What to Know and Bring to Your 2025 Year-End Appointment
It might feel early, but summer is a great time to start preparing for your year-end financial review. These meetings help ensure you’re on track to meet your financial goals, avoid surprises at tax time, and take advantage of any last-minute opportunities before the year ends. Here’s what to know ahead of time:
1. Share Any Major 2025 Updates
Come prepared to discuss any major changes that occurred this year or are expected before December:
- Significant purchases or sales (real estate, vehicles, investments, etc.)
- Income changes, job transitions, or retirement
- Family updates such as marriage, divorce, new dependents, or estate planning changes
This helps ensure your financial strategy is still aligned with your life.
2. Business Owners: Bring Year-to-Date Financials
If you’re a business owner, please bring:
- Year-to-Date Profit & Loss (P&L) Statement
- Year-to-Date Balance Sheet
These documents allow our CPAs to project your full-year income and expenses, helping estimate your 2025 tax liability and plan accordingly.
3. Make Sure Your Address is Current
Accurate contact information helps ensure timely delivery of tax forms and other important documents.
4. Required Minimum Distributions (RMDs)
For retirement account holders:
- If you turned 73 in 2025, your first RMD is due by April 1, 2026, and your second by December 31, 2026.
- If you’re already 74 or older, you must take your 2025 RMD by December 31, 2025, to avoid penalties.
RMD requests must be submitted no later than December 26, 2025, to ensure timely processing.
Scheduling & Fees
Regarding your 2025 year-end appointments: If you have a Fixed Price Agreement, these meetings are included. Otherwise, they will be billed as an al a carte service. We will begin scheduling appointments starting September 15th, with the meetings to be held between October 1st and December 15th.
At WMA, we believe financial clarity starts with proactive conversations. We’re here to support you, simplify the process, and help ensure you close out the year informed, prepared, and empowered. Let’s make the most of the months ahead—together.
Living Your Legacy
Insights and strategies for thriving in retirement
Many retirees are surprised to learn that Medicare does not cover long-term care, such as nursing home stays or in-home caregivers. That’s where Medicaid steps in—but only for those who meet strict income and asset requirements.
To qualify, individuals are often required to reduce their savings and resources through a process known as a “Medicaid spend-down”. Without proper planning, this can force people to drain what they’ve worked a lifetime to build, just to access the care they need.
What Does “Spend-Down” Actually Mean?
To be eligible for Medicaid, your “countable assets” typically must fall below $2,000 (this varies by state). That means many applicants must:
- Use retirement savings to pay for care out of pocket
- Sell property or liquidate life insurance policies
- Spenddown assets on approved expenses like home modifications or medical devices
- Avoid gifting money or property within five years of applying, due to Medicaid’s 5-Year Lookback Rule
For those who don’t plan ahead, this can lead to devastating financial consequences.
Ellen’s Story:
When There’s No Plan in Place
Ellen, now 74, married Jim when she was in her early 30s and he was already an established business owner in his mid-40s. They built a life together, raising a family, saving diligently, and enjoying retirement in their later years.
But when Jim turned 86, his health declined quickly. He required full-time care that cost over $11,000 per month. Ellen, still active and healthy at the time, suddenly found herself in the role of full-time caregiver. The financial pressure mounted fast.
When they turned to Medicaid for help, they were told they didn’t qualify. Their savings, life insurance, and even a second vehicle placed them over the asset limit. With no protective planning in place, they were forced to spend nearly everything they had accumulated over a lifetime to cover Jim’s care.
Jim passed away two years later. Ellen was left with less than $2,000 to her name and now relies on Medicaid herself. She still has many healthy years ahead of her, but lives near the poverty line, unable to move closer to her children or leave behind the legacy she and Jim had once hoped for.
Her story is heartbreaking, although preventable with early planning.
George & Linda’s Story:
Planning Ahead Made All the Difference
George and Linda, a retired couple in their early 70s, took a different route. Concerned about long-term care and legacy planning, they worked with a professional years earlier to set up a Family Limited Liability Company (FLLC), a legal structure used to protect family assets and manage generational wealth.
They transferred their lakeside cabin, investment accounts, and other key assets into the FLLC. They named themselves managers, allowing them to continue using and enjoying the assets while distancing personal ownership.
Because they made the move more than five years before needing care, those assets are not counted toward Medicaid’s eligibility limits. George and Linda preserved their lifestyle, and their legacy. The FLLC will eventually allow their children to inherit family property without the delays and costs of probate.
