Category: Financial Planning & Insurance

Divorce and 401(k)s and IRAs – Part 3
avatar


Authored by , re: Family & Divorce, Financial Planning & Insurance, MEDIATION, on .
 Divorce and 401(k)s and IRAs – Part 3 | Ada Hasloecher

{4:54 minutes to read} In Part 1 and Part 2 of BJ Mann’s article on retirement plans and divorce, we talked about retirement funds in general and the differences between 401(k)s and IRAs. Now to the topic of dividing the plans. No matter how these plans are divided (equally or some other sharing arrangement), the math must be done first.

Click here to read Ada Hasloecher's full article...

 

The Power of the Purse: Financial Abuse in Marriage
avatar


Authored by , re: Financial Planning & Insurance, on .
The Power of the Purse: Financial Abuse in Marriage | Fabienne Swartz

{5:05 minutes to read} In a previous blog, I discussed the importance of knowing what you are signing when filing a joint tax return. While devastating, and potentially life altering, tax fraud is only one facet of financial abuse. In a large context, financial abuse can be found in every demographic, in every socioeconomic stratum.

Put simply, financial abuse is the attempt of the abuser to control the victim by various financial means. Victims can be male or female but trend heavily toward stay-at-home moms who gave up their highest earning years to raise their children.

Click here to read Fabienne Swartz's full article...

Divorce and 401(k)s and IRAs – Part 2
avatar


Authored by , re: Family & Divorce, Financial Planning & Insurance, MEDIATION, on .
Divorce and 401(k)s and IRAs – Part 2 | Ada Hasloecher

{3:54 minutes to read} In Part 1 of this series, BJ Mann reviewed the three main types of retirement funding. In Part 2, we move on to the important details for the mainstay of the typical retirement plans: 401(k)s (and their sisters) and IRAs in all their permutations. These do not address pensions, which will be discussed in a future post. Of particular interest is the difference between qualified and non-qualified plans, which require different sets of instructions for dividing.

Click here to read Ada Hasloecher's full article...

Before You Sign a Joint Tax Return, Be Aware of What You’re Signing!
avatar


Authored by , re: Financial Planning & Insurance, on .
Before You Sign a Joint Tax Return, Be Aware of What You’re Signing! | Fabienne Swartz

{3:55 minutes to read} Tax time is a great prompt—for some people the only prompt—to think about finances. I have found that many of my clients actually know very little about the marital finances, trusting instead that their spouse will make appropriate decisions. Unfortunately, women who do that are putting themselves at risk for a variety of reasons:

  • If your spouse were to die: The consequences of your spouse dying without a will are grave. It could result in a lengthy probate process while you are forced to make due without any money from the estate. That is why it is essential that you know…

Click here to read Fabienne Swartz's full article...

Divorce and 401Ks and IRAs
avatar


Authored by , re: Family & Divorce, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
 Divorce and 401Ks and IRAs | Ada Hasloecher

{3:18 minutes to read} My colleague and fellow mediator, BJ Mann, who practices in Rochester, NY, has written as comprehensive, cogent and concise a primer on the basics of retirement plans for divorcing couples as I have ever read. She graciously allowed me to post it on my site for you, dear reader. After all, why reinvent the wheel? I’ve broken it down into 4 posts for easier digestion.

Click here to read Ada Hasloecher's full article...

How Life Insurance and Divorce Can Impact Retirement Planning – Part 2
avatar


Authored by , re: Family & Divorce, Financial Planning & Insurance, MEDIATION, on .
 How Life Insurance and Divorce Can Impact Retirement Planning – Part 2 | Ada Hasloecher

{3:54 minutes to read} The scenarios Steve Kobrin outlined in Part 1 of this series are something to which most married couples don’t give much thought until the time is upon them to make the decision. At that time, it may be too late to make the choice they would prefer. If they were to take Option #1 (and who wouldn’t want that – you receive the maximum amount the plan would pay out on a monthly basis), the participant is probably at an age where it is unlikely they could obtain a substantial and affordable life insurance policy to cover the difference, were they to die once in payout status. Therefore, they may likely opt for Option #2.

Click here to read Ada Hasloecher's full article...

How Life Insurance and Divorce Can Impact Retirement Planning – Part 1
avatar


Authored by , re: Family & Divorce, Financial Planning & Insurance, MEDIATION, on .
How Life Insurance and Divorce Can Impact Retirement Planning – Part 1 | Ada Hasloecher

{3:18 minutes to read} Life Insurance and how it relates to retirement plans is not something most couples give much thought to. The following articles, which I collaborated on with Steven H. Kobrin, a life insurance specialist, provide some insight and things to consider. Life insurance can play a pivotal role in retirement planning.

