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Financial Planning Archives | Page 12 of 12 | Wealthspire Advisors

Basics of Property Ownership

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Tenants in Common, Joint Tenants with Rights of Survivorship and Tenants by the Entirety The way in which you hold title to your assets can have a major impact on your estate plan. Different ownership types grant various levels of authority to titleholders and dictate what happens after an owner passes away.  Two common types of ownership are “tenants in common” (TIC) and “joint tenants with rights of survivorship” (JTWROS). Individuals who own property as TIC own a percentage of the property. These percentages can be equal or unequal.  When one tenant dies, her percentage interest would generally pass to…
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life insurance

How Much Life Insurance Do I Need?

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The prospect of our inevitable journey to the pearly gates is a tough conversation to have in any context, let alone attaching a dollar amount to our existence. However, for many people, life insurance is the backbone of any strong financial plan. Without it, all your other financial goals can easily fall apart. Life insurance can replace lost income, pay off debts, leave a charitable legacy, and create an income and estate tax-free pool of capital, if structured correctly. But how much life insurance do I need, if any? As with most questions, the answer depends on the facts and…
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fiduciary

John Oliver & The Fiduciary Standard

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In his most recent episode, John Oliver did a great job uncovering several issues that plan sponsors and participants might find in their 401k plan.  We are proud to say our approach to advising retirement plans addresses all of these issues: Fiduciary– Many “financial advisors” do not act as a fiduciary to their clients, meaning they can act in a sales-like capacity (broker) rather than acting in their clients’ best interests.  Simply put – find someone who, both in practice and by law, must act in your best interest.  Sontag Advisory acts as a 3(38) ERISA fiduciary to our corporate retirement plan clients,…
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female advisors

Planning Considerations for Millennials

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Below, I explore some common planning considerations and issues that I encounter on a regular basis when working with clients and prospects in my generation, as well as steps that our firm has taken to better serve Millennial clients. Common Planning Considerations for Millennials Saving philosophy.  Many Millennials believe they are too young to have to worry about saving, which often reflects a belief that building retirement savings requires large financial sacrifices.  This is not true.  Education about the power of compounding over long periods of time can provide confidence that taking small steps, starting now, may be all that is…
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behavioral finance

Our Habits Matter

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My five month old daughter is just beginning to understand the concept of cause and effect. She is learning that when she shakes her rattle it will make a sound and that when she giggles mommy and daddy will make a big fuss. In these small ways she is starting to form her first conceptions about the world around her. These initial observations will create the foundation for the development of her very first habits. While we have more control over our actions than a five month old, the reality is that our habits evolve in exactly the same way. When we observe…
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