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Risk Management & Insurance Archives | Wealthspire Advisors

Executive Risk

Executive Risk Management: Tips for Playing Defense

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Most executives rightly focus on their offensive strategy—saving and investing—but a defensive strategy is essential, too. As high earners, executives are often in a position to self-insure for some potential needs, but in almost all situations there remain gaps to fill with wisely chosen insurance strategies. Essentially “delegating” your defensive strategy to your HR department—in the form of workplace-provided policies—is unlikely to be wise. Ideally, a risk-aware strategy will include some base components available through the workplace, such as group disability and life insurance policies, augmented by tailored products purchased personally. Across both workplace and personal products, there are subtleties…
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life insurance

The Life Insurance Tax Trap – And How to Avoid It

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A major advantage of life insurance is a (typically) tax-free death benefit. In structuring life insurance, the owner of the policy generally assumes that the beneficiary will receive the death benefit without any tax being due. However, this assumption can prove incorrect in special cases. The 1946 court case, Goodman vs. Commissioner of the Internal Revenue Service, examined whether the death of an insured party created a taxable gift from the owner of the policy to the beneficiary. Commonly called the Goodman Triangle, the case can inform solutions to assure benefits remain tax free and help you avoid the life…
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life insurance

Term vs. Perm – What Type of Life Insurance is Right for You?

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For many, discussing life insurance is about as interesting as watching paint dry. Above all, contemplating payments and payoffs surrounding one's demise is quite an uncomfortable exercise for many. That said, life insurance is important for a variety of reasons, especially if you have a young family. The two major questions surrounding life insurance are how much and what type? We explore the first question in this blog post “How much Life Insurance do I need?”. Which leaves us with the second question, which type? Types of Life Insurance There are two types of insurance, term (temporary) and perm (“permanent”).…
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asset protection

The Basics of Asset Protection

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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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Unfreezing Credit Reports

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Equifax Call: (800) 685-1111, NY residents must call: (800) 349-9960 Online: visit www.freeze.equifax.com - Users will be prompted to input personal information and submit online form. (Equifax is waiving fee to temporarily lift or permanently remove a security freeze through June 30, 2018; any requests after 06/30/18 may be subject to the fees provided by state of residence.) Mail: Send request in writing to: Equifax Security Freeze P.O. Box 105788 Atlanta, Georgia 30348 Include: Complete name, including any suffix such as Jr. Complete Address Social Security Number Date of Birth Copy of item to validate identification Copy of item to validate address Note:…
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Balancing the Risks & Rewards of Concentrated Stock in your Portfolio

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Year in Review: Evaluating Portfolio Risk and Concentrated Stocks As with many things, the end of a calendar year is a great time to review the state of your investment portfolio. Conventional investing wisdom dictates that a well-diversified portfolio can be paramount in reaching your long-term financial goals while minimizing risk over time. By spreading investments across various asset classes, industries, and regions, an investor is effectively using risk management safeguards to help balance the risk and reward trade-off inherent to any one specific asset. However, some investors find that a significant portion of their portfolio is concentrated in a…
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cybersecurity

Keep Your Identity to Yourself!

By and Blog, Guides & Whitepapers
With all the recent headlines from the hacking of consumer data at Equifax, combined with data breaches over the years at Target, JPMorgan Chase, Yahoo!, Sony, and many more, it is probably safe to assume that your personal financial data is not completely secure in our cyber world. Per a recent study by Javelin Research out of Pleasanton, California, about one out of every sixteen US consumers were a victim of identity theft in 2016, with damages close to $16 billion. Further, most victims are not even aware that they have been hacked for many months. Fraudsters using your basic…
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Equifax Data Breach – Suggested Next Steps

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There is much we still don’t know about the massive data breach that occurred at Equifax, one of the three credit reporting bureaus. As of now, it appears that over half of the adult population of the United States – about 143 million people – had their personal identification information stolen. This data could include social security numbers, names, addresses and dates of birth. In other words, all that a fraudster would need to impersonate you and open new accounts, credit cards, etc. Other information like credit card numbers and drivers licenses also seems to have been stolen from a…
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Credit Reports and Credit Scores: the Importance of Periodic Reviews

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For many, credit information is a mystery until applying for a loan/lease, credit card or mortgage.  Often by that time, negative and/or erroneous information on one’s credit report will have already caused problems resulting in possible denials of credit or higher interest rates due to creditor perceived risk.  Because your credit report is a means for creditors, landlords and others to know your creditworthiness, it is important to review the reports periodically to check for mistakes or negative information as well identity theft, which has become more common in recent years.  Not addressing such issues may mislead creditors, ruin your credit…
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cybersecurity

Identity Theft Prevention & Cybersecurity Best Practices

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Years ago, careful watch over your wallet and important documents was sufficient protection against identity theft and fraud. Unfortunately, those days are long gone, as such theft is growing exponentially, and cybersecurity breaches impact millions of people each year. Each individual must take action in order to keep his or her information safe. It is a mistake to assume that the safeguards your financial institutions (banks, credit cards, financial advisor, etc.) have in place are all that is needed to protect you. Please note that this post is about preventative measures. If you have already been hacked, we recommend following…
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