An essential, but often overlooked, part of an estate plan is to communicate your wishes and the plan to your heirs. Here are a few guiding topics for this conversation.
Your client’s situation is unique. A special needs trust is not necessary or recommended for all clients or their families.
Are you missing opportunities to deepen your client relationships or losing business opportunities in your planning process?
Whenever I talk to financial advisors about autism, the response I get is something like, “Sara, my clients are high net worth individuals. They are not autistic.” Well, think again.
Adding “alpha” to client relationships may be easier through effective estate and tax planning than with investment manager selection or portfolio construction. Potential changes to the tax code illustrate many of those planning opportunities.
Even the most promising future can change drastically by a life-threatening event. A healthy individual may require around-the-clock care and supervision after an accident, creating the need to solve complex financial planning problems.
Some changes unfold over time and it’s possible to see them coming. There are demographic changes coming in the next decade that will change the direction of the U.S., since the Silent generation and the Baby Boomers hold a different view of government than Gen Z’s and Millennials.
Some changes unfold over time and it’s possible to see them coming. There are demographic changes coming in the next decade that will change the direction of the U.S. since the Silent Generation and the Baby Boomers hold a different view of government than Gen Z’s and Millennials.
Unfortunately, very few professionals are well versed in this highly specialized area of planning. The results of an improperly designed plan can be devastating for beneficiary children with disabilities.
It is scary and overwhelming to address long-term planning. But the lack of planning is disheartening to those left to address a crisis, as was the case with David, an 80-year-old man.
We’d like to believe facts matter. In some situations, that is true, but I believe this quote attributed to Friedrich Nietzsche: “There are no facts, only interpretations.”
Planning for the care of a developmentally challenged child is, at best, intimidating and, at worst, an enormous emotional and financial drain on parents as they age. But the consequences of not planning are immense, as the story of Steven, a 63-year old single man, illustrates.
We have a light economic calendar with important data on home sales, jobless claims, and durable goods orders. None of these is likely to stimulate higher heartbeats. I expect politics and the election to get plenty of attention in the financial media, especially with an open Supreme Court seat as a new issue.
There are critical questions you need to ask when you are facing the issues of incapacity and maintaining the safety and well-being of a client.
About two-thirds of this month’s comment is about COVID-19 and the risk of a second wave. This is not only for the sake of public health, which would be enough, and not only to contribute to a better understanding of the epidemic.
Investors increasingly want to align their financial goals with a commitment to improving the lives of others. Two recent projects showcase how municipal bond investors are making an impact.
Denial and lack of cooperation from a mentally ill person can make treatment, caring and financial planning more difficult.
David and Jane have been unwavering in their love and commitment for their three children. All are cognitively impaired and will need care and supervision for the rest of their lives.
To improve your website, I’m sharing the top five elements the highest converting advisor websites have in common.
This article describes the components necessary for special-needs planning.
When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust, the child will be taken care of and the needs will be met. Unfortunately, creating a trust does not ensure that.
Amid the current crisis, a forceful economic policy response is essential. The central principle here is that the closer we can get economic support to the point where current spending enters the “circular flow” – basic incomes, net rent and lease obligations, utilities, contractual payments, even net interest payments, the better we can support the entire economy.
As coverage of the COVID-19 pandemic continues to saturate the media, you may have also noted a significant rise in clients’ anxiety level about estate planning and their own mortality.
People in their 20s and 30s have relatively low levels of home ownership, net worth and real income.
The coronavirus is targeting those most vulnerable – people with disabilities or chronic illnesses. Advisors need to understand the challenges they face.
The single biggest barrier to establishing trust in a new relationship is the lack of reciprocity.
In a world at war with the coronavirus, your worst enemy is the game your mind plays with itself.
Short of losing a child, losing your spouse is the most painful event someone can experience. The sorrow is overwhelming and often times debilitating. It never goes away, but over time most people learn to peacefully co-exist with it.
The hedge fund firm Renaissance Technologies, founded by James Simons, has been an object of amazement, admiration, and envy for years, because of the incredibly high investment returns of its flagship Medallion fund. In a new book, author Gregory Zuckerman explains how Renaissance did it. He also shows how a key Renaissance employee used his riches to get Donald Trump elected president.
