financial planning Archives - Blakely Financial

Building a Resilient Financial Plan for Life’s Uncertainties

Posted on September 11, 2025 by Steve LaFrance

Life rarely goes according to plan. Market volatility, career changes, health concerns, and unexpected expenses can test even the most carefully crafted financial strategies. While we can’t predict every twist and turn, we can prepare for them with proactive planning rather than reactive decision-making.

A resilient financial plan provides you with the flexibility to adapt to change while maintaining focus on your long-term objective. At Blakely Financial, we believe the ability to weather life’s uncertainties is one of the most important skills for building, protecting, and growing wealth over time.

Core Principles of Financial Resilience

A truly resilient financial plan rests on three foundational principles:

Flexibility: The ability to pivot and adjust your strategies as circumstances change without derailing your long-term goals.
Diversification: Reducing risk by spreading investments across asset classes, sectors, and geographies.
Liquidity: Maintaining access to cash or liquid assets so you can respond to opportunities or emergencies quickly.

Keeping these pillars in mind ensures your financial plan remains strong even in turbulent times.

Step 1: Build and Maintain a Strong Safety Net

An emergency fund is your first line of defense against life’s surprises. For high-income households, we recommend maintaining three to six months of living expenses in easily accessible accounts. These funds should be kept separate from investments earmarked for long-term goals, ensuring you can cover unexpected costs, such as medical expenses, home repairs, or a sudden job loss, without disrupting your portfolio. Money market accounts, high-yield savings accounts, or short-term certificates of deposit (CDs) can be excellent vehicles for this safety net.

Step 2: Manage Risks with Insurance and Asset Protection

A resilient financial plan goes beyond investments, shielding you from risks that could derail your financial future. This includes life and disability insurance to protect income and family security, long-term care insurance to cover potential healthcare needs later in life, and umbrella policies to provide extra liability coverage beyond standard policies.

For business owners or those with significant assets, advanced asset protection strategies and estate planning tools can further safeguard your wealth from legal or creditor risks.

Step 3: Plan for Market Volatility

Market downturns are inevitable, but they don’t have to derail your goals. A thoughtful asset allocation strategy tailored to your objectives, time horizon, and risk tolerance can help you ride out volatility without making emotional decisions. Diversification across multiple asset classes can limit losses in turbulent times, while regular rebalancing ensures your portfolio remains aligned with your intended risk level and seizes potential opportunities when the market shifts.

Step 4: Prepare for Major Life Transitions

Major life transitions such as career changes, relocation, marriage, divorce, inheritance, or health challenges can significantly impact your finances. The more flexible your plan, the easier it is to adapt without sacrificing your long-term vision. Scenario planning can help you make decisions from a place of confidence rather than fear.

Step 5: Regularly Review and Update Your Plan

A financial plan is not a “set it and forget it” document. It should be a living strategy that evolves as your life, the economy, and tax laws change. At a minimum, we recommend annual or semi-annual reviews to evaluate:

Changes in personal goals or circumstances
Market conditions and portfolio performance
Tax and estate planning opportunities, including adjusting for tax law changes
Potential gaps in insurance coverage

Working closely with your financial advisor during these reviews ensures your plan remains robust and relevant.

The Role of a Trusted Financial Advisor

Financial resilience is built on proactive planning, and having a trusted advisor by your side can help you anticipate challenges before they arise. At Blakely Financial, we take a holistic approach to design plans that adapt to life’s unexpected turns. If you’re ready to strengthen your financial resilience, contact us today. Our team is here to help you prepare for whatever comes next!

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Planning for Intergenerational Wealth Transfer

Posted on September 11, 2025 by Emily Promise

When most people think about wealth, they focus on the present – how to earn it, grow it, and protect it. But for many families, true financial success is measured by something greater: the ability to pass on not just assets, but also values, opportunities, and security to future generations. Therefore, intergenerational wealth transfer goes beyond writing a will. It involves creating a comprehensive strategy that aligns with your family’s goals, reduces risk, and ensures your legacy stands the test of time.

Defining Your Legacy Beyond Wealth

Of course, wealth transfer involves money, but additionally, it involves the principles and priorities you want to instill in future generations. This could mean teaching children the importance of philanthropy, encouraging smart financial decision-making, or setting up family traditions that carry meaning across decades. Some families even formalize their legacy through mission statements or family councils, which can help align heirs around shared goals. This holistic approach ensures your wealth is not only preserved but also used in ways that reflect your values.

Estate Planning Essentials

At the core of any intergenerational wealth transfer strategy is a strong estate plan. Documents like wills, trusts, and powers of attorney are foundational for directing how assets are distributed and ensuring your wishes are carried out.

For high-net-worth individuals, trusts often play a particularly powerful role as they can minimize estate taxes, avoid probate, and provide protections that help shield wealth from creditors or mismanagement. Reviewing and updating estate planning documents regularly is key. Life changes such as marriage, births, and business transitions can significantly affect your legacy plan!

