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.

Optimize Your Year-End Giving

Optimize Your Year-End Giving:
A Strategic Approach to Philanthropy

As the year draws to a close, many individuals look for ways to give back to their communities and causes that matter most to them. Year-end giving is an effective way to make a meaningful impact, while also optimizing your charitable contributions for tax benefits. By strategically planning your philanthropy, you can maximize the benefits for both the organizations you support and your financial well-being.

Start by Evaluating Your Giving Goals

Before making any donations, take a step back and evaluate your philanthropic goals. Do you have specific organizations in mind? Are there causes or issues that resonate with you more this year than in the past? Consider the type of impact you want to make and the long-term relationships you’d like to build with charities. This evaluation will help guide your giving and ensure that it aligns with both your values and financial plans.

Understand the Tax Benefits of Year-End Giving

One of the key benefits of giving at the end of the year is the potential for tax deductions. Charitable contributions are tax-deductible if you itemize your deductions, which can reduce your taxable income for the year. You can also give appreciated assets like stocks or real estate to avoid paying capital gains taxes while supporting causes you care about. Understanding the specific tax advantages of different donation types is essential to optimizing your gift.

Work with Your Financial Advisor

A financial advisor can play a crucial role in helping you navigate your year-end giving strategy. They can provide insight into the most tax-efficient giving methods, such as donor-advised funds (DAFs) or charitable trusts, which allow you to give in a way that benefits you both today and in the future. Advisors also have the expertise to help you balance charitable giving with other year-end financial priorities, like tax planning and retirement contributions.

Explore Donor-Advised Funds (DAFs)

Donor-Advised Funds (DAFs) are becoming an increasingly popular way to give. These accounts allow you to contribute to a charitable fund, take an immediate tax deduction, and then direct donations to your chosen causes over time. A DAF gives you the flexibility to donate to multiple charities while spreading out the timing of your actual contributions. Your financial advisor can help set up and manage a DAF to ensure it fits into your overall financial strategy.

Timing is Key for Maximizing Impact

To make the most of your year-end giving, timing is crucial. Make sure you’ve completed your charitable donations by December 31st to count them toward the current year’s tax deductions. Additionally, if you're looking to support a charity with a significant year-end fundraising campaign, your contribution could make a substantial difference during this critical time. Your advisor can help track deadlines and provide reminders to ensure you're meeting your philanthropic and tax goals.

Review Your Giving Plan Regularly

Year-end giving is just one piece of your long-term financial and philanthropic strategy. After the year ends, take time to review how your charitable contributions aligned with your financial goals and adjust your plan for the following year. Working with your financial advisor throughout the year will help ensure that your giving remains consistent with your values, financial situation, and the causes you wish to support.

By carefully planning your year-end giving with the help of your financial advisor, you can create a more impactful and tax-efficient strategy, all while supporting the causes you care about most.

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

Announcing Zach Ripka as COO

Gilbert & Cook Promote Zach Ripka to
Chief Operating Officer

November 8, 2024 – West Des Moines, Iowa – Gilbert & Cook is pleased to announce Zach Ripka’s promotion to Chief Operating Officer.

With over a decade in finance, Zach has become known for his commitment to helping clients achieve their financial goals. Formerly the firm’s Planning & Tax Strategist, he brings expertise in both accounting and financial planning, enabling clients to benefit from well-structured strategies.

Throughout his tenure, Zach has embodied Gilbert & Cook’s values, building strong relationships with clients and colleagues. “At Gilbert & Cook, we emphasize a unique experience centered on a team approach.” Zach shared. Known for his collaborative style, Zach has strengthened both client relationships and the firm’s culture of trust and collective success.

As COO, Zach will continue to champion teamwork and shared knowledge, expanding his collaborative approach across the organization. His previous role involved partnering with the Planning Department and Advisors to deliver tailored financial solutions; now, he’ll align leadership to advance the firm’s strategic vision and growth.