Now that they’ve seen the peace of mind this brings, George and Linda are encouraging their friends to plan early, too.
What Is an FLLC?
A Family Limited Liability Company is a legal entity used to hold and protect family assets such as:
- Investment real estate
- Investment portfolios
- Savings or collectibles
- Non qualified money
Although it sounds like a business tool, an FLLC in retirement and Medicaid planning is about control, protection, and long-term security. While it is a common misconception that “family” means only blood relatives, an FLLC can include both blood-related and chosen family members—those you trust and wish to include in your long-term planning.
When set up properly and at the right time, an FLLC allows families to:
- Shield assets from Medicaid’s spend-down requirements
- Maintain control over how assets are managed and used
- Simplify the transfer of wealth to children or grandchildren
- Avoid probate and reduce estate taxes
Understanding the 5-Year Lookback Timeline
As part of the Deficit Reduction act of 2005, Medicaid reviews all financial activity within the 5 years (60 months) before someone applies for care. Any asset transfers, gifts, or sales below market value during that time may trigger penalties or delays in eligibility.
Planning ahead is key. By acting more than five years before care is needed, families can protect their resources without penalties.
Ask us for a visual timeline or explainer if you’d like help understanding how this works.
A Call to Action:
There May Be an Ellen in Your Life
Whether they are a friend, parent, or neighbor, you likely know someone like Ellen. Someone who worked hard their entire life and now faces an unexpected crisis, unaware that financial protection was even an option.
But there are also people like George and Linda, people who planned ahead, protected what they’ve built, and created a smoother path for their loved ones.
You can be the reason someone avoids financial devastation.
✓ Start the conversation.
✓ Share this article with someone you care about.
✓ Reach out to us for help.
Regardless of if you’re protecting your own future or guiding someone else, we’re here to make the process easier. If you’re not sure where to begin, please send them our way. We’ll walk them through it with care, clarity, and a plan that fits their goals.
Introducing: Business Health & Strategic Forecasting Services
Turning Data into Insight & Insight into Strategy
Managing a business is a lot like maintaining your health—you wouldn’t ignore warning signs or skip regular checkups. So, why run your business without monitoring its financial well-being? That’s where WMA’s Business Health & Forecasting Services come in. We help you track performance, identify risks and opportunities, and plan ahead with confidence—just like a smart wellness plan helps prevent costly surprises.
According to Harvard Business School, forecasting and analytics are essential for effective budgeting, pricing, hiring, and long-term growth and data-driven decisions help business owners navigate uncertainty, uncover blind spots, and stay agile.
Think of us as your business’s financial wellness team—equipped with the tools to keep you informed and ahead of the curve.
Your Financial Checkup Toolkit
Just like healthcare, business analytics works best when it’s proactive, not reactive. We use four types of analytics to build a complete picture of your financial health and strategy:
Descriptive Analytics
Like checking your vital signs.
We review revenue, expenses, and margins to give you a clear snapshot of current performance.
Predictive Analytics
Like knowing your family history or genetic risk factors.
Using your financial history, market trends, and seasonality, we forecast revenue, expenses, and cash flow—so you can prepare, not react.
Diagnostic Analytics
Like reviewing test results.
We identify what’s driving changes, such as seasonal trends, rising costs, operational shifts and compare your numbers to industry benchmarks to separate internal challenges from external pressures.
Prescriptive Analytics
Like creating a treatment plan.
We provide clear, tailored recommendations from cutting costs or adjusting pricing to hiring or expanding all based on your goals and forecast.
What Our Services Include
Our Business Health & Forecasting Services go beyond basic bookkeeping and reporting. We offer:
- Tailored Financial Projections
Forecasts based on your real data—no generic templates.
- Cash Flow & Expense Analysis
Visual insights to help you stay liquid and lean.
- What-If Scenario Modeling
Explore different strategies before making a move.
- KPI Tracking & Margin Reviews
Spot inefficiencies, monitor performance, and grow smarter.
- Industry Benchmark Comparisons
Understand how you measure up in your market—and where you can outperform.
- Quarterly Strategy Check-Ins
Adjust your financial game plan as your business evolves.
- Visual, Actionable Reports
Built for business owners—clear, visual, and decision-ready.
Who This is For
Our services are ideal for:
- Growing businesses navigating hiring, expansion, or new offerings.
