Chart of the Month - The Ever-Expanding Tax Playbook for 2026

by Kevin Rigg, CFP®, CPA®

As former Senator Max Baucus once observed, “Tax complexity itself is a kind of tax.” That observation feels especially true in 2026, as significant tax policy changes require attention at the start of the year. From retirement contribution rules to expanded deduction limits, understanding these changes is essential for making informed financial decisions.

Rather than viewing tax policy shifts as obstacles, they can also create opportunities to refine strategies and strengthen long-term plans. Below, we summarize two of the biggest tax changes for the tax year 2026.

Catch-Up Contributions Face New Roth Requirements

One significant change for tax year 2026 involves retirement catch-up contributions. For years, employees age 50 and older have been able to contribute beyond standard limits to boost their retirement savings. This has been especially valuable for those who started saving later or experienced financial setbacks. The standard catch-up amount is $8,500 for those age 50 and older, while a “super catch-up” of $11,250 is available for those ages 60–63.

Starting in 2026, higher earners face a new restriction. Employees with annual earnings of $150,000 or more must now make all catch-up contributions as Roth contributions. While Roth contributions offer tax-free growth and withdrawals in retirement, they provide no immediate tax relief. For those in peak earning years who have relied on catch-up contributions to manage their tax burden, it’s important to evaluate how this change affects their tax planning strategy.

The SALT Deduction Cap Rises Significantly

Another major change expands opportunities for many taxpayers. The state and local tax (SALT) deduction has been raised from $10,000 to $40,400 for 2026. The limit will increase annually by 1% through 2029, before reverting to $10,000 in 2030.

When the SALT cap was set at $10,000 in 2017, it dramatically reduced the number of itemized deductions. Combined with the doubled standard deduction, the percentage of taxpayers who itemized fell from about 30% before 2017 to just 10% in 2022. Now, many more households may find that itemizing saves money.

Consider a married couple with $35,000 in state and local taxes, $8,000 in charitable giving, and $12,000 in mortgage interest. Under the previous $10,000 cap, their itemized deductions totaled $30,000—less than the $32,200 standard deduction. Under 2026 rules, they can deduct the full $35,000 in state and local taxes, bringing itemized deductions to $55,000.

The expanded SALT deduction creates strategic opportunities. If you're close to the itemizing threshold, strategies such as bunching charitable contributions, prepaying property taxes (where allowed), or timing other deductible expenses may help increase deductions.

Taxes play a key role in long-term financial success, and the changes in 2026 provide a great opportunity to review your situation and determine whether additional strategies should be considered. We look forward to discussing these changes with you throughout the year. If you have questions in the meantime, please don’t hesitate to reach out.

Falling in Love Again—With Eyes Wide Open

by Kevin Rigg, CFP®, CPA®

Finding love later in life is often an exciting and meaningful experience. Perhaps my heart is still lingering in Valentine’s Day mode, even though this article is arriving in March. But while romance may come easily, it can also introduce complexities that require thoughtful and intentional planning. With the right preparation, couples can establish clear expectations and priorities early in the relationship—allowing them to focus on what matters most: building a life together.

A helpful starting point is to step back and reflect on personal history and values before establishing goals for your shared future. Consider beginning with questions like these:

1. Are there financial commitments we have already made to our loved ones?

2. Are there assets we intend to share and others we prefer to keep separate?

3. What does financial security mean to each of us at this stage of life?

4. How do we want to care for one another if one of us is no longer here?

5. What would provide us with the greatest peace of mind moving forward?

Answering these questions can help lay the groundwork for building a thoughtful plan together. Documenting those decisions is also important. One common way to do that is through a prenuptial agreement, often called a “prenup.”

Documenting What Matters Most

Prenups are sometimes viewed negatively, as though they are purely defensive tools meant to protect one party from the other. While they can certainly serve that purpose, when approached transparently and constructively, they can instead provide clarity, build trust, and align expectations within the relationship.

While a prenup can outline intentions, a well-designed estate plan helps ensure those intentions are carried forward. Reviewing your estate plan is recommended during any major life transition, but it is especially important when entering a later-in-life marriage. Working with your attorney, you may want to review your estate plan to address at least the following:

1. Wills and trusts reflect an asset distribution plan consistent with your goals.

2. Beneficiary designations align with your overall estate plan.

3. The individuals named for key decision-making roles reflect your current wishes.

Engaging in thoughtful planning like this requires effort, but when done well, it helps clarify priorities, provide needed support, and avoid unintended burdens on those you leave behind. Most importantly, it allows you to honor what already exists while protecting what matters most as you build a new life together.

March Madness and a New Savings Contender

by Austin Boyce, Advisor, CFP®

March Madness is right around the corner. As players prepare for their opponents, coaches study matchups and build game plans long before tip-off.

In 2026, families will have a new financial “team” to consider adding to their own tournament bracket: the 530A savings account, sometimes referred to in media coverage as a “Trump account.”

While there may not be 68 savings account options like there are teams in the NCAA tournament, there are enough contenders to make choosing the right one a strategic decision. Let’s review the scouting report.

530A Account Features

Officially launching July 5, 530A accounts can be opened for any child under 18 with a valid Social Security number. Not every feature of the account has been finalized yet, but several key details are known:

• Up to $5,000 can be contributed per year.

• For children born between 2025 and 2028, the government contributes $1,000 to prime the pump.

• Some philanthropists and companies have announced plans to add funding based on criteria such as median household income by zip code.

Contributions are made with after-tax dollars, meaning there is no tax benefit in the year the contribution is made. The money then grows tax-deferred, like a retirement account.

When funds are eventually withdrawn, earnings are taxed as ordinary income, similar to a Traditional IRA. However, unlike Traditional IRAs, there’s no upfront tax break on contributions, which limits the tax efficiency of these accounts.

Investment Options

While final details are still being finalized, current information suggests investments in 530A accounts will focus on American companies. This could limit the opportunity to build a globally diversified portfolio.