Few of us realize the anxiety-ridden mindset that drives prospects to seek a financial advisor. If they did, they would structure their initial meetings very differently.
There are several things a client can do to plan for long-term care costs that may be incurred as one ages. But for the large majority of clients for whom self-insuring is not an option, what are the alternatives?
Because you’re an expert on all things financial, you may believe you know what’s best for others – in their financial lives and otherwise. But it’s unlikely you do. The culprit is your inability to communicate effectively, as these “bloopers” illustrate.
Am I the only one who is growing concerned about the current trajectory of the financial planning profession?
Picking the wrong niche is one of the worst decisions you could make for your practice.
According to a 2016 Return on Disability Group report, over 56 million people in the United States identified themselves as having a disability. This demographic, along with their caretakers, requires specialized financial planning, but are often left underserved by their advisors.
When is it appropriate to commence a guardian proceeding? What do I have to prove? What concerns should I have about bringing a proceeding? Can it be avoided?
Let’s be clear. October’s market decline was a rather mild warning shot. At its lowest close, the S&P 500 lost -9.9% from its September peak, before rebounding in recent sessions. As I noted during the 2000-2002 and 2007-2009 collapses, intermittent “fast, furious, prone-to-failure” rebounds are among the factors that encourage investors to hold on through the entirety of major declines.
Advisors often receive clients’ advance directives, such as durable powers of attorney and health care proxies, that were drafted in a different state, perhaps many years ago. Are those still valid?
To get CPAs to like you, there’s no more powerful tool than empathy. Here’s what is going on in the mind of the CPA when you approach them to be a source of referrals.
The music is fading out, and a trap-door has opened up in the floor, but they're still dancing. In recent days, the combination of extreme valuations and unfavorable market internals has been joined by acute dispersion in daily trading data that often occurs within a few days of pre-collapse peaks in the market.
For years, Adam Sharp has helped accredited and retail investors get in on the ground floor of some of the most promising early stage investment opportunities. These include not just venture capital but also equity crowdfunding and cryptocurrencies, which he added last year to his two research offerings, First Stage Investor and Crypto Asset Strategies.
If you lapse into a lecture about the overwhelming evidence supporting passive investments, remember you might as well be showing the prospect an article about bird feeding.
On December 2, Senate Republicans managed to obtain enough votes to pass sweeping US tax reform legislation, but with several changes compared with the original House of Representatives' bill. At more than 470 pages, the "Tax Cuts and Jobs Act" is certainly not a light read. But, it has some important implications for individuals and corporations, for better or worse in some cases.
You routinely engage in some practices that on the surface make sense. But you would gather more assets if you discarded them. Here are three examples.
Can 529 funds be used for gap-year expenses? I recently had a parent ask me if their child’s 529 college savings account money could be used to help pay for gap-year expenses. Here’s the short answer: Maybe.
Special Needs Financial Planning
Four Areas to Address with an Estate’s Future Heirs
An essential, but often overlooked, part of an estate plan is to communicate your wishes and the plan to your heirs. Here are a few guiding topics for this conversation.
When to Skip the Special Needs Trust
Your client’s situation is unique. A special needs trust is not necessary or recommended for all clients or their families.
The Lost Elements of Financial Planning
Are you missing opportunities to deepen your client relationships or losing business opportunities in your planning process?
What if Your Next Client is Autistic?
Whenever I talk to financial advisors about autism, the response I get is something like, “Sara, my clients are high net worth individuals. They are not autistic.” Well, think again.
What Advisors Need to Know About Estate Planning
Adding “alpha” to client relationships may be easier through effective estate and tax planning than with investment manager selection or portfolio construction. Potential changes to the tax code illustrate many of those planning opportunities.
He May Never Walk Again
Even the most promising future can change drastically by a life-threatening event. A healthy individual may require around-the-clock care and supervision after an accident, creating the need to solve complex financial planning problems.
The Times Are a Changing
Some changes unfold over time and it’s possible to see them coming. There are demographic changes coming in the next decade that will change the direction of the U.S., since the Silent generation and the Baby Boomers hold a different view of government than Gen Z’s and Millennials.
Monthly Global Economic Report
Some changes unfold over time and it’s possible to see them coming. There are demographic changes coming in the next decade that will change the direction of the U.S. since the Silent Generation and the Baby Boomers hold a different view of government than Gen Z’s and Millennials.
