What You Give Up with a Local Estate Planning Attorney
[Central Coast residents: You can safely ignore this article because we are here to help you with comprehensive planning.] Most of our local clients prefer to have the first meeting in person at our office in Morro Bay. After that initial meeting, many of these local...SECURE 2.0 Tax Credits for Small Business Retirement Plans
America is in the midst of a retirement savings crisis. Many people are not saving enough to replace their income in retirement, and some have no money saved for retirement. Employer-sponsored retirement plans enable people to save for retirement, but many...SECURE 2.0 Act, You, and Your IRA Beneficiaries
On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act in 2020 made several changes to retirement planning: It increased the required beginning date (RBD) for required...SECURE Act: How It Will Affect You and the Beneficiaries of Your Retirement Accounts
Dear Clients and Students, On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting...Kiplinger’s State-by-State Guide to Taxes
You may find Kiplinger’s updated tax map surprising: Click on any state in the map below for a detailed summary of state taxes on income, property, and everything you buy. Check out our slideshows below, including our picks for the 10 most tax-friendly and the...FPC 20180123: Inherited IRA Protection
For many families, a large portion of the estate rests in a retirement plan which, on its own and without further planning, is essentially a separate estate plan with assets left completely unprotected. How do you protect and preserve the inheritance of retirement...Where did baby boomers go wrong? This generation isn’t financially prepared for retirement
Baby boomers, or those born between 1946 and 1964, expect they’ll need $658,000 in their defined contribution plans by the time they retire, but the average in those employer-sponsored plans is $263,000, according to a survey of 900 investors by financial...SLATs Provide Flexible Plans for Many Clients
In the current environment of uncertainty, many married clients should consider implementing non-reciprocal spousal lifetime access trusts (SLATs). This strategy can provide a flexible framework for a wide range of clients. The technique can be adapted for more...Tips From The Pros: The Most Difficult Decision of My Career
Hmmm…why wasn’t she allowed to stay in her home with live-in help? Sounds like she had the ability to pay for that, and repairs, too! Lots of history there and it’s all she knew. Rule 1.14 of the Model Rules of Professional Conduct1 addresses...Is It Never or Now?
And for those with qualified retirement plans, it may be time to seriously consider charitable remainder unitrust (CRUT) planning. In the case of qualified long-term appreciated property, outright gifts can be used to offset other taxable income, while bypassing the...Financial advisors less chickenshit
More advisors willing to speak up — that’s great! But since they have avoided the arena so long, they lack even the knowledge base of the typical low-information voter and most of them are on the wrong side. How could anyone have thought it was a good idea...Is the Passive Indexing Craze the New Tulip Bulb Mania?
Naturally, passive products look good as markets move higher. They’re designed to replicate an index and, therefore, have a symmetrical return profile. Unfortunately, the same symmetry that investors like so much on the way up is what causes the most financial...Six Steps to Help Parents Prioritize Their Paychecks
Parents of young children usually have more places that their money needs to go than they have funds to cover every current and future obligation. You can help them sort out where to put each and every dollar each month so that short-term concerns are...Where Are The Best And Worst States To Retire?
To rank the states according to what people say they want in retirement, we pull together data on these eight criteria:Cost of livingHealthcare qualityCrimeCultural vitalityWeatherTaxesSenior citizens’ overall well-beingThe prevalence of other seniorsTwo of our...New Commodity ETFs Structured to Avoid Need for K-1 Filing
ETF Securities Group, a U.K.-based asset manager, launched three ETFs on the NYSE Arca exchange that track the Bloomberg Commodity Indices, on March 31. The funds are among thousands traded on the exchange but stand out because they are broad-based and...The flexibility of stretch IRAs: Learn how your IRA can benefit your spouse and other beneficiaries
IRA stretch is great in theory, but your beneficiary can withdraw the principal at any time and there is no asset protection. As an estate planning attorney, I can make the stretch real by using an asset-protected standalone IRA Beneficiary Trust, separate from...States With the Highest (and Lowest) Taxes for Retirees
In general, the most tax-friendly states for retirees are, in order, Alaska, Delaware, Georgia, Nevada, and Wyoming, according to the J.P. Morgan report. The least tax-friendly states, in order, are New Jersey, Connecticut, New York, Maine, and Vermont. Property taxes...High-Net-Worth Investors Look to Suburban Office Buildings and Transition Assets to Get Yield
HNWI are starting to look hard at suburban office markets again, which we haven’t seen this investor group pursue in quite some time. Industrial space has been very competitive the last several years, so unlikely the HNWIs will go after industrial assets this...Should you use your retirement savings to pay for kids’ college? – MarketWatch
The kids can work their way through college like we did. ‘Should I dip into my retirement account to pay for college?’People do it, but most financial professionals advise against it. At the very least, experts say, you should limit such withdrawals, so as not...To Defer or Not To Defer—How About Both?
