Financial planning is a crucial aspect of family life From managing day-to-day expenses to preparing for major life events families must navigate a complex landscape of financial decisions It is easy for the demands of daily life to take precedence, —, from coordinating schedules for extracurricular activities to planning birthday parties or even simply planning a weeknight dinner This article addresses five key financial planning topics that should be prioritized when trying to accomplish financial goals on top of day-to-day demands , 1 Discussing finances as a family , The first step in financial planning for families starts with having a conversation Discussing money is not always the easiest and most comfortable topic but regular discussions can help align priorities identify potential challenges and foster a sense of shared responsibility  To kickstart your financial planning discussion its essential to gather all pertinent financial information and create a…, Account statements,  checking and savings 401ks taxable investment accounts etc, Asset valuations,  home value investment properties etc, Debts, mortgage balance student loan balance car loans etc, Expenses, day to day living expenses mortgage payment (or rent property taxes day care etc Going through this exercise at least once a year and putting pen to paper is incredibly valuable It allows you to track progress and make sure both partners are on the same page  In conjunction with creating a balance sheet families should openly discuss their short- medium- and long-term goals The key to financial…, 2 Estate planning, Estate planning is not just for the “rich” Estate planning involves creating a plan for the distribution of assets and properties after ones passing Its a critical component of financial planning that ensures the smooth transfer of wealth and minimizes potential conflicts among heirs Families should consider drafting essential documents such as wills trusts and powers of attorney to outline their…, Accounting titling and beneficiary designations, Ensuring that accounts are titled in an optimal manner allows for easier transfer of assets should something happen to the account owner Along the same lines periodically checking that the beneficiary(ies listed on retirement account assets are as chosen secures that assets get passed on according to the account owners desires, A will, This is a legal document that outlines how a person’s assets will be distributed upon their death Importantly a will names an executor (who is going to oversee that what the will says actually gets done and a guardian for your minor child(ren , Powers of Attorney (POA, A durable power of attorney for property or health care allows an individual to appoint an agent to handle their financial/health care affairs in the event of incapacity , 3 Insurance planning, Insurance plays a vital role in mitigating financial risks and protecting against unexpected events Families should assess their insurance needs across various areas including health life property and liability Adequate coverage can safeguard against medical expenses property damage legal liabilities and loss of income due to disability or death By reviewing insurance policies regularly and…, What is life insurance, Insurance on your life Meaning if you pass away the insurance company pays your beneficiary (usually the surviving spouse an agreed upon lump sum There are several different kinds of life insurance, Term insurance, This is the lowest cost life insurance you pay a level annual premium for a fixed death benefit The term expires after a set number of years (ie 20-year term Term insurance = renting insurance for a stated period of time, Whole life insurance, Compared to term insurance these policies result in a larger premium for the same amount of death benefit however these policies build up a cash value over time and may be permanent Things to consider when buying term insurance  If one spouse is earning more money they should consider having greater levels of coverage in the event something happens “Matching” the term to outstanding liabilities…, 4 Saving for college , A 529 plan is a state-sponsored savings vehicle designed specifically to address qualified education expenses Every 529 plan has one account owner often a parent or grandparent and one designated beneficiary , State tax benefits,  Numerous states including Illinois extend state tax benefits for contributions made to 529 plans For instance Illinois offers a state tax deduction for contributions made to an Illinois-sponsored 529 plan with limits set at $10000 for single taxpayers and $20000 for those filing joint returns, Tax-free growth,  Assets within 529 plans enjoy the benefit of tax-free growth allowing contributions to accumulate without incurring taxes on earnings, Tax-free withdrawals,  Perhaps most notably 529 plans permit tax-free withdrawals of both principal and earnings when utilized for qualified education expenses This feature serves as a significant advantage for families seeking to fund educational endeavors without incurring tax liabilities, Beneficiary Flexibility, Owners of 529 plans possess the flexibility to reassign beneficiaries within the same family without triggering any gift tax consequences This versatility enables families to adapt to changing circumstances while maintaining the tax advantages associated with the plan Importantly anyone can contribute to a child’s 529 plan so if grandparents want to give gifts to their grandkids this is a great…, 5 How to prioritize savings , With numerous financial goals competing for attention prioritizing savings can be challenging Families should evaluate their objectives and allocate resources based on their importance and urgency Essential considerations include building an emergency fund to cover unexpected expenses paying off high-interest debt to reduce financial strain and investing for long-term growth By establishing clear…,  , Conclusion , Financial planning is never one size fits all By addressing these key considerations proactively families can strengthen their financial well-beings protect their loved ones and work towards a more secure future Through collaborative decision-making and a commitment to financial responsibility families can navigate the complexities of financial planning with confidence and clarity  Collaborating…

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Award recognizes “advisors that are leading the way”, Ranking based on quantitative and qualitative measures that identify the highest standards of best practices, Recognition comes as Mesirow Wealth Management continues to grow organically as well as through strategic acquisition, CHICAGO March 11 2025, – Mesirow an independent employee-owned financial services firm today announced that Wealth Advisor, Jennifer Rosenblum CFA, has been recognized in the 2025 Top Women Wealth Advisors Best-in-State ranking by Forbes 1 Based on advisor surveys and interviews the 2025 list features over 2400 experienced women who cumulatively manage approximately $36 trillion in assets   According to Forbescom Forbes ’ Top Advisor rankings “…are the only advisor rankings with a focus on quality including interviewing advisors” The…, Mesirow Wealth Management CEO, Brian Price, “Jennifer exemplifies excellence as we continue to grow our founding capability of wealth management and we look forward to her continued contributions to Mesirow and the individuals families and organizations she serves”  , Jennifer Rosenblum CFA, joined Mesirow in 1997 and has more than 35 years of experience in the financial services industry Throughout her career she has specialized in working with individuals families charitable organizations and business owners to help them create comprehensive financial planning strategies to accumulate protect and distribute their wealth Jennifer is a mentor in the Link Unlimited Scholars Program a…, About Mesirow,   Mesirow is an independent employee-owned financial services firm founded in 1937 Headquartered in Chicago with offices around the world we serve clients through a personal custom approach to reaching financial goals and acting as a force for social good With capabilities spanning Global Investment Management Capital Markets & Investment Banking and Advisory Services we invest in what…

Award recognizes “up and comers … who stand among the very best in wealth management” , Ranking based on quantitative and qualitative measures that identify the highest standards of best practices, Recognition comes as Mesirow Wealth Management continues to grow organically as well as through strategic acquisition, CHICAGO September 5 2024, – Mesirow an independent employee-owned financial services firm today announced that Wealth Advisors, Jeffrey Condren CFP ®, and, Brian Lorber CFP ®, have been named 2024 Best-in-State Top Next-Gen Wealth Advisors by Forbes Based on advisor surveys and interviews the 2024 list comprises 1621 top professionals born in 1985 or later and with a minimum of four years of experience as an advisor   According to Forbescom “We believe our Top Next-Gen Wealth Advisor rankings are an early peek of our future Top Wealth Advisor rankings… They’re…, Brian Price, “Both are building upon our 87-year legacy of serving individuals and families with professionalism and purpose and we look forward to their continued contributions to Mesirow and service to clients”  , Jeffrey Condren CFP ®, joined Mesirow in 2015 and has nearly two decades of experience in the financial services industry Throughout his career he has provided invaluable guidance to a diverse clientele navigating families though complex economic landscapes and market fluctuations Jeff currently serves as the President of the Ravinia Associates and is an Executive Board of Trustee member at Ravinia Music Festival, Brian Lorber CFP ®, joined Mesirow in 2010 and has 14 years of experience in the investment industry specializing in portfolio design and planning He and his team have spent decades building strong relationships with their clients and in many cases now proudly serve four generations of families As a Barron’s Top 100 RIA firm Mesirow Wealth Management offers a differentiated approach that places equal emphasis on…, About Mesirow , Mesirow is an independent employee-owned financial services firm founded in 1937 Headquartered in Chicago with offices around the world we serve clients through a personal custom approach to reaching financial goals and acting as a force for social good With capabilities spanning Global Investment Management Capital Markets & Investment Banking and Advisory Services we invest in what matters…