Tax-Efficient Wealth Transfer Strategies

A successful wealth transfer plan not only considers what is passed down, but also how. Without proper planning, estate taxes and other liabilities can erode the legacy you’ve built.

One way to help reduce the taxable estate is through strategic gifting. Annual exclusion gifts, leveraging the lifetime exemption, or even establishing family limited partnerships (FLPs) are all ways to maximize tax efficiency. For families interested in philanthropy, charitable giving strategies, such as charitable trusts or donor-advised funds, can also provide dual benefits: reducing taxes while supporting causes that are important to you. Remember: these strategies are complex, and professional guidance is essential to ensure they are structured effectively.

Incorporating Philanthropy

Many families choose to make charitable giving part of their intergenerational wealth transfer plan. Beyond tax benefits, philanthropy can help preserve family values by encouraging heirs to think about impact, stewardship, and community responsibility. Options like donor-advised funds or family foundations provide flexible ways to involve the next generation in giving decisions. This not only helps instill important financial values but also strengthens family bonds by creating a shared purpose.

Preparing the Next Generation

One of the most common reasons wealth transfer fails is a lack of preparation among heirs. Passing down wealth without education and guidance can lead to misuse, conflict, or even financial loss.

Preparing the next generation involves more than a conversation about inheritance. It is critical to provide financial literacy, engage heirs in family decision-making, and create opportunities to learn about investing, budgeting, and philanthropy early. These steps help ensure your legacy endures beyond assets, fostering a sense of responsibility and purpose.

Working with Professionals

A successful intergenerational wealth transfer requires coordination in which financial advisors, estate planning attorneys, and tax professionals can each play a critical role. By working with a team that understands both your financial situation and your family dynamics, you can create a plan that is comprehensive, efficient, and future-focused. At Blakely Financial, we take a collaborative approach, helping families structure wealth transfer strategies that protect assets, minimize taxes, and align with their personal values.

Are you ready to create a foundation that empowers future generations to thrive? Contact the Blakely Financial team today to take the next step in planning your legacy. Together, we can create a wealth transfer strategy that protects your wealth and sets your family up for success for generations to come.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Financial Planning Tips: From Residency to Retirement

Posted on August 11, 2025August 12, 2025 by Emily Promise

Medical training prepares you to treat complex clinical cases —but often your education does not include financial planning topics. As a resident, you’re navigating the exciting beginning of your career, often alongside long and exhausting hours. With so much on your plate, there’s rarely time to think about managing your limited budget, student loans, or long-term financial goals. As you progress in your career, you may take on leadership positions, teaching responsibilities, or become more involved in your medical community, all of which can add to an already demanding schedule.

That is why laying the groundwork now with simple habits and clear strategies can make all the difference. The earlier you start, the more control and confidence you will have over your financial future. Let’s explore practical ways to build a strong foundation so you can focus on what matters most.

The following three tips will help you take control of your finances and put your income to the best use. Whether you are getting your first paycheck or nearing retirement, these tips apply to you just on varying levels.

Understand Your Financial Picture

Invest in Yourself and Your Future

Protecting Your Future

Understand Your Financial Picture

Start by getting clear on where you stand. Ask yourself:

How much are you earning versus spending?
What does your personal balance sheet look like? (Savings/Assets vs. Student Loans/other Debts)
What are your fixed monthly expenses? (Think housing, utilities, food, transportation, student loan payments, etc.)

A budgeting tool such as Rocket Money or Quicken Simplifi can help track your monthly cash flow. Knowing what is coming in and going out is the first step in building any financial plan.

Once you have a handle on your income and expenses, the next step is to address any major debts. For many physicians, the most significant of these is student loans. On average, physicians entering residency in the U.S. carry about $200,000 to $250,000 in student loan debt. While in residency, you are often allowed to defer your loan repayments.

As you begin to think about repaying your student loans, there are various repayment options, such as the SAVE Plan, which keeps monthly payments low based on your income; this is an income-driven repayment plan. If you work for a nonprofit hospital, you may also qualify for Public Service Loan Forgiveness (PSLF), which forgives your remaining loan balance after ten years of qualifying payments and service.

Invest in Yourself and Your Future

Financial success is not about perfection. It is about consistency. Set up systems to support your goals. Automate your savings, schedule monthly financial check-ins, and connect with a financial professional who understands the unique path of a medical career.

Starting early gives you more options, greater confidence, and long-term flexibility. You are already building a future that helps others. Now is the time to invest in yourself.

