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Category: Estate Planning

The Policy Review and Pandora’s Box

[ 0 ] April 30, 2014

Spectrum Financial Solutions, FL, Life insuranceIt all started as a simple question during a round of golf with friends.  I don’t discuss business on the golf course ordinarily… it gets in the way of the jokes, jibes, witnessing good and bad play and my near manic pursuit of par.

On this day, my playing partner asked me a question about his and his wife’s life insurance policies with a major mutual life insurance company (policies I didn’t place for my friends).  I said that I couldn’t answer his question adequately at that time but would be happy to meet with him at a later date.  Because of scheduling issues, we met several months later.

In advance of the meeting, I requested a great deal of material:  pre-sale illustrations, copies of policies, annual statements, trust agreements, if any, and any communication regarding original concept backing up the policies.  This information was critical to the face-to-face with my friend and his wife.

The dialogue at our meeting indicated that the policies were purchased in order to provide interim death benefits for income replacement but more importantly, the substantially overfunded policies were meant to provide tax advantaged post-retirement benefits many years down the road.  The policies on my friend and his wife were owned by irrevocable life insurance trusts, which raised a question in my mind as to proper ownership.

It should be noted that this couple are Non-Resident Aliens (NRA) but intend to gain US citizenship, when possible, in several years time.  It was stated that the trusts were designed to mitigate any estate tax issues that an NRA might experience from ownership of a U.S. life insurance policy at his or her death.

The policies (one on each of couple), when issued, were designed to become Modified Endowment Contracts (MEC), which runs counter to the goal of creating the most efficient post-retirement, tax advantaged income stream for the couple.  Under the current policies, should the client choose to receive payments (if even possible under the trust agreement), they would be taxable as ordinary income until such time as all accumulation in excess of cost basis is consumed.  Add to that the potential for a 10% penalty for distributions prior to age 59½… serious structural issues emerge and the hinges of a Pandora’s Box started to loosen.

Whereas the policy review was intended to determine whether the life insurance policies were the best means of providing for the clients’ long term goals, it uncovered a number of issues that, left unattended to, would impact, if not undermine their primary goals and planning.

Many questions emerged… Were irrevocable life insurance trusts appropriate in light of the stated goal of providing living benefits for my clients?  Were Crummey Letters sent out to beneficiaries as mandated in the trust document?  Did the Trust document(s) apply for and receive Federal Tax ID numbers?  Was the wife’s trust actually signed and witnessed?  The answers were all no or maybe, at best.

As to the life policies that were the focus of my review, they were rather uncomplicated and straight forward.  The current policies were compared to alternatives and shown to be less advantageous than new policy designs.  And correction the MEC issues only complimented the situation.

This note wasn’t meant to be a case study… I could go on for many pages commenting on various aspects of the program.  Rather, it only serves to illustrate that a second or third set of eyes reviewing older life insurance programs, revisiting goals and objectives and the documents supporting them is a prudent exercise that makes a great deal of sense.

What would have been a much larger issue as time went on is being addressed currently. And, Pandora’s Box never opened.

Written by Nunya Bidness.

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Outliers And Retirement Income

[ 0 ] April 23, 2014

Spectrum Financial Solutions, FL, Retirement PlanningYou are age 65 and it’s your first day of retirement. You are about to tap a putt into the ninth hole. Based on your experience, you believe you will sink the putt.

Just to make it interesting, let’s make a little bet. If you sink the putt, you are guaranteed that you can take out an ever-increasing amount of money from your retirement assets and you’ll never run out of money in retirement—even if you live past age 100. However, if you miss the putt and the ball winds up on a completely different fairway, your money runs out before you’re age 80. Do you take the bet?

Wall Street makes a lot of investment projections calculating sustainable rates of withdrawal in retirement. Depending on the mix of stocks and bonds—and the initial withdrawal rate used—these predict that the invested money will last at least 30 years 90, 94 or 98 percent of the time. In golf terms what the projections are saying is you can move your ball closer or farther from the pin to wherever you think you’re pretty sure you could sink it, and the farther you go back from the hole, the larger the withdrawals promised. Essentially you are controlling the risk and the game because it is your decision on how much to withdraw and how to invest guided by the Wall Street model.

Let’s go back to the golf course and consider this: Unbeknownst to you, a hawk has mistaken the ball for prey and will swoop it up before it hits the hole, or a miss-hit ball from the adjacent fairway is arcing toward your green, smashes into your ball and sends it ricocheting onto the next fairway. In both cases you have lost your bet, and instead of enjoying a long and prospering retirement you will experience one with financial hardships.