Account Control

Because these accounts are designed for minors, there are restrictions on when funds can be accessed.

• At age 18, control transfers fully to the child.

• Withdrawals follow Traditional IRA-style rules.

• If funds are withdrawn before age 59½, taxes and penalties generally apply unless used for qualified expenses such as education or a first-time home purchase.

Predicting how a young child will manage money at age 18 is nearly impossible. Given the possibility that the account could grow to a sizable amount, giving up that control as a parent is an important factor to consider when evaluating savings vehicles.

How Does It Stack Up Against Other Accounts?

The 530A account doesn’t perfectly mirror any existing option. It’s a hybrid account between a custodial Roth, a brokerage account, and a Traditional IRA.

• Like a custodial Roth IRA or brokerage account, contributions are after-tax.

• Like a Traditional IRA, earnings are taxed as ordinary income upon withdrawal.

Because Roth IRAs and brokerage accounts are also funded with after-tax dollars, they may offer more efficient savings opportunities:

• Qualified withdrawals from Roth IRAs are tax-free.

• Brokerage accounts benefit from capital gains tax rates.

• Custodial Roth IRAs do require earned income from the child, a key eligibility rule that brokerage and 530A accounts don’t have.

Every account has strengths and weaknesses. Some have better tax efficiency. Others have fewer eligibility restrictions. The key is knowing which option best fits your family’s situation.

Calling the Right Play

The 530A account is a creative new way to help jump-start long-term savings for kids. For some families, it may be a strong contender; for others, an existing strategy may still be the best option.

There’s no single account that fits every family situation. That’s why having a thoughtful discussion with your advisor matters. Just like a seasoned coach studies matchups before tip-off, an advisor evaluates your full financial picture. With the right preparation and decision-making, you can help young people in your life achieve long-term financial success. 🏀

Chart of the Month: A Reminder to Love Diversification

by Austin Boyce, Advisor, CFP®

Valentine’s Day is sneaking up on me again – it’s a time I reflect on the things I love, both personally (my wife and my daughters) as well as my love of the markets. Both of my loves require diversification and patience (sometimes a lot of patience!). At home, I diversify my attention differently each night, responding to the biggest need at that time. However, diversification in our portfolios requires a longer-term perspective.

As I look back on 2025, it is a good reminder of the strategy behind our portfolio construction. The chart below shows how different asset classes performed for the year.

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It takes patience to stick with diversification when there is the temptation to chase the hottest returns as one index outperforms another in the short term. It also takes patience to remain a disciplined long-term investor, looking beyond headlines or global uncertainty that may cause you to question whether being invested is the right decision. There are highs and lows in the market and in life.

For example, the S&P 500 had the worst day of 2025 on April 4th (-6%), but just 5 days later it had the best day of the year (+9.5%). Staying invested through low periods ensures you reap the rewards from the good times: last year was the first time since 2022 that the EAFE (developed international) outperformed US equities.

Your Goals are Our Goals

At SoundView, we stay aware of current economic conditions and rely on a team approach when considering a change in strategy. We don’t let the day-to-day headlines or market swings guide how we manage portfolios. Your goals, time horizon, and risk tolerance matter when it comes to portfolio construction, and this can be very specific to each client.

By staying disciplined and diversified, we help ensure your portfolio remains aligned with what matters most to you—today, tomorrow, and over the long run.

Note: SVA portfolios do not currently use any commodities, and the balanced asset class here does not represent our balanced investment objective.

Flour, Sugar, Butter… and Inflation

by Krista Wallace, CFP®, AFC®

Every year, I try to extend the holiday season just a little bit longer – there’s something in the season that makes me want to “keep the Christmas lights up til January” (thank you, Taylor Swift) and continue to try new recipes and discover new ways to assemble the flour, sugar, and butter that appear on the counter all season long. 

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The chart above shows the current measures of inflation compared to their highest and lowest levels over the last 12 months. Not surprisingly, energy and vehicle costs are approaching or near their peak for this timeframe. At the same time, food still feels expensive during the holiday hosting (or is that just because I have kids at home?), and the unknown impact of tariffs. While inflation and unemployment are rising, economic growth has been above average, and many wonder how long this can continue.

In the final quarter of 2025, many of you raised questions about what might be “baking” in the economy with these three ingredients – even more so after tariffs were first announced. Analysts expressed concern about potential stagflation, which occurs when inflation and unemployment are high and economic growth is stagnant or slow.

Our investment committee is hard at work evaluating these ingredients so we can guide and direct your investments and strategize countermeasures as needed. Stagflation was resolved in the 1970s and 80s with an aggressive monetary policy from the Fed, which ultimately set the stage for decades of stable growth. Will we face a similar situation? So far, that does not appear to be the case, but we will remain vigilant.

We are thankful for the trust you place in our team and hope that you will evaluate 2025 – you can reflect on the relationships grown and the goals accomplished, and share these with your advisor during our upcoming Annual Review meetings. We’ll also be taking a look at what’s ahead for 2026 and what ingredients will be needed to master 2026’s secret recipe.

Remembering the Great Stuff

by Kevin Slater, Lead Advisor, CEO, CFP®

It is astounding how quickly we forget great things. Whether things we have done, experiences we have had, or people we know, the memory of them can fade in a matter of hours. While I can be particularly bad at remembering, I’m sure I am not alone.  After all, that is why we build memorials, take photos on vacation, and send holiday cards.

At SoundView, we spend time each week as a team celebrating the things people do for clients and for each other. Without regular reminders, it’s easy to lose perspective or to forget just how much we benefit from one another.

As we wrap up the year, I want to highlight our team. Because clients tend to interact regularly with just a few of us, it can be easy to forget all the great people who are working together to serve you.

A Team Worth Remembering

Debbie has been with SVA and its predecessor firm for over 26 years! She has an immense amount of insight and demonstrates in every conversation how much she cares. She remembers a lot, not just facts but even more importantly, people. If you have ever met her, she remembers you and cares about you.

