Carter Michaelson - Financial Planner

Carter Michaelson - Financial Planner Illuminating Your Path to Financial Independence. Information provided should not be solely relied upon for decision making.

Advisory services are offered through illumiFI Wealth, LLC, a Registered Investment Adviser with the state of Minnesota. Advisory services are only offered to clients or prospective clients where illumiFI Wealth, LLC and its representatives are properly registered or exempt from registration. The information on this site is not intended as tax, accounting or legal advice, nor is it an offer or sol

icitation to buy or sell, or as an endorsement of any company, security, fund, or other offering. Please consult your legal, tax, or accounting professional regarding your specific situation. Investments involve risk and have the potential for complete loss. It should not be assumed that any recommendations made will necessarily be profitable. The information on this site is provided “AS IS” and without warranties either express or implied and the information may not be free from error. Your use of the information provided is at your sole risk. The information linked to on third-party sites is being provided strictly as a courtesy and convenience. When you link to any of the web sites provided here, you are leaving this website. We make no representation as to the completeness or accuracy of information provided at these websites. When you access these websites, you are leaving our website and assume any and all responsibility and risk for use of the web sites you are visiting. The opinions expressed in any commentary posted on this site are solely those of the individual author and do not necessarily reflect the views or opinions of illumiFI Wealth, LLC. These opinions are based on information available at the time of posting and are subject to change without notice. illumiFI Wealth, LLC does not commit to updating any posted positions or commentary to reflect subsequent developments. While the information and reasoning used to form these opinions are believed to be from reliable sources, illumiFI Wealth, LLC does not verify this information, and no guarantee is provided regarding its accuracy, completeness, or validity. illumiFI Wealth disclaims any and all liability for actions taken or not taken based on the content of this site. No warranty, express or implied, is given in connection with the content provided. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

04/27/2026

A lot of the clients I serve aren’t starting from scratch.

They:

• Save well
• Invest consistently
• Make good money

They want to make sure they’re not missing anything.

They want a financial partnership focused on optimizing their plan so it is aligned to their unique goals and situation.

If that sounds like you, I’d be happy to have a conversation.

04/09/2026

Trust your gut.

I was reviewing a client’s tax return recently and something about their Qualified Business Income (QBI) deduction felt off.

It wasn’t obvious, but it didn’t sit right.

So we reached out to their CPA.

Turns out, a single missed digit was the issue.

That small oversight resulted in five-figure tax savings for my client.

A good reminder:

Even great professionals can miss things and collaboration matters.

04/07/2026

Roth accounts are great… but they’re not always the best answer.

If you’re in the 24–32% marginal tax bracket, pre-tax savings can be incredibly valuable.

For every $1 you contribute pre-tax, you could be saving $0.30–$0.40 in taxes depending on your federal and state tax rates.

That’s a meaningful upfront tax benefit!

In general:

• Lower tax bracket → Roth tends to make more sense
• Higher tax bracket → Pre-tax often becomes more attractive

And one of the most overlooked opportunities?

Many people can shift money to Roth later through strategic conversions during lower-income years in retirement.

It’s less about Roth vs. pre-tax…
and more about using both intentionally over time.

04/06/2026

Reminder: You have until April 15, 2026 to fund a Roth IRA for your 2025 contribution.

• Under age 50 → up to $7,000
• Age 50+ → up to $8,000

If you just received a tax refund, this can be a great way to put those dollars to work for your future.

04/01/2026

I’m not the best financial advisor for everyone, and that’s by design.

The people I serve best are usually beyond the basics:

• They spend less than they earn
• They’re consistently saving for retirement
• They’re doing the “right things”… but wondering what comes next

That’s where deeper planning matters.

It’s not about hitting a certain income or net worth threshold.

Some of the best clients I get to serve are those who have built strong habits and are ready to be more intentional.

I work best with:

• Medical professionals navigating student loans, forgiveness strategies, and the transition from residency to attending-level income

• Individuals and families who prioritize charitable giving and want to do it in a more intentional, tax-efficient way

• Individuals or couples within about 5 years of retirement who want to minimize lifetime taxes while still enjoying their lifestyle

Not every advisor is the right fit for every person.

But for those who are beyond the basics and want to optimize what they’ve built or are building, that’s where the real value shows up.

04/01/2026

Been reviewing a lot of client tax returns recently and noticed a trend…

A handful of $12,000+ refunds.

I get it — it feels good.

But in reality, that’s a 0% loan to the government all year.

This is the perfect time to:
• Dial in your withholdings
• Revisit your cash flow
• Strategize your giving goals
• Put more money back in your pocket each month

Less refund. More intentionality and control.