- Established companies aiming to improve profitability, cash flow, or efficiency.
- Seasonal businesses preparing for off-peak or high-demand periods.
- Leaders facing big decisions like investment, restructuring, or exit planning.
- Busy owners who want strategic insight without getting lost in spreadsheets.
- Advisors and partners who want clear data to support their clients’ growth.
Whether you’re preparing for growth, optimizing operations, or avoiding financial blind spots, we’re here to support you with clarity and confidence.
Ready to Get Started?
From light checkups to full financial strategy roadmaps, we offer flexible packages tailored to your needs and goals.
Schedule a discovery session with by calling our Titusville or Fort Wayne Office. Let’s build custom analytics and forecasting plan to help you lead with insight—not guesswork.
Business Owner
Corner
Why Keeping Business and Personal Finances Separate Really Matters
For many small business owners, the lines between “business” and “personal” can blur easily, especially when you’re wearing every hat in your company. But keeping your business and personal finances separate is more than just a good habit, it’s an essential part of running a financially sound operation.
This isn’t just about following rules, it’s about helping you make clearer decisions, stay organized, and avoid future stress.
What Can Go Wrong When They're Mixed
When personal expenses show up in business records, your financial reports can quickly become unreliable.
- Bookkeeping gets messy.
When personal expenses show up in business records, your financial reports can quickly become unreliable.
- Tax filing becomes more difficult.
Commingled finances can delay filing, limit deductions, and increase IRS audit risk.
- Legal protections can be weakened.
For LLCs and corporations, blending finances may make it harder to maintain your legal separation from the business.
- It’s harder to understand your business’s true performance.
You need clean, consistent data to forecast, budget, or plan for growth.
Good Habits to Build Now
- Use separate bank accounts and credit cards, this is the foundation of clear records.
- Track Owner’s distribution instead of casually transferring funds between accounts.
- Avoid “borrowing” between accounts — Treat your business as its own entity. If you ever use personal funds for a business expense, be sure to properly document and reimburse yourself to keep records clean and accurate.
- Schedule regular financial check-ins (monthly or quarterly) to look at where things stand and make adjustments if needed.
Why it's Worth the Effort
Keeping clean financial boundaries helps you stay informed and confident as a business owner. It makes conversations with your bookkeeper, tax professional, or financial advisor more productive, and gives you a clearer path when it’s time to make decisions.
A good rule of thumb: if it’s personal, keep it out of the business. If it’s related to your business, track it properly and consistently.
We understand that for many small business owners, personal and professional lives are deeply intertwined. Long hours, high stakes, and emotional investment come with the territory. That’s exactly why financial clarity matters—it empowers you to make sound decisions and focus on what matters most.
You don’t have to do everything alone. Our bookkeepers have your back by catching mistakes, flagging concerns, and helping you stay organized every step of the way. When it comes to your finances, a little structure can go a long way.
IRS Retention Policy & Our Commitment to Secure Recordkeeping
What This Means for You
Even if you’ve been a client for many years, we are no longer able to store tax returns, financial statements, or planning documents beyond seven years.
Once that window passes, your records will be securely deleted or destroyed in accordance with industry standards and federal guidelines.
We understand this change may raise concerns, especially if you’ve relied on us to store important documents. But it’s a necessary step to ensure compliance and keep your information safe in today’s digital environment.
The IRS requires that financial records not be retained by accounting firms for more than seven years.
This standard exists to reduce data exposure risks and promote responsible record management.
To comply with this policy and protect your personal and financial information, our firm follows a strict Retention and Destruction Policy.
Coming Soon: ProDocs Vault
Your Secure, Long-Term Document Storage Solution
In response to these changes, we’ve been working with our longtime collaborators at ProDocs to develop a better long-term solution:
ProDocs Vault – a secure, blockchain-based platform designed to give you direct access and control over your essential financial documents.
With ProDocs Vault, you’ll be able to:
- Store tax returns, estate documents, and reports securely
- Access files from any device, anytime
- Retain records for life—even beyond the IRS’s 7-year limit
- Upload and organize your own financial documents
- Share documents with trusted professionals as needed
Why This Matters
Most people don’t think about their records—until they need them. Whether you’re applying for a mortgage, managing a trust, or going through an audit, quick access to your documents can save time, money, and frustration.
While the IRS limits how long we can hold onto your files, that doesn’t mean you have to lose access.