Kevin Rigg joined us in 2005. His natural analytical skills and attention to detail continue to improve the quality of work we deliver. He is a thoughtful person who never rushes past nuance to an “easy answer.” While this means he may spend much of his time “in the weeds,” he is always happy to pop his head up to teach, coach, and solve problems.

Ben came onboard in 2010. He constantly adds to his immense volume of knowledge, which he is always happy to share. His experience and insights have made a huge impact on our advisors and benefited all our clients. He brings a perspective shaped by experience, not just theory. He is great at slowing down to be sure he is interacting with you as a person, not a problem.

Sophea has been at SVA for 10 years. Her tenacity in understanding how systems work and getting things done for clients is legendary.  She happily goes above and beyond to share her knowledge with others. She can effortlessly turn “this is complicated” into “I solved it”.  Even with the most frustrating problems, she maintains a heart for the people she serves.

Nate also joined in 2016. He is not just the jack of all trades; he is the master of many.  From technology to billing to compliance and beyond, he does more to keep SVA running than just about anyone.  He helps our team do their best work, and our clients get the information they need.  And he takes time to connect with each person individually. 

Lisa joined SVA back in 2017. She has an incredible heart for people and seemingly endless energy to help them. Her enthusiasm and positivity glow on, even amid the most mundane work. She joyfully keeps us on schedule and handles the minutiae to make it so. Lisa makes people feel seen, helped, and unburdened.

Krista has been with us for nearly six years. You can tell she was once (and always) a teacher. She wants to understand things completely and wants to help others understand, too. She has become our visual aids coach and senior editor of this newsletter. She brings curiosity and is always seeking ways for us to provide even better outcomes for our clients.

Nichole joined us in 2022. She is insatiably curious and has a wide range of experience that she happily builds upon and shares. She thinks deeply about clients and how we can meet them where they are. She is supportive of our team and actively engages in improving what we deliver and training others to do the same. 

Austin came onboard later that same year. He immediately contributed to technology conversions and took on portfolio trading. He is comfortable jumping into unfamiliar territory, quick to learn, and quick to ask questions. He is thoughtful and great at looking for ways to apply what he has learned. He is a great source of support and eager to take on more responsibility.

Angel is our most recent hire (2025) and has hit the ground running. She is learning quickly and having an impact by taking whatever she can off other people’s shoulders.  As my Executive Assistant, she cheerfully keeps me accountable for doing what matters most. She is warm, enthusiastic, and pays close attention to our team and our clients.

We are blessed with an incredible team. We hope your experience with each one is wonderful and memorable!

Editor’s Note

Kevin Slater is the co-founder and CEO of SoundView Advisors, a Lead Advisor, an experienced investor, and an all-around great guy. He cares about clients more than anyone I know, and it shows in how thoughtfully he listens, thinks, and leads. He has a steady presence, clear instincts, and a genuine voice—on paper and in person.

New Employee Spotlight: Angel Baca

“Music, and Baseball, and Cats... Oh My!”

by Krista Wallace, CFP®, AFC®

Angel Baca is the newest member of the SoundView team. She joins us in a dual role – both as CEO Kevin Slater’s Executive Assistant and as his primary Support Advisor. I sat down with her to learn a bit more about her and why she decided to join the team.

SVA: You’re new-ish to Seattle. What was attractive about the Emerald City?

AB: I moved to Seattle with my partner, Jeff, about 2 years ago. We enjoy the city life and decided to take the plunge and move to the Pacific Northwest. We love it! It’s so beautiful here!

SVA: I think you’ll find that each of us found our own unique way to SoundView and the PNW, so lean into that. Our clients have fantastic stories too! Now that you’re here….what’s capturing your attention, and how are you enjoying city life?

AB: “We live in Belltown, so I enjoy just walking to work, and feeling the vibe of the city each morning is a joy. (Though I hear I’m in for random scooter rides with Kevin Slater!) We are also enjoying the wine scene! Jeff and I love reds, but we’re also finding we enjoy exploring white and sparkling wines, too! We are also into “everything” music - indie, rock, country, classical, heavy metal, even rap – it’s all on our playlists, and we welcome suggestions of venues or local bands. When life slows down a bit, we also enjoy other cultural experiences – symphonies, plays, and ballet are just the beginning!”

SVA: So you’re NOT into sports?

AB: “Oh, no, we are! We’re baseball fans! Aside from the Mariners, we also follow the Colorado Rockies. Jeff is also into basketball, so we cheer for the Denver Nuggets!”

SVA: So you’ve brought your favorite teams with you to Seattle — did any pets make the move too?

AB: “YES! Our cat, Luna, is a Tonkinese. Truth be told, it’s Jeff’s cat. I’m allergic, but thankful that she’s hypoallergenic. But she definitely knows who to come to when she wants love and affection…. and who gets her all fluffy-tailed and hyper.”

SVA: What were your first impressions of SoundView during the interview process? Has that changed in the past few weeks?

AB: “Moving to Seattle, we heard about the 'Seattle Freeze' and we encountered it in a big way. In my previous employment, it was difficult to just be friendly with my coworkers. I really felt disconnected. Then, during the interview process, I felt an instant connection with the SVA team – it was almost as if there was a “certainty” that this was the place for me. Everyone truly, deeply cared about who I was as a person. Learning everything about the job feels a bit like drinking from a fire hose, but a couple of weeks in, I’m finding my stride—and I finally feel like I’m where I’m meant to be.”

SVA: Okay – now the tough stuff – what’s something unique about you that might not come up in a day-to-day conversation?

AB: “My best friend, Stephanie, and I have been best friends for 29 years! We actually met in elementary school. Stephanie was born in Seattle and moved to Colorado Springs, and now I’ve done the reverse. We talk every day on my walk to or from work, which is its own metaphor for our friendship. We’ve walked a lot of life together – both the good and the bad- and have persevered through it all. Not many relationships last for 29+ years anymore, but I am grateful for her every day.”

