By Design Wealth Management

The financial risks to consider when evaluating self insurance?

When to Self-Insure Choosing to bear the financial burden of an adverse event is called self-insuring. Do you know what that entails?

Tax reminder! Your third-quarter estimated income tax payment is due on September 15, 2026.

If you're self-employed or earn income that isn't subject to withholding, now is the time to make sure your payment is on track. Don't wait until the last minute—a missed or underpaid estimated tax payment can mean penalties come filing season.

Not sure how much to pay? A good rule of thumb is to pay at least 90% of what you'll owe this year, or 100% of last year's tax liability—whichever is smaller. If you want more specific information, check with your tax, legal, or accounting professional.

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As tributes to Dolly Parton pour in from around the world, we (an office of Dolly fans ourselves) want to highlight her financial work and how her unique approach to philanthropy will continue to make impacts long after her death. She truly built her wealth and influence herself, from the ground up, and, although she could have been a billionaire, she gave so much of her money away that she never reached that status. Take a look at how her work leaves an incredible legacy, especially for her home community in East Tennessee:

How Dolly Parton showed what wealthy donors can do Dolly Parton embraced trust-based philanthropy before it was trendy. Her example offers lessons on community investment and donor responsibility.

Curious about how the economy and global forces are impacting the markets and what they mean for investors like you? Check out Midyear Outlook for Investors, which breaks down the longer Midyear Outlook (which we shared earlier today) into a more digestible analysis for investors.

LPL Research 2026 Midyear Outlook for Investors Stocks held. Now what? LPL Research's 2026 Midyear Outlook covers policy shifts, AI returns, and Fed leadership — and what they mean for your portfolio.

A set of powerful forces stands to shape the direction of markets in the second half of 2026. While each carries its own set of risks and opportunities, together they form a backdrop that calls for thoughtful positioning and a clear view of where disruption and potential may intersect.

Check out Midyear Outlook: From Policy, Buildouts, & Bottlenecks: https://www.lpl.com/research/lpl-research-midyear-outlook.html

Did you know that only 24% of Americans have a will, according to a 2025 study by Caring.com? And that number has decreased in recent years. Most of those Americans have children under 18. August is Make a Will Month, and it’s a great reminder to create a will for your family and those most important to you or to update it to reflect any changes in your life.

Interestingly, more survey participants aged 18-34 reported having some kind of estate planning documents that survey participants aged 35-54. Caring.com cites partnerships with estate planning websites on TikTok as a potential reason for more young people having documents in place.


https://www.caring.com/caregivers/estate-planning/wills-survey/

Ready for this week's lunar eclipse? During a partial lunar eclipse, the full moon moves into the Earth's shadow, making it appear red. The partial eclipse will begin at 10:33 PM EDT on August 27 and will reach maximum eclipse at 12:12 AM EDT on August 28. 🌕

A lunar eclipse is coming at the end of summer. Here’s how to see it If you missed out on the total solar eclipse this summer, you may be able to get a small consolation prize. Following on the heels of the Aug. 12 solar eclipse is a lunar eclipse on Aug. 27 that offers...

For years, common wisdom told grandparents to avoid contributing to 529 college savings accounts because they could count as student income on the FAFSA and hurt financial aid eligibility.

But that’s no longer the case.

That shift opens the door for grandparents who have wanted to contribute more but weren't sure if it would do more harm than good. Under new rules that took effect last year, distributions from grandparent-owned 529s no longer count as student income on the FAFSA.

For example, say a grandparent makes a $19,000 contribution today, the full annual gift tax exclusion for 2026. For a college-bound senior, that covers nearly a full semester at a public university. For a newborn, that money can be invested for years along with any other contributions.

A 529 plan is just one tool for grandparents to review if they want to provide some education support to their family. If you want to explore in
more detail, let’s start by looking at how this would fit into your overall
financial strategy.

The Common Cents Act has passed the House and now moves to the Senate for consideration.

The bill is tied to the phase-out of the penny and would create a national rounding standard for cash transactions.

Under the proposal, cash purchases would be rounded up or down to the nearest five cents when exact change is not available.

For example, a purchase totaling $10.02 would round down to $10.00, while a purchase totaling $10.04 would round up to $10.05.

Pennies would still retain their value under the act, even as the Treasury stopped minting them.

The bill is especially relevant for businesses that handle cash, including restaurants and retailers, because it could reduce confusion and legal risk around exact change.

For consumers and businesses, the broader takeaway is that even small changes in currency rules can affect daily transactions, checkout systems, and cash-handling practices.


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The Common Cents Act is closer to becoming law. What would it mean for businesses and consumers? New law aims to address how businesses and consumers should transact amid the phase-out of the penny.