Zach is a Certified Public Accountant (CPA) and Certified Financial Planner™ practitioner, with further credentials as a Certified Exit Planning Advisor (CEPA) and Certified Divorce Financial Analyst (CDFA). These reflect his dedication to continuous learning, a core value at Gilbert & Cook. “I sought ways to better serve our clients by deepening my knowledge,” he explained. The CEPA supports succession planning for business owners, while the CDFA aids clients navigating divorce for long-term stability.

Zach’s promotion underscores his commitment to helping clients lead a life of abundance. The team looks forward to his leadership as he fosters a culture of growth and teamwork at Gilbert & Cook.

October 11, 2024 Medicare Event Recap

Understanding Medicare in 2025:
Key Changes and What You Need to Know

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As the Annual Enrollment Period (AEP) for Medicare approaches, it’s crucial to be informed about the latest changes to make the best healthcare decisions. This year’s Medicare Educational Event provided insights into Medicare basics, the annual enrollment timeline, and essential updates for 2025. Here’s what you need to know.

Medicare Basics: An Overview

Medicare, the federal health insurance program primarily for those 65 and older, comprises different parts with distinct benefits:

1. Medicare Part A – Covers hospital services.

2. Medicare Part B – Covers medical services like doctor visits.

3. Medicare Part D – Assists with prescription drug costs, offered through private insurers.

For those new to Medicare, eligibility typically starts three months before turning 65 and extends three months after. Applying is simple through the Social Security website or at a local office.

Integrating Medicare with Your Financial Plan

A strong financial plan does more than help to secure your future; it also complements your Medicare choices. By planning for healthcare expenses early, you can optimize your Medicare options and reduce out-of-pocket costs. A well-structured financial strategy provides the resources to comfortably cover premiums, deductibles, and unexpected medical expenses, while helping you take full advantage of Medicare benefits.

Additionally, aligning your financial goals with healthcare needs ensures that even as costs shift over time, you’re prepared with an abundance-focused approach to your retirement and healthcare. Having open communication with your financial advisor about any medical expenses is helpful to your financial plan.

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Options for Medicare Coverage

Medicare beneficiaries can either stick with Original Medicare or select a Medicare Advantage (Part C) plan, often bundled with additional benefits. The two primary routes for coverage are:

Original Medicare: This traditional setup allows adding a Part D drug plan and Medigap coverage to help with out-of-pocket costs.

Medicare Advantage (Part C): Combining Part A, Part B, and usually Part D, these plans often provide additional benefits like vision, dental, and OTC allowances.

Medicare Advantage plans vary based on location and can feature different network structures, such as HMO or PPO.

What’s New for 2025?

This year brings some major changes to Medicare’s prescription drug coverage:

1. Deductible Phase: Beneficiaries cover 100% of their drug costs until meeting a $590 deductible.

2. Initial Coverage Phase: After the deductible, beneficiaries pay 25% coinsurance on all covered prescriptions, up to a new out-of-pocket limit of $2,000.

3. Catastrophic Coverage: Beyond this limit, insurers and manufacturers cover the remaining costs.

These changes reduce the out-of-pocket maximum for drug costs, down significantly from $8,000 in previous years, meaning substantial savings for many Medicare recipients.

Preparing for the Annual Enrollment Period (AEP)

The AEP is an opportunity to review current Medicare Advantage and Prescription Drug Plans and switch if necessary. Here’s how to prepare:

1. Review the Annual Notice of Change (ANOC) from your current plan to understand specific updates in coverage or costs.

2. Compile Your Medication List, including doses and frequencies, to ensure your plan covers them effectively.

3. Set Up a Medicare.gov Account if you don’t have one, as it’s a helpful resource for managing benefits.

4. Monitor Formulary Updates to check if your medications are covered.

Key Takeaways for 2025

With the reduction in out-of-pocket thresholds, insurance companies are adjusting premiums and deductibles. Additionally, some plans and carriers are consolidating, which might qualify certain beneficiaries for a Special Enrollment Period, allowing plan changes outside of AEP.

