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Life Insurance vs. RMD’s

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Life-Insurance-vs-RMDsTalk about survival of the fittest. Life insurance has survived many tax code changes with very little modifications – a few changes here and there of course, but even still, life insurance remains one of the most powerful tools to help avoid (not evade) taxes.

The death benefit passes tax free (in most cases), the cash value grows tax deferred, and you can access the money by loan provisions without tax implications.

Today, Todd and I discuss some comparisons between IRA accounts, especially the RMD (required minimum distributions) provision, and how life insurance can help you plan your finances. Enjoy the show.

The Emotions of Money: “I Think My Dollar Is Bi-Polar”

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I Think My Dollar Is Bi-PolarEmotions affect all normal health people; and that is none more true than when it comes to our money. Fear and greed predominately influence us when making decisions about money, especially when it comes to “the market.”

We don’t seem to know when to get out or when to stay in because we are affected by the fear of loss or the greed of gain. Accelerated Wealth’s common sense diversification strategy called “life stage financial planning” helps to insulate you from such erratic behaviors that are fueled by emotion. This balanced approach and allocation to guaranteed income, to growing money, to providing liquidity, to guarding against the risks of failing health or long-term care and to leaving a legacy helps to remove the emotion from financial decisions. Clients find it therapeutic to their finances.

Today Todd and I discuss the emotions of money.   Enjoy the show.

Tax Time And The Timing Of Tax

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Uncle SamApril 15th causes concern for many Americans because it means that it is “tax time.” Time for all of us to file our return or file our extension. We can file an extension providing that all of our taxes owed to the IRS are paid.

Uncle Sam does not care how long you take to file for your refund. He simply wants to ensure that you have paid your taxes.

Lots and lots has been said about taxes and their effects on our bottom line. Depending on our level of income and type of investments, taxes are not to be ignored. They play a big part of our finances.

Today, Todd and I discuss this issue as it relates to the timing of withdrawing your money and the impact that such withdrawals will have on our overall tax burden. Enjoy the show.

Social Security: Do You Know How To Maximize It And Are These Options For Filing In Danger?

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Social Security CardDo you know how to make the most of Social Security and maximize your benefits?

A recent article appearing in the Investment News informed the public that Congress has proposed changing the filing options for married couples. They buried the proposal in one of its pieces of legislation on page 150. Currently, a married couple has the option of filing and suspending, filing a restricted application, or filing merely on their own record. With all the combinations and different months from ages 62 to age 70 that a couple can file, there are thousands and thousands of filing scenarios. Today, Todd and I discuss this issue. Enjoy the show.

 

THE LEGACY BASKET: You Can’t Take It With You

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THE LEGACY BASKET:  You Can’t Take It With You

photo courtesy of James Williams (Flickr)

When he learned of his wealthy neighbor’s death, a man said, “I wonder how much he left behind.”  To that another said, “All of it.”

No matter how much or little we have, we can’t take it with us.  Estate planning allows us to prepare, protect, and provide in the exact manner that we intend regarding our possessions and for those we love.  A number of issues face the aging in this area and at this stage of their life.  Among these issues are: death, incapacity, taxes, and tort.

Today I discuss the various legal documents needed to help in this area of planning.  I discuss Living Trusts, Financial Power of Attorney, Health Care Surrogates, Testamentary Wills, and Advanced Directives (Living Wills).  Listen to learn more.   Enjoy the show.

THE FIVE BASKETS OF WEALTH: THE LONG TERM CARE BASKET

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THE FIVE BASKETS OF WEALTH:  THE LONG TERM CARE BASKET  Developing a disability concerns most aging adults. Statistics show that 2/3 of the aging population will need some form of Long Term Care for some period of time.

Even though statistically most of us will need skilled-care, only a small percentage of families have insured themselves and their assets against this risk. An extended stay in the nursing home could devastate your finances. With the average cost of care ranging between $6,000 and $8,000 per month, even a substantial amount of money could be lost in a few years.

Today, Todd and I discuss how leveraging your money properly can give you liquidity (if needed), a long-term care benefit (if needed), and if not, how those same dollars can produce a death benefit (legacy). Enjoy the show.