03/20/2026

My least favorite question (and probably the most common one I get) when people find out I’m a financial advisor:

“So… what should I invest in right now?”

I get why people ask it.

But it’s the wrong place to start.

My answer is usually some version of:

“It depends…”

Not because I’m avoiding the question, but because what you invest in is rarely the most important factor early on.

Before we even get there, I want to see a few things in place:

- Emergency fund covered
- Getting the full employer match
- No high-interest debt
- Contributing to Roth IRA / HSA (if eligible)
- Working toward maxing retirement accounts

If you’re a newer investor, here’s the truth:

👉 Your savings rate matters a lot more than your investment selection

Pick something simple:

- Target date fund
- Low-cost index fund

And focus on building the habit of investing consistently.

As your wealth grows, things like:

- Asset allocation
- Asset location
- Tax strategy

…start to matter more.

But early on?

Don’t overcomplicate it.

We live in a time where you can automate almost everything:

- Saving
- Investing
- Rebalancing

The biggest risk isn’t picking the “wrong” fund.

It’s not starting or not staying consistent.

If you’re beyond the basics and ready to optimize your financial plan, I’m always here to chat!

02/12/2026

Your Tax Return Is a Report Card. But Not the One You Think.

Most people treat their tax return like a scorecard:
✔ Big refund = “I did great.”
✘ Big payment = “I messed up.”

But your tax return isn’t a performance grade.

It’s a data report.

And if you know how to read it, it tells you:
• Are your withholdings aligned?
• Are you missing tax planning opportunities?
• Are you using retirement accounts strategically?
• Are charitable gifts structured efficiently?
• Are RSUs, bonuses, or business income being optimized?

The most successful professionals I work with don’t just file taxes.

They use their return to make next year smarter.

Before you close the folder and move on, ask:

What did this year’s return teach me about my finances?

Because tax season doesn’t just tell you what happened.

It gives you a chance to be intentional about what happens next.

01/12/2026

Making good money doesn’t automatically mean you’re building wealth.

Over the past few years, I’ve had a lot of conversations with people who make great money, but still feel uncertain about where it’s actually going.

Income is only part of the equation.

Real wealth is built with:

Income + Discipline + Time

That’s the formula.

The most successful professionals I work with aren’t just focused on this year’s income — they’re building a balance sheet that gives them options 10, 20, and 30 years from now.

That comes from:

• Intentional planning
• Disciplined systems
• Smart tax strategy
• And a clear long-term vision

If you’re building something — a career, a business, a family — make sure your finances are built to support it.

That’s where real freedom comes from.

12/17/2025

📉 If the market drops tomorrow, here’s what I tell my clients:

Volatility isn’t a sign something is wrong.
It’s a sign you’re invested.

The real danger isn’t the market going down…
It’s reacting emotionally instead of strategically.

Here’s what long-term investors with a plan understand:

• An emergency fund can keep your life out of the ditch
• Market drops are normal
• Asset allocation matters more than predictions
• Time in the market > timing the market
• Tax-efficient strategies add real, measurable value
• Stewardship requires clarity, not panic

My job isn’t to guess what happens next week.
My job is to help clients stay confident for the next decade and beyond.

If you want a financial plan you can actually trust — in up markets and down — I’m always open to a conversation.

11/19/2025

Do You Give $10,000–$50,000 to Church or Charity Each Year?

If generosity is a major part of your life, there are several smart planning strategies that can help you maximize your impact while also optimizing your tax situation.

1. Bunch Your Gifts Into a Single Year

- If your annual giving is below the standard deduction, consider “bunching” multiple years of giving into one tax year.
- This allows you to itemize deductions in that high-giving year and potentially reduce your tax bill—while continuing normal giving in other years.

2. Donate Appreciated Securities

- If you have highly appreciated stock or receive equity compensation (RSUs, ESPP, etc.), donating shares directly to charity can be incredibly efficient.
- You could avoid capital gains tax and receive a charitable deduction for the fair market value.

3. Use a Donor-Advised Fund (DAF)

- A DAF lets you make a larger, tax-efficient gift in one year but distribute grants to your church or charities over time.

This could give you:
- A large upfront tax deduction
- The ability to invest funds for future giving
- Flexibility to support church/charities annually

Generosity is powerful and with the right planning, you can give more effectively and intentionally.

If charitable giving is part of your financial plan, I’d be happy to show you the strategies that best fit your situation.

Reach out if you'd like to explore your options!

*Disclosures and important information available via website link provided in the About section of my profile.

Address

1109 112th Lane NE
Blaine, MN
55434

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 3pm

Website

https://calendly.com/carter-illumifiwealth/intro, https://illumifiwealth.com/disclosures

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