As a person draws nearer to the time of retirement, confirming that one has the required capital to do so and properly segregating and structuring those asset dollars is vitally important. If a person has been disciplined and focused for several years, he or she has accumulated enough investment assets to generate the required income supplement to accommodate their retirement lifestyle. Saving funds through various tools such as 401k's, IRA's, Roth IRA's, savings, etc., may...
Many business owners look for opportunities to maximize their time, their productivity and their sales. Often times they find themselves entrenched in running and managing their business, with little time devoted to planning for a successful retirement. Until recently, cash balance plans have been relatively unheard of, but their high contribution limits and powerful tax savings features have attracted a lot of attention. As a result, over the last several years, cash balance plans have...
Steven Zeller |
Many individuals and families are looking for ways to pass on wishes and instructions to loved ones. Preparing a written statement or video recording can be very helpful in passing on this information. A very effective method of passing onto loved ones and later generations our hopes, memories and values is an ethical will. Many affluent families are becoming aware of the concept of passing on wishes and instructions to loved ones in the form...
Many business owners are finding it difficult to retire or transition out of their business due to a lack of exit planning together with a challenging economic environment. Shrinking cash flow, net income and credit have forced owners into fight-or-flight mode. Several companies have successfully compensated by trying to expand sales and cutting costs. Many small to mid-sized companies, however, have experienced a drop in value, with no end in sight. Owners are also entering...
Acquired wealth can act as a blessing or a curse for a multigenerational family. It can let families experience comfort and freedom in their lives and allow them to contribute to the community. Or it can promote overindulgence, laziness and lead to tension and fighting within the family. Without a solid plan, a family can expect to sit by and watch their financial assets disappear in the process of handing down wealth to new generations...
If you are a first or second generation family of accumulated wealth, going through the exercise of formulating a family legacy plan can prove to be very beneficial to your family for many generations. A legacy plan is a carefully crafted plan that goes beyond traditional estate planning, that addresses the accumulated wealth in a family and how best to utilize it, preserve it, and positively impact your family for many generations. The legacy planning...
The health and growth of the family is vital for many who have wealth. The wealth creators, who often earned wealth with sacrifice and risk taking, hope that their wealth is preserved and can impact the family positively for many generations. Commonly within western society, we believe that the proper practice of preserving just the financial assets, the things we own, is the key objective. Although this is certainly a very important objective, it's definitely...
Often times, choosing an advisor can be a difficult and overwhelming process. Financial Advisors come in every shape and size and with a variety of qualifications. They work for big companies on Wall Street down to small firms on Main Street. The good news is that a careful examination can be done to help make your advisor search easier. There are several essential items to consider when selecting a financial advisor that can be used...
Owning your own business has many benefits. You can set your own hours, choose your income, take vacation time when needed and you will certainly get along well with your boss! However, being a business owner also comes with some challenges, one of which is tax planning. When you work for someone else, many tax considerations are handled by your employer. In this instance, income, social security, and Medicare taxes are withheld from your paycheck...
A successful financial plan or a plan to address accumulated wealth requires much more than an assembled report or analysis with recommendations. Many times a person that is nearing retirement or has accumulated wealth has a written plan created and then shortly thereafter, finds it to be stored on a shelf or in a drawer and is never really looked at again. As a great contributor to the financial profession, Dave Ramsey, once stated, that...