We have all heard of black swans—disruptive events that cannot be predicted—but the situations mentioned above are not black swans because they could be predicted. The hawk and the ricochet are outliers in that they were possible, but extremely unlikely. Unfortunately, almost all retirement income models simply ignore outliers—therefore, retirees should not.

The 4 percent inflation-adjusted portfolio withdrawal rate assumed a 50/50 mix of stocks and bonds and provided a 94 percent confidence level that it would last at least 30 years; however, it also assumes that the long term returns of stocks and bonds continues into the future. Instead, if we assume that this current low-bond yield environment hangs on for a decade before rates return to their historic “norm,” our confidence in the retirement money lasting 30 years drops to 68 percent, and if bond yields never recover, our confidence in producing that 4 percent payout rate drops to 43 percent.1

The previous example looked at an outlier of very low bond rates. Sequence of returns risk means starting withdrawals during a period of losses. This risk is not an extreme outlier, because the bear markets of the 1970s showed what could happen. Yet it wasn’t until after we had two severe bear markets within eight years of each other that Wall Street considered reducing the suggested levels of sustainable withdrawals below 4 percent.

Another outlier is if a medical breakthrough in longevity results, where living to age 100 or 105 becomes commonplace; to get retirement income confidence levels over 90 percent would require investment portfolio withdrawals to drop below 2 percent.

If any of these three outliers occur, the options are to save much, much more for retirement (impossible for one already at retirement age); to withdraw much, much less; or to die early.

Another way is to transfer the risk of these outliers to a third party—an annuity carrier.

A guaranteed lifetime income—whether it comes from an income annuity, a deferred income annuity or a lifetime withdrawal benefit—provides protection from retiring at the wrong time, living too long or earning too little. It assures that whether you sink your putt or not, you can go on with your game.

A guaranteed annuity income won’t help if the world gets destroyed by an asteroid, nor will it stop someone who chooses playing slot machines as their new retirement activity. However, when it comes to retirement income, fixed annuities lower the risk from many outliers and eliminate others. Perhaps the biggest risk with fixed annuities is that retirees won’t learn about them until it is too late.

Footnote:

 1. “The 4 Percent Rule is Not Safe in a Low-Yield World,” Finke, Wade and Blanchett, January 2013,  http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2201323.

Content provided by http://www.brokerworldmag.com/articles/articles.php?articleid=3486

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Privately Financed Graded Premium Universal Life

[ 0 ] February 5, 2014

Spectrum Financial Solutions, NJ, Life InsuranceCurrently, an arbitrage opportunity presents itself to sophisticated investors whereby interest bearing loans (interest paid currently and loans retired in less than ten years) made to a trust for the benefit of family members can create guaranteed Internal Rates of Return (IRR) that far exceed those available from most portfolio assets.  As the accompanying study illustrates, if trust assets grow at a modest 6% annual rate, the underlying trust will have grown terminal value to in excess of $16,145,000 in year 27 (the joint life expectancy of the hypothetical couple used in the study).

That equates to a 12.5% tax-free IRR for the trust assets (19.3% pre-tax).

This program is not a risk-less arbitrage.  Risk may be associated only with the trust’s ability to achieve annual growth of 6% during the loan period and longevity of the investors.  To the degree that growth rates fall below 6%, loans may be extended beyond 9 years and, correspondingly, IRR’s will not be as high as illustrated.  Additionally, because the trust matures upon the death of the investors, if the trust outlasts actuarial assumptions, IRR’s may be less than indicated above (see accompanying schedules).

This program is Internal Revenue Code (IRC) compliant.  Rates of interest charged to and paid by trusts using program are based on the Applicable Federal Rate (AFR) for mid-term loans and are published monthly.  Once established, loans will bear that AFR for the term of the loan.

Perhaps a successful individual is not interested in further estate planning. This approach understands that position and posits that the Privately Financed Guaranteed UL Program, aside from offering a superior investment experience, may enable investors’ unique opportunities to expand both charitable and non-charitable goals that previously weren’t possible or were deferred.

To Summarize:

Privately Financed Graded Premium Universal Life may be a solution to issues facing many successful investors and families today.  Through the use of a minimal risk arbitrage technique, estates can be secured, charitable gifts accelerated and a variety of other planning and/or investment goals satisfied very efficiently.

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Here we are!

[ 0 ] January 22, 2014

Spectrum Financial has made it more convenient for you to to reach us!  You can find us on our blog  LinkedIn page,  Facebook page, and of course our website.