Five This or That Questions (Holiday Edition) w/Angel Baca

• Resolutions or Meh? Meh. I think every day you have the opportunity to change what’s not working. It’s not a once-a-year activity for me.

• Cookies or Candy? COOKIES. All the Butter Cookies……

• Tree Lighting or Ice Skating? Tree Lighting

• Family or Friends for the holidays? I’m going with Neither! Just the two of us (and Luna) is plenty!

• Long Weekends – do you take the Friday or the Monday off? Monday off feels like a “long” weekend.

• Bonus: Do you have a favorite holiday movie? We LOVE ‘Krampus’!

A few of Angel’s favorite things.

Chart of the Month: Are You on Track—or Losing Sleep?

by Austin Boyce, Advisor, CFP®

Do you ever notice how certain “money thoughts” stay on your mind long after you’ve turned the lights out for bed? According to a study by SeniorLiving, the top fear among Americans over 55 is not having enough money for retirement.

At the heart of this concern are two realities: on average, people are living longer, which increases the retirement horizon, and the things we buy continue to get more expensive. Both of which leave many people wondering if their portfolios will need to play catch-up in their later years. If you are under fifty-five, you may want to revisit your spending rate to help you avoid this fear in the future.

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Another factor that can make sleep elusive is the lack of a plan. A lot of people don’t know how much they will need in retirement to maintain their lifestyle, so they assume they won’t have enough. After decades of working (and hopefully saving), it can be tough to transition into retirement and the new routines, or lack of routines, that come with it. People often wonder where their income will come from to support monthly expenses once they are no longer receiving a predictable paycheck. That is where a little planning can go a long way.

SoundView Advisors is here to help you understand your spending, alleviate your fears, and prepare you for the transition to retirement. We’ll listen to your concerns and offer solutions to alleviate your worries and help you feel confident during the transition.

If you are still working, we use intentional conversations about your financial goals each year to consider adjustments to your plan. We look for ways to project spending in retirement, asset levels, and savings growth to evaluate if you are on track. We’ll dive into this conversation during spring Annual Reviews, but don’t hesitate to reach out to your advisor before your meeting.

We’ll bring the insight that helps you settle in and rest well.

Chart of the Month: Medicare’s Fork in the Road

by Kevin Rigg, CFP®, CPA®

Medicare open enrollment is in full swing (from October 15th to December 7th), so whether you have a Medicare Advantage plan or Original Medicare, now is the time to review your current coverage and determine if any changes are needed. Medicare Advantage plans have grown in popularity since their introduction in 1997 (originally known as Medicare Part C). They are now used by over half of Medicare beneficiaries, according to the KFF analysis below.

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This steady growth highlights the increasing popularity of Medicare Advantage plans compared to Original Medicare. However, it remains unclear whether this trend will continue, given the evolving health insurance landscape and proposed legislative changes set to take effect in 2026.

Here are a few ideas to consider when considering your coverage needs:

• Check your Annual Notice of Change: This will show if premiums, deductibles, or copayments are increasing—or if your preferred doctors and prescriptions will still be covered.

• Evaluate Prescription Drug Coverage: Drug formularies (the list of covered medications) can shift annually. Confirm that your medications are still included, and compare plans to find the lowest out-of-pocket costs at your preferred pharmacy.

• Assess Changes in Health Needs: If you’ve had new diagnoses or other health changes, your current plan may no longer fit as well as it once did. Open Enrollment is your opportunity to realign your coverage with your current situation.

What’s the Big Deal?

If you’re considering switching between Medicare Advantage and Original Medicare, it’s important to understand the distinct benefits and trade-offs between the two types of plans:

• Coverage Structure: Medicare Advantage (Part C) is offered by private insurers approved by Medicare, typically through HMOs or PPOs (which often have network restrictions and can change each year). Original Medicare (Parts A and B) is administered directly by the federal government, allowing beneficiaries to see any provider that accepts Medicare nationwide.

• Costs and Out-of-Pocket Limits: Medicare Advantage plans are required to have annual out-of-pocket caps, offering some financial protection but with varying cost-sharing structures. Original Medicare generally has no annual out-of-pocket maximum, though Medigap coverage is available for purchase to fill cost gaps.

• Additional Benefits: Medicare Advantage plans often include vision, dental, hearing, fitness programs, and prescription drug coverage (Part D). Original Medicare covers only medically necessary services, with extras requiring supplemental plans.

You can learn more about 2026 Medicare plan options and changes on the Medicare website (www.medicare.gov) or in the Medicare & You handbook (http://bit.ly/3L5znKf).

We’re Here to Help!

Your advisor is available to help, too, so please reach out if you have a general question or would like a comprehensive review of your plan — we'd be happy to provide insights and guide you in the right direction.

Health Care Proxy: Your Trusted Advocate

by Ben Jennings, Lead Advisor, CFP®

Over the last couple of months, we’ve been thinking together about the people involved in various aspects of your estate planning. We’ve addressed the needs of children and handled financial matters. Lastly, let’s discuss health care.

As we go through life, most of us come to find that managing health care is a complex task that we often wish were easier or less time-consuming. Managing someone else’s health care can be even more challenging!

You’ll begin by defining what you’re asking someone—your health care proxy—to handle on your behalf.

Your Health Care Proxy

First, you are asking them to follow and advocate for the desires you express in an advance directive (i.e., directions given in advance, in writing). These documents—called health care directives or living wills—spell out the specific procedures or approaches you may or may not want in particular health care circumstances. Additionally, there may be health situations not addressed by an advance directive in which your proxy will need to make decisions on your behalf.

So, what are the qualities to consider in the person you’re asking to fulfill this role as a surrogate decision-maker? Let me suggest several characteristics:

• An ability to ask good questions and to process complex information.

• The strength to honor previous commitments during emotionally charged times.

• Willingness to consult with and make other loved ones feel heard, while ultimately accepting responsibility for making the decision you would expect them to make to the best of their ability (that is, not merely moderating a family council).