Develop a stepped savings plan that increases over time. Small contributions can make a lasting impact. Begin with automatic savings to both retirement accounts and outside investment accounts. Establishing this habit early will make it easier to increase your savings as your income grows, helping you build wealth steadily over time.
- Set up automatic savings
  The best savings strategy is “out of sight, out of mind.” Open a high-yield savings account and schedule monthly transfers. Even $50 a month adds up over time.
- Contribute to retirement accounts
  Review your employer benefits packet. Does your employer offer a 401(k), 403(b), or 457 plan? Contribute a portion of your paycheck to that account. If there is an employer match, make sure you are contributing enough to get the full match. This is essentially free money for your future.
Avoid lifestyle inflation: As you progress in your career, start increasing your contributions to your savings vehicles as your income increases. Resist the urge to immediately upgrade your car, apartment, or wardrobe. Keeping your expenses stable and living below your means will help you build wealth faster.
Ensure that your assets are diversified: both in type of assets (investments, real estate, etc.), but also in tax-form. You want to make sure you set up different tax buckets – such as ROTHs, Brokerage Accounts, and then Pre-tax retirement savings – this gets you all 3 tax buckets!

Protect Your Future

Your ability to work and earn is your most valuable asset, and it is something you will want to protect. Protecting your future goes beyond insurance coverage, make sure you have a proper estate plan in place.

Here is what to consider:

Disability insurance: Look for a policy with own-occupation coverage, which pays benefits if you cannot work in your specific medical specialty, even if you can work in another field.
Life insurance: If you have dependents or co-signed loans, a term life insurance policy provides peace of mind by ensuring those obligations are covered if something happens to you.
Estate Planning: It is important to make sure that you have the proper documentation in place in case something were to happen to you. This includes basic estate documents, such as a Will, Power of Attorney, and Health Care Power of Attorney. You will also want to make sure that beneficiaries are listed on all of your investments, retirement accounts, and any life insurance policy.

Your career in medicine is just beginning. By making intentional financial choices now, you are giving yourself the freedom to grow personally, professionally, and financially for years to come. Starting early and staying consistent will empower you to build a strong financial foundation so you can focus on what matters most: your patients, your passions, and your future.

Want to Talk One-on-One?

If you’d like to discuss any of these topics further, contact Emily Promise at Blakely Financial. AMWA members receive a 15% discount on our services. We’re here to help you build a financial plan that supports your career and your life.

Email: emily@blakelyfinancial.com | erin@blakelyfinancial.com
Phone: (336) 885 – 2530
Website: https://blakelyfinancial.com/

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

The Million-Dollar Question: How Much Do You Really Need to Retire?

Posted on July 21, 2025July 29, 2025 by Emily Promise

If you’ve ever wondered how much you need to retire, you’re not alone. If you Google this question, you’ll find a wide range of answers. So, how much do you need to retire? Some sources suggest that $500,000 might be enough, while others claim that $1.26 million is the new “magic number” for retirement in 2025. So, which is it?

The truth is, neither Google nor AI can give you a one-size-fits-all answer – because retirement planning is deeply personal. Your ideal retirement number depends on many individual factors, and what works for someone else may not work for you. Retirement isn’t just about covering the basics like housing, food, and healthcare. It’s also about your desired lifestyle. Do you envision traveling the world, picking up new hobbies, or helping fund your grandchildren’s education? These choices significantly impact how much you’ll need. For some people, $1 million may be more than enough to maintain a comfortable lifestyle. For others, particularly those living in high-cost areas or with expensive tastes, $10 million might still feel tight. This is where working through your own personal situation becomes invaluable – your vision for retirement will be translated into real numbers.

Several key factors influence how much you will need to retire comfortably, including: the age you wish to retire, your expenses – both necessities and desires, and the type of assets you retire on. The earlier you retire, the longer your savings need to last. Retiring at 55 requires a much larger nest egg than retiring at 70 because you’ll have more years to fund without a paycheck. Not all assets are created equal. Some people retire with the bulk of their wealth in retirement accounts like IRAs and 401(k)s, while others rely on brokerage accounts, real estate, or even rental income. The types of assets you hold – and how accessible they are – play a big role in your retirement plan. This relates to the tax nature of the different assets – which is a whole separate conversation!

Another often-overlooked aspect is whether you want to leave a financial legacy. The popular book Die With Zero by Bill Perkins encourages people to spend their wealth while they’re alive, aiming to maximize life experiences instead of accumulating money for the sake of leaving an inheritance. But that philosophy isn’t for everyone. Many families still place a high value on leaving something behind for their children, grandchildren, or charitable causes. Your personal beliefs about legacy will influence how much you save, how you spend, and how you pass on your wealth.

In previous generations, many workers could count on employer-provided pensions to fund a significant portion of their retirement. Today, pensions are increasingly rare. The shift to 401(k)s and other self-funded accounts means the responsibility to save and invest wisely has fallen squarely on the shoulders of individuals.

This new reality makes careful retirement planning more important than ever.

