Articles
Where does the Money Go?
I have met very few clients who do not cringe when we talk about the dreaded "B" word, budgeting. For many, they would rather do anything else than attempt to understand or set a budget for themselves and their families. The standard advice from most financial planners when it comes to budgeting is to "spend less and save more". But for most families this is easier said than done, no matter what their income level. And exactly what do we mean by "spend less", less on what? Most people do not even know where their money goes never mind where to cut back.
Do Young Adult Children Need Estate Planning Documents?
Recently my son, a 21 year old senior in college, required some minor surgery. I felt pretty comfortable with the privacy rules pertaining to young adults and the need for my son to give his doctor permission to talk with me about my son's condition. We discussed this and he decided to sign a Health Care Proxy and HIPAA (Health Insurance Portability and Accountability Act) Release form so the doctor could talk with me about his specific care. We thought we were good to go.
Divorce
Divorce can be one of the most painful of life's transitions. Whatever the reason for the split - and whether or not you wanted it - the breakup of a long-term, committed relationship can turn your whole world upside down and trigger all sorts of painful and unsettling feelings.
Stormy Seas (Again!)
Being on a boat on the ocean during a storm doesn't feel very good. You can be jolted around, sometimes violently, the wind blows and you are likely cold and wet. Fear, regret (for stepping on the boat) and discomfort are natural emotions during these times.
Sailing and Rowing Strategies to Reach Your Financial Goals
Living in New England near the mountains and the ocean helps us understand the beauty and the power of mother nature. New Englanders have always been sustained by our oceans, lakes and rivers and have learned to navigate these waterways in all sorts of weather and conditions. One important lesson we need to constantly relearn is that we can't control or predict how weather will affect our experience on the water and we need to be prepared for anything.
Financial Lessons We Learned This Summer
It's hard to believe September has arrived. Summer in New England is just too short. This summer was particularly busy for our team at the Raskin Planning Group as we vacationed, sold and bought homes, moved and learned to sail. We thought you might enjoy hearing about some of the lessons we learned this summer. It's not all financial, humorous or life-changing, but the list below gives you a window into the summer experiences of our financial planning team.
Philanthropic Sensibilities
Like most wealthy individuals, you’d probably like to pass as much of your estate as possible to your heirs. At the same time, you may have one, or many, charitable interests to which you'd like to donate money. To find the balance, considering a structured philanthropic giving strategy for your estate is a must.
Lessons Learned or Relearned
Reflecting back over the last twenty-four months, it’s been quite a roller-coaster ride. It turns out the global economic system was in a severe crisis, possibly the worst since the Great Depression. Family, friends and neighbors have lost jobs and many of those still working are anxious about future employment and expect pay cuts.
To ROTH or not to ROTH….That is the question
You may have already heard or read something about the Roth IRA Conversion. In 2010, the income limits on Roth IRA conversions disappear and now anyone can convert their Traditional IRA to a Roth IRA.
So, should you convert your Traditional IRA to a Roth IRA?
The answer is...it depends.
Lincoln Financial White Paper - What I Would Do If I Were Retired
American retirees are reeling from the financial crisis. With stocks down 50% from their peak, many retirees have seen their retirement portfolios drop 20% or more. Their homes have also fallen sharply in value. The average home value in the United States is down about 30% off its peak, according to the S&P/Case-Shiller Home Price Indices. Now more than ever, retirees are looking for advice on how to live comfortably without running out of money. I’d like to discuss those challenges and propose some solutions.
Timing is Everything
By Peter A. Raskin
You've probably heard the phrase "timing is everything". There is a great deal of truth in that statement. Timing is important in sports, cooking, relationships, catching trains and planes and even financial planning.
Inside the Economic Crisis
Legislative Affairs Update, 5th Edition
How Do You Make Financial Decisions
by Peter A. Raskin
Protecting your Financial Wellbeing After Divorce
Single Out Your Best Retirement Plan
by Jessie L. Foster, MBA
Are you using a Single 401(k) to prepare for retirement? If not, you might be overlooking a great opportunity for saving as a sole proprietor or an owner of a business that employs only immediate family members. In today's world, you must take ownership of your own retirement.
Key-Person Insurance: Small Business Life Line
Would you hesitate to buy fire insurance for your lab or office building? Of course not. What about liability insurance in case someone slips on your steps? Same answer. But have you insured what could be your most valuable asset -- your top employees? If not, you should consider "key-person" insurance.
Know What Your Business Is Worth
As the owner of a closely held business, you probably realize that your company is your most important asset. But do you know what your business is worth?
Keeping Your Business Alive
You've may have heard the grim statistics. Although family businesses comprise more than 90% of all U.S. companies and employ more than 60% of American workers, only 3% of these businesses survive to the fourth generation.**
How to Structure Your Business
Proprietorship. Partnership. S corporation. Limited liability company. C corporation. Which form is best for your new business? The decision can be difficult. Each business form offers you both advantages and disadvantages.
Integrate Retirement Planning With Charitable Giving
For many Americans, giving money to charity – during their lifetime or in their will – is an important financial goal. But common sense says you shouldn’t do so at the expense of other goals – for instance, educating your children or funding your own retirement. By thinking ahead it’s possible to include charitable giving in the comprehensive financial planning process.
