• 5 investment ideas for small-business owners struggling to keep their finances liquid

    Three local financial experts share their advice.

    Andrew Hipple has advice on how small business owners (and individuals) can take advantage of the rise in interest rates.
    Andrew Hipple has advice on how small business owners (and individuals) can take advantage of the rish in interest rates. (photo credit: Steven M. Falk / Inquirer Staff Photographer)

    Written by Gene Marks

    Even as commercial lending rates have more than doubled in the last year, interest rates earned on checking, money market and savings accounts remain stubbornly low as banks seek to maintain their profitability.

    That’s not helpful for business owners, who need to earn money on their cash reserves while keeping enough liquidity to meet faily working capital needs. Options remain limited, but the environment is slowly changing, and a number of investment choices with minimal risks are emerging.

    Click here to read full article from the Philadelphia Inquirer, featuring Andrew Hipple CFP®, Partner at Lane Hipple Wealth Management Group.

  • The Top Ten Common Estate Planning Mistakes

    Avoiding these common mistakes can spare your family unnecessary stress

    Estate planning is essential for anyone who wants their assets and possessions to be passed along smoothly to their chosen heirs. Beyond money, it’s about ensuring your wishes are clear and your loved ones are spared the added burdens of legal disputes or financial hardships after you’re gone. Here are some of the most common estate planning mistakes and how to avoid them, so you can create a solid legacy for your family.

    What Is an Estate Plan?

    An estate plan is a set of legal documents that determine how your assets will be handled after your death or if you become incapacitated. At its core, an estate plan typically includes a will, a trust, an advance healthcare directive, and power of attorney documents.

    Even if you don’t have significant assets, an estate plan is still valuable, especially for expressing your wishes about medical care and potentially reducing family disputes.

    Common Estate Planning Mistakes to Avoid

    1. Procrastinating – Far too many people delay estate planning, assuming they’ll get to it later in life. But life’s unpredictability means waiting can lead to unintended outcomes, especially in the case of sudden incapacity or death. Without an estate plan, your loved ones could face lengthy legal processes to access your estate, and they may not have clarity on your medical preferences if you’re incapacitated. Creating an estate plan sooner rather than later ensures you’re prepared, whatever life may bring.
      2.  
    2. Creating an Estate Plan on Your Own – While DIY estate plans are increasingly popular, they often lead to complications when they’re incomplete or contain errors. An estate attorney can provide invaluable guidance, ensuring your plan covers all necessary elements and is legally sound. The cost of hiring an estate attorney can vary, but many offer free consultations or flat fees for specific services, like drafting a will. Investing in expert advice can prevent expensive and emotionally taxing issues for your family down the line.
      3.  
    3. Leaving Loved Ones Uninformed – Estate planning involves difficult conversations, but they’re crucial. Openly discussing your intentions with relevant family members and heirs can help prevent confusion, potential conflicts, and the added stress that often accompanies these situations. Making sure your family understands your wishes – and has a roadmap of what to expect – helps avoid potential misunderstandings.
      4.  
    4. Keeping Estate Planning Documents Locked Away – An estate plan is only useful if it can be accessed. Storing your documents in a safe or safe deposit box may seem like a secure option, but it can make them difficult to retrieve. Instead, share copies with your executor or trustee, a trusted family member, and your attorney, and ensure your family has contact information for these key individuals. This proactive step can ease the process for your loved ones when they need it most.
      5.  
    5. Missing Key Documents – A complete estate plan includes several essential documents. Missing one or more of these can lead to disputes and unintended consequences. Ensure your estate plan includes:
       
