Snowbird season has arrived and we’ve listed some important things to consider when planning a prolonged absence in the sun. Start keeping a running list on your phone a month before you leave. That way, when it’s time to pack, you’re already done with the mental preparation and packing will just be collecting what you need.
This article discusses some common mistakes people make when leaving tax deferred retirement assets to their heirs. These costly errors can reduce your client’s legacy and prevent their wishes from being carried out.
According to the Department of Justice, an estimated 17.6 million people, or 7% of all U.S. residents age 16 or older, were victims of one or more incidents of identity theft in 2014 (latest available). What's more, about 7% of identity theft victims experienced out-of-pocket losses of $100 or more. Here are some steps to help you prevent significant loss.
We recently had a discussion with a client about their loved family members, their dogs. They are married with no children and love their pets as much as they would as children. They have also served as foster parents to several dogs over the years. Part of their estate plan was to provide their pets with consistent care and security beyond their lives. Just like a lamp is a piece of personal property, pets are considered personal property under state law. You can’t leave property to property. So how can you ensure that your pet is taken care of if you are disabled or die?
The lessons you learned early form your “Money Imprint”; your hardwired operating system that determines if you stumble or strut in your money life. Ask yourself these questions to understand how your beginnings shape your future.
With retirement comes freedom and flexibility. But many people reaching retirement have a lot of questions and misgivings about the good times ahead. That’s why, while we take a financial assessment for a client’s retirement, I initiate discussion about their life plan moving forward. Here are some emotional challenges people don't always consider.
How much can you withdraw from your retirement funds? Barron's publication gives us formulas and strategy on fixed and discretionary spending vs. guaranteed fixed income in your portfolio.
Recent tax reform will lower the overall tax bill for millions of filers beginning in 2018. On the flip side, however, it has made it more difficult for most people to realize a tax benefit from making charitable contributions. In our experience, there are still strategies you can undertake to optimize your philanthropic efforts from a tax standpoint. Effectively utilizing donor-advised funds can allow individuals to reduce their income tax liability while directing funds to their favorite charities.
Kevin Fruechte, Chief Research and Operations Officer at Olson Wealth Group, completes the Certified Private Wealth Advisor (CPWA®) program and now combines this certification with his CERTIFIED FINANCIAL PLANNER (CFP®) and Chartered Financial Analyst (CFA) credentials. In so doing, he becomes the sole advisor in Minnesota to simultaneously hold all three of these prestigious designations.
A sudden financial windfall can be a mixed blessing. We discuss the common responses and challenges when sudden wealth enters your life.