Check us out!

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FAMILY LEGACY UNITRUST EDGE

[ 0 ] October 23, 2013

Spectrum Financial Solutions, LLC Family LegacyWhat is a legacy?  To many people, it is the estate that they leave their heirs after their deaths.  It is the culmination of prudence, wisdom and intelligent financial planning and may provide one a great feeling of satisfaction.  However, a legacy does not necessarily need to start after our deaths nor does it need to be confined solely to providing assets and income for our heirs.

Summary:

The Family Legacy Unitrust Edge is a straightforward combination of three time tested financial planning tools joined together into one program in order to achieve optimum success for our clients who are concerned about charitable giving and income tax and estate planning issues. The designers of theFLUTE program have combined three basic, IRS codified concepts to avoid potential pitfalls associated with risky, “over the top” planning techniques that may be offered to wealthy individuals today.  Our opinion letter from PricewaterhouseCoopers, LLP bears testimony to this.  The cornerstones of theFLUTE are:  substantial ongoing gifts to charity, Internal Revenue Code based income tax deductions, traditional estate transfer techniques and organizations like Spectrum Financial Solutions, LLC to make them a reality.

Spectrum Financial LLC, Florida

Spectrum Financial Solutions, LLC located in New Jersey and Spectrum Financial Solutions, LLC located in FL have been assisting individuals and businesses with their financial challenges for over 30 years.  With an emphasis on partnering with the right professional, we offer technical help and  specializations to meet your every need. Retirement Planning in FL, Tax Planning in NJ and Estate Planning in NJ are our successful hallmarks.

Need to know about Privately Financed Universal Life Insurance in FL? Call us today. Family Legacy Unitrust Edge in NJ has been created to help families establish lifetime legacies in a unique manner that simultaneously addresses social and family needs. We’d like to make sure you know more. Applicable Federal Rates in FL affect many of your planning tools.

732-450-9530

George Klahre

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Trusts Can Benefit Your Grandchildren

[ 0 ] October 9, 2013

Spectrum Financial Solutions, New Jersey, GA, Grandchildren AssetsYou gave your children a great start in life and they are all well established, and you are leaving them your assets to ensure their security later in life.  But, what about your grandchildren?  Would you like to secure their future as well?  It may be easier than you think.

Q.:  How can I help secure my grandchildren’s future?
A.:
You can give $12,000 to each grandchild each year with no gift or estate tax consequences.  If you are married you can give twice this amount.  Due to the miracle of compound interest, this can create quite a nest egg by the time the grandchild is at retirement age.  The average rate of return for large, publicly-traded stocks, net of inflation, has been about 7.3 percent.  Money invested at this rate would double about every 10 years.  Let’s say you and your spouse each contribute $12,000 for the first two years of the grandchild’s life, for a total of $48,000.  If this nest egg were invested and returned the average historical stock market return, by the time your grandchild is age 52, he or she would have over $1.8 million in today’s dollars.  By age 62, the earliest age to begin drawing social security, he or she would have over $3.6 million.

Q.:  How can I see to it that my grandchildren get the money I’d like them to have?
A.: 
Of course, when your grandchild is a newborn, you cannot just give him or her a check.  However, you can set up an irrevocable trust with your grandchild as the beneficiary.  In fact, you can set up one trust for all of your grandchildren that will split into separate trusts after your death or when each grandchild has reached a certain age.  You can set up the standards for distributions and can ensure that the nest egg is not squandered by your grandchildren before they are mature enough to handle the responsibility.

Q.:  Is there a downside to setting up a trust for my grandchild?
A.:
As with most things, there are complications.  You have to be careful that the trust assets will not be subject to a “generation-skipping transfer (“GST”) tax.”  The GST tax applies whenever you give assets to someone that is two or more generations younger than you are.  The GST tax is in addition to the normal estate tax, and the rate is between 45 percent and 55 percent, depending upon the year of the transfer.  However, you and your spouse can each give at least $2.0 million to your grandchildren without paying the GST tax.  Also, a variety of techniques can be used to pass assets for the benefit of your grandchildren without paying the GST tax.

Q.:  Who should I contact about setting up a trust?
A.: 
A qualified estate planning attorney can help you determine how to best provide for your grandchildren.  A qualified financial planner can help you achieve the financial goals so the nest egg you provide will ensure a comfortable retirement for your grandkids.