      • Last will and testament: Outlines your wishes for asset distribution and affairs management after your death.
        •  
      • Beneficiary designations: For accounts like 401(k)s, IRAs, pensions, and life insurance policies.
        •  
      • Durable power of attorney for medical care: Names someone to make healthcare decisions
        for you if you’re incapacitated, often paired with an advance healthcare directive.
        •  
      • Durable financial power of attorney: Appoints someone to manage your finances if you’re
        unable to do so.
        •  
      • Funeral instructions: Specifies your funeral or memorial preferences.
        •  
      • Proof of identity and personal documents: Such as your Social Security card, birth
        certificate, marriage/divorce certificates, and any prenuptial agreements.
        •  
      • Deeds or loan documents for significant assets: Includes properties, boats, or other valuable items.
        •  
      • Living or revocable trust: Optional, but can help your heirs avoid probate and facilitate asset transfers.
      6.  
    6. Overlooking Digital Assets – In today’s digital age, it’s easy to overlook the importance of planning for online accounts and digital assets, including social media profiles, cryptocurrency, and cloud storage. Appoint a digital fiduciary in your estate plan who can access and manage these digital assets after your death, ensuring they’re handled according to your wishes.
      7.  
    7. Forgetting About Final Arrangements – Making arrangements for your funeral may not be pleasant, but it’s incredibly helpful for your family. Specify your preferences, set aside funds, and consider details like burial versus cremation and service style. With funerals costing over $8,000 on average in 2024 (according to the National Funeral Directors Association), planning ahead can alleviate both financial and emotional stress for your loved ones.
      8.  
    8. Ignoring Taxes – Depending on the size of your estate, tax liabilities can be substantial. While the federal estate tax exemption is $13.99 million in 2025, this threshold could revert to a lower limit if current laws change. Additionally, many states have their own estate or inheritance taxes, so it’s important to research your state’s policies when creating your plan.
      9.  
    9. Not Updating Your Plan – An estate plan isn’t a “set it and forget it” document. It should be reviewed after significant life events – like marriage, divorce, the birth of children or grandchildren, or acquiring new assets – to ensure it reflects your current wishes. In general, aim to revisit your plan every three to five years to keep it aligned with your circumstances and preferences.
      10.  
    10. Choosing the Wrong Executor or Trustee – Selecting the right executor or trustee is as important as drafting the plan itself. Avoid choosing someone who may have a conflict of interest or who lacks the time or ability to manage the responsibility. Ideally, choose someone trustworthy, unbiased, and willing to serve in this role, and make sure you discuss it with them beforehand.

    Taking Action for a Secure Legacy

    Avoiding these common estate planning mistakes can spare your family unnecessary stress and help ensure your wishes are honored. An effective estate plan isn’t just for the wealthy – it’s for anyone who values peace of mind and wants to protect loved ones from additional burdens.

    Start the planning process now, and revisit your plan as life evolves, to safeguard the legacy you’ve worked so hard to build.

  • Smishing Scam Targeting Schwab Accounts

    New “transaction verification” smishing campaign targeting clients with Schwab accounts

    Charles Schwab has identified a new twist on the “smishing” fraud threat which is being used by fraudsters hoping to capitalize on market volatility and investor emotion to steal funds and data.

    This version begins when the account holder receives a text message prompting them to “verify a transaction”—clicking the link leads the unwary investor to a fraudulent website that mimics Schwab’s login page, where they are prompted to enter their credentials. Once the credentials have been entered, the fraudsters use them to access Schwaballiance.com. The fraudulent website may also prompt the account holder to enter a two-factor verification code that they would automatically receive from Schwab, which once submitted allows the fraudster to complete the login process.

    Once they have access, the fraudster will then change the security token on the account so that it points to a device in the hands of the criminals, instead of the account holder’s own device. At this point, the account holder is effectively locked out of the account, and the fraudster can begin initiating wire transfers that rapidly drain assets from the account. 

    Why this matters now:

    Fraudsters exploit market conditions like those we’re seeing now—times of uncertainty and volatility—knowing that an anxious investor is less likely to think carefully about security measures when they’re worried about their investments. The best defense is heightened vigilance on the part of you and your clients. 

    Reminders:

    • Do not click on links or attachments received via text message.
      • Instead, visit the official Schwab site by typing the URL into your web browser manually. 
      • Or utilize Schwab’s mobile application.
    • Do not enter Schwab credentials or other information into a page reached by clicking a link. The same applies to phone numbers received via text message. Use a verified number you’ve used in the past.
    • Double check that the URL provided is not a subtle variation of the real one.
    • Stay calm and verify using official verified channels.

    If you suspect a smishing attack, follow these steps:

    • Take a screenshot of the text and forward it to phishing@schwab.com (Be sure the phone number is visible).
    • Delete the text message.
    • If you clicked on the link, you should stop logging into your online accounts and immediately run an anti-virus/malware scan and remove anything identified in that scan. Next, verify the operating system on the device is updated, and then change all relevant passwords. 
    • Add security measures to your Schwab accounts, such as two-factor authentication and verbal passwords, which can help to secure against these attacks. See our brochure:
      10 simple tips to protect your Schwab Account 
    • Be sure to report any suspicious or fraudulent activity in your accounts as soon as possible, especially if you entered your Schwab credentials into a fake website.

  • In Case of Death

    Managing Death Records and Addressing Fraud Concerns

    SSA’s death master file has been in the news lately, first in connection with DOGE’s “discovery” that there were 120-year-olds in the system who could not possibly still be alive (they weren’t, they were just never marked as deceased because of coding quirks, and were certainly not receiving benefits), and most recently because the Trump administration is reporting certain immigrants as deceased in an attempt to get them to self-deport.

