Do any of these financial question marks apply to you?
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WA Long-Term Benefits Employee Payroll Tax

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Starting January 1, 2022, the Washington State Long-term Services and Supports Trust Act  will require many residents to either have long-term care insurance (LTCI) coverage from a private insurer or else pay a 0.58% tax on wages and stock-based compensation to the state to pay for a public long-term care (LTC) benefits program. 

The proceeds from this tax will be available to provide long-term services and supports benefits to eligible Washington State residents of up to $36,500 over the course of the person’s lifetime. 

All qualifying employees are subject to the premium assessment, except for individuals who have private long-term care insurance (or self-employed individuals). Depending on how close you are to retiring, these premiums can add up for high income earners - beyond the expected benefits as highlighted in the table below - and we recommend reviewing your options accordingly for private long-term care insurance before the November 1, 2021 deadline to opt out. 

You may review the WA Cares Fund website for additional information at http://www.wacaresfund.wa.gov/

Fill out this form to download more information.

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4Q 2023 Market Letter
4Q 2023 Market Letter

Why the long face? Another year in the can, all wrapped up nice and festive with a pretty little bow, Santa Claus rally and all! Any investor with the nerve to complain that they did not get everything on their Christmas list should at least have been able to find solace in the market’s recent move to all-time highs, so let’s just keep the tidings of comfort and joy rolling all the way through 2024, right?!

3Q 2023 Market Letter
3Q 2023 Market Letter

You’re no doubt hearing a lot about how remarkably “resilient” the U.S. economy has been looking lately.  Despite the Fed’s move to hike interest rates sharply higher over the past 18 months, economic growth in the U.S. has managed to remain in positive territory in recent quarters, steadily exceeding economists’ expectations in the process. 

WASHINGTON STATE CAPITAL GAINS TAX
WASHINGTON STATE CAPITAL GAINS TAX

The Washington State Supreme Court has ruled that the excise tax on capital gains is constitutional and valid. As such, the Department of Revenue will continue collecting the tax which is due April 18, 2023. A filing extension will be granted if the taxpayer files a federal extension and requests a Washington extension prior to the original due date, but the tax must still be paid in full by April 18th (April 15th in future years). Any tax paid after that date is subject to a late payment penalty of up to 29% of the tax due.

UPDATE ON THE US FINANCIAL SYSTEM
UPDATE ON THE US FINANCIAL SYSTEM

As you have no doubt heard by now, the U.S. financial system has seen several bank failures over the past week, including its second-largest ever with the failure of Silicon Valley Bank (SVB), which was taken over by regulators this past Friday. This followed the announcement middle of last week of the wind-down of Silvergate Bank and, in turn, has since been followed by the weekend takeover of Signature Bank by state regulators.

Secure 2.0 Act of 2022
Secure 2.0 Act of 2022

We welcome the New Year with a new law aimed at changing the way we think about retirement savings. President Biden signed the SECURE 2.0 bill on December 29, 2022, making the retirement package law. The package includes 90+ new provisions, including those designed to broaden access to workplace retirement plans and raise the age when required minimum distributions begin. Here are the top 10 takeaways we want you to be aware of.

PACIFIC PORTFOLIO CONSULTING, LLC ACQUIRES CONWAY JARVIS, LLC
PACIFIC PORTFOLIO CONSULTING, LLC ACQUIRES CONWAY JARVIS, LLC

Pacific Portfolio Consulting, LLC (“Pacific Portfolio”) announced the acquisition of Conway Jarvis, LLC, a Seattle-based firm with approximately $350 million in assets under management. Conway Jarvis will operate as Pacific Portfolio and all its employees will remain in place.

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3Q 2022 Market Letter

ARE YOU NOT ENTERTAINED?!?

Forgive me; no sooner had the words hit the page than it occurred to me that “entertained” is almost certainly not the word you would have chosen. Stunned perhaps? Or maybe nauseous would have been a better choice. A twenty-five percent bear market decline in stocks disrupted by sporadic and occasionally quite violent counter-trend rallies; a huge spike in the number of one to two percent swings up or down in the market from one day to the next and some of the largest intra-day reversals ever seen.

2Q 2022 Market Letter
2Q 2022 Market Letter

A SELF-HELP GUIDE FOR CHALLENGING TIMES

If you’re nervous these days, rest assured that you are not alone. In fact, you are in such good company that this lifeboat is starting to look a little bit crowded.