Click here to read Ada Hasloecher's full article...

End-of-Year Planning
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
End-of-Year Planning | Michael Fliegelman

{2:12 minutes to read} As things change: Taxes may change. Laws may change. Medicare, Medicaid and Social Security may change. Tax rates may change. Estate planning rules may change. And, yet some things remain the same. When it comes to money and financial planning, there are certain rules of the game that will always be applicable.

Click here to read Michael Fliegelman's full article...

Lessons from 2016 Election: Invest, Don’t Predict
avatar


Authored by , re: Asset Management, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Lessons from 2016 Election: Invest, Don’t Predict | Jeff Holland

{2 minutes to read} People often base their investments on their emotions and their predictions. What I want people to realize is that when you’re investing properly, you’re not really making any predictions. You’re using data and empirical research that incorporates information from market participants globally. Predictions can seem very entertaining. They might even be fun, with a small stake of the money. But you only remember your correct predictions. Predictions can cause you to go off the rails and not achieve your financial goals. You should not base your portfolio on predictions. You want to succeed with your financial goals. And if you think you’re smart because you make an accurate prediction, remember you can also be wrong. As John Kenneth Galbraith said, “The only function of economic forecasting is to make astrology look respectable.”

Click here to read Jeff Holland's full article...

The Myth of Being Fair
avatar


Authored by , re: Family & Divorce, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
The Myth of Being Fair | Vickie Adams

Sometimes “even” isn’t really fair. I have a lovely client who came to me when her husband left the family home. After much delay, he finally served her with his self-prepared divorce documents. In learning about his personality and history, I believe he factored into his projection his wife’s innate sense of fairness and wanted to use that to his advantage. He has dragged his feet, refused to get a lawyer and represents himself. In reality, he has taken control of the entire process by refusing to play by the rules.

Click here to read Vickie Adams' full article...

The National Student Loan Service Center
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
The National Student Loan Service Center | Michael Fliegelman

{5:48 minutes to read} I wanted to welcome John DiGregorio and Natalie Luongo from the National Student Loan Service Center (NSLSC). Recently, we got together so that I could interview them on the very important service the center provides. So often, we talk about our blind spots and trying to protect our clients’ wealth from things of which we are not aware. Being in the financial service business for 32 years, I thought I knew pretty much what I was talking about on most subjects.

Click here to read Michael Fliegelman's full article...

A Long-Term Care Update
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
A Long-Term Care Update | Michael Fliegelman

{2:06 minutes to read} In the world of long-term care, there always seems to be a change on the horizon. Genworth, the largest carrier of long-term care insurance in America, reported a very large single quarter loss last year. The insurance company has just agreed to be purchased by China Oceanwide for $2.7 billion. (The agreement is in place but has yet to be approved by regulators.) We are now in a perfect-storm situation of low interest rates and increased life longevity, which makes it very challenging for traditional long-term care products to be price stabilized. In addition to the Genworth news, Lincoln, the largest provider of single-premium, hybrid-life, long-term care insurance announced rate increases in New York.

Click here to read Michael Fliegelman's full article...

How Can You Sleep Well at Night?
avatar


Authored by , re: Family & Divorce, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
How Can You Sleep Well at Night? | Vickie Adams

Last Saturday, I took a workshop on sleep and well-being. I’ve always been nocturnal and have long considered those hours between 11 p.m. and 2:30 a.m. as bonus hours of “me time” to read for pleasure or watch TV that could not be fit in during the day because of work. I’ve also worked New York time zone hours for 20 years, waking up at 6:30 a.m, which left little time for sleep. Later, I found that no matter what time I went to sleep, I still woke up too early, or even worse, woke in the middle of the night, unable to go back to sleep.

Click here to read Vickie Adams' full article...

Disability Claims
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Disability Claims | Michael Fliegelman

When someone has a disability policy and then becomes disabled, one of the most important things they need to do is properly complete the disability claim process and application. I urge all of my brokers: When one of your clients becomes disabled, give me a call before they process and send in the disability claim form. Let me allow you to take advantage of a process by which we’ll make sure your client is properly filing their claim, because it is not just about their disability but it’s about how the claim is filed. Years ago we had a client who complained that his insurance company wasn’t paying him, even though he was receiving money from Social Security for his disability. After some investigation and communication back and forth, it was determined that there were questions on the claim form that the company required to be completed.

Click here to read Michael Fliegelman's full article....

