A place to read about some of life's common financial challenges and things you might consider when facing them.
Mike Pazera, CFP ®PAZERA CAPITAL MANAGEMENT, INC. Joe Eckelkamp, CPAOLIVER THORNBURG CPAS In our over four decades as an RIA, we’ve seen a multitude of strategies to optimize wealth and tax positions. One of the most effective yet underutilized tools for those aged 70½ and above is the Qualified Charitable Distribution (QCD). QCDs present a unique opportunity to marry philanthropic desires with tax-efficient retirement …
KEY TAKEAWAYS Asset protection strategies are designed to deter lawsuits and safeguard your assets. Far too many successful business owners don’t have an asset protection plan in place. Start with the basics, such as umbrella policies, and build from there if needed. Success can come with a major downside: It can make you a potential magnet for lawsuits including frivolous …
KEY TAKEAWAYS Life insurance can help provide for loved ones. It can provide cash to help with liquidity problems. Certain business-related concerns can be addressed with life insurance. As an investor with significant assets, it’s important to engage in wealth planning that addresses the broad range of your goals, needs and preferences. One of the most versatile and often-used tools …
Americans—especially the affluent—are some of the most charitable people in the world.* Chances are, you use some of your wealth to support favorite causes or organizations that are important to you. But those contributions may not be having as big an impact as they could—and it’s possible you’re missing out on some valuable charitable tax benefits that could help both …
KEY TAKEAWAYS Even families with umbrella insurance coverage often don’t have enough of it. LLCs and trusts need to be named on insurance policies in certain cases. High-value assets such as art collections and rare automobiles need their own special coverage. It is quite easy for affluent families to make big mistakes with one of their largest assets: their homes. That …
When we spend money, we’re doing more than simply buying things. We want to create feelings of happiness, satisfaction and well-being. But are we really spending our money in ways that achieve those results? The answer, unfortunately, is probably not. As one world-famous Japanese “tidying expert” might say, our spending habits don’t spark joy. The good news: We can shift …
When making decisions about your money, it can be smart to know the steps that extremely affluent individuals and families take to grow and protect their significant wealth. Take stress testing, for example. Stress testing is a process that carefully examines your current wealth planning strategies to assess the likelihood that they’ll deliver the results you expect them to in …
Inheriting money comes with plenty of benefits. From being less worried about paying for life’s necessities to enjoying the luxuries affluence can bring, inheritors often find that many of life’s key stumbling blocks are no longer in their paths. That said, an inheritance doesn’t automatically mean a worry-free life of ease. Inheriting wealth can actually create unique challenges and conflicts. …