So, how can you figure out your own “magic number” for retirement? Start with these simple steps. First, determine your estimated annual expenses. Next, envision what you want your retirement to look like – your lifestyle, activities, and goals. Finally, identify areas where you could be flexible or make adjustments if needed. A word of caution: be conservative with your estimates. It’s wise to overestimate your expenses and underestimate your asset pool. You’d rather have more than enough than risk falling short, especially if you live longer than expected.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Lifestyle and Wealth: Aligning Personal Goals with Your Financial Plan

Posted on July 10, 2025July 10, 2025 by Emily Promise

When most people think about financial planning, they often focus on numbers: how much is in the retirement account, what the market is doing, or whether they’re on track for a particular net worth. But true wealth is about using your financial resources to support the life you want to lead, not just accumulating financial assets. At Blakely Financial, we believe your financial plan should reflect your values, lifestyle, and long-term goals as much as your financial data.

Defining What Wealth Means to You

Before building your financial plan, it’s important to define what wealth actually means in the context of your life. For example, financial security means different things to different people. For one individual, it might be the freedom to retire early and travel the world, while for another, it might be about creating opportunities for their children or supporting a cause deeply personal to them. Take a moment to consider:

What does financial independence look like to you?
What life experiences or goals matter most to you?
What kind of legacy do you hope to leave for your loved ones or community?

When your financial plan is rooted in these personal priorities rather than generic benchmarks, it becomes a tool to help you live intentionally, not just accumulate wealth for its own sake.

Setting Lifestyle-Driven Financial Goals

Once you’ve defined what matters most, the next step is setting clear, lifestyle-driven financial goals for yourself. These goals are focused on enabling the life experiences and milestones that are important to you.

Examples may include:

Planning for early retirement to spend more quality time with family.
Finding annual international travel or extended sabbaticals.
Contributing to causes you care about through charitable giving.
Saving for a child’s or grandchild’s education.
Building a financial legacy that supports multiple generations.

Work with your financial advisor to ensure your financial plan prioritizes these goals, making them measurable and achievable, while balancing short-term needs and long-term aspirations.

Building a Financial Plan That Supports Your Lifestyle

A lifestyle-focused financial plan integrates all aspects of your financial life to support your personal goals. Some of the essential components include:

Cash Flow Management: Ensuring your spending habits and savings strategies align with your priorities, leaving room for both day-to-day enjoyment and future aspirations.
Investment Strategy: Tailoring your portfolio to match your risk tolerance, time horizon, and desired lifestyle. For some, this may mean prioritizing steady, conservative growth. For others, a more aggressive, growth-oriented portfolio.
Tax Planning: Proactively managing taxes to maximize available resources, whether through tax-advantaged accounts, charitable giving strategies, or thoughtful estate planning.
Estate and Legacy Planning: Structuring your wealth to benefit your family, support philanthropic interests, and ensure your assets are distributed according to your wishes.

Adjusting Your Financial Plan for Life’s Milestones and Unexpected Turns

Life isn’t static, and your financial plan shouldn’t be either. Major life events like marriage, divorce, career changes, health challenges, or economic shifts can all significantly impact your financial strategy. This is why it’s essential to work with an advisor who not only builds a strong foundational plan but also proactively adjusts it as your life evolves.

The Role of a Trusted Financial Partner

Navigating complex financial decisions can be overwhelming, especially when those decisions are tied to personal goals and multi-generational planning. This is where a trusted financial advisor makes a difference! At Blakely Financial, an advisor’s role goes beyond managing investments. We serve as partners and problem-solvers, ensuring every financial decision supports the lifestyle and legacy you envision for yourself and your family.

Our personalized, relationship-driven approach means we listen closely to what matters to you and craft strategies designed to help you pursue those goals with clarity and confidence.

Your wealth should work for you, allowing you to live a life you love and a legacy you’re proud of. Whether you’re focused on securing an early retirement, creating opportunities for your children, or giving back to your community, Blakely Financial is here to help you align your financial plan with your personal vision. If you’re ready to start building a financial strategy that supports your life’s priorities, reach out to our team today.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Social Security: Key Factors to Consider

Posted on July 9, 2025July 10, 2025 by Steve LaFrance

Social Security is one of the most important income sources for American retirees, yet many people claim benefits without a clear strategy, resulting in missed opportunities and reduced lifetime income. It’s essential to make smart, informed decisions about when and how to claim Social Security and to integrate this benefit into a broader financial plan for long-term confidence. In this blog, we’re taking a closer look at what you should know about optimizing Social Security benefits.

How Social Security Benefits Work

Your Social Security retirement benefit is based on your highest 35 years of earnings, adjusted for inflation. To qualify, you typically need to earn 40 work credits, equivalent to approximately 10 years of work.

Understanding your Full Retirement Age (FRA), which is the age at which you’re entitled to 100% of your benefit based on your earnings record, is key. FRA ranges from 66 to 67, depending on the year you were born. Claiming before your FRA will permanently reduce your benefit, while delaying beyond FRA increases it by 8% per year until age 70.