Navigating Medicare’s changes can be complex, but with proper planning, you can find coverage suited to your needs. Staying informed about your options is essential, and reaching out to both your Medicare professional and your financial advisor can provide clarity. Working with your advisor on a tailored financial plan can help you be prepared for the costs and changes that may come, supporting your goals for retirement. For any questions or personalized guidance about Medicare, reach out to  Nichole Jordan from Capitol Benefits Group at (515) 514-1204 or Nichole@capitol-benefits.com. For any questions about your financial plan, please reach out to your advisor.

Strategist Spotlight - Zach Ripka

Meet Zach Ripka, CPA, CEPA, CFP®, CDFA®

With 10 years of experience in the finance sector, Zach combines his background in accounting with his passion for financial planning as Gilbert & Cook’s Planning & Tax Strategist. His dedication to helping clients achieve financial success stems from his desire to make a lasting, positive impact on their lives and futures.

"At Gilbert & Cook, we often talk about offering a unique experience, and it’s true. What sets us apart is our team approach. Clients don’t just work with one Advisor – they have access to an entire ensemble of professionals. You get the full support of our team, which is something unique for a financial firm.”

Zach is a part of the Planning Department at Gilbert & Cook, where they take a collaborative approach when designing a client’s financial plan. “Our department works well together because we each have different backgrounds in finance and unique focus areas. We continuously collaborate as a team to create comprehensive financial plans.”  In addition to working closely with his team, Zach partners closely with Advisors to ensure clients' goals are met. “We are always working together to make sure we understand what the client is looking for in a financial plan, as well as their short- and long-term goals.” As a Certified Public Accountant (CPA) and a Certified Financial Planner TM practitioner, Zach understands how tax and financial planning can be pivotal to an individual’s financial plan.  “Possessing the knowledge surrounding tax laws and financial planning opportunities is highly beneficial when putting together a comprehensive financial plan. It helps clients optimize their plan for long-term success.”

Quest to Grow and Improve is one of our core values, and Zach has fully embraced it. During his time at Gilbert & Cook, he has earned both the Certified Exit Planning Advisor (CEPA) designation and the Certified Divorce Financial Analyst (CDFA) certification. "I wanted to find ways to better serve our clients, so I focused on areas where I could deepen my knowledge. Working with many business owners, I realized I could offer more value by earning my CEPA designation, as it’s essential for them to understand how to plan for the sale or succession of their business. When it came to divorce planning, I saw a need to support clients even more, which led me to pursue the CDFA certification. It allows me to help clients and their attorneys understand how today’s financial decisions can impact their future stability."

Building genuine relationships with clients reflects Zach’s commitment to both personal growth and serving others. As one of our core values, Genuine Relationships is at the heart of who we are, and Zach fully embodies this in his approach. For him, learning about a client’s needs and goals goes beyond just designing a financial plan. As Zach puts it, “It’s about getting to know the client and really hearing them. You are building a real relationship with them and connecting on a personal level.” By doing so, he’s able to offer guidance that is not only strategic but deeply meaningful, especially when helping clients navigate complex tax challenges or business succession.

In all that he does, Zach remains dedicated to fostering growth, both personally and financially, for those he works with. His passion for helping others live a life of abundance drives his approach, and his genuine care for his clients creates lasting relationships.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark and the CERTIFIED FINANCIAL PLANNER™ certification mark logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Advisor Spotlight - Todd Henningsen

Meet Todd Henningsen, CFA, CFP®

With 15 years of experience in the investment and financial industry, Todd's journey began right out of college as a research analyst. Over time, he transitioned into advising individuals and families.

 "My fascination with finance sparked in my first college course, where I learned about the power of compound interest. This realization ignited my passion for helping others achieve their financial goals through strategic investing and advising." - Todd

Todd takes a holistic approach when meeting with clients and “At Gilbert & Cook, our process is centered on helping clients live their personal life of abundance. During our initial meeting, myself and other team members assess the client’s current financial situation together. We have the client identify their life and legacy goals, and create a tailored financial plan with recommendations to achieve these objectives.”

Fostering genuine relationships is one of our core values, and is fundamental to what Gilbert & Cook does. Todd believes that the building blocks to a good working relationship is getting to know one-another and keeping the channels of communication open. “Building and maintaining strong relationships with my clients is at the core of my job. The most rewarding aspect of what I do is witnessing clients’ confidence grow. Many come to us with a level of uncertainty surrounding their financial future. My goal is always to hear what they need to live their life of abundance and then work alongside each other to create that reality.”

