Are You a Living Trust Candidate?
Think you might be a candidate for a living trust? Anyone with a substantial portfolio should consider a trust and the benefits of professional trusteeship.
The Strategy Map, Volume 5: How Can I Lower My Lifetime Tax Bill in Retirement?
Is a Roth conversion right for you? The decision to implement this strategy depends on your specific situation and goals.
Protecting Against Elder Financial Exploitation
Imagine your elderly friend or family member receiving a heartfelt call. The voice on the other end claims to be their loved one, urging them to act quickly to avoid financial disaster. This is the all-too-familiar scenario where criminals use Elder Financial Exploitation (EFE) to prey on vulnerable individuals, often in their later years when …
Required Minimum Distributions (RMDs) Before Rollovers
According to a 2024 research report from the Investment Company Institute, 62% of U.S. households have Individual Retirement Accounts (IRAs) that have been funded with rollovers from employer plans. An estimated $595 billion worth of such rollovers occurred in 2020. Care needs to be taken that these transactions are handled properly to avoid unexpected tax …
Saving for College
Parents who are building a college fund for their child or children have two tax-advantaged alternatives, the 529 plan and the Coverdell Education Savings Account (CESA). Contributions to 529 plans and CESAs are not tax deductible, but there is no tax as the income builds up in the account. Distributions from the plans are tax …
Migration Patterns
When people decide to relocate, how do they choose a destination? Key factors will include job opportunities, family situations, and lifestyle changes, such as retirement. According to a recent study from the Tax Foundation, income tax rates are also a factor, especially for upper income folks who have more resources to draw upon in making …
Trust Modification
Sometimes a sound estate plan may need to be modified after it is put into effect. One such situation was recently outline in Private Letter Ruling 202504006 from the IRS. A decedent’s estate plan called for the creation of two trusts, a marital trust for the surviving spouse and a decedent’s trust. Although the ruling doesn’t mention …
The Strategy Map, Volume 4: How Can I Turn My Portfolio into a Consistent Income Stream?
Most clients we work with need to supplement their Social Security and/or pension income by taking distributions from their portfolio to cover ongoing expenses. Insert the “Bucket Strategy” to solve this need. The strategy separates investment assets into “buckets” according to the time horizon of when those dollars will be needed. A diagram of how …
The Strategy Map, Volume 3: What is Estate Planning?
The CFP® Board defines estate planning as the legal planning that helps you control who will inherit your money and property, and who can make medical and financial decisions on your behalf if you are unable to do so yourself. Your estate consists of everything you own. Estate planning is simply getting the right stuff to …
The Strategy Map, Volume 2: What is the Value of Financial Planning?
Did you know just about anyone can call themselves a financial advisor? In an otherwise highly regulated industry, the bar is shockingly low – unlike medicine. Advisors at Heartland Bank Wealth Management are educated, credentialed, and experienced. All team members are fiduciaries – looking out for client’s BEST interests. The team education and credentials include, but are …