“If you look at the conventional advice that’s given, there doesn’t seem to be much acknowledgment of this idea of tax uncertainty,” he notes. “That advice is often based on this idea of ‘compare your income today to your expected income in retirement,’ and our...The Biggest Challenge for RIAs? They All Look Alike
“Competition is the challenge of the future for independent advisors, and as there’s more of them, differentiation is critical,” agreed Jon Beatty, senior vice president, sales and relationship management, Schwab Advisor Services.Asset allocation, rebalancing...Will Republicans Fund Tax Cuts by Tapping Retirement Piggy Bank?
To understand why, it is important first to understand this term: “Tax expenditure.”This is Washington budget-speak for tax revenue foregone due to special tax treatment. The phrase refers to billions of dollars in tax code exemptions, deductions or credits....L.A. To Worsen Housing Shortage With New Rent Controls
Currently, partial rent control is already in place in Los Angeles and landlords there are limited in how much they can raise rents on current residents. However, according to LA Weekly, landlords are free to raise rents to market levels for a unit once that...ONE-SENTENCE bill filed to repeal Obamacare effective 12.31.2017
[bctt tweet=”Brevity is the soul of twit: ONE-SENTENCE BILL REPEALS OBAMACARE #tcot #ccot #MAGA” username=”guntrust”] “This Act may be cited as the ‘Obamacare Repeal Act,'” the bill states. And the bill uses just one sentence...Lower Returns Will Require Higher Savings Going Forward
Market returns are coming down this year, and investors should expect a lower return environment for the next decade, according to J.P. Morgan Asset Management. That means investors will have to save a lot more to meet their retirement goals. Source: Lower...Will GOP Tax Plan Hurt 401(k) Savers?
Republican talking points around tax reform centers on the need to lower them, yet there isn’t consensus between the Trump administration and Congress on what that looks like. Trump wants tax cuts without regard to the impact on the deficit; Paul Ryan, speaker...HSAs over 401(k)s for Retirement Readiness?
Additionally, under the Republican plan, unused health insurance credits can be contributed to an HSA. The idea that we could have “tax credits that can be deposited into a tax-advantaged account has never happened before in American tax history,” said Kevin...Are Collapsing Pensions “About To Bring Hell To America”?
Along with the student loan debt bubble and other major financial factors, the looming pensions crisis is bound to be the death of us all.Because it’s based on a future promise to pay, it has long been a benefit dangled to solve strikes and union disputes –...Two New ETFs for Biblically Responsible Investors Make Their Debut
The model these ETF’s are based on is located here. As you can see from the parameters, it is solidly Christian and there is nothing in there that is anti-gun (closest thing to that is aiding oppressive regimes). This is a relief for me because a few...Twelve Steps to Ease Clients into a Happier Retirement
Keith couldn’t wait to retire. He planned to volunteer, golf every day, and travel with his wife. He teased friends who were still “chained to a desk” as he flaunted his coming freedom. Yet, two months after retirement, Keith found it hard to get out of bed or...Bank ETFs Booming, Investors Betting on Trumpian Deregulation
This year, investors have poured a combined $2.4 billion into three exchange-traded funds focused on banks — State Street Corp.’s Financial Select Sector SPDR fund, ticker XLF, BlackRock Inc.’s iShares U.S. Financials ETF, ticker IYF, and the Vanguard...Eight Smart Steps Millennials Can Take To Plan For Retirement
For previous generations, retiring by age 65 with a nice pension was practically a guarantee. For the modern workforce, retirement age — and the concept of retirement itself — is a little more uncertain. In fact, a recent Merrill Edge report found that 83% of...Will Robo-Advisors Benefit From The DOL Fiduciary Rule?