    Once a person is listed as deceased in SSA’s master death file, they have no Social Security number and thus can’t get a job, open a bank account or get a loan, and pretty much have no financial life in America. The Administration is hoping people in such a position will voluntarily leave the country, never mind that some of them are here legally or that allowing immigrants to work actually strengthens the Social Security system because many of them pay into the system without ever collecting benefits. And heaven help anyone who gets placed in SSA’s death master file by mistake; they must prove to SSA that they are still alive and it can takes weeks to get their financial life back.

    SSA’s master death file holds death records for some 83 million people, partly to assist financial institutions, insurance companies, and state and local governments in detecting fraud (they must have a subscription to access the database), and partly to allow survivor benefits to be paid to the spouse and/or children of a deceased number holder listed in the file.

    Reporting a death

    It is usually not necessary for a surviving spouse to report the death. Deaths are generally reported to SSA by the funeral home. However, if this is not done for some reason, a surviving spouse would need to call SSA at (800) 772-1213 and provide the name, Social Security number, date of birth, and date of death of the decedent.

    Decedent’s benefit stops immediately

    Once a death is reported, SSA will immediately stop benefits being paid to the decedent. The financial institution will place a hold on any benefits that are direct-deposited after the date of death and will return them to SSA.

    To be entitled to a benefit for any given month, a decedent must be alive the entire month. But benefits are paid in arrears, so it’s possible for a decedent (his estate, really) to be entitled to a check that arrives after death. For example, the check deposited in April would be for March. If a decedent died on April 2, and if the check (for March) was deposited in the account on April 16, the estate would be entitled to that payment. Since the bank will likely put a hold on it, the estate would have to reclaim the benefit by filing Form SSA-1724. This form also takes care of any Medicare premiums withheld after the decedent’s date of death.

    $255 lump sum death benefit

    SSA pays a $255 one-time lump sum death benefit to the surviving spouse of the decedent. If there is no surviving spouse the $255 death benefit is paid to minor or disabled adult children. If there are no spouse or children, it may be paid to a former spouse who is eligible for survivor benefits (i.e., if they were married over ten years or she is caring for the decedent’s child). To claim this benefit the spouse or child would need to call SSA at (800) 772-1213. It cannot be claimed online.

    Survivor benefits

    Ongoing survivor benefits may be paid to a surviving spouse, any eligible ex-spouses, and any minor or disabled adult children. These benefits can be claimed by calling SSA at (800) 772-1213 and making an appointment with an agent at a local office. They cannot be claimed online.

    If the decedent dies before his full retirement age and before he has claimed his own retirement (or disability) benefit, SSA establishes a “death PIA” approximately equal to the amount he would have received if he had continued to work and claim his retirement benefit at his FRA. This death PIA is held in the system and increased by annual COLAs until the surviving spouse is ready to claim it. If she remains unmarried she may claim it as early as age 60; however claiming that early will cause it to be reduced to 71.5% of the full amount.

    If the decedent dies after his full retirement age but before he has claimed his benefit, the “original” survivor benefit will equal the amount he would have received if he had claimed as of the month of death, including any delayed credits earned up to the month of death. The “actual” survivor benefit will depend on when the widow claims it and may range from 71.5% to 100% of the amount depending on when, between the ages of 60 and FRA, that she claims it.

    If the decedent was receiving benefits at the time of his death, the original survivor benefit will generally equal 100% of his benefit amount. (If he was receiving less than 82.5% of his PIA by virtue of having claimed at age 62, the original survivor benefit will be the special minimum of 82.5% of his PIA.) Again, her actual benefit will depend on when she claims it.

    It will be important to coordinate the widow’s own retirement benefit with the survivor benefit, sequencing benefits to maximum advantage—that is, claiming one benefit and switching to the other. See this newsletter and use the Savvy Social Security software to analyze claiming strategies. A widow who remarries after age 60 may claim survivor benefits based on her former husband’s earnings record. If there is more than one deceased former husband, she may choose the highest benefit.

    Surviving divorced spouses may also claim survivor benefits if they were married to the decedent over ten years and are currently unmarried (or remarried after age 60). The same switching strategies are available to surviving divorced spouses.

    Source: Horsesmouth, LLC
    Horsesmouth, LLC is not affiliated with Lane Hipple or any of its affiliates.