Key Factors to Consider When Claiming Benfits

There are several important factors to consider in deciding when to claim Social Security, including:

Claiming Age: You can begin benefits as early as 62, but doing so reduces your monthly benefit. Waiting until FRA or beyond can significantly increase your payout.
Life Expectancy: If you have a family history of longevity or are in good health, delaying benefits might pay off in the long run.
Spousal Benefits: Married couples should coordinate their claiming strategies to maximize household income. Spouses can receive up to 50% of the other’s FRA benefit.
Taxes on Benefits: Depending on your total income, up to 85% of your Social Security benefits may be taxable. Effective tax planning can help you manage this.
Other Retirement Income Sources: The timing of your Social Security claim should align with withdrawals from retirement accounts, pension income, and other investment assets.

Common Claiming Strategies

There is no real “best time” to claim benefits, but there are proven strategies worth considering, including:

Delayed Claiming: Waiting until age 70 offers an 8% increase in benefits for each year you delay past FRA, providing valuable guaranteed growth.
Spousal Strategies: Couples can stagger claiming ages to maximize benefits and survivor protections.
Coordinating for Two-income Households: When both spouses have earned benefits, strategic timing can significantly increase total household retirement income.
Survivor and Divorcee Benefits: Widows, widowers, and divorced individuals may be eligible for benefits based on a former spouse’s earnings record, which is an important planning consideration.

Be sure to speak with your financial advisor about which strategies are best for you and your unique financial situation.

Integrating Social Security into a Broader Retirement Plan

It’s important not to view Social Security in isolation. The age you claim affects how and when you might draw down other retirement accounts like 401(k)s, IRAs, and taxable investments. Market conditions, inflation expectations, and healthcare expenses should also be factored into your decision.

At Blakely Financial, our advisors can make projections to help you understand how different claiming strategies will affect your overall financial picture both immediately and throughout your retirement.

Working with a Financial Advisor to Optimize Benefits

Optimizing Social Security benefits is a highly personalized process. The right strategy for you will depend on your health, financial goals, other income sources, tax situation, and family circumstances. Our advisors specialize in retirement income planning and Social Security optimization, using sophisticated tools to help you make informed decisions that fit your long-term goals. We also stay on top of legislative changes and Social Security rules so we can ensure your plan remains aligned with your goals.

The decision about when and how to claim Social Security can have a lasting impact on your financial future, and a well-crafted claiming strategy integrated with your overall financial plan can help you secure greater peace of mind and a more confident retirement. Contact Blakely Financial today to begin exploring your options.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Navigating Divorce with Financial Confidence

Posted on June 2, 2025 by Emily Promise

Divorce is one of life’s most challenging transitions, affecting many aspects of your life, including your emotional well-being and your financial future. As difficult as the process can be, having a clear financial strategy can help you regain control, protect your assets, and plan for the next chapter of your life with confidence. At Blakely Financial, we’re committed to helping clients navigate these pivotal moments with clarity and purpose. In this blog, we’re sharing ways you can approach the financial side of divorce with confidence and care.

Understand Your Financial Picture

Before you can make informed decisions, it’s essential to know exactly where you stand financially. Start by gathering important financial documents, including:

Bank and investment account statements
Tax returns from the past several years
Retirement plans
Debt records, including mortgages, credit cards, and loans
Property titles
Insurance policies

You will also want to create a comprehensive list of your assets and liabilities, noting which are jointly owned and which belong to you individually. Understanding your current household budget and anticipating how it will change post-divorce is key to protecting your financial well-being.

Prioritize Immediate Financial Needs

While the long-term strategy is important, addressing immediate financial needs ensures your day-to-day security. Make sure you have access to your personal bank accounts and an emergency fund to cover essentials like housing, childcare, and legal expenses. If necessary, consider freezing joint accounts or credit lines to prevent any unauthorized activity. Also, review your insurance coverage, including health, life, and disability insurance, to make sure you are adequately protected during and after the divorce process.

Work with Financial & Legal Professionals

Divorce involves legal complexities and financial decisions that can have lasting effects, so we recommend assembling a trusted team to guide you through the process. This team should include a divorce attorney, a financial advisor, and, when appropriate, a Certified Divorce Financial Analyst® (CDFA®).

At Blakely Financial, our advisors help clients model different settlement options, analyze the long-term impact of asset division, and develop a comprehensive plan for their new financial reality. Collaborative financial planning during a divorce can help prevent costly mistakes, preserve long-term financial health, and provide reassurance during this uncertain time.

Divide Assets Strategically

When it comes to dividing assets during a divorce, it may seem obvious to just split everything down the middle, but in reality, it is important to instead understand how each asset serves your future. Think about the tax implications, growth potential, and liquidity of each asset. For example:

Retirement accounts may be subject to taxes and penalties if withdrawn early.
Real estate may come with ongoing maintenance costs and property taxes.
Investment accounts can offer growth opportunities but may fluctuate in value.

Work with your financial advisor to negotiate an asset division that supports your personal goals and financial stability. It’s also important to update estate planning documents, including wills, powers of attorney, and beneficiary designations, to reflect your new circumstances.

