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Financial Planning Archives - Page 12 of 15 - Wealthspire | Page: 12

estate plan checklist

Estate Plan Checkup Checklist

By Guides & Whitepapers
We recommend reviewing your estate plan regularly to determine whether it remains up to date - below is a checklist of some questions to revisit each year. How do I know when to update my estate plan? Who: Consider whether there have been any changes with the people in your life. Have you or your children been married or divorced? Have there been any new births? Has anyone named in your Will died or become disabled? Have you fallen out of touch with anyone named in your Will? What: Consider whether there have been any changes in your personal circumstances…
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Summer Reading List 2018

Summer Reading List 2018

By Blog
With summer in full swing and the 4th of July just around the corner, many of us may looking to fill up our reading lists for the months ahead. Quite a few members of the Wealthspire Advisors team are avid readers, so we thought we’d share some of their favorites below in our 2018 Summer Reading List. Enjoy! “Shoe Dog” by Phil Knight Recommended by Tim Hughes, CFP®, Managing Director Phil Knight’s Memoir, Shoe Dog, focuses on the earlier, less glamorous days of Nike—how he started the company by selling running shoes from the trunk of his car, how Nike…
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asset protection

The Basics of Asset Protection

By Blog
Here today. Gone tomorrow. While the risk of losing substantial assets because of a creditor judgment is remote, it is worth thinking about, along with what you should be doing to prevent it. As wealth managers, we help clients diversifying their investment portfolios to preserve and grow their wealth with the appropriate amount of risk. Beyond investment risk management, clients should also focus on minimizing the risk of loss of their assets to creditors. Those creditors include tort judgments from a lawsuit (malpractice, auto accident, slip and fall on property, etc.), contractual obligations, divorce, or civil and regulatory penalties. This…
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loss loved one

What to Do After the Loss of a Loved One

By Blog
When a loved one passes away, you will face many responsibilities, from making funeral plans to closing out financial affairs. These responsibilities will add stress to what is already a difficult and emotional time. Getting organized and knowing what steps you need to take will help reduce some of that added stress. Below is a chronological checklist to help you organize and close your loved one’s affairs. WITHIN FIRST TWO WEEKS First and foremost, you will need original death certificates. Everyone from banks, to insurance companies, to credit card companies may request at least a photocopy if not an original,…
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Roth IRA

Converting to a Roth IRA: When Does it Make Sense and What are the Benefits?

By and Blog
When does it make sense to convert a Traditional IRA to a Roth IRA? Most of us are familiar with Traditional IRAs, where money is invested pretax and taxes are due when money is withdrawn. Traditional IRAs also require regular distributions (required minimum distributions or RMDs) in retirement. The newer Roth IRA was introduced just over 20 years ago (followed a little later by the Roth 401k) and allows retirement savers to put away money for retirement without a tax deduction on the contribution up front. Roth IRAs allow tax-free withdrawals and no requirement that RMDs be taken. This can…
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Combining Finances: Marriage When There is a Financial History

By Blog
Adults considering marriage later in life – whether in a first marriage or a remarriage – often find that agreeing on how to handle finances can be the first hurdle to achieving marital bliss. Those who are financially established come into a marriage with a longer and potentially more complex financial history, and combining finances can get complicated. The fact is, with more years come more biases, more baggage, more habits – good and bad – that have become engrained. Merging two financial lives is challenging and requires a thoughtful and transparent approach. As money can be a significant source…
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college savings

An Unconventional College Savings Account

By Blog
If you are looking to set money aside for your child or grandchild’s education you are likely considering a 529 plan, a custodial account, or possibly a trust. Each of those accounts have positive and negative qualities, but there is another option for college savings that is a bit unconventional – a Roth IRA. I am a big fan of Roths and I have previously written how individuals over the income limit can fund an account annually via a backdoor contribution. Roths offer tax-free growth, virtually unlimited investment options, and tax-free withdrawals if you are over age 59.5. Nine times…
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account beneficiaries

Naming Account Beneficiaries

By and Guides & Whitepapers
Don’t Overlook this Important Planning Opportunity Before she passed away, Jade was diligent in making sure her will was in order, which left her entire estate to be equally divided between her two sons, Samuel and Benjamin. However, instead of naming them joint account beneficiaries on her brokerage and bank accounts, she named Samuel as sole beneficiary on her large brokerage account and Benjamin as sole beneficiary on her modest savings account. When Jade passed away, nearly all her assets passed to Samuel and Benjamin outside of her will according to her beneficiary designations. However, Samuel received much more than…
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health savings accounts

Strategies for Use of Health Savings Accounts

By Blog
Health Savings Accounts (HSAs) are an increasingly popular way to pay for healthcare expenses, especially as employers continue to look to shift ever rising insurance costs onto their employees.  Why are they popular? Because they are a fairly easy way to save for medical expenses while reducing your taxable income at the same time. General Rules for Health Savings Accounts So how can you qualify for an HSA? If you are enrolled in a high-deductible health insurance plan (HDHP) as defined by the government, you can qualify for an HSA. For 2021, the Internal Revenue Service (IRS) defines a HDHP…
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GRAT

A Primer on the Grantor Retained Annuity Trust (“GRAT”)

By Guides & Whitepapers
Objective The objective of the Grantor Retained Annuity Trust is to remove appreciation on the transferred assets from the grantor’s estate. The structure of the GRAT also allows this removal of appreciation to be done at minimal or no gift tax cost. Operation of the GRAT The grantor transfers an asset with high appreciation potential to the GRAT, which is an irrevocable trust. In return, the grantor retains a qualified annuity interest for a specific term of years. Common terms of years for annuity trusts range from 2 to 10 years. The initial term must be at least 2 years,…
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