Pie chart describing the charitable giving preferences of Americans in 2010. Interesting.
Archive for January, 2012
It happens in even the most privileged of families. An
aging parent is suffering from failing health.
Unfortunately, no planning for incapacitation was
ever put in place by the parent to name someone to
look after his or her best interests.
Coordinating retirement plans with wealth transfer planning can be challenging. This is primarily because retirement accounts are driven by income tax laws designed to encourage Americans to accumulate wealth for retirement, not for transferring wealth upon death.
In this edition of The Wealth Counselor, we will examine some of the critical rules in using IRAs and qualified retirement plans for wealth transfer planning, common misperceptions in this area, and why naming a trust as beneficiary may be the only way to accomplish some of the client’s planning objectives. Completely covering these subjects requires volumes, so we will cover only the basics.
Here are links to two articles which offer some helpful ideas for reaching your retirement planning goals. One with some “basic”, but interesting Roth IRA ideas, the next offers some advanced thoughts on Roths. Useful.
The Importance of Planning Early
“Planning is bringing the future into the present so that you can do something about it now.”
Alan Lakein, American author and Time Management Expert
We plan to go on vacation. We plan to have dinner with friends. But when it comes to planning for how we will be taken care of as we advance in age, many of us prefer not to think about it, believing it will somehow all work out. Unfortunately, when it comes to long term care planning, including finding the appropriate care and figuring out how to pay for it, those who fail to plan are clearly the ones who risk losing the most.
Almost everyone knows someone who had a problem and lost everything. Claims can, for example, allege professional liability, responsibility for a car accident, or unpaid creditors. Whether meritorious or not, defense can be enormously costly. With our litigious society, with limited risk for those making liability claims, asset protection planning has become required for many and highly desirable for many more.
In this issue of The Wealth Advisor, we will provide an introduction to asset protection planning (what it is, types of risk, when to plan, what to expect in the planning process, and levels of planning) and how you can get started.
People Making a Difference
Dr. Kathy Borchardt says, “It is very rewarding to see a struggling child, teen, or adult student begin to succeed once needed services or accomodations are put in place.”
Dr. Kathy Borchardt is a licensed clinical psychologist and neuropsychologist. Her offices are located in Warrenville, IL.
According to the National Academy of Neuropsychology, a clinical neuropsychologist is “a professional within the field of psychology with special expertise in the applied science of brain-behavior relationships.” Some of the neuropsychological services offered are neuropsychological evaluations, personality evaluations, psychoeducational testing (includes IQ testing), ADHD evaluations for children, adolescents, and adults, and geriatric and dementia evaluations. The following are assessed during a neuropsychological evaluation: attention and concentration; memory and learning; processing ability and speed; intelligence and academic achievement; executive function; language abilities; and visual and motor skills.
George Clooney is starring in a movie about a family
trust. Yes, you read correctly.
“The Descendants,” which opened in select theaters in
November 2011, offers a great depiction of what the Trust
industry is all about.
A timely link to a Forbes article about failed wealth transfer. Brief and worth a read.