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Several major economic developments occurred during the fourth quarter, including an additional 0.50 percent in federal funds rate cuts and a decisive outcome in the November election, where Donald Trump and the Republican party gained control of the White House, Senate and the House of Representatives. The underlying strength of the U.S. economy continued to surprise to the upside, setting up an interesting backdrop for 2025.

If you are fortunate enough to achieve financial stability for yourself, you have the opportunity to leave a legacy for the next generation. Whether you’re continuing a legacy that a family member began or the first in your family to begin one, there are three phases to building generational wealth.

The low interest rate environment we’ve enjoyed since the Federal Reserve’s last rate increase in 2018 will begin to shift in 2022. On March 16, the Fed increased rates by 25 basis points (0.25 percent), bringing it to .50 percent. While the Fed is forecasting seven rate hikes this year, some pundits still believe we will only see four or five, depending on future inflation readings. What does this mean for you and your investments?

Passed with bipartisan support late in 2022 as part of an overall budget package by Congress, the so-called Secure 2.0 provisions represent some of the most significant changes to federal laws around retirement plans. Even more than the original Secure Act from 2019, Secure 2.0 will make retirement savings easier and more accessible to many Americans and will make it easier for businesses of all sizes to offer plans and encourage their employees to participate.

Think you’re too young to consider Medicare? No matter your age, if you are covered by a qualified high deductible health plan (HDHP) with a health savings account (HSA), Medicare should be on your timeline. It’s a milestone you need to include in your long-term HSA planning. Here’s why: Once you enroll in Medicare, you can spend your HSA funds, but you can no longer contribute to your HSA. Our Compliance Officer Ferne Emery offers some guideposts for along the way.

Long-term care insurance isn’t new, and you may even have a policy already. Affluent families, however, have another option that can leave your plans—and your legacy—intact. Asset-based long-term care insurance can help you meet any healthcare needs you might face without having to change your financial plan and without sinking money into recurring premiums that you may never see again.

When you’re building a new business, it’s important to assemble a core team of trusted experts to ensure you lay a strong foundation for a successful, sustainable launch. These may include advisors in tax, legal, marketing, human resources or recruiting. When it comes to finances, your mind may jump to “Who’s going to lend me the money?”

You have a business or want to start one. You know the bank is your next stop, but you’re concerned you might not be ready. What do you do? Get started now, before your first meeting. The key is to ask yourself every question you can think of, prepare the answers and gather any documents you need. The more prepared you are, the better your banking experience will be. It can cut down review and decision time and starts your new banking relationship on the right foot.

What does it take to turn veterans into entrepreneurs? There’s no straight line from the military to the business world, but what you learned then can help you now. These are the issues most often faced and the lessons you can use to solve them.

There’s a new federal rule requiring more than 32 million small businesses across the United States to register and file with a bureau of the U.S. Treasury Department called the Financial Crimes Enforcement Network (FinCEN). The Beneficial Ownership Information (BOI) database collects information about who ultimately owns and controls each reporting company. We've answered some frequently asked questions about this development that's been in the works for several years.

For businesses that receive deposits from many different sources and need to reconcile and report on each source separately, virtual account management (VAM) can be a game-changer. Having the power to independently open and close an unlimited number of separate virtual sub-accounts, all attached to one master account via an online portal, can solve a lot of headaches.

As credit card issuers offer more rewards and cashless commerce becomes more popular, merchants have felt the impact. Having fewer cash transactions adds up to a higher cost of doing business, especially for small businesses. Fortunately, card processing has evolved to allow businesses to pass some of the merchant fee on to the customer, and banks are key partners in making this possible.

Mobile payment apps like Venmo, Cash App and Zelle make it easy to send money virtually between friends and family. Just download the app, set up a free account, connect it to your bank account or debit card, and voila! You can pay your babysitter, reimburse a friend for picking up groceries or chip in for a group birthday gift. Easy, right? Yes, as long as you treat it like cash, because there are no strings attached. "Cash" sent through a mobile payment app can’t easily be retrieved or refunded if you send it to the wrong person or don’t receive what you paid for.

You may have learned to spot a scam that’s phishing for your personal identifying information, like your social security number or birthdate, but some scams are just out to take your money right then and there. Even worse, when tricksters con you into completing a voluntary transaction, even under false pretenses, it’s extremely hard to retrieve your money. It’s important to be familiar with the common types of scams designed to separate you from your money.

If you do any amount of business online or through mobile apps, you’re familiar with password protection. It can be pesky, but passwords are part of life, and they’re absolutely critical for keeping your private information secure. The “old” way of keeping track on a post-it note or a document on your computer was never really secure. Here's our advice for managing and remembering all those complex passwords.

While dealing with problems resulting from identity theft can be time-consuming and frustrating, most victims can resolve their cases by being assertive, organized, and knowledgeable about their legal rights. Read this for steps you should take immediately.

If you believe your Pinnacle debit or credit card is lost or stolen, call us immediately.

Depending on the services you want, you should be able to discover an option that fits your needs and your budget.