“Robo-advisors are expected to be the big winners with the DOL’s fiduciary rule,” says Jo-el Meyer, managing editor of pensions & benefits at Bloomberg Law.“During the development of the rule, the DOL often pointed to robo-advisors as the future of...OJ Simpson may be released soon to enjoy successful #AssetProtection planning
That adds up to £240,000 a year and will amount to a £2.16million fortune by the time of his anticipated release.Under America’s Employee Retirement Income Security Act, the pension cannot be touched by creditors, despite Simpson owing almost £27million....Carrie Fisher and Debbie Reynolds Dynastic Deaths Give Offspring Legacies and Millions to Inherit Overnight
Luck all around, despite the bad planning. Carrie had formal next of kin, daughter Billie Lourd, who inherits the house, the money and presumably the French bulldog even if the outspoken and occasionally erratic actress forgot to leave a valid will behind....Reverse Mortgage Part of Financial Planning
With a reverse mortgage you will never have a mortgage payment as long as you live in the home. Because it is insured by the government, you will never owe more than the home is worth, and the property may be willed to your heirs.The heirs may refinance the...Older workers feel on track for retirement. Are they?
Yet the economic recovery has been tepid, leaving out or squeezing many workers. Many of those laid off are in part-time or lower-level positions, or drifting in and out of the labor force. Many depleted their nest eggs to pay living expenses while they were...COGNITIVE AGING AND THE CAPACITY TO MANAGE MONEY
While Americans often worry about not having enough money in retirement, they seldom worry about their capacity to manage that money.1 At first glance, this lack of concern appears justified because many financial activities are so routine – like paying the monthly...Five Ominous Signs for the Securities Industry
Enjoy the run, because it may not last. This past year provided evidence that there’s a growing grassroots revolt brewing among the individual investors who have been so crucial to the securities industry for decades. This awakening is likely irreversible...Guided by Voices: Planning via Voice-Activated Apps
These must be the same Satanic voices that give us LegalZoom and self-driving road hazards. I dissent. Are there any humans left? Enough with these charlatans and their dangerous, destructive boondoggles. In the future, I can see this evolving into a more...The Great Misconception about Active (and Tactical) Management
Tactical management was created to meet the typical investor’s needs and expectations. While still considered active, tactical management is quite different. Tactical management seeks growth during “normal” times but is engineered to avoid the majority of the...Retirement in the Gig Economy
Pew’s research, based on U.S. Census Bureau survey data, found that 56 percent of part-time workers in lower-hour industries do not have access to a 401(k) or other retirement plan, compared with just 29 percent of full-time workers in higher-hour industries....The Divorce Penalty: This 401(k) Fee Can Add Insult to Injury
(Bloomberg) –A profit center. A silent fee. One more kick in the pants.Those are a few of the ways divorce lawyers describe the fee that many 401(k) plan participants have to pay when they need to divide a retirement account in a divorce. As more wealth...ETFs For Higher Rates And Inflation
The new president has an ambitious plan to spend money and cut taxes. Here are a few exchange-traded funds that can provide some ballast for a likely rise in both interest rates and inflation. Source: ETFs For Higher Rates And InflationDon’t Worry Bond Investors, Baby Boomers Have Got Your Back
“If you believe in follow the money, you need to follow the baby boomers,” Nerbrand said in a phone interview. “Bond yields may not revert back to their historical averages even if inflation were to rise because the structural story is still there.” Source:...A Different Kind of Retirement
Not too late to avoid this, folks: From a sensorial point of view, it’s impossible to tell the difference between the ‘real thing’ and the virtual experience. The program is purely voluntary and benefits from large economies of scale, so it is affordable to...Five Strategies to Chasing UHNW Unicorns
There are many types of advisors, but only lawyers are subject to state bar ethics rules and able to provide attorney-client privilege for confidentiality. Most importantly, planning is not all about money, and we know that. Go to http://Protect.LIFE and let an...California Lays Brown Budget Egg, Cooked Geese Flee State
California slaps high tax rates on the rich, and when they and/or their income leaves the state, the solution is…guess what…more taxes. Including property taxes, especially commercial. Or is it the gun control that is chasing good families away?...Six Things Family-Owned Firms Should Know About Succession Planning
Among the chief goals of succession planning is providing continuity of management and minimizing the tax costs of transferring property interests to new generations.Source: Six Things Family-Owned Firms Should Know About Succession Planning
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