. If recent market fluctuations have affected your progress, don’t worry—work with your Gilbert & Cook Advisor to recalibrate and get back on track. If you're meeting your goals, consider setting new ones. For example, if you were able to increase your retirement contributions last year, see if you can boost them again in 2025.

6. Update Your Estate and Insurance Plans
As you review your financial picture for 2025, don't forget to review your estate and insurance plans. If you haven’t already, creating or updating your estate plan ensures your assets will be distributed according to your wishes. This is also a great time to review your insurance policies (life, disability, long term care). Whether it's through your employer or an individual policy, make sure it reflects your current needs. Major life changes like marriage, the birth of a child, or changes in your income or debt can impact your insurance requirements. An annual review ensures your policy provides the right level of protection for you and your loved ones.

While it's easy to lose track of resolutions as the year progresses, staying focused on your financial health will help you navigate any challenges that may arise. By making intentional adjustments and working with your Advisor, you can stay on course to help reach your goals and build a secure financial future.

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All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Adviser cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Gilbert & Cook does not provide tax or legal or accounting advice, and nothing contained in these materials should be taken as such. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional. Gilbert & Cook is a Registered Investment Adviser. SEC Registration does not constitute an endorsement of Gilbert & Cook by the SEC nor does it indicate that Gilbert & Cook has attained a particular level of skill or ability. Advisory services are only offered to clients or prospective clients where Adviser and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Adviser unless a client service agreement is in place.

Advisor Spotlight - Jarret Sheets

Meet Jarret Sheets, CFP®, CPFA(TM)

Jarret’s passion for being a financial advisor stems from his deep desire to help others find clarity and purpose when it comes to their financial futures. This early experience ignited a journey that now sees him guiding individuals and families toward discovering what abundance means to them. His mission is to be a trusted advisor who supports clients every step of the way, helping them navigate retirement and other significant life transitions with confidence.

“One finance class in high school sparked my interest in financial planning. I learned that financial plans are not a one-size-fits-all solution, and I wanted to be the person to help others navigate through this. Everyone’s financial situation is unique, and everyone should be made to feel like they are being heard and understood by their Advisor.”

At the heart of Jarret’s approach is a commitment to listen generously—to both his clients and his team. He understands that each client’s needs and goals are distinct, requiring active listening and thoughtful collaboration. By engaging deeply with clients, Jarret is able to relay critical information to his team, ensuring that everyone is aligned in crafting personalized and sophisticated strategies. This collaborative approach allows him to provide solutions tailored to each client’s vision of abundance, whether that means retiring sooner than planned, traveling the world, supporting local causes, or any other goal that defines abundance for them. Jarret is driven by the desire to bring clarity and peace of mind during complex decisions. His approach is grounded in the values of Gilbert & Cook, where building genuine relationships and working together as a team are just as important as offering financial guidance.

“I enjoy helping clients pursue their life of abundance while making sure their financial decisions are in harmony with their values and aspirations.”

Jarret embodies the core values of Gilbert & Cook, where a commitment to growth, understanding, and client-centric care comes first. By helping clients discover and achieve their version of abundance, he offers more than just financial advice; he provides a partnership that lasts a lifetime.