Plan for Your New Financial Future

As your life changes, so should your financial plan. Once the divorce is finalized, it’s time to set new, realistic short-term and long-term financial goals for yourself. To do this, revisit your retirement plan contributions, insurance coverage, and estate planning documents to ensure they align with your updated financial picture. Additionally, adjust your investment strategy to reflect your new circumstances, risk tolerance, and retirement timeline. Working with a financial advisor throughout this process can help you create a clear, realistic roadmap for your future.

Maintain Financial Confidence Moving Forward

Your financial journey doesn’t end when the divorce papers are signed. Periodic financial check-ins are essential to track progress toward your goals, adjust plans as needed, and manage risk as life continues to evolve. With the right support and planning, financial independence and long-term security are within reach.

Divorce is never easy, but having a dedicated financial partner can make a meaningful difference. At Blakely Financial, we’re here to help you navigate life’s transitions with clarity, compassion, and confidence. If you’re going through a divorce or planning for one, our team is ready to provide personalized financial guidance tailored to your needs. Contact us today to learn more about how we can support you through this important chapter!

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Strategic Education Funding: Advanced Approaches

Posted on June 2, 2025 by Steve LaFrance

Higher education has never been more valuable – or more expensive. As tuition costs rise year after year, many families are looking for strategic ways to fund their children’s or grandchildren’s education without sacrificing their own financial security. The good news is, beyond traditional savings, there are other strategies you can use to make a meaningful difference. At Blakely Financial, we understand that proactive, tax-smart education planning is essential to maintaining multi-generational wealth. In this blog, we are highlighting several advanced approaches families can consider when building an education funding plan that aligns with their long-term goals.

Maximize 529 Plans with Tactical Contributions

529 college savings plans remain one of the most tax-efficient ways to save for education, offering tax-free growth and tax-free withdrawals for qualified education expenses. Did you know there are advanced strategies you can leverage beyond regular monthly contributions? These include:

Front-Loading Contributions: Take advantage of the IRS provision that allows you to contribute up to five times the annual gift tax exclusion in a single year per beneficiary. For 2025, this is up to $95,000 for individuals or $190,000 for a married couple, potentially jumpstarting education savings early.
State Tax Benefits: Some states offer tax deductions or credits for 529 contributions. If you live in a participating state, this can provide immediate tax savings on top of long-term growth potential.
Use Beyond College Tuition: 529 plans can now be used for graduate school, certain apprenticeships and trade programs, and even K-12 tuition (up to $10,000 per year per student).
Changing Beneficiaries: If one child doesn’t use all of their 529 funds, you can easily transfer the account to another qualifying family member without penalty.

Custodial Accounts (UGMA/UTMA)

Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts offer flexibility for saving toward a child’s future. Unlike 529 plans, funds aren’t limited to education expenses and can be used for anything that benefits the child. The key advantages include no contribution limits and broad investment options, however, there are important considerations to make note of:

Assets belong to the child once they reach the age of majority. This is usually 18 or 21, depending on your state.
Custodial accounts are counted as student assets on financial aid applications, which can reduce eligibility for need-based aid.

These accounts can play a role in a broader education funding strategy, but should be carefully coordinated with financial planning aid.

Utilize Tax-Efficient Investment Accounts for Flexibility

For families seeking flexibility and long-term tax efficiency, taxable brokerage accounts can be an effective college funding vehicle. Advantages include:

No restrictions on how or when the money is used.
Potential for long-term capital gains tax treatment if held for over a year.
Flexibility to pivot funds for other financial priorities if education costs are lower than anticipated.

As with any investment strategy, it’s crucial to match your asset allocation to your time horizon. More aggressive investments may be appropriate when children are young, gradually shifting to conservative options as college years approach.

Explore Financial Aid Positioning Strategies

Even for high-earning families, strategic financial aid positioning can be valuable. Key tactics include:

Minimizing Student-Held Assets: Since student assets are weighted more heavily in financial aid formulas, consider reducing or repositioning these funds before applying for aid.
Timing Income and Gifts: Large financial moves, like bonuses or asset sales, can impact aid eligibility if they occur in key income reporting years. Working with an advisor can help time these events wisely.
Utilizing Tax-Advantaged Accounts: Maximize 529 plans, IRAs, and other accounts that may not count as heavily against aid formulas.

Smart financial aid positioning can help preserve eligibility for grants, scholarships, and need-based aid opportunities, even when total household wealth is significant.

Roth IRAs for Dual-Purpose Savings

Roth IRAs are typically viewed as retirement vehicles, but they also offer strategic flexibility for education funding. Contributions to these accounts can be withdrawn tax-free at any time, and earnings can be withdrawn penalty-free for qualified education expenses.

This approach is especially appealing for families unsure if their children will attend college or for those who want to maintain flexibility for retirement. If the funds aren’t needed for education, they can continue growing for retirement on a tax-advantaged basis.

Cash Value Life Insurance as a Supplementary Tool

For families interested in diversification and asset protection, cash value life insurance can serve as a supplemental education funding tool. Policyholders can borrow against the policy’s cash value tax-free, and these loans typically don’t factor into financial aid formulas. While this strategy isn’t right for everyone, it can be a powerful component of a complex wealth transfer and education funding plan when paired with traditional savings vehicles. Talk to your advisor about which options are best for you and your family.