• Location—being physically nearby may be more important for a health surrogate than for a financial surrogate; it enables better timeliness and communication.

• Reason and sound decision-making.

• Self-confidence to live with hard decisions and not second-guess themself.

• Care and love without sentimentality.

Beyond your advance directive document, it’s important to communicate with your proxy regarding your preferences in various situations. Medicine is ever-evolving, as are care and treatment options. Our preferences for care can often shift when the moment of care arrives—life rarely happens exactly as we’d imagine it. So it is likely your proxy may have to go beyond the intent and preferences expressed in your advance directive. How do they do this?

Decisions That Define Care

Substituted Judgment

The proxy asks themself, “What would X want?” Under this standard, the proxy (agent) uses their knowledge of your values, beliefs, priorities, and any preferences you have previously expressed to guide their choice on your behalf.

Best Interest

When it’s not possible to use substituted judgment, they may instead use a “best interest” standard; your proxy will decide based on what they believe to be most beneficial for your overall well-being. “What is best for X?”

Supported Decision-Making

There is one more perspective or approach I want to mention. It may be that, rather than the proxy taking over decisions from you, it may be possible for them to consider the options for treatment collaboratively with you. We call this “supported decision-making”. It can be very helpful in complex situations—when you are overwhelmed and your internal resources are sapped—for your proxy to walk you through an assessment of the alternatives before you decide.

Your health care proxy is not just someone who “pulls the plug.” Their responsibility may be of brief or intense duration, but it’s also possible that they will partner with you and influence your health care over a long, long period of time.

We’re Here to Help

Your advisor at SoundView is ready to discuss aspects of this choice with you if you have questions, concerns, or need to weigh the different factors involved in the decision.

Chart of the Month: Protect the Pile, or Something Better?

by Austin Boyce

A comprehensive estate plan protects your property while you’re alive and sets out how it will be distributed to the people or organizations you care about after you pass away (See Ben Jenning’s article).

Due to the effects of compound interest and increased savings, our asset base grows as we age. As the chart below shows, Baby Boomers are a testament to this wealth creation, leading the way (by generation) with $82.4 trillion in net worth. This accumulation of wealth has set the stage for the largest wealth transfer in American history.

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Although assets generally increase in value over time, it’s essential to define your financial objectives; needs and goals vary by individual. Is your goal to accumulate as much as possible and dive into it like Scrooge McDuck, satisfied by the sheer size of your wealth? Or do you see money as a way to create ease, joy, and lasting memories with family and friends? Maybe your deepest desire is to give generously to causes that shaped your life or impacted others in meaningful ways—or perhaps it’s a mix of all three.

It’s important to stay mindful of your financial goals and to establish a plan that covers both your lifetime needs and the legacy you leave behind.

Creating this plan is a crucial part of the estate planning process. Knowing what is most important to you (and your loved ones) guides you toward choices that result in a deeply satisfying life. Your SoundView Advisor is here to help you navigate this journey with thoughtful questions and insights for the road ahead.

The People Protecting Your Stuff

by Ben Jennings, Lead Advisor, CFP®

Last month, we began a series we could call “The People in Your (Estate) Plan.” We started with the people designated for roles that protect your kids. This time, I’d like to think about the people protecting your stuff (that’s a fancy legal term!).

Who are we talking about?

These roles commonly fall into two broad categories under three titles.

First, you will name a person to act in your stead after you pass away to pay your financial obligations and eventually distribute your resources to the folks you want to have those assets. We used to refer to this person as your executor, but the modern term is Personal Representative.

Second, you may need to name someone to manage your financial affairs while you are still alive. This is your Agent under your durable power of attorney (DPOA). It’s like the old driver education car that comes with an extra set of controls. You can still handle those tasks you’re up for, but we add an additional person who can assist as needed. (Note: if you lose the capacity to manage your affairs prudently, a court can name a similar person, termed a guardian or conservator, to make decisions for you. In this situation, however, they take over responsibility for your decision-making rather than sharing the duties with you.)

The third common title is Trustee. Depending on the situation and the approach in your estate plan, your trustee may act on your behalf before and/or after your passing - so they sort of fall into both of the categories above.

What to Look For

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All of these roles involve fiduciary responsibility. This means the person in the role has a legal obligation to put your best interests first in their decisions and actions. So, you obviously want someone who is trustworthy and of good character; integrity is a must. What else should you look for when naming someone to fulfill these roles for you?

• Top of the list in my mind is a proven ability to be organized and pay attention to detail.

• Next, these folks are going to make decisions that will impact your family and other heirs. It’s helpful for them to be able to explain their choices calmly and logically, ideally in a way that will avoid ruffling feathers or feelings. Diplomacy, patience, and effective communication are needed!

• Further, your fiduciaries need to have adequate capacity to take on a set of tasks that not only consume significant time but also go on for months at an absolute minimum, and more likely for several years.

What Else to Know?

• You need more than one. We suggest that for every role in your estate plan, you name a primary person and two back-ups.

• On the other hand, you need only one at a time. Clients sometimes want to have people “share” roles. Our experience suggests that this is a recipe for strife during an emotionally charged time.

• These are not small jobs. Even if the person is a beneficiary of your estate, we suggest allowing for reasonable compensation for the time these duties will require.

• The time to learn you’re being selected for a role like this is not when it’s time to get to work in the role. Have communication in advance with the people you want to select as your fiduciaries!

It can be a tall order to choose the right people for this. It is, however, worth the attention and consideration it deserves. If you would like to discuss this with us during our meeting this fall, we welcome the conversation!

Chart of the Month: Who’s Got the Will?

by Austin Boyce

The SoundView team has been preparing for your upcoming meetings, and as the newest member of the Advisory team, I continue to delve into the realm of Estate Planning. In a deep dive into the interwebs, I learned that over 50% of respondents to a survey from Caring.com did not have any estate planning documents! While many of you already have an estate plan in place (we all know SoundView clients are the best clients), it can be even trickier to understand when an update might be needed.

