Good to Know

Good to Know We discussed Social Security claiming age coaching opportunities for savvy Financial Advisors in our last blog. Now we will provide added insights into six key factors that should influence the claiming age decision. A lifetime of careful retirement planning can be undermined with the wrong Social Security claiming age choice. Yet a…

In an AARP survey taken of individuals aged 44 through 75, more than three of every five surveyed would choose death over running out of money in retirement. Helping a client maximize their Social Security Retirement benefit can begin addressing this deep-seated fear. Coaching Opportunity What if you, the Financial Adviser, could make your clients…

Panic selling is painfully real. As but one example, S&P 500 investors lost almost 60% from 2007 to 2009 in the wake of the sub-prime mortgage default crisis. The chart to the right illustrates the breath-taking plunge of the S&P 500 from almost 1600 to 650 in less than 18 months. Here’s a sobering observation…

Good to Know The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided vitally needed relief for individuals and businesses. However, not all of the Act’s provisions relate directly to CFP Board’s testing priorities. The purpose of this blog is to emphasize those portions of the Act highlighted as “key” by CFP Board in its…

The financial exploitation of seniors, especially those with diminished financial capacity, is an urgent issue. How prevalent is this shameful practice? The National Council on Aging estimates that seniors lose an estimated $37 billion annually or more in the U.S.A. The AARP makes this huge number a bit more personal when it estimates the average…

Good to Know Before the Tax Cuts and Jobs Act (TCJA), a business with an available net operating loss (NOL)1 could offset as much as 100% of taxable income for two previous years (“NOL carryback”) or up to 20 years in the future (“NOL carryforward”). Carrying the loss back to previous years often generated an…

Good to Know Here’s a quick quiz question for CFP® Professionals who provide financial planning services or for those preparing for the CFP Board Exam: A CFP® Professional who is providing financial planning services has no implementation responsibilities for financial products purchased as a result of recommendations if the Professional does not sell financial products.…

Good to Know Custodial accounts are popular because they are easy to establish. A bank or brokerage firm can help your client fill out a simple form and have the account established almost immediately. Clients are also attracted to the contribution limits – there are no limits! Before going farther, let us set a quick…

Good to Know Incapacity planning may be on the minds of many Americans as COVID-19 continues to threaten our health. The Durable Power of Attorney was discussed as an incapacity planning tool in our most recent blog. While this tool is generally effective, it is not unusual for banks and other financial institutions to question…

Good to Know The same incapacity management techniques that address mental illness issues can also be effective when your client is temporarily incapacitated due to physical illnesses such as COVID-19. Here is a quick review of these documents and how they work. Power of Attorney (POA) This legal document empowers another person to act on…