Congress has passed and President Trump has signed into law significant retirement reform which will go into effect on 1/1/2020. The new law has many provisions which involve expanding and preserving retirement savings, administrative improvements, and revenue provisions.Read More
The U.S. House of Representatives easily passed the SECURE Act of 2019 (H.R. 1994) 417-3 on May 23, 2019. The U.S. Senate currently has its version of retirement reform under consideration – the Retirement Enhancement and Savings Act (RESA) of 2019 (S. 972). Both acts have many retirement reform provisions involving expanding and preserving retirement savings, administrative improvements, and revenue provisions.Read More
Back to School!
And just like that summer is over. Every year summer seems to breeze by faster and faster and if you have a child entering college this summer probably seemed to fly by extra fast. Whether you're sending your first or last off to college it is a big transition that calls for a lot of planning. Most parents are thrown into the world of FAFSA's pretty quickly and without much direction save for a few information sessions at local high schools. Most likely you have clients who are in this very position, and if you've been there yourself you know how stressful this can be. Make sure your clients are armed with all of the facts and start talking to them about planning for college as early as possible. Both your clients and their children should be looking forward to this new chapter, make sure they are prepared. We've found a few resources for you to share with clients to help get the planning process started!Read More
People often underestimate the financial responsibilities of parents. Outside of careers and taking care of the kids, acting as a financial officer within a family can seem like a full-time job. This job can include tracking budgets, paying bills, and making decisions about savings. Debating on when and how much to save for retirement can fall into this category. With an unpredictable economy, we are often unsure of how to make these decisions as we get closer and closer to retirement. When to start saving? How much to save? Is the money being saved in the right place? These are questions better left to the professionals.Read More
It’s Not as Easy as You Think...
Wealthy clients from high tax states will often consider moving to a lower taxed state to save taxes. These taxes may involve state income taxes and state estate taxes. You may have heard people say “If I live for more than 180 days in a particular state, then my residence has been changed for state taxes”. This statement has a small degree of truth to it, but it is far from accurate.
The first tax to talk about are state income taxes on retirement benefits. Then, we’ll talk about state estate taxes. Finally, we’ll enumerate the hurdles to jump over when thinking about changing legal residence from the current state of residence to a new state of residence.Read More
We know that one of the primary benefits of being a life advisor is the reward of knowing you are helping individuals and families protect themselves against the inevitable. Alternatively, do you have a plan if something happens to you and your practice? Would those individuals that you sought hard to protect still have a safeguarded plan?
Many advisors don't think about instilling a plan for themselves the same way they do for their clients. In fact, LIMRA reported up to half of advisors do not have succession plans.
What are the main concerns for your business owner clients?
This Business Owner Concerns infographic breaks down your client's top considerations. This information will be useful when finding the right financial solutions for themselves and their business.Read More
One of the most important planning issues confronting a business owner is what happens to his or her share of the business upon death.
Market Volatility, Bond Market Risk, Low Interest Rates, Portfolio Depletion and Unpredictability.
These are the main reasons clients are skeptical of Annuities. So how can you, the advisor or financial professional, turn the negative into a positive for your clients.
Since 2000, consumers have borne witness to the S&P 500® Index dropping approximately 50%, two times.1 The volatility in 2008 was unlike anything ever recorded with the Volatility Index (VIX), often referred to as the “investor fear gauge,” reaching 89.53 in October, a number representing a quadrupled expectation of market volatility.2
At the same time, interest rates, as measured by the 10-year Treasury bond yield, have continued their three-decade decline since a peak of almost 16% in 1981.3 As of May 1st 2015 the 10-year treasury was 2.12%.4 Additionally, the current average rate on a five-year jumbo certificate of deposit (CD) is 0.93%.5
The timing of this mixture of volatility and low rates could not be worse. The 78 million-strong baby boomer population began hitting age 65 in 2011, and will continue to do so for the next 15 years, to the tune of almost 10,000 per day.6Read More
When your clients are planning for their future, with their eyes toward retirement, permanent life insurance can be a smart and simple solution to the challenges they may face. The death benefit protection offered by a life insurance policy can help maintain their lifestyle, and provide a retirement solution. But you already knew that!
The in-depth case study below shows how permanent life insurance can help protect retirement dreams.Read More