With rewards always come challenges. Markets fluctuate and there is never a guarantee when investing. “ Even seasoned investors can experience anxiety during stressful times. However, these periods can also present unique opportunities for strategic investing and planning. My role is to educate clients during market fluctuations and then leverage these opportunities for the long-term benefit of each client.”

Todd is an advisor because he finds immense joy in helping others achieve their live a life of abundance. He values building genuine relationships with his clients which allows him to witness their personal and financial growth.

Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark and the CERTIFIED FINANCIAL PLANNER™ certification mark logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Event Highlights: Navigating the 2024 Economic Landscape

On July 10th, Gilbert & Cook hosted an insightful evening at The Monroe, to delve into the Market Update & 2024 Economic Outlook; with a special emphasis on the influence of this election year's political climate on the economy. Our distinguished panel included Dave Price, Political Expert and Award-Winning Journalist; Kate Gudgel, CFA and Senior Investment Strategist at Gilbert & Cook; and Todd Henningsen, CFA, CFP®, Financial Advisor at Gilbert & Cook.

Political Insights with Dave Price

Dave Price began the discussion with an in-depth analysis of the current political landscape; particularly focusing on the implications if President Biden were to step aside. He elaborated on the complexities of this scenario, noting, "If Biden steps aside, the simplest way to handle the financial aspect is turning to Kamala Harris, as ‘both names are on the check’. However, since the duo has already raised $100 Million from supporters; if they opt for someone else, it could get quite complicated politically and financially."

Dave also provided a detailed update on the polls, emphasizing the growing lead of Trump in battleground states. He highlighted the critical battleground states, including Wisconsin, Arizona, Georgia, Michigan, Pennsylvania, North Carolina, and Nevada, which will be pivotal in the upcoming election.

"Trump is consistently leading in head-to-head matchups, which has many Democrats nervous. However, we're sitting here in July and talking about a November election, so a lot could happen." he explained.

UPDATE: Since the event took place, President Biden has declined his nomination for the 2024 Election.

Market Analysis by Kate Gudgel, CFA

When considering the impact of political shifts on economic performance; it’s important to understand that when we look back at the historical data, the market is positive regardless of the political party that's in the White House. Consider other economic influences historically. In 2008, the great financial crisis provided systematic risk for both President Bush and President Obama. The global pandemic of 2020, impacted markets beyond the control of President Trump or President Biden.

Using historical data, we can see the market's resilience under various political leaderships. "The market has been positive under all six combinations of political control," Kate stated. It is important to focus on long-term investing goals rather than short-term political fluctuations.

"The stock market doesn’t live or die based on who’s in control of the White House or Congress. It’s driven by the fundamentals of companies and economic growth."  

While politics are top of mind this year, the market's performance is more influenced by long-term earnings trends and broad-based economic growth. The Gilbert & Cook team brings focus back on the fundamentals and using the data to make logical, reasonable investment decisions.

Although easier said than done, the data shows us that it is better to ignore short-term volatility around elections. Your financial priorities and long-term investment goals should be the most important factors in your investment decision making.

Tax Policy and Economic Forecast by Todd Henningsen, CFA, CFP®

Todd Henningsen provided an examination of potential changes in tax policy and their implications. The impending sunset of the Tax Cuts and Jobs Act in 2026, would result in significant changes to tax brackets and deductions. "If no new legislation is passed by 2026, we’ll see tax rates going up pretty much across the board," Todd explained.

Comparing the tax proposals of President Biden and former President Trump; Biden’s proposal includes increasing the top tax bracket and corporate tax rate, while Trump aims to extend the Tax Cuts and Jobs Act into 2033. Todd noted, "Extending the Tax Cuts and Jobs Act would add $3.5 trillion dollars to the country’s deficit over the next ten years, according to the Congressional Budget Office."

