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Hello 2025!

Updated: Jul 29


A Message During Challenging Times

I hope this message finds you and your loved ones safe and well. As you know, the recent and ongoing fires in Southern California have had a devastating impact on many homes and families. If you know someone who has been impacted by the fires, please don’t hesitate to let me know. Whether it’s assisting with insurance claims, discussing financial options, or simply being a resource during this challenging time, I’m here to help. I’m also happy to provide pro bono assistance to those navigating this catastrophe.


Unexpected events like these—whether a natural disaster, illness, the loss of a loved one, or a career change—can disrupt even the best-laid plans. My goal is to support you not just during prosperous times but also in navigating life’s uncertainties. This serves as a reminder to keep me updated on any significant changes in your life. These critical moments call for careful planning to avoid costly mistakes. If we haven’t already, I’d be happy to work with you to create or revisit a plan to ensure you’re prepared for whatever may come.



News Alert! Social Security Windfall Elimination and Government Pension Offset Repealed!

Has your or your spouse’s Social Security benefit been reduced because you receive a government pension? Great news! The recently signed Social Security Fairness Act repeals these two provisions. You will now receive the full benefits you earned through private-sector work or as the spouse of someone who did. This change could amount to thousands of dollars per year in additional Social Security benefits!


The government is currently determining how this will be implemented, so there’s no action you need to take at this time. However, let me know once you see this change reflected in your benefits. If this applies to you, monitor your mail and your SSA.gov account for updates.



Tax Season Reminders

If you only have retirement accounts (IRA, Rollover IRA, Roth IRA, SEP IRA) and didn’t make any withdrawals, you likely won’t have taxable income and can skip the rest of this email.  Yay! 

If you made withdrawals from retirement accounts or have a non-retirement brokerage account (Individual, Joint, or Trust), please review the following.  

It’s time to start preparing for taxes to make the process easier. Kimberly and I will be sending out a letter to help you with details that may not appear on standard tax statements. In the past, you may have had to remember these details on your own, but now you’ll receive a personalized letter for any of the following transactions in 2024 after transitioning to TerraFirma Wealth Partners:

  • Qualified Charitable Distributions

  • Charitable Distributions from Taxable Accounts

  • Roth Conversions

  • IRA or Roth IRA Contributions

  • 60-Day Rollovers


Please note: We only have data for transactions after your transition to TerraFirma Wealth Partners. We’re unable to access prior data but would be happy to help you research if applicable. Next year, we’ll have all your data, making this process much simpler.


If you’ve given me a copy of your previous year’s tax returns, we will also have a tax report for you as well.  If you haven’t yet, don’t worry!  Please send me a copy once you’ve completed the 2024 tax returns and I will provide the analysis for you.  More information about this will come later.



Timeline: What to Expect This Year

  • 1099-Consolidated Forms: These include 1099-DIV, 1099-B, 1099-INT, 1099-OID, and 1099-MISC. Forms will be released to your client portal in two phases:

    • Phase 1: January 31 for most clients

    • Phase 2: February 28 for clients with more complex portfolios

  • Correction Runs: Starting March 1, corrections will be processed bi-weekly as needed. Clients with Mutual Funds, REITs, REMIC securities, or WHFITs may experience income reclassification, resulting in amended forms that could impact tax filings and deadlines.


Helpful Tips for Preparation

  1. Client Portal Access:Verify your Altruist Client Portal login credentials to ensure seamless access to your tax documents once released. Tax forms can be found under Documents in the menu at the top-right corner of your portal. Use the Tax Documents Type filter to locate forms easily.

  2. Update Contact Information:Ensure your email and mailing addresses are current by January 20. Updates can be made in Settings > Accounts > Personal Details within the Client Portal or by notifying us directly. Note: Updates must be made for each account individually.

  3. TurboTax Integration:If you use TurboTax, you can import your Consolidated 1099 information using the docID provided on your tax forms.

  4. Email Notifications:Tax documents for electronic delivery will be sent from AltruistFinancialLLC@investordocuments.com. Please whitelist this address to avoid missing important notifications.


Remember, we’re always here to help—whether it’s managing taxes or navigating life-changing events. Please don’t hesitate to reach out if you need assistance.


The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.

 

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

 

TerraFirma Wealth Partners LLC (“TerraFirma”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where TerraFirma and its representatives are properly licensed or exempt from licensure.

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No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

 

All investments include a risk of loss that clients should be prepared to bear. The principal risks of Terrafirma’s strategies are disclosed in the publicly available Form ADV Part 2A. Asset Allocation may be used in an effort to manage risk and enhance returns. It does not, however, guarantee a profit or protect against loss. Diversification does not ensure a profit or guarantee against loss. For additional information, please visit our website at https://terrafirmawealth.com.

 

TerraFirma Wealth Partners LLC is a registered investment advisor. Information in this message is for the intended recipient[s] only. TerraFirma Wealth Partners LLC often communicates with its clients and prospective clients through email and other electronic means. Your privacy and security are very important to us. TerraFirma Wealth Partners LLC makes every effort to ensure that email communications do not contain sensitive information. If you are not the intended recipient of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited. We remind our clients and others not to send TerraFirma Wealth Partners LLC private information over email. If you have sensitive data to deliver, we can provide secure means for such delivery. Please note TerraFirma Wealth Partners LLC does not accept trading or money movement instructions via email. Please visit our website https://terrafirmawealth.com/ for important disclosures.

Disclosures | Form CRS

TerraFirma Wealth Partners LLC is a registered investment advisor.

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