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Estate plans are extremely important. They ensure your assets are distributed as you wish and are used to name people to carry out various estate settlement roles, including guardians for your minor children or pets. When someone dies without estate planning documents, states have intestacy laws that identify heirs and the order of succession, and courts are involved in deciding guardianship. As you can imagine, it is very possible for an individual’s final wishes not to always align with the state law.

There are several reasons to update your estate plan, including changes in assets, marriage or divorce, tax law updates, and the birth or adoption of a child, among others. While some of these reasons require a reactive response (we won’t know a new tax law is in place until it is enacted), at SoundView, we prefer to take a proactive approach to anticipate issues whenever possible.

This fall, we’ll review your estate documents so they match your current wishes, and, if needed, connect you with a trusted attorney and help implement the changes.

Estate of Mind: Is Your Plan Current?

by Ben Jennings, Lead Advisor, CFP®

This fall, we will focus our client meetings on reviewing your estate plan. I’ve been asked to stimulate your pre-thinking about some topics that may arise in our discussions. In this article, and in a few that will follow, I want to focus on the people in your plan.

Since it is back-to-school season, let’s start with the little (or not-so-little!) people who might be a part of your plan. I’m referring, of course, to your children!

Older Children
First, let’s not ignore those not-so-little people - your adult children. Young adults past the age of 17 likely need their own basic estate planning documents, including a will, powers of attorney for financial and medical decisions, and a HIPAA authorization. If these are not in place, please discuss this with your advisor.

Younger Children
Next, the more difficult issue - how to provide for the nurture of your younger children, should they not have a living parent. There is a possible division to this topic that may be useful: distinguishing between the daily hands-on care needed for the physical, emotional, and spiritual development of your child, and the management of the resources required to support that child. Language varies by state, and there is definitely overlap, but in general, we think of these two roles as:

1. Guardianship. The minor’s guardian makes decisions related to daily life, education, and health.

2. Conservator. This role focuses on managing assets and finances.

I’ve also heard this distinction expressed as the conservator of the person versus the conservator of the property. Whether you choose to divide the roles or appoint the same person to both roles may depend on both the person you have in mind and whether you think it is appropriate to divide these duties.

Here are a few further points to consider: 

1. Your child’s age. Are they quite young and likely to become essentially an additional sibling in the guardian’s family? Or are they nearing adulthood and unlikely to be incorporated into the guardian’s family so directly?

2. The guardian and their family. Do they have other children? Are there health concerns?

3. The financial position of your intended guardian. Will they need to change residences to care for your children? (If so, would you cover the cost of that?) If you want available resources to pay for activities such as music lessons for your children, what about your guardian’s children - would you want to provide resources to supplement their activities in the same way? What other financial impact might there be on the guardian?

No matter who you name, without doubt, this should be discussed with your potential guardian(s) before you name them in a document. Indeed, you may find it beneficial to explore their concerns and questions before adopting any arrangements.

These are not easy choices, and there is likely no perfect alternative- so don’t wait to put one in place to make arrangements. It may be useful to think of the people you name for these roles to be “interim” choices, as it is relatively straightforward to name other persons in the future should your assessment of what would be best change over time.

Chart of the Month, August 2025: Password Reset Required

by Kevin Slater, Lead Advisor & CEO

Last fall, we spoke with each of our clients about risk management. Each of the topics we discussed involved some level of ongoing monitoring, but there is one area that may need more frequent monitoring than others: Passwords.

In today's digital world, a major risk is having a bad actor tap into one or more of your many online accounts.  This might be a financial account by which they could covertly steal funds or fraudulently take loans in your name.

Or it could be a social network or other account through which they could cause havoc, personal embarrassment, or hold information for ransom.  In fact, it can be quite difficult to regain access to your accounts and prove your own identity.     

Utilizing a commonly used password leaves your private information exposed.  Hopefully, you aren’t using any of the passwords in this month’s chart!

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THERE IS A BETTER (AND EASIER) WAY

You may have a bad habit of using the same password over and over again to avoid having to remember so many. However, if a hacker is able to access one account, they now have access to many when the password is used for multiple accounts.   Each of your accounts should have its own unique password. Password managers enable you to quickly generate and store many more unique, complex passwords and easily update them.

If you aren’t using complex passwords or are not updating them regularly, please take action today. A few minutes of time now can save you hours of aggravation and thousands of dollars in damages. Here are some suggestions from the industry you might consider using:

PC Magazines’ Best Password Managers for 2025
https://www.pcmag.com/picks/the-best-password-managers

Wired’s Best Password Managers to Secure your digital life
https://www.wired.com/story/best-password-managers/

Our Seattle Office is Moving… 150 Feet!

by Krista Wallace, CFP®, AFC®

After ten years of bliss on the 35th floor of 1000 2nd Ave, we’ve decided to make a big change for the firm. On August 6th, we are relocating our Seattle offices to a larger space, a whole four floors down, Suite 3100! This move reflects the incredible progress we’ve made and is a testament to the support of our clients, partners, and dedicated team members.

“The Seattle real estate market gave us an affordable opportunity to increase our space and make some [modest] upgrades,” said Kevin Slater (CEO). “We want a space that is comfortable for our team and worth the trip for our clients.” The new office will allow for more collaborative work areas, upgraded amenities, and space to accommodate future growth as we continue to add talent.

We really do love seeing you in person. If you can swing a visit for your next meeting, we’d be sure to roll out the red carpet for you! With more restaurants opening within walking distance (the waterfront is just 3 blocks away!) and parking on our dime, it’s a great excuse for a mid-week date!

NATE & LISA: LITERAL HEROES

The transition should be seamless for our clients and partners. Our phone numbers and contact details will remain the same, and there will be no disruption in service or communication during the move, thanks to the work of our operations duo: Nate Porter and Lisa Graber.