Financial Planning: A Natural Career Choice
Baby boomers - who already have inherited some $2.4 trillion from older generations - are in line to inherit $8.4 trillion more, according to a study by the Center for Retirement Research at Boston College, sponsored by MetLife.1
Before the next generation receives anything, however, the money must first pass through multiple layers of taxation. And, without proper prior planning, these assets often are subject to hefty costs, shrinkage and delays that could otherwise be avoided or minimized.
Choosing The Right Trustee
Trusts can be used to help accomplish any number of estate planning goals. But the success of a trust strategy often depends on how well the trust is managed - and that depends on the abilities of the person (or institution) named as trustee.
Using Charitable Trusts in your Retirement Planning
Land "rich" and cash "poor." That describes Jim and Angela in a nutshell. While they actually live quite comfortably on their professional incomes, they are getting closer to retirement age and are looking for ways to supplement the income they expect from their employers' retirement plans.
Flexibility and Incentive Trusts
Grantors who are leery about passing their hard-earned wealth to heirs with relaxed lifestyles and spending habits may find incentive trusts to be useful. Uncertain about the future behavior of their heirs, wealthy families can use incentive trusts to motivate beneficiaries to act in a particular way to earn future benefits.
Does Gift Giving Make Sense For You?
You may have heard from a colleague about the advantages of making gifts of cash or property during your lifetime. Estate and income tax savings are two of those benefits. But there are other considerations too.
Flexibility and Incentive Trusts
Grantors who are leery about passing their hard-earned wealth to heirs with relaxed lifestyles and spending habits may find incentive trusts to be useful. Uncertain about the future behavior of their heirs, wealthy families can use incentive trusts to motivate beneficiaries to act in a particular way to earn future benefits.
Checking Up On Your Estate Plan
You have an estate plan; you probably even remember creating it-making the decisions and pulling together the documents was probably a time-consuming and tedious effort. The initial process of creating an estate plan can be so painful and involved that people may avoid reviewing it again for years
WORKING WITH A FINANCIAL ADVISOR
Six Steps to Help You Get the Most Out of the Relationship
Would you trust your medical diagnosis to a casual acquaintance? Do you cut your own hair or dry clean your own clothes? For some services, it makes more sense to pay a professional who has the expertise to deliver the appropriate results. A professional financial advisor can help you build a sound estate plan, designed to help you toward your long-term financial planning goals. These six steps can help you locate and get the most out of this important relationship.
Why Consider Variable Annuities
You may already participate in an employer-sponsored retirement plan and/or contribute to an Individual Retirement Account (IRA) or Roth IRA. If so, congratulations! You're one step ahead of many Americans when it comes to saving for retirement. But chances are you will still need additional retirement savings to secure your financial future and help reach your retirement goals.
Finance of Remarraige
Getting remarried includes merging two well-established financial and emotional lives. Both partners bring accumulated assets, debts, forged spending habits, obligations and perhaps children to the relationship. Determining how to manage your financial assets to meet the needs, goals and expectations of each partner can help solidify a harmonious union - but may not always be easy
Financially Savvy Women
Having a career that brings you personal satisfaction and financial success places many demands on your time and energy. You may find yourself putting off important tasks simply because there's no strict deadline for completing them. But, no matter how busy you are, there's one task you shouldn't put off - planning for your financial future. Married or single, with or without dependents, you need a comprehensive financial plan.
Women and Retirement
According to a study by the National Center for Women and Retirement, nine out of 10 women will be solely responsible for their finances at some point in their lifetime. Women living in affluence may feel at ease with the resources they will have in retirement. However, this ease may lend a false sense of security if they don't realize that wealth must be strategically managed to last a lifetime.
Is Retirement Hard Work?
Ah, retirement! Finally, there will be time to relax, free from financial worry. Many people think of retirement as a time to travel or pursue special interests - a welcome break from the 40-hour workweek. But without careful retirement planning, you may actually need to work harder and longer than you imagined during your so-called retirement years. In fact, it may be safe to say that, when it comes to retirement, the best-laid plans are made well before age 65.
Financial Planning Issues for Women
Women face a number of challenges when it comes to money. On average, they earn less than men but live longer. Women are also more likely to leave the work place for a period of time, forfeiting wages and benefits.
Don't Wait To Plan Your Retirement
Most of us find it easier to earn and spend money than to save it. Planning and saving for retirement too often takes a back seat to other priorities. Why is procrastination the rule, rather than the exception when it comes to retirement planning?
Are Your Assets Really Diversified?
You've heard the old investment adage, "Don't put all your eggs in one basket." It's good advice. A diversified portfolio should be at the core of any well-planned investment strategy. While a worthy goal at any age, it's especially desirable as your net worth grows over the years.
Fine-Tuning Your Entire Portfolio
When it come to investing, are you a micromanager? Or a hands-off type? Micromanagers obsess over their portfolios. They switch in and out of investments with every tic and tremor on Wall Street or in the economy. Hands-off types are the opposite. While they might polish and buff their cars every weekend, they pay little attention to whether their portfolios are on track to help achieve their investment goals.