Selecting Professionals for Special Needs Planning
Unfortunately, very few professionals are well versed in this highly specialized area of planning. The results of an improperly designed plan can be devastating for beneficiary children with disabilities.
Have Your Elder Loved Ones Planned for the Long Term?
It is scary and overwhelming to address long-term planning. But the lack of planning is disheartening to those left to address a crisis, as was the case with David, an 80-year-old man.
When Facts Don’t Matter
We’d like to believe facts matter. In some situations, that is true, but I believe this quote attributed to Friedrich Nietzsche: “There are no facts, only interpretations.”
Planning Considerations for Parents with Developmentally Challenged Adult Children
Planning for the care of a developmentally challenged child is, at best, intimidating and, at worst, an enormous emotional and financial drain on parents as they age. But the consequences of not planning are immense, as the story of Steven, a 63-year old single man, illustrates.
Investors Need Some Accurate Evidence!
We have a light economic calendar with important data on home sales, jobless claims, and durable goods orders. None of these is likely to stimulate higher heartbeats. I expect politics and the election to get plenty of attention in the financial media, especially with an open Supreme Court seat as a new issue.
When Should a Client to Become the Guardian for an Aging Parent?
There are critical questions you need to ask when you are facing the issues of incapacity and maintaining the safety and well-being of a client.
Avoiding a Second Wave
About two-thirds of this month’s comment is about COVID-19 and the risk of a second wave. This is not only for the sake of public health, which would be enough, and not only to contribute to a better understanding of the epidemic.
Small Ways Muni Investors Can Make a Big Difference
Investors increasingly want to align their financial goals with a commitment to improving the lives of others. Two recent projects showcase how municipal bond investors are making an impact.
Please God, Help Him Remain Stable
Denial and lack of cooperation from a mentally ill person can make treatment, caring and financial planning more difficult.
Standing Together, Standing Proud
David and Jane have been unwavering in their love and commitment for their three children. All are cognitively impaired and will need care and supervision for the rest of their lives.
The Five Elements in Top Converting Websites
To improve your website, I’m sharing the top five elements the highest converting advisor websites have in common.
Nuts and Bolts of Special-Needs Planning
This article describes the components necessary for special-needs planning.
Funding Strategies for Special Needs Trusts
When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust, the child will be taken care of and the needs will be met. Unfortunately, creating a trust does not ensure that.
Containing the Crisis
Amid the current crisis, a forceful economic policy response is essential. The central principle here is that the closer we can get economic support to the point where current spending enters the “circular flow” – basic incomes, net rent and lease obligations, utilities, contractual payments, even net interest payments, the better we can support the entire economy.
Estate and Trust Planning Issues for COVID-19
As coverage of the COVID-19 pandemic continues to saturate the media, you may have also noted a significant rise in clients’ anxiety level about estate planning and their own mortality.
Millennials Are Getting Stung by Back-to-Back Global Crises
People in their 20s and 30s have relatively low levels of home ownership, net worth and real income.
The Most Vulnerable Targets of the Coronavirus
The coronavirus is targeting those most vulnerable – people with disabilities or chronic illnesses. Advisors need to understand the challenges they face.
Earn Trust – the Right Way
The single biggest barrier to establishing trust in a new relationship is the lack of reciprocity.
The Soldier
In a world at war with the coronavirus, your worst enemy is the game your mind plays with itself.
My Experience Becoming a Widow
Short of losing a child, losing your spouse is the most painful event someone can experience. The sorrow is overwhelming and often times debilitating. It never goes away, but over time most people learn to peacefully co-exist with it.
Was Renaissance’s Success Luck or Skill – And Was It Behind Trump’s Victory?
The hedge fund firm Renaissance Technologies, founded by James Simons, has been an object of amazement, admiration, and envy for years, because of the incredibly high investment returns of its flagship Medallion fund. In a new book, author Gregory Zuckerman explains how Renaissance did it. He also shows how a key Renaissance employee used his riches to get Donald Trump elected president.
What Advisors Don’t Understand About Prospects
Few of us realize the anxiety-ridden mindset that drives prospects to seek a financial advisor. If they did, they would structure their initial meetings very differently.