Lisa noted that the environment will be — “a brighter, more spacious, and modern setting” designed to foster collaboration. Austin Boyce (Relationship Manager, Trading Analyst) is “excited for a shorter elevator ride to increase my efficiency AND a new office for my birthday.”

We look forward to welcoming visitors to our new space soon and continuing to grow — together. Thank you for being a part of our journey.

Chart of the Month, June 2025: It’s Paving Season!

by Kevin Slater, Lead Advisor & CEO

Summer in the Pacific Northwest means that any road you take will be under construction. Sure, the idea is to endure temporary inconveniences (misery?) as crews “improve” road surfaces, making them safer and more reliable for the long run. Unfortunately, it seems the Department of Transportation and I often have very different definitions of what “temporary” means, let alone “improve”.

In our chart of the month, we look back on the year-to-date performance of the four major indices, which reflect the largest portions of our portfolios. As a quick reminder:

• S&P 500 tracks the stock prices of the largest U.S. companies

• S&P 600 tracks small U.S. companies

• MSCI EAFE tracks companies in developed markets outside of the U.S., such as Germany, France, Switzerland, Japan, Australia, etc.

• Bloomberg US Aggregate tracks U.S. investment-grade bond prices.

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It was a rough road for US stocks (both large and small) from late February to mid-April.  International stocks have had a far better year, albeit with a big pothole in April.

The road looks invitingly smooth now, but have the underlying issues that caused the bumps been fully fixed? I don’t think so. There are still looming questions about tariffs, international relations, and U.S. fiscal policy. It is possible these issues are addressed without tearing up the road of the markets, so to speak, but I suspect we might experience more road repairs before the year is out.

We cannot accurately predict where the market potholes will appear, so we plan to remain invested and wait out the delays patiently as they arise. We may make some very minor changes to our investments later this summer, but they would be akin to using an adjacent lane moving in the same direction on the same road as opposed to choosing a different route altogether.

Please feel free to reach out to us whether the road feels smooth or bumpy, or if you are stuck watching road crews. We are in it with you for the long haul!

Employee Spotlight: SVA’s Summer Plans

Assembled by Krista Wallace, CFP®, AFC®

Summer’s here, and while our teams stay fully covered, we’re urging everyone to carve out moments (or weeks) for family fun and relaxation. Whether it’s backyard barbecues, day trips, or just unwinding, we all hope to make the most of sunny days, share laughter, and create lasting memories. We hope the same for you!

Lisa Graber (Business Operations)

The Grabers are packing their bags more than once this summer. First, they're heading “home” to Kansas to spend time with family and honor Lisa’s amazing mother-in-law, who lived an epic 98 years—nearly a full century of sass, stories, and family legend status.

Then a change of scenery with a few days in Poulsbo, WA—also known as “Little Norway”—for some small-town charm, kayaking, Nordic vibes, and waterfront exploring. And for a splash of adrenaline? They’re capping it all off with a thrilling jet-boat ride through the canyons of southern Oregon.

Nate Porter (COO & Owner)

The family is heading down to Oregon to visit family over the Fourth of July. The kids are signed up for a few camps, and they’ve got a group camping trip planned with friends. But honestly, what they’re most excited about is staying home, enjoying their yard, and soaking up the magic of a Pacific Northwest summer. No big trips—and for this year at least, they like it that way.

Kevin Slater (Lead Advisor & Owner & CEO)

Summer came early for the Slaters with an April trip to Italy. Thousands of steps were logged, and all returned home with perspective on the world – and a little limoncello to share.

For the rest of the season, Kevin will be contemplating the meaning of life as his oldest daughter prepares to begin high school. Summer wraps with visits to and from the Midwest and some pinball action with the SoundView team.

Ben Jennings (Lead Advisor)

Ben has plans to develop and execute the “perfect” spreadsheet full of cost/benefit analysis, cross-referenced with his credit card points balances. (My heart’s beating fast, already!) Add in a little fun with global exchange rates and he’ll be spending his free time sizing up his next great adventure – or training for the Microsoft Excel World Championships in Vegas!

Kevin Rigg (Lead Advisor & Owner & CFO)

Summer plans are relatively low-key this year for the Riggs, who will be spending time in northern Idaho and eastern Washington. First up – a family reunion near Lake Coeur d'Alene, followed by a 30-year high school reunion in Moscow, ID. Finishing up the summer “hat trick” with Gonzaga soccer in Spokane (GO BULLDOGS!)

Krista Wallace (Advisor)

Summer is always a busy time for my family, with a variety of camps and small adventures to enjoy. On this year’s list? Hadestown (Teen Edition) for my oldest, who has caught the theater bug, and a combination of dance and art camps for my youngest. I will spend time with friends learning to paddleboard and close out the summer with golf lessons. We’re planning to track down (most) of the PNW’s trolls and spend plenty of time by the water with a few good books and plenty of sunblock! We can’t wait!

Nichole Harrison (Advisor)

Big transitions are underway at Nichole’s place this summer. With the oldest heading off to college in the fall, his departure has sparked a full-blown room reshuffling. The girls have declared a friendly (but firm) takeover—each claiming her own space for the first time. No more sister messes, no more mysterious clothing disappearances, and plenty of Pinterest-worthy plans for revamping their new domains. Meanwhile, her second son is just weeks away from earning his driver’s license, which means new independence (for him) and a lot more “Where’s the car?” moments for the rest of the family.

As for Nichole, she’s staying grounded in the rhythm of the season, keeping pace with ripening berries, weekend trail miles, and the occasional plunge into an icy mountain lake. It’s a season full of movement and stillness, rooted in gratitude and the magic of sunshine in the Pacific Northwest.

Austin Boyce (Advisor & Trading)

With two young kids, long trips are put on hold for a while. Austin will be taking a much-needed break from coaching T-Ball (4.5-year-olds know how to play hardball when they step up to the plate). He is looking forward to a long weekend in Suncadia for their summer trip. The rest of the summer, undoubtedly, will be filled with sidewalk chalk, bubbles, and the pool.

