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Put Together a Professional Team to Help You Reach Your Goals

PASADENA JOURNAL — As you work toward achieving your goals in life, you will need to make moves that contain financial, tax and legal elements.

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As you work toward achieving your goals in life, you will need to make moves that contain financial, tax and legal elements, so you may want to get some help – from more than one source.

Specifically, you might want to put together a team comprised of your financial advisor, your CPA or other tax professional, and your attorney. Together, this team can help you with many types of financial/tax/legal connections.

For starters, you may decide, possibly upon the recommendation of your financial advisor, to sell some investments and use the proceeds to buy others that may now be more appropriate for your needs. If you sell some investments you’ve held for a year or less and realize a capital gain on the sale, the gain generally will be considered short-term and be taxed at your ordinary income tax rate. But if you’ve held the investments for more than a year before selling, your gain will likely be considered long-term and taxed at the lower, long-term capital gains rate, which can be 0%, 15% or 20%, or a combination of those rates.

On the other hand, if you sell an investment and realize a capital loss, you may be able to apply the loss to offset gains realized by selling other, more profi table investments and also potentially offset some of your ordinary income. So, as you can see, the questions potentially raised by investment sales – “Should I sell?” “If so, when?” “If I take some losses, how much will they benefit me at tax time?” – may also be of importance to your tax advisor, who will need to account for sales in your overall tax picture. As such, it’s a good idea for your tax and financial advisors to communicate about any investment sales you make.

Your tax and financial advisors also may want to be in touch on other issues, such as your contributions to a retirement plan. For example, if you are self-employed or own a small business, and you contribute to a SEP-IRA – which is funded with pre-tax dollars, so the more you contribute, the lower your taxable income – your financial advisor can report to your tax advisor (with your permission) how much you’ve contributed at given points in a year, and your tax advisor can then let you know how much more you might need to add to move into a lower tax bracket, or at least avoid being bumped up to a higher one. Your financial advisor will be the one to recommend the investments you use to fund your SEP-IRA.

Your financial advisor can also help you choose the investment or insurance vehicles that can fund an estate-planning arrangement, such as an irrevocable living trust. But to establish that trust in the first place, and to make sure it conforms to all applicable laws, you will want to work with an attorney experienced in planning estates. Your tax professional may also need to be brought in. Again, communication between your various advisors is essential.

These are but a few of the instances in which your financial, tax and legal professionals should talk to each other. So, do what you can to open these lines of communication – because you’ll be one who ultimately benefits from this teamwork.

[Arnetta Tolley, Financial Advisor, Edward Jones 626-744-2740 or Arnetta.tolley@edwardjones.com]

This article originally appeared in the Pasadena Journal

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Oakland Post: Week of May 28 – June 30, 2025

The printed Weekly Edition of the Oakland Post: Week of May 28 – June 3, 2025

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Oakland Post: Week of May 21 – 27, 2025

The printed Weekly Edition of the Oakland Post: Week of May 21 – 27, 2025

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OPINION: Your Voice and Vote Impact the Quality of Your Health Care

One of the most dangerous developments we’re seeing now? Deep federal cuts are being proposed to Medicaid, the life-saving health insurance program that covers nearly 80 million lower-income individuals nationwide. That is approximately 15 million Californians and about 1 million of the state’s nearly 3 million Black Californians who are at risk of losing their healthcare. 

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Rhonda M. Smith.
Rhonda M. Smith.

By Rhonda M. Smith, Special to California Black Media Partners

Shortly after last year’s election, I hopped into a Lyft and struck up a conversation with the driver. As we talked, the topic inevitably turned to politics. He confidently told me that he didn’t vote — not because he supported Donald Trump, but because he didn’t like Kamala Harris’ résumé. When I asked what exactly he didn’t like, he couldn’t specifically articulate his dislike or point to anything specific. In his words, he “just didn’t like her résumé.”

That moment really hit hard for me. As a Black woman, I’ve lived through enough election cycles to recognize how often uncertainty, misinformation, or political apathy keep people from voting, especially Black voters whose voices are historically left out of the conversation and whose health, economic security, and opportunities are directly impacted by the individual elected to office, and the legislative branches and political parties that push forth their agenda.

That conversation with the Lyft driver reflects a troubling surge in fear-driven politics across our country. We’ve seen White House executive orders gut federal programs meant to help our most vulnerable populations and policies that systematically exclude or harm Black and underserved communities.

One of the most dangerous developments we’re seeing now? Deep federal cuts are being proposed to Medicaid, the life-saving health insurance program that covers nearly 80 million lower-income individuals nationwide. That is approximately 15 million Californians and about 1 million of the state’s nearly 3 million Black Californians who are at risk of losing their healthcare.

Medicaid, called Medi-Cal in California, doesn’t just cover care. It protects individuals and families from medical debt, keeps rural hospitals open, creates jobs, and helps our communities thrive. Simply put; Medicaid is a lifeline for 1 in 5 Black Americans. For many, it’s the only thing standing between them and a medical emergency they can’t afford, especially with the skyrocketing costs of health care. The proposed cuts mean up to 7.2 million Black Americans could lose their healthcare coverage, making it harder for them to receive timely, life-saving care. Cuts to Medicaid would also result in fewer prenatal visits, delayed cancer screenings, unfilled prescriptions, and closures of community clinics. When healthcare is inaccessible or unaffordable, it doesn’t just harm individuals, it weakens entire communities and widens inequities.

The reality is Black Americans already face disproportionately higher rates of poorer health outcomes. Our life expectancy is nearly five years shorter in comparison to White Americans. Black pregnant people are 3.6 times more likely to die during pregnancy or postpartum than their white counterparts.

These policies don’t happen in a vacuum. They are determined by who holds power and who shows up to vote. Showing up amplifies our voices. Taking action and exercising our right to vote is how we express our power.

I urge you to start today. Call your representatives, on both sides of the aisle, and demand they protect Medicaid (Medi-Cal), the Affordable Care Act (Covered CA), and access to food assistance programs, maternal health resources, mental health services, and protect our basic freedoms and human rights. Stay informed, talk to your neighbors and register to vote.

About the Author

Rhonda M. Smith is the Executive Director of the California Black Health Network, a statewide nonprofit dedicated to advancing health equity for all Black Californians.

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