But I Have a Financial Planner… Why Do I Need a Divorce Financial Planner?
avatar


Authored by , re: Family & Divorce, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
But I Have a Financial Planner… Why Do I Need a Divorce Financial Planner? | Vickie Adams

Do you know the difference between someone who says they’re a “financial planner” vs. a “CERTIFIED FINANCIAL PLANNER™“ professional vs. “Divorce Financial Planner”? I am a CERTIFIED FINANCIAL PLANNER™ professional, (CFP®) who is also a Certified Divorce Financial Analyst (CDFA®). (Note: To adhere to compliance obligations, I must spell out CFP in all caps, etc.)

Click here to read Vickie Adams' full article...

 

Expect Price Fluctuations
avatar


Authored by , re: Asset Management, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Expect Price Fluctuations | Jeff Holland

{Read in 1:50 minutes} Price fluctuations are a normal part of investing. The stock market can go up any given year, but the price fluctuations within each day, week or month can go up or down. Long-term investors shouldn’t equate those granular ups and downs with overall risk in a portfolio. Risk is a permanent loss of capital. The volatility, or price fluctuations, come in unforeseen clusters. We would all like to be able to get out before the downturns, but it isn’t possible to systematically avoid downdrafts.   The better option is to focus on the investment goals rather than day-to-day price fluctuations, or the people who talk about them ( read talking heads).

Click here to read Jeff Holland's full article...

This Season on RHONJ…
avatar


Authored by , re: Family & Divorce, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
This Season on RHONJ… | Vickie Adams

It’s a simple concept but somehow it comes up over and over; the ramifications can’t be emphasized enough: Very few women (and men) fully understand the legal and financial implications that their partners’ actions have when married. Whether it’s purposeful denial of reality or that someone lacked the capacity to understand the math involved, you are still responsible. It often feels like someone has to be truly burned in order to learn lessons of “conscious coupling.”

Click here to read Vickie Adams' full article...

Divorcing? How to Protect Your Child’s College Funds
avatar


Authored by , re: Family & Divorce, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Divorcing? How to Protect Your Child’s College Funds | Vickie Adams

Recently, I was quoted in a Reuters article which showcased various ways that families save funds for their children to attend college. Sometimes in my work as a Certified Financial Planner®, I use the example of divorce as a way to communicate one of the best reasons to hold funds in a 529 college savings plan. Oftentimes, when a divorce occurs, any nebulous chunk of cash that’s been commingled with other savings is one of the first to be diverted from its initial purpose—for example, college.

Click here to read Vickie Adams' full article...

Measurement vs Calculation
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Measurement vs Calculation | Michael Fligelman

{2:18 minutes to read} The subject of this blog is a concept I learned recently when I went to get fitted for my golf clubs. It had to do with 2 types of determinants: measurement and calculation. The golf clubs were measured based on where I hit the ball on the face of the club. The computer also calculated how far the ball travels. The measurement is actually where the ball hit the club; the calculation is how far the ball traveled. My golf club fitter, Woody, shared with me that the measurement is accurate because you are actually measuring something, but the calculation can be off.

Click here to read Michael Fliegelman's full article...

No More Discounts
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
No More Discounts | Michael Fliegelman

{2:00 minutes to read} For years, estate planners have been using a strategy to avoid estate taxes wherein gifts to children or others are entitled to be discounted. The interest in the business or real estate entity is a minority interest and/or has a lack of marketability, therefore a reduction in the gift’s value is appropriate. The government has been promising to clamp down on these discounting strategies for some time, and according to the Wall Street Journal, push has finally come to shove. You can read the article using this link: U.S. Aims to Clamp Down on Tactic to Avoid Estate Tax .

Click here to read Michael Fliegelman's full article...

Goodbye to Prince—and a Chunk of His Estate
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Goodbye to Prince—and a Chunk of His Estate|Michael Fliegelman

{3:06 minutes to read} On April 21, Prince (Rogers Nelson) died, leaving a $250 million estate. Because there was no will and no proactive estate plan, within 9 months Prince’s estate will have to come up with about $100,000,000 in estate taxes. A couple of years ago, actor James Gandolfini passed away, leaving an estate of $90 million to his daughter. Gandolfini’s daughter was also on the hook for a huge chunk of her father’s estate to pay the estate taxes. Whether James Gandolfini or Prince, there is a pattern here. It seems that many people just don’t take advantage of all the ways at their disposal for eliminating estate taxes. Many times when this happens, the estate doesn’t have adequate liquidity to pay the tax, so not only is the tax a huge amount, but often it is necessary to liquidate assets, such as real estate, businesses, royalties, etc., which can cause an additional onslaught of problems.

Click here to read Michael Fliegelman's full article...