Education funding is more than saving for tuition; it’s about preserving family wealth and creating opportunities for the next generation. When you work with Blakely Financial, we will help you develop a comprehensive education funding plan to work in harmony with your broader wealth management goals. Ready to explore your options? Contact us today to schedule a consultation and build a strategic and personalized plan for your family’s financial future.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

The fees, expenses, and features of 529 plans can vary from state to state. 529 plans involve investment risk, including the possible loss of funds. There is no guarantee that an education-funding goal will be met. In order to be federally tax-free, earnings must be used to pay for qualified education expenses. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10 percent penalty. By investing in a plan outside your state of residence, you may lose any state tax benefits. 529 plans are subject to enrollment, maintenance, and administration/management fees and expenses.

Education Planning for the Next Generation: Strategic Wealth Transfer and 529 Investments

Posted on May 1, 2025May 2, 2025 by Emily Promise

One of the most powerful gifts you can give the next generation is the opportunity for a strong start. Whether thinking about your children’s future or your grandchildren’s, education planning is a strategic and meaningful way to pass on wealth, values, and financial stability. With the rising cost of education and evolving tax laws, thoughtful planning can ensure your financial support not only helps your loved ones today but also supports your long-term legacy. This is where 529 plans come in.

Why Education Planning Belongs in Your Wealth Transfer Strategy

For high-net-worth families and individuals, wealth transfer is about building a legacy, not just numbers, and funding an education is one of the most impactful ways to do so. Helping a child or grandchild graduate debt-free opens doors for their future and reinforces a commitment to lifelong learning.

Education planning also allows you to express your values while remaining strategic with your financial resources. It’s an opportunity to teach financial responsibility, support future goals, and make a lasting impact, all while benefiting from smart tax strategies.

Understanding the 529 Plan Advantage

529 college savings plans are one of the most flexible and tax-advantaged ways to invest in education. These accounts allow your contributions to grow tax-deferred, and as long as withdrawals are used for qualified education expenses, they are completely tax-free. This includes tuition, room and board, books, and even some technology and equipment expenses.

Depending on your state, you may also receive a state tax deduction for your contributions. 529 funds are also flexible – they aren’t just for college anymore! Eligible expenses can now include K-12 education, certain vocational and apprenticeship programs, and more.

Strategic Uses of 529 Plans for High-Income Earners

For high earners and legacy-minded individuals, 529 plans can serve a dual purpose: education funding and wealth transfer. Here are some strategic uses of 529 plans you may consider:

Superfunding 529 Plans: One powerful strategy is “superfunding” a 529 plan. This allows you to contribute up to five years’ worth of gifts at once without triggering federal gift taxes. This is currently up to $95,000 per beneficiary for individuals or $100,000 for couples, and can significantly jumpstart the account’s growth potential.
Maintaining Control and Flexibility: Unlike other forms of gifting, you retain control of the account and can change the beneficiary if needed. This flexibility is especially valuable for families with multiple children or grandchildren.
Multi-Generational Planning: Some families are even using 529 plans to plan for future generations, opening accounts for grandchildren, or even children not yet born, to ensure education funding remains a part of the family legacy.

New Rules, More Flexibility

Recent updates from the SECURE 2.0 Act have made 529 plans even more appealing:

Roth IRA Rollovers: Unused 529 funds can now be rolled over into a Roth IRA for the beneficiary (subject to limits and requirements), reducing the risk of overfunding and offering an additional retirement boost.
Expanded Qualified Expenses: The list of allowable education expenses has grown, offering more ways to use your savings efficiently.

These changes make 529 plans more versatile than ever and help ensure your contributions can serve multiple purposes over time.

Integrating Education Planning with Your Broader Financial Plan

At Blakely Financial, we review education planning as a key part of a comprehensive financial strategy. From tax planning and retirement strategies to estate and legacy planning, we help our clients align their education goals with their full financial picture. We regularly review 529 plans as part of our ongoing planning process, helping you adapt to changes in tax law, family dynamics, or your financial priorities.

Funding the next generation’s education is one of the most lasting and personal forms of wealth transfer. It’s a way to support your loved ones, reflect your values, and build a foundation for long-term success. Whether you’re just getting started or refining your existing strategy, our team at Blakely Financial is here to help. Let’s work together to create a plan that empowers the next generation and strengthens your legacy in the process.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

The fees, expenses, and features of 529 plans can vary from state to state. 529 plans involve investment risk, including the possible loss of funds. There is no guarantee that an education-funding goal will be met. In order to be federally tax free, earnings must be used to pay for qualified education expenses. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10 percent penalty. By investing in a plan outside your state of residence, you may lose any state tax benefits. 529 plans are subject to enrollment, maintenance, and administration/management fees and expenses.

