How to Create an End of Life Plan

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will

The Importance of an End of Life Plan: Nobody likes talking about the fact that some day they will die. However, not only is death a guaranteed outcome, but often times death occurs at an unexpected time much sooner than anyone anticipated. So given the fact that death is inevitable, financial advisors simply cannot overlook or ignore this all-important piece of an overall financial or retirement plan. Like so many families, when my family suffered the loss of a loved one, we faced the … [Read more...]

Filed Under: Estate Planning, Financial, Life, PickLeft
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Art on Wheels, What You Need to Know About Collector Car Insurance

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collectorcar

An estimated 10,000 auto gatherings take place every year in the United States. They range from grand spectacles, such as the Pebble Beach Concours d’Elegance and the Cavallino Classic at the Breakers Hotel, to small gatherings in a McDonald’s parking lot, where local collectors show off their favorite rides. No matter the level of participation, the popularity of these events points to an ongoing love affair with the automobile and the continuing growth of car collecting as a hobby. For … [Read more...]

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Leaving a Legacy vs Retirement Income: How Whole Life Insurance Solves Both

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slider 3 leaving a legacy

Traditionally life insurance has been used to solve estate tax and business succession issues for the wealthy. This article addresses the non-traditional uses for permanent life insurance. Most people see insurance as a cost, not as a tool to help them with their success. Not a place to put money into for its value. Yet, life insurance, correctly planned, is a tool for success for the following reasons: Whole life insurance provides real value for the policy owner who owns the policy … [Read more...]

Filed Under: Estate Planning, Featured Slider, Financial, Life
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How to Sell To Affluent Seniors, Part 1

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wealthysenior1

According to the IRS, there are 9 million households with a net worth of $1 million or more. According to Forbes, there are now more than 300 billionaires in the United States. Mr. or Ms. Millionaire’s average age is 44, while the average billionaire is only 46. And this doesn’t even include inherited wealth, which accounts for a surprisingly low 3 percent of the wealthy. The affluent come from a middle-class or blue-collar background and likely graduated from a state university. Most … [Read more...]

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Estate Planning Oversights: The Importance of Basic Planning Documents

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estateplanning_bottom

It is an unfortunate thing that you can’t attend your own funeral.  It is, perhaps, the only occasion where everything that is said about you is complimentary and you aren’t even there to hear it.  And what’s even worse is that you only miss it by a couple days. Another unfortunate thing about funerals is that many times the deceased was also absent when it came to properly planning for the estate that must now be settled in the wake of his or her death. What, Me Worry? An … [Read more...]

Filed Under: Estate Planning, Featured Middle Right, Financial, Uncategorized
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IRS Allows a Child’s Inherited IRA to be Created After Mother’s Misappropriation

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irachild2

PLR 201139011 Released by IRS on September 30, 2011 In an unusual PLR, IRS allowed a 13-year old beneficiary of her father’s company plan assets to largely undo a previously taxed lump-sum distribution and transfer the distributed plan funds to an inherited IRA for the child’s benefit. The income tax owed on distributed amounts transferred to the inherited IRA will be eliminated. The beneficiary’s mother, who was her legal guardian when she inherited the plan assets, had elected to … [Read more...]

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