  • ssa.gov/myaccount: What Clients Need To Know About Opening and Managing Their Social Security Account

    Ever since SSA started offering Social Security accounts in 2012, the information and tools that people can access through their individual accounts have grown, making these accounts a very valuable resource for anyone who hopes to collect Social Security someday—in other words, everyone who works or is married to someone who works. And now that SSA is considering implementing certain anti-fraud strategies, it will be more important than ever for people to open and maintain their own Social Security account. This will enable them to verify their identity online and apply for benefits directly through the portal rather than waiting on hold for a telephone representative to take the application or traveling to a field office for an in-person appointment.

    Under new anti-fraud measures, anyone applying for benefits or changing their direct-deposit information will need to do it through their Social Security account. If they are unable to do so, they would need to provide the necessary documentation in person at a field office. Now that most field offices are not taking walk-ins, this would require waiting on hold for a representative to make an appointment, and then traveling to the nearest field office to show the required documentation. I have to say that anyone who mistrusts the Internet for the purpose of verifying identity will just have to get over it. This is the way it’s done now, and it really should cut down on fraud compared to relying on human telephone representatives to verify identity.

    This latest initiative reaffirms the fact that everyone needs to open a Social Security account at ssa.gov/myaccount.

    Benefits of having a Social Security account

    In addition to greater ease in verifying identity and applying for benefits, there are additional benefits to having an online Social Security account. By having an account clients can:

    Download their latest statement. This, of course, is the first step in doing Savvy scenario planning for your client. They can either download a copy of their statement and send the PDF to you, or they can refer to their benefit estimate and give you the amount they are projected to receive if they file at their full retirement age. This is their PIA, which you will enter into the Savvy Software. The software will adjust for claiming age and COLAs based on the client’s projected filing date.

    Use the Retirement Estimator. The benefit estimates shown on the statement presume continued earnings to claiming age. If a client plans to retire before claiming Social Security, the Retirement Estimator will allow them to see what their benefit would be if they were to stop working earlier. The Retirement Estimator taps into their existing earnings record, so all they have to do is enter projected earnings going forward (e.g., $0). Since this tool is accessible only through an individual’s Social Security account, you would not be able to run it for them, but you can help walk them through it. Be sure to have your clients enter a retirement date that corresponds to their FRA, otherwise the tool will assume they want to apply for benefits at 62 and the benefit estimate will incorporate the reduction for early claiming. The Savvy Software needs the FRA estimate and will make any adjustments for early claiming.

    Check their earnings record. The statement shows annual earnings but it now batches earlier earnings by decade. By scrolling down to the bottom of the page on the Social Security online account, clients can access their complete year-by-year earnings. If there are any errors or discrepancies, they can contact SSA about correcting their earnings record. New earnings are reported each year, usually between March and October. It’s a good idea for clients to check in each year to make sure their newly reported earnings are correct. SSA gets this information directly from the W-2s that go to the IRS, so errors are rare. But if a client is self-employed, SSA uses net Schedule C income as reported on the client’s tax return. This is where errors sometimes occur, especially if a client gets an extension on their filing date.

    Get a benefit verification letter. Clients who are already receiving Social Security can access their full benefit information via their account including the gross amount and any withholdings for Medicare or taxes. If they need to provide income verification for a loan application or other purpose, they can download their latest benefit verification letter showing all the information.

    Get 1099s. For clients receiving benefits, each year’s SSA-1099 is posted on their Social Security account going back to 2019.

    How to establish a Social Security account

    SSA has adopted strict and effective cybersecurity measures for online Social Security accounts, so your clients need not worry about entering their personal information. Once they do it and the account is set up, interacting with SSA will be very easy as many functions such as address and direct-deposit changes can be done online. Once identity is verified, the account will tap into the information SSA has on file for them allowing people to see their personal earnings and benefit information and also update SSA’s records with any changes on their end.

    Prior to 2021, setting up a Social Security account was simply a matter of establishing a username and password and answering a number of questions in an attempt to verify identity. SSA had teamed up with the credit reporting agencies to ask questions only clients would know the answer to, such as the street they lived on five years ago and to which bank they send their mortgage payments. This was not ideal, as clients often did not remember previous residences or otherwise were unable to answer the questions. Once the account was set up, clients would access it by entering their username and password—also not ideal because passwords can be stolen. Fraudsters could go in and change direct-deposit information and have their victims’ Social Security checks sent to them.

    So SSA has switched to more effective identity verification methods paired with two-factor authentication for logging in. The two credentialing methods are Login.gov and ID.me. Anyone who has previously opened a Social Security account with a username and password can still access their account for the time being, but this login method will soon be retired, so everyone is encouraged to switch over to one of the other methods before that happens.