The Federal Reserve and Interest Rates

Historically the Fed has not stood on the sidelines during election years; but rather, continues its dual mandate to keep employment at the maximum level and continue price stability, all while keeping independence from politics. Rather, the Fed's policy decisions and actions during election years have been explained by economic events, as opposed to political party or policy.

Kate projected that the Fed might start cutting rates later this year, likely in September, based on current economic trends. “The Fed is very data dependent. They continue to balance their risks and will follow the data trends. And then with inflation trending lower, and the economy starting to slow down but not contracting yet - that has given them that confidence to hopefully start that new cycle.”

A softening job market has helped bring U.S. inflation down to 2.6%, close to the Federal Reserve's 2% goal. Without any large inflationary surprises, a cut in September seems likely as the Fed can maintain its restrictive policy by matching the drop in inflation with a cut in rates.

Legal Challenges, International Relations and Market Stability

Dave Price provided an update on former President Trump’s legal challenges and their potential impact on the election. He emphasized the importance of not letting political emotions drive investment decisions. "Market performance is more influenced by macroeconomic factors than election results," he stated.

The event concluded with a dynamic Q&A session, where attendees posed questions on various topics, including the impact of geopolitical tensions on the market and the future of U.S.-China relations. Kate Gudgel addressed these concerns, stating, "Geopolitical events cause short-term market volatility, but the long-term trend is driven by economic fundamentals and corporate earnings."

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.

Medicare: Understanding the Basics and Making Informed Choices

A summarized recap from our June 6th Medicare Event presented by Capitol Benefits Group.

Navigating the world of Medicare can be overwhelming, but Medicare is an essential aspect of an individual’s financial plan.  Gilbert & Cook recently hosted an educational seminar entitled “Medicare 101: Understanding the Basics and Making Informed Choices.”   This article will recap the information shared at the seminar.

Medicare Part A, provides coverage for inpatient hospital stays, skilled nursing facility care, home health care, hospice care and drugs administered in a hospital or nursing facility. For the year 2024, the deductible for Part A is $1,632.  Individuals are responsible for paying this amount before Medicare coverage kicks in.

Medicare Part B provides coverage for doctor office visits, outpatient mental health care, outpatient hospital care, home health care and clinical lab services.​ In 2024, the deductible for Part B is $240.​ After meeting the deductible, individuals typically pay 20% of the cost for covered services.  

Medicare Part D provides coverage for prescription drugs.  Medicare Part D is offered by private companies.​ The coverage provided by a Medicare Part D plan, including the covered drug list, can change annually.  You should review your Medicare Part D coverage annually to ensure your plan still covers your prescriptions and meets your needs.

Medicare Supplements, also known as Medigap plans, are designed to fill the “gaps” in Medicare Parts A and B.​ Medicare Supplement plans are offered by private insurance companies and provide coverage for deductibles, coinsurance, and other out-of-pocket costs.  Medicare determines whether a service is covered, not the Supplement carrier.​

Medicare Advantage, also referred to as Part C, is an alternative to original Medicare (Medicare Parts A, B and D with a Medicare Supplement).​ Medicare Advantage plans are offered by private insurance companies and only cover services provided by in-network (HMO or PPO) physicians and facilities.  Many Medicare Advantage plans have a $0 monthly premium and include dental and vision benefits, over-the-counter allowances, and prescription drug coverage.  It's important to review the specific details of each plan, as deductibles and coinsurance can vary from county to county and change annually.  If you choose a Medicare Advantage plan, you will still enroll in Medicare Parts A and B, but the insurance company will manage your care and pay claims, not Medicare.

Medicare Part A has no monthly premium, as long as the individual or his/her spouse paid Medicare taxes for at least 10 years.​ The Medicare Part B premium for 2024 is $174.70 per month.    The premiums for Medicare Parts B and D are adjusted for individuals who earned more than $103,000 in 2022 filing single or married but separate), and for married individuals who earned more than $206,000 in 2022 filing jointly.  The income lookback window for Medicare Parts B and D adjustments is two years.