Spectrum Financial Solutions, New Jersey, Florida

Spectrum Financial Solutions, LLC located in New Jersey and Spectrum Financial Solutions, LLC located in FL have been assisting individuals and businesses with their financial challenges for over 30 years.  Do you need to know about Privately Financed Universal Life Insurance located in FL? Call us today. Family Legacy Unitrust Edge located in NJ has been created to help families establish lifetime legacies in a unique manner that simultaneously addresses social and family needs. Applicable Federal Rates located in FL affect many of your planning tools.

George Klahre

10110 SE Osprey Pointe Dr.

Hobe Sound, FL 33455

732-450-9530

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Information provided by:  https://www.ohiobar.org/ForPublic/Resources/LawYouCanUse/Pages/LawYouCanUse-411.aspx 

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TONY SOPRANO’S ESTATE GETS “WHACKED”

[ 0 ] October 2, 2013

Spectrum Financial Solutions, New Jersey, Florida, James Gandolfini's WillThe cost of being penny wise and pound foolish…

Actor James Gandolfini, who made the mobster Tony Soprano a household name, suddenly died in June of a heart attack at the age of 51.  News quickly morphed from sadness over his untimely death to shock over his seemingly ill-conceived estate plan, namely, his will, which was so poorly drafted that up to 80% of his assets are rumored to be subject to a 43% estate tax.

Here’s irony for you:   While Gandolfini’s iconic Soprano’s character spent his life running from the government, the actor who played him on TV made the government his primary beneficiary.

I don’t think he did it on purpose.

According to news reports, Gandolfini had an estate worth an estimated $70 million at the time of his death. Looking at the way he bequeathed his assets, Gandolfini’s estate will pay about $30 million in taxes, most of which will come from the shares he left his wife and newborn child, due in cash within nine months of Gandolfini’s death.

Yes, you read this correctly.  Over $30 million owed in taxes on a $70 million estate.  Due in nine months.  Cash.

Many of you are probably asking, “With all of Gandolfini’s money, he could have bought the best estate planning money can buy.   How could this have happened?   How will his beneficiaries fund that kind of tax bill without an asset fire-sale or life insurance policies?”  The answer is that they can’t.  Estate planning experts believe his estate planning was ill-conceived at best and an utter disaster at worst.

So what went wrong?

If you go online and do some research on the Gandolfini will, you will find dozens of articles outlining what lessons can be learned from his advisors’ estate planning missteps. The articles outline tips for tax avoidance, the benefits of life insurance and trusts, the wisdom of consulting foreign counsel regarding property disposition in foreign countries, providing for real estate upkeep in wills, and the pitfalls of leaving huge, unequal chunks of money to young children from blended families.  Digging deeper, you may even find the one article where Gandolfini’s estate lawyer himself denies pretty much everything that’s been written about the Gandolfini estate. 1

But one thing remains true…

Regardless of how much Gandolfini was worth when he died and to whom his estate was distributed, close examination of the will itself reveals a poorly designed estate tax plan.

No matter which news report you believe, the debate surrounding Gandolfini’s will imparts us with two very important teaching moments: 

1.)    Hire The Best Estate Planning Team You Can Afford

If you have a significant estate (say north of $10M) and invested more for the car you drive than your estate planning, you can expect that your estate, like that of Gandolfini’s, will likely get “whacked” with unnecessary lawyer’s fees, probate administration fees and death taxes when you die–in the 40% to 50% range–what a waste.  Worse yet, during your lifetime, your assets will be exposed to potential financially ruinous lawsuits. Why go with a “coach” style estate plan when you will save and protect so much more by upgrading to a “first class” comprehensive estate plan?

That might have been one of Mr. Gandolfini’s biggest mistakes, and it’s going to cost his family time, money and privacy.  Most successful people understand they must upgrade their advisors as they increase their personal wealth but, unfortunately, not all.  Because professional fees for tax planning are generally tax deductible and therefore subsidized by Uncle Sam, it just makes good sense to hire the best tax advisor you can afford.

The knowledge required to protect significant estates is a totally different skillset than drafting an average will.  An experienced team of advisors can deftly navigate complicated business interests, multiple properties (sometimes in foreign countries), blended families, spendthrift trusts, life insurance plans, and the like.   Hiring an estate planner who has experience with such issues can prevent an estate from falling into tax pitfalls or from being ravaged by lawsuits that a less sophisticated advisor might not catch.

2.)    Get Out of Your Own Way

Know enough to know when you don’t know enough.

Mr. Gandolfini’s estate lawyer goes on record to indicate that his client made his own decisions, despite possible advice to the contrary.

This happens all the time.  