Florida is one of the most desirable retirement destinations in the world, and with good reason. It boasts a wonderful climate, miles of beautiful beaches, and many tourist attractions. But probably the greatest motivation for obtaining Florida residency is the range of tax advantages that it brings.
Martha’s husband of almost 60 years passed away shortly before I started working with her. There were a number of financial issues to address after his death, and I was able to help take those off her shoulders so she could focus on coming to terms with her great personal loss.
For years, the Social Security Administration has mailed out annual statements to inform you of the benefits you or your loved ones will receive upon your retirement, disability, or death. It has been a great service to have this mailed regularly so that you can stay up to date on what to expect under the three different benefit formulas.
I just returned from the Financial Planning Association’s Retreat Conference where I was an invited speaker on the topic of “Investing Outside the Box: Modern Insights Into Portfolio Management.” Now that I’m back in the office, it’s time to catch up on my reading. Here is a review of today’s homework.
With Tax Day arriving tomorrow and national elections on the horizon, the controversy over tax rates is again in the news. Last year, the issue was highlighted by Warren Buffett discussing his own rates. Much was made at the time of the non-partisan Tax Policy Center’s research in publishing average effective tax rates for individuals at different income levels.
Meet Michael Kitces, financial planning wunderkind, Partner, and Director of Planning Research at Pinnacle Advisory Group.
Financial stocks have been a controversial sector since suffering massive losses in 2007-08, much like Tech stocks were following the bursting of that bubble in 2000. Financials have also generally been out of favor during the recovery of the last few years. In 2011, they were the worst performing sector in the S&P 500, and apart from a vicious two-month bounce off the bottom in 2009, they’ve been underperforming for years. In addition, they’ve been battling increasingly negative public opinion in regards to business practices (most of which is probably deserved, and largely self-inflicted).
Financial expert and industry guru Michael Kitces talks about recently being made a partner at Pinnacle Advisory Group.
Last month a grandson of one of our clients called me with the sad news that his grandfather had passed away. I knew his health had been fading over the past year, so while I was sorry to hear it, I wasn’t entirely surprised. It was a difficult conversation, as those things are, and the only comfort to come out of it was the fact that the elderly man had prepared for this day through proper planning. By keeping all of his documents current and in good order, he was able to ensure that his assets would pass to his loved-ones according to his wishes.
Margaret was in her early 70s when she first walked into our office, looking healthy and able-bodied, but upset. Her beloved husband had been diagnosed with advanced Alzheimer’s Disease, and she’d recently had to put him in a care facility. The house where they’d lived together for 30 years was empty without him, and she struggled with loneliness.