You apply for Medicare through the Social Security Administration (SSA).  Your Initial Enrollment Period (IEP) typically begins three months before you turn 65 and ends three months after your birthday month. The SSA provides online resources and the option to schedule an appointment with your local office for assistance.​

Online Resources: www.ssa.gov/medicare
Schedule with your local office: www.ssa.gov/locator/

Understanding the basics of Medicare will help you make informed decisions. Whether you choose original Medicare -- Medicare Parts A, B and D plus a Medicare Supplement – or a Medicare Advantage plan, it is important to review the available options and select the plan that best meets your individual needs.  Consider consulting with a Medicare insurance professional for guidance on your Medicare decisions.

June means it's time for your Mid-Year Financial Checklist

What should you be looking at in June?

A mid-year financial check-in is a crucial practice for maintaining and improving one’s financial health. Typically this process is helpful during the month of June so that you can do a thorough review of your finances, including income, expenses, savings, and investments, to ensure you are on track with your annual financial goals.

By taking the time to assess your financial situation mid-year, you can make necessary adjustments, correct any deviations, and reinforce positive habits that will help you achieve your long-term financial objectives. This proactive approach allows for a more manageable and less stressful end-of-year financial review.

Mid-Year Checklist

Budget Review

·        Compare actual income and expenses against your budget.

·        Identify categories where you overspent or underspent.

·        Adjust budget allocations as needed for the remaining months.

Income Assessment

·        Verify all sources of income for accuracy.

·        Consider any changes in income, such as bonuses, raises, or additional income streams.

·        Plan for any expected changes in income for the rest of the year.

Expense Analysis

·        Review all regular and recurring expenses.

·        Identify any new or unexpected expenses that have occurred.

Debt Management

·        List all outstanding debts, including credit cards, loans, and mortgages.

·        Check balances, interest rates, and monthly payments.

·        Explore options for refinancing or consolidating high-interest debt.

·        Develop or update a repayment plan to stay on track.

Credit Health Check

·        Obtain a copy of your credit report from all three major bureaus (Equifax, Experian, TransUnion).

·        Check for any errors or signs of identity theft.

·        Confirm all open accounts are accurate and hard inquiries were approved.

·        Review your credit score and take steps to improve it if necessary.

  Savings Review

·        Evaluate the balance of your emergency fund.

·        Ensure you have at least three to six months of living expenses saved.

·        Review if cash on hand is in a high-yield checking or savings account.

·        Determine if cash in excess of the emergency fund should be invested.

·        Confirm you are taking advantage of employer funded savings such as an employer retirement plan match or HSA match.

·        Review savings goals for short-term and long-term objectives.

·        Adjust savings plan to meet these goals by year-end.

Investment Portfolio Review

·        Assess the performance of your investments.

·        Review asset allocation and rebalance your portfolio if necessary.

·        Check for any changes in risk tolerance or investment strategy.

·        Consider increasing contributions to retirement accounts if possible.

Insurance Coverage

·        Review all insurance policies (health, auto, home, life, umbrella, disability, etc.).

·        Ensure coverage is adequate and up-to-date.

·        Compare policies to find better rates or coverage if needed.

Tax Planning

·        Review the first half of the year's income and tax withholdings.

·        Estimate your tax liability for the year.

·        Make any necessary adjustments to withholdings or estimated tax payments.

·        If you need to make estimates, determine if estimates should be based on the prior year safe harbor or current year estimated liability.

·        Review for strategic opportunities to utilize Roth IRA contributions or conversions.

Financial Goals Update

·        Review your financial goals set at the beginning of the year.

·        Assess progress towards each goal.

·        Adjust timelines or strategies for achieving these goals if needed.

Financial Documentation

·        Organize financial documents and statements.

·        Ensure important documents are accessible and securely stored.

·        Consider going paperless if it helps with organization.

  Meet with your Advisor

·        Schedule a meeting with your Advisor

·        Discuss any major life changes that could affect your financial plan.

·     Seek guidance on any complex financial decisions or adjustments.

This holistic review ensures that your financial plans remain adaptable to any changes that may arise throughout the rest of the year. Reminder to keep an open line of communication with your Advisor for any changes in your financial situation.

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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.