The Use of Irrevocable Trusts in Medicaid Planning
There are several things a client can do to plan for long-term care costs that may be incurred as one ages. But for the large majority of clients for whom self-insuring is not an option, what are the alternatives?
Communication Bloopers
Because you’re an expert on all things financial, you may believe you know what’s best for others – in their financial lives and otherwise. But it’s unlikely you do. The culprit is your inability to communicate effectively, as these “bloopers” illustrate.
Anthem
Am I the only one who is growing concerned about the current trajectory of the financial planning profession?
Focusing on the Wrong Niche Could Be a Disaster
Picking the wrong niche is one of the worst decisions you could make for your practice.
Financial considerations for families with special needs
According to a 2016 Return on Disability Group report, over 56 million people in the United States identified themselves as having a disability. This demographic, along with their caretakers, requires specialized financial planning, but are often left underserved by their advisors.
When Is Guardianship Necessary?
When is it appropriate to commence a guardian proceeding? What do I have to prove? What concerns should I have about bringing a proceeding? Can it be avoided?
The Heart of the Matter
Let’s be clear. October’s market decline was a rather mild warning shot. At its lowest close, the S&P 500 lost -9.9% from its September peak, before rebounding in recent sessions. As I noted during the 2000-2002 and 2007-2009 collapses, intermittent “fast, furious, prone-to-failure” rebounds are among the factors that encourage investors to hold on through the entirety of major declines.
Are Out-of-State Advance Directives Valid in Your Home State?
Advisors often receive clients’ advance directives, such as durable powers of attorney and health care proxies, that were drafted in a different state, perhaps many years ago. Are those still valid?
Inside the Mind of a CPA
To get CPAs to like you, there’s no more powerful tool than empathy. Here’s what is going on in the mind of the CPA when you approach them to be a source of referrals.
The Music Fades Out
The music is fading out, and a trap-door has opened up in the floor, but they're still dancing. In recent days, the combination of extreme valuations and unfavorable market internals has been joined by acute dispersion in daily trading data that often occurs within a few days of pre-collapse peaks in the market.
Early-Stage Investing with Adam Sharp
For years, Adam Sharp has helped accredited and retail investors get in on the ground floor of some of the most promising early stage investment opportunities. These include not just venture capital but also equity crowdfunding and cryptocurrencies, which he added last year to his two research offerings, First Stage Investor and Crypto Asset Strategies.
The Bird Feeding Paradox
If you lapse into a lecture about the overwhelming evidence supporting passive investments, remember you might as well be showing the prospect an article about bird feeding.
US Tax Reform: What Investors Need to Know
On December 2, Senate Republicans managed to obtain enough votes to pass sweeping US tax reform legislation, but with several changes compared with the original House of Representatives' bill. At more than 470 pages, the "Tax Cuts and Jobs Act" is certainly not a light read. But, it has some important implications for individuals and corporations, for better or worse in some cases.
Three Things Advisors Do That Cost Them Assets
You routinely engage in some practices that on the surface make sense. But you would gather more assets if you discarded them. Here are three examples.
Factoring a Gap Year into College Savings
Can 529 funds be used for gap-year expenses? I recently had a parent ask me if their child’s 529 college savings account money could be used to help pay for gap-year expenses. Here’s the short answer: Maybe.
A Checklist to Make Your Office Stand Out
Build Your Business by Being Charitable
Never Smile at a Crocodile
This Time is Different, Yet with the Same Ending
The Journeys of Sisyphus
John Hussman: Really Mean Reversion
Margins, Multiples, and the Iron Law of Valuation
Fed-Induced Speculation Does Not Create Wealth
Restoring the "Virtuous Cycle" of Economic Growth
Do Foreign Profits Explain Elevated Profit Margins? No.
Building a $250 Million Practice from Scratch
Topping Patterns and the Proper Cause for Optimism
Double Trouble
Pushing Luck
Increasing Concerns and Systemic Instability
Superstition Ain't the Way
Confidence Abounds
Estimating the Risk of a Market Crash
Does the CAPE Still Work?
The Diva is Already Singing
The Coming Retreat in Corporate Earnings
How Specialist Advisors Earn Twice as Much
The Value of Planning
Wall Street Journal: Three Words of Advice for Million-Dollar Producers
The Toughest Question from Clients And How to Answer It
Mapping the Molecular Pathway of Autism