Whose Money Is It Anyway?
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Whose Money Is It Anyway? | Michael Fliegelman

{3:36 minutes to read} When clients or individuals reach the age of 80-85, sometimes their health is failing. Health care decisions may be made by others (many times the adult children), the appointed health care proxy, or the health care agent. This same adult child/children will also be left in charge of the money decisions. Recently, I had the experience of seeing how that can create a lot of problems. A client, Ann, had a father with Alzheimer’s. Ann’s father had some money, yet Ann looked at the financial assets of her father as her potential inheritance. Ann is not alone in her view.

Click here to read Michael Fliegelman's full article....

Call Me Skeptical, But…
avatar


Authored by , re: Family & Divorce, FINANCIAL ARTICLES, Financial Planning & Insurance, on .

{3:30 minutes to read} In over 25 years as a Certified Financial Planner(™) professional, nobody’s ever called me and said, “I won the lottery.” A few have announced they’ve received “unexpected sudden wealth” and want to plan for the rest of their lives. More often, people call me to say “I’m afraid that ”…. and you can fill in the blank from there. “My company has downsized,” or “Health issues are forcing me to retire prematurely and I’m financially unprepared.” But the most frequent call in So Cal is: “I’m getting divorced and don’t think I’m going to get what is mine.”

Click here to read Vickie Adams' full article...

Reverse Mortgages – An Interview With Warren Goldberg, Part 2
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Reverse Mortgages – An Interview With Warren Goldberg, Part 2|Michael Fliegelman

{5:30 minutes to read} In Part 1 of our interview with Warren Goldberg, we discuss some of the misconceptions that people have about reverse mortgages. In Part 2, we will go into more depth about the rules surrounding reverse mortgages, such as who can get one, age minimums, and how borrowers can benefit.

Click here to read Michael Fliegelman's full article...

Elder Law and Estate Planning: An Interview with Chris Petillo Part 2
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Elder Law and Estate Planning: An Interview with Chris Petillo Part 2| Michael Fliegelman

{3:48 minutes to read} In Part 2 of our conversation with Chris Petillo, Certified Elder Law Attorney (CELA) and Certified Public Accountant (CPA) with the law firm of Feldman, Kramer & Monaco, P.C, we concentrate on Medicaid and a little-known way to boost your retirement funds using your health savings account: Michael Fliegelman: Speaking of Medicaid, a lot of people feel that Medicaid is a means-tested program, so they are ineligible for Medicaid, but I’m not sure that’s always the case.

Click here to read Michael Fliegelman's full article...

How and Why to Modify Your Divorce Agreement
avatar


Authored by , re: Family & Divorce, FINANCIAL ARTICLES, Financial Planning & Insurance, on .
How and Why to Modify Your Divorce Agreement | Vickie Adams

Sometimes after a divorce has been settled, circumstances change. Are you aware that there is recourse? You can make financial modifications to the original agreement. Is it better to come to me individually to make the changes, or mediate together? In a post-divorce matter, there are two ways I help:

  1. I can represent you as an individual and help you clarify your position.
  2. I can work with both parties in the matter as a financial neutral.

Click here to read Vickie Adams' full article...

Reverse Mortgages – An Interview with Warren Goldberg, Part 1
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Reverse Mortgages – An Interview with Warren Goldberg, Part 1 | Michael Fliegelman

{3:48 minutes to read} Today we are speaking with Mr. Warren Goldberg, from Mortgage Wealth Advisors in Plainview, New York. Continuing the theme from last month, we’re going to be talking about retirement and distribution planning. Throughout people’s lives, financial planning has always focused on how to accumulate money. As we have said before: when climbing the mountain, the goal is to get to the top, but even more important is the descent back down the mountain.

Click here to read Michael Fliegelman's full article...

Elder Law and Estate Planning: An Interview with Chris Petillo Part 1
avatar


Authored by , re: FINANCIAL ARTICLES, Financial Planning & Insurance, on .
Elder Law and Estate Planning: An Interview with Chris Petillo Part 1 | Michael Fliegelman

{3:48 minutes to read} Today, our guest is Christopher Petillo, Certified Elder Law Attorney (CELA), and Certified Public Accountant (CPA) with the law firm of Feldman, Kramer & Monaco, P.C. He is an attorney whose expertise is in the areas of elder law and estate planning. Michael Fliegelman: Over the years we’ve been writing a lot about long-term care and its effect on retirement planning. Chris, if you could share with us some of the traps for the unwary. Some of the things that you see constantly in your practice for which people have a blind spot.

Click here to read Michael Fliegelman's full article...