    The main method for logging in is now Login.gov. Some clients may already have ID.me accounts for other government uses; if so, they can keep them and use them for their Social Security account. Anyone outside the U.S. would use ID.me. But most people will be starting from scratch with Login.gov, which is a U.S. government sign-in service that provides a simple, secure, and private way for the public to access government websites. Supported web browsers are Google Chrome, Microsoft Edge, and Apple Safari. Before starting, clients should make sure they have the latest version of their browser; if they have any technical difficulties signing up, clearing their cache and cookies may resolve the problem. Here are instructions for clearing cache and cookies for Chrome, Edge, and Safari.

    Related: SSA Sign-In Process to Change Soon

    To start, clients can refer to Login.gov instructions. They’ll need to enter their email address, wait for a verification link, and then create a username and create a strong password. In addition, they’ll need to set up a second layer of security such as face or touch unlock, an authentication application such as Google Authenticator or 1Password, or a physical security key. However, the easiest two-factor authentication method (which I use but which SSA says is not the most secure) is to simply have a code sent to your telephone via text message.

    Once the Login.gov account is set up, SSA does require a photo ID to verify identity. Clients can simply take a picture of their driver’s license or passport and upload it to the site.

    Most clients should have no trouble creating their Social Security account. It takes a little bit of time initially, but will save time in the long run and is very secure. Make this part of your checklist for all clients regardless of age.

    Source: Horsesmouth, LLC
    Horsesmouth, LLC is not affiliated with Lane Hipple or any of its affiliates.

  • Health Insurance Before and After Retirement

    Most employees depend on their employers for health insurance today. It is possible to go into the open market and buy an individual health insurance policy under the Affordable Care Act, but these policies tend to be expensive. Premium subsidies are available, but only if you meet asset and income limitations. Of the insurance options available to working people under age 65, their own employer plan—or a spouse’s plan if available—is likely to be the best choice.

    If a client retires before age 65, they will have to find different insurance to take effect immediately after the employer insurance ends. If the client’s former employer offers retiree insurance to tide them over to Medicare age, great. Or, if the spouse is still working, the client may be able to get on the spouse’s plan. If neither of these options is available, the client may go onto COBRA, which will keep the employer insurance in force at full cost to the client. As a last resort the client will need to go into the open market and buy an individual policy to last until Medicare starts at 65. The cost of this pre-65 insurance will, of course, need to be figured into the post-retirement budget, and the client would need to be confident about covering the costs before making the decision to retire.

    Once a client turns 65, the Medicare option becomes available. If a retiree has an ACA plan, they will leap at the chance to get into Medicare in order to lower their costs. If they have a retiree plan, they will be forced to have Medicare, either because the retiree plan ends at 65 or shifts to secondary payer status (serving as supplemental insurance) with Medicare as the primary payer. If they are on a spouse’s plan, and if the plan covers 20 or more employees, they may be able to stay on the spouse’s plan. But take note: Some plans specify that dependent spouses must enroll in Medicare upon turning 65. So if a client turns 65 while on a spouse’s plan they will need to check with the plan to see if Medicare enrollment is a requirement. (An over-20 plan can’t require an employee to enroll in Medicare, but it can require it of a dependent spouse.)

    Related: Original Medicare vs. Medicare Advantage

    Once Medicare becomes an option, by virtue of the client turning 65, health insurance should be reevaluated. Even if a client is still working and staying on an over-20 employer plan, or retired and staying on a spouse’s plan, the existing plan should be compared to Medicare, either traditional A and B with a drug plan and supplemental insurance, or a Medicare Advantage plan. Overall, employer insurance isn’t what it used to be: deductibles are up, cost-sharing is up, and certain specialist services may be hard to get. Clients should not assume that their employer insurance is better than Medicare paired with a good supplemental policy. It may be, but they don’t know that until they’ve compared benefits and potential out-of-pocket costs of both plans under their expected health care usage.

    And that’s another thing that might change along with the passing of the client’s 65th birthday: they may need more health care services as they age. Employer plans are designed for younger, healthier populations. Deductibles can be high because employees don’t expect to get sick; in fact high deductibles are welcome if they keep premiums low. But high deductibles can be devastating for people who do get sick, or who contract conditions requiring expensive prescription drugs. Then you want a plan designed for more frequent and expensive health care usage. That’s Medicare, along with a supplemental policy and prescription drug plan or a Medicare Advantage plan.

    Source: Horsesmouth, LLC
    Horsesmouth, LLC is not affiliated with Lane Hipple or any of its affiliates.