ProDocs Vault was built to help you maintain control and continuity—privately and securely.
What to Expect
We’re currently finalizing onboarding and support resources to ensure a smooth launch for all clients.
You’ll soon be able to:
- Set up your Vault account in just a few steps
- Request past records before they are scheduled for deletion
- Store new documents moving forward
Educational sessions will also be offered this fall to walk you through how to use the Vault and get the most value from it.
Stay tuned! We’ll notify you as soon as Vault accounts are available and guide you through activation.
Please note: ProDocs Vault is an optional service available through ProDocs LLC as part of estate planning or as a standalone solution. All rights reserved by ProDocs LLC.
Scam Watch:
Stay One Step Ahead
Common Financial Scams Targeting Retirees and Small Business Owners in 2025
Scammers are always evolving and unfortunately, they often target individuals managing finances, retirement plans, or small businesses. Staying informed is your first line of defense.
Below are some of the most common scams circulating in 2025 and how you can protect yourself:
Fake IRS or Tax Notices
Scammers are sending fraudulent emails or letters posing as the IRS or other tax authorities. These messages may demand immediate payment or ask you to verify sensitive personal information.
How to spot it:
- The IRS will never email, text, or call you to demand payment.
- Real IRS correspondence comes by U.S. Mail and will not request payment via gift card, cryptocurrency, or wire transfer.
Toll Road Payment Text Scams
Scammers are sending texts that claim you owe toll fees—often with small amounts to appear legitimate. These messages include links to fake payment websites.
How to protect yourself:
- Do not click links or enter personal information.
- Visit your toll provider’s official website to verify any charges.
- Report scam texts to the FCC or your toll agency.
Bank Account Verification Calls or Texts
Imposters pretending to be from your bank or credit card provider may claim there is suspicious activity on your account and request verification.
Red flags:
- Requests for PINs, full account numbers, or online banking passwords.
- Urgent tone urging you to act immediately.
Scareware
Pop-Ups
Scareware uses fake virus alerts to pressure you into downloading harmful software or paying for unnecessary services.
How to protect yourself:
- Do not click anything in the pop-up.
- Close the browser or restart your device
- Never download software from random alerts or pop-ups.
Let’s Have Some Fun!
Tax Refund Fun Fact — So, What Did You Do With It?
Back in February, 54% of Americans said they expected a tax refund in 2025, according to the National Retail Federation. Fast forward to July—and most of those refunds have already landed. In fact, the IRS has issued over $265 billion in refunds so far this year.
That raises the real question:
Whether you treated yourself, paid off debt, or reinvested in your business, tax refunds can be a powerful tool when used with intention.
Still waiting? If your refund hasn’t arrived yet, it could be due to a paper filing, an error, or the IRS requesting additional info. Use the IRS “Where’s My Refund?” Tool to check your status or contact your Tax Team at Protax (260) 484-1673.
Quiz Time:
Which of these holiday/seasonal events has the highest per-person retail spending?
Back To School (K-12)
(A)
Winter holidays
(B)
Back To Collage
(C)
Scroll Down to Discover the Answer
According to NRF’s latest chart, college students and their families spend an average of $1,364.75 per person on back-to-college retail items—more than K–12 or even some holiday occasions
Budgeting Tip: College Students & Parents
Heading off to (or returning to) college? Here’s how to plan for those hefty retail purchases:
- Create a Per-Person Spending Plan
- Prioritize Essentials Over Extras
- Track Your Spending
- Involve Your Student
Takeaway: Back-to-college isn’t just emotionally significant, it’s one of the biggest retail seasons of the year on a per-person basis. Planning ahead ensures your student is well-equipped without overspending.
Until Next Time
As we wrap up this edition of our newsletter, we hope you found insights that help you build, balance, and belong—whether you’re growing a business, planning for retirement, or simply trying to make the most of your financial journey.
Every quarter, we aim to bring you clear guidance, helpful reminders, and stories that inspire. But the real impact happens when these ideas turn into action.
If you’d like to discuss any of the topics in more detail, please don’t hesitate to call us at (321) 206-3139 or email Office@wmateam.org to schedule an appointment. We’re here to support you.
Your goals are always evolving—and so are we. Stay tuned for upcoming tools, events, and updates designed to support your clarity, confidence, and success.
Until then, thank you for being part of our financial family. We’re honored to walk alongside you.