Financial Planning for Medical Professionals

Posted on April 9, 2025April 15, 2025 by Emily Promise

A medical career offers financial rewards, but also comes with unique challenges, from managing student loan debt to navigating complex tax situations and preparing for retirement. Unlike other professionals, physicians and medical specialists spend years in training, delaying peak earning potential, which makes strategic financial planning essential at every stage of your career.

No matter where you are in your medical journey, having a sound financial plan can help you build wealth, protect your income, and develop long-term financial security. In this blog, we’re breaking down key priorities in financial planning for medical professionals in each phase of your career.

Residency & Fellowship

During residency and fellowship, finances can feel tight. Limited income and high student loan balances make it crucial to budget wisely, manage debt efficiently, and protect your financial future.

Budgeting & Cash Flow Management

Creating and sticking to a realistic budget is essential at this stage. Residency salaries often don’t leave much room for discretionary spending, so tracking expenses and prioritizing necessities, such as rent, utilities, and loan payments, is key. Even small contributions to an emergency fund can make a difference.

Student Loan Repayment

Physicians often graduate with significant student debt. Explore repayment options, such as income-driven repayment (IDR) plans, refinancing, or Public Service Loan Forgiveness (PSLF) if you qualify. Making interest-only or small payments during residency can help reduce total loan costs over time.

Insurance Coverage

Your most valuable asset is your ability to earn a high income in the future. Protect it by securing disability insurance, which can replace a portion of your salary if you become unable to work. Malpractice insurance is also essential, especially as you take on more responsibility in patient care.

Early Career: Years 1-5 Post-Residency

After residency, income increases significantly, which can create a temptation to increase spending – a phenomenon known as “lifestyle inflation.” While it’s important to enjoy your hard-earned success, this phase should focus on building financial stability for the long term.

Income Management

With a jump in earnings, focus on using your new financial flexibility wisely. Pay down high-interest debt, such as credit cards or private loans, while continuing to grow an emergency fund covering three to six months’ expenses.

Retirement Savings

This is the time to start maximizing retirement contributions. Many employers offer 401(k) or 403(b) plans, often with matching contributions. If you’re self-employed or have additional income, consider an IRA or a SEP IRA for tax-advantaged retirement savings. The earlier you start, the more you can benefit from compound interest.

Tax Planning

As your salary rises, so does your tax burden. Work with a financial advisor or CPA to maximize deductions, utilize tax-advantaged investment accounts, and consider tax-efficient strategies to reduce liabilities. For those in private practice, structuring your business correctly can lead to substantial tax savings.

Mid-Career: Years 5-20 Post-Residency

By mid-career, you are likely earning at your full potential, and wealth accumulation should be a primary focus. Your financial strategy should include investment growth, wealth protection, and long-term financial security.

Investment Diversification

Expanding your portfolio beyond traditional retirement accounts is essential for long-term growth. Consider a mix of stocks, bonds, real estate, and alternative investments to build wealth in a tax-efficient manner while managing risk. Talk to your financial advisor to decide which assets are best aligned with your risk tolerance and financial goals.

Education Planning

If you have children, it’s time to start saving for their education. Tax-advantaged 529 plans can help fund college costs while allowing for tax-free growth and withdrawals for qualified expenses.

Practice Growth

If you own or are considering starting a private practice, this phase involves important decisions about business loans, partnerships, and operational efficiencies. Work with your financial team to optimize cash flow, manage business taxes, and plan for future expansion or succession.

Late Career: 20+ Years Post-Residency

During the late career stage, financial planning should focus on preserving wealth, ensuring retirement readiness, and establishing a legacy.

Retirement Planning

Now is the time to assess retirement readiness by evaluating savings, projected retirement expenses, and desired lifestyle. Consider downsizing debt and adjusting investments to align with your expected retirement date. Many physicians work longer than other professionals, but having a strong financial plan gives you the flexibility to retire when and how you choose.

Estate Planning & Wealth Transfer

Planning for your legacy involves more than just writing a will. Consider trusts, tax-efficient wealth transfers, and charitable giving strategies to preserve assets for your heirs and causes that matter to you. Proper estate planning ensures your wealth is distributed according to your wishes while minimizing potential tax burdens.

Risk Management

As wealth grows, so does the risk of financial loss due to lawsuits, market fluctuations, or unforeseen circumstances. Review insurance policies, liability coverage, and investment risk exposure to ensure long-term financial security.

At Blakely Financial, we specialize in working with medical professionals, providing personalized financial strategies tailored to the unique challenges of your career. Whether you’re just starting or planning for retirement, we’re here to help you build a strong financial foundation. Contact us today to schedule a consultation and start planning your future!

Diversification does not assure a profit or protect against loss in declining markets and cannot guarantee that any objective or goal will be achieved.

The fees, expenses, and features of 529 plans can vary from state to state. There is no guarantee that an education-funding goal will be met. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10 percent penalty. You may lose state tax benefits if investing in a plan outside your state of residence.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.