Financial Planning

father and daugther fishing at a lake

Whatever your goals, our financial advisors will help you reach them.

Using a comprehensive approach, we'll develop a financial plan to help you achieve the financial security you deserve.

Retirement Planning

Worrying about your retirement? We can help.

There’s a reason we call them Individual Retirement Accounts — there’s no one size fits all. And we’re committed to finding you the perfect fit. Here is a chart that breaks down the differences between the two types.

Roth IRA

Traditional IRA

Advantages

  • No taxes on withdrawals of contributions
  • Earnings grow tax-deferred
  • No required minimum distributions (RDMs) for as long as you live
  • No age limit to open the IRA or contribute to it
  • May be better if you expect to be in a higher tax bracket when you retire

Drawbacks

  • Eligibility and contribution amounts are limited by income level
  • Contributions can’t be deducted from your taxes

Advantages

  • Contributions may be tax-deductible in the year you make them
  • Earnings grow tax-deferred
  • Eligibility not limited by income

Drawbacks

  • No contributions allowed after age 70½
  • Required minimum distributions (RDMs) must start at age 70½
  • A portion of your withdrawals may be taxable

College Savings Programs

Make the dream of college a reality.

College is more expensive than ever. The average cost for tuition and fees at four-year public institutions has increased over 50% during the last 10 years. Without proper planning, your child could be burdened with loans. Help give your child a jump-start on their life by starting a college savings plan.

529 Plans

A great way to save for higher education.

A 529 is a tax-advantaged savings plan sponsored by states, state agencies and education institutions. A 529 can help you save for your child’s education or even lock down today’s prices for when your child is ready to attend college.

There are two kinds of 529 plans to choose from.

Savings Plans

Savings Plans are the most common. These work much like a 401K or IRAs. You invest your contributions into mutual funds or similar investments. The value of this plan is based on the performance of what you’ve selected.

Prepaid Plans

Prepaid Plans are not as common, but they're a great hedge against the skyrocketing costs of college tuition. You pre-purchase your child’s tuition based on today's rates. The Prepaid Plans pay out at the actual cost of tuition when your child enrolls in college. These plans are convertible for both private and out-of-state colleges.

Pros and Cons of 529 Plans.

PROS

  • 529 Plans grow tax free, so you pay no federal tax on your earnings. You can also take generous gift tax incentives and state tax deductions for contributing in some states. Plus, anyone can contribute to the plan.
  • Money grows faster than with a savings account and you have complete control of your assets.
  • You can change the beneficiary to another eligible family member if the original beneficiary is awarded a full scholarship or decides not to go to college. Funds can even be used for a parent who wants to go back to school.
  • Your child can attend just about any school in any state, no matter which state the 529 plan was established in.

CONS

  • You must use it for college or vocational schools. Withdrawing money for any other reason means paying a 10% penalty on the earnings.
  • Like an IRA, money in your 529 Plan is only as safe as the investments you choose. Earnings and principle can be lost if the market fluctuates. A more conservative allocation can help reduce this risk as the child nears college age.
  • You'll have to pay management fees with a 529 plan. However, even with the added expense of paying fees of 0.50 to 1 percent, your funds will likely grow much faster than if it was left in a savings account.

There are many different 529 plans out there, and rules and tax exclusions vary from state to state. Sit down with our advisors — we can help you compare the different plans, and develop a strategy that meets your savings goals for college.

Gifting Strategies

Even if you're prepared, we can help.

If you have the resources to finance the dream of college for your children or grandchildren, we’ll show you how to take full advantage of the tax benefits available to you.

Estate Planning

Leave your loved ones more than just memories.

Northwest has the expertise to design an estate plan that’s exactly how you want it. All while dramatically reducing estate taxes and preserving your legacy. Don’t have anyone to act as Executor or Agent of your estate? We can do that too.

We’re here to help you through any changes. Even if you feel good about your plan, it's smart to have a full investment and insurance plan done every five years. You may need to add long-term care insurance, put a trust in place to protect your estate or make sure all your beneficiaries are up to date. Whatever the changes might be, we'll help you find the best solution to fit your needs and wishes.

Charitable and Philanthropic

Leave a lasting legacy.

You’ve been successful in life. Now you want to leave a meaningful legacy. We’ll help you select a plan to fulfill your philanthropic goals, providing significant tax benefits both now and at the time of your death.  

We’ll always act in your best interest. Our team is required to complete ongoing training and industry-specific certifications, so you’ll always receive expert advice based on the latest trends and forecasts.

We offer

Gifting Strategies

We’ll help shift your assets to beneficiaries and reduce your taxable estate.

Tax Consideration Strategies

We’ll strategize your estate to offer you the most in tax considerations.

Legacy Management

We’ll manage your estate with integrity and transparency, ensuring that your final wishes are met.