September has arrived in Northern Michigan, and while the warm days are still lingering, fall colors and cooler evenings aren’t far behind. As the seasons shift, our team at Black Walnut continues working to provide peace of mind and practical guidance for the families we serve.
This month’s featured article focuses on cybersecurity — an issue that is becoming one of the greatest risks to financial security, especially for affluent families and retirees. From phishing and identity theft to increasingly sophisticated scams, the threats are real. In this piece, Eric shares practical steps you can take to safeguard your assets and your personal information.
Wishing you a beautiful start to this fall season — easily one of the best times of the year in TC!
~ The Team at Black Walnut Wealth Management
Protecting Wealth in a Digital World — A Cybersecurity Guide for High-Net-Worth Families
You might assume cybercriminals only go after banks and large corporations. In reality, high-net-worth families, retirees, and professionals are prime targets.
Northern Michigan’s peaceful lifestyle can sometimes create a false sense of security, but fraudsters know that affluent households often manage significant assets online — and that makes them attractive targets for scams.
In this month’s feature, Eric outlines the most common scams affecting investors and retirees, from phishing to tech-support schemes, and shares practical steps you can take to safeguard both your money and your peace of mind.
For even more information on cybersecurity and how to protect yourself from scams, view our previous articles on these topics:
WHAT WE'RE WATCHING
Fed Rate Cuts on the Horizon: What It Means for Investors
Last month we discussed the possibility of the Federal Reserve lowering interest rates. Last week the Fed announced a 0.25% rate cut, with 2 more cuts expected before year-end.
For retirees and investors, this shift can bring both positives and challenges. Borrowers may benefit from lower costs on mortgages or lines of credit, but yields on CDs, savings accounts, and money market funds could decline. That’s why our team continues to monitor these developments closely and adjust portfolios where appropriate — helping you balance income needs today with long-term growth and preservation of wealth.
PLANNING TIP OF THE MONTH
Getting Ahead of Year-End Tax Moves
At Black Walnut, tax planning isn’t a December rush — it’s a year-round process.
We begin reviewing opportunities in January, with many charitable gifts often made in the spring and summer months. By the time fall arrives, most of these donations are already in place. From October through November, we have a clearer picture of each client’s income for the year, allowing us to finalize key strategies such as Roth conversions, tax-loss or gain harvesting, and year-end distributions.
Our goal is to have the majority of actions completed by the first week of the December. This proactive approach helps ensure your financial plan stays aligned, your tax bill is minimized, and your wealth strategy remains on track.
TAX-SMART STRATEGY
Roth Conversions Before Year-End
With interest rates likely coming down and tax brackets scheduled to change in the years ahead, now is a smart time to evaluate whether a Roth conversion makes sense for your situation. Converting a portion of your traditional IRA to a Roth IRA allows future growth to be tax-free — and once in the Roth, those assets aren’t subject to RMDs.
A well-timed conversion can help smooth out lifetime taxes, provide greater flexibility in retirement, and create a more tax-efficient inheritance for your heirs. The key is careful planning, since conversions increase taxable income in the year they’re made. That’s why we help clients run the numbers now, with the goal of finalizing any conversions by early December, when we have a clearer view of income for the year.
BLACK WALNUT TEAM UPDATES
IRONMAN Volunteering
Eric and Jodi recently volunteered at the IRONMAN 70.3 Michigan in Frankfort. It was a great opportunity to support athletes and connect with the Northern Michigan community.
Fun Fact: Jodi has competed in three Ironman events! — twice in Frankfort and once in Traverse City. You can often find her out on the TART trails training for future events. Say hi... if you can catch her!
In The News
Keep an eye out in next month’s Traverse City Business News — Eric was recently interviewed for an upcoming feature on retirement and financial planning. We’ll share the article with you once it’s published.
UPCOMING COMMUNITY EVENTS
- September 27
- Elk Rapids Fall Festival
- Leelanau Uncaged — Downtown Northport
- October 4
- Annual Harvest Festival — Chateau Chantal
- October 11
- Lake Leelanau Street Festival
- October 18
- Peak2Peak Mountain Bike Classic — Crystal Mountain
REVIEWS & RECOMMENDATIONS
Help Others Find a Financial Partner They Can Trust
We’re grateful for the feedback we receive from clients. Here’s one that made our day:
"Eric and his Black Walnut team provide excellent service. They take the time to understand what is happening in our lives, so they can provide the best guidance for our investments. Eric is always clear that he is providing guidance for us to make the decisions and never pressures us in those decisions." ~ Jack M.
This testimonial was provided by a current client of our firm. We did not provide any compensation in exchange for this testimonial. Because the individual is a current client, their experience and opinions may be influenced by their ongoing relationship with our firm. Clients’ experiences may not be representative of all clients, and results are not guaranteed.