Debbie Wyman (Client Operations)

Editor’s imagining of Debbie’s “dream greenhouse”. Debbie’s actual dream greenhouse may differ slightly.

Deb’s theme for the summer is “rebuild and regenerate,” starting with her garden and greenhouse area. She also has a camping trip with friends to tour a few wineries in the Salem, Oregon area over the July 4th weekend. Bowling nights, softball tournaments, and wine/painting evenings may also make an appearance.

Sophea Vasquez-Solis (Client Operations)

After a full travel schedule in 2024, Sophea and her family are taking time to recharge their batteries. They have a trip to Lake Chelan and Point No Point planned for the summer, followed by plenty of muscles worked (and dollars spent) scouring the fashion landscape for the latest back-to-school styles.

Estate Planning 101

by Austin Boyce, Advisor & Trading Analyst

There are many facets to an estate plan, and the terminology often isn’t part of our day-to-day conversations. That alone can make the topic feel overwhelming. Add to that the sadness that can come with thinking about the end of life, and it’s easy to see why estate planning is so often neglected.

An estate plan is simply a set of legal documents that spell out your wishes for your assets, healthcare, and loved ones—both during your life and after.

Fear not—in an effort to help you feel prepared, we’re heading back to the classroom. Think of this as a friendly refresher course, where we’ll review and highlight the key documents and terms that form the foundation of a solid estate plan. We’ll take it step by step, cutting through the jargon and giving you the confidence to engage with the process.

Estate planning will be the focus of our fall Strategic Planning meetings, and this primer is designed to help you come in informed, ready, and confident.

COMMON DOCUMENTS:

Last Will and Testament
Helps facilitate an efficient process for handling your estate. It outlines how assets should be distributed, names a personal representative, and designates a guardian (or guardians) for minor children.

Power of Attorney (POA)
Allows you to name a person or organization to manage specific aspects of your life. Medical and financial are two common types of Powers of Attorney. Some documents now also include a digital Power of Attorney. These documents can be immediately active or become active only after a specific set of conditions are met (known as Springing Powers of Attorney).

Living Will
Allows you to express your medical treatment preferences in advance. This is especially important when it comes to life-sustaining procedures and palliative care if you’re unable to communicate your wishes. Having this document in place can reduce or remove the pressure on your medical Power of Attorney to make these difficult decisions.

Trust
A legal document that governs how and when to transfer assets. Trusts can be used to maintain privacy by avoiding probate (described below).

Revocable Trust
Allows the trust creator to retain control of their assets during their lifetime, with the flexibility to change or revoke the trust at any time.

Irrevocable Trust
Cannot be modified once created. Assets placed in an irrevocable trust are generally protected from creditors, and the trust may help reduce taxes for the creator. The trust creator can also specify exactly how and when funds or property within the trust should be distributed.

COMMON TERMS:

Beneficiary
The person or entity named to receive specific accounts, such as a 401(k), IRA, or life insurance policy.

Personal Representative
Named in the will and responsible for carrying out the instructions within it.

Probate
The legal process of validating a will, settling debts with creditors, and distributing assets to the appropriate parties.

Intestate
The term used when someone passes away without a will. In this case, the courts use state laws to determine how assets will be distributed.

Estate Tax
A tax paid by the estate based on the total value of assets (cash, investments, property, etc.) above the exemption amount. This tax may be imposed at both the federal and state levels. (See Chart of the Month)

Inheritance Tax
A tax paid by the beneficiary based on the value of the assets they receive and their relationship to the deceased. This tax is only imposed at the state level and is currently applicable in six states. (See Chart of the Month)

PREPARING FOR MEANINGFUL ESTATE PLANNING CONVERSATIONS

While these lists are not exhaustive, they provide a solid starting point for foundational knowledge around estate planning. During your fall meeting, your advisor will walk you through the flow of your estate to ensure your documents reflect your current wishes.

Hopefully, having a baseline understanding of some common documents and terms will help you begin thinking about any changes you may want to make and feel more prepared for our upcoming conversations.

A little proactive planning can go a long way in ensuring your wishes are honored when you can no longer speak or act for yourself. For more complex situations, your advisor will also be able to illustrate different scenarios for your consideration.

Chart of the Month: Estate Planning by the Numbers

by Kevin Rigg, CFP®, CPA® & Krista Wallace, CFP®, AFC®

Annual Reviews—our spring client meetings—are nearly complete, and we’re already looking ahead to our Strategic Planning Meetings this fall, where we’ll dig deeper into estate planning with our clients. We’re preparing to review current documents, analyze existing plans, consider various strategies, and help facilitate necessary changes.

This month’s chart illustrates which states impose estate and/or inheritance taxes. For many Americans, the federal estate tax is not a concern, as the current exemption amount is $13.99 million, allowing married couples to shield up to $27.98 million from federal estate tax. (It’s worth noting that this exemption is set to expire at the end of 2025, absent further legislative changes, and could look very different in 2026.)

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As the chart shows, many individual states have their own estate or inheritance tax systems, and those impact far more people, largely because the exemption amounts are much lower than the federal threshold. For example, here in Washington State, the estate tax exemption is just $3.0 million. While that amount recently increased from roughly $2.2 million, due to new legislation, it remains significantly below the federal exemption.

Will estate taxes in your state impact the planning you should consider, even if the federal estate tax isn’t currently a concern? Could federal or state legislative changes affect the planning you’ve already done? These are great questions, and they’re part of why estate planning will be a top priority in our fall meetings.

At those meetings, we’ll address these issues directly, providing updates on relevant legislation, calculating potential exposure to estate taxes at both the state and federal levels, and suggesting strategies to consider.

At SoundView Advisors, we believe in a proactive approach to estate planning, and we’re looking forward to sitting down with you this fall. Our goal is to make sure your plan is current, aligns with today’s laws, and—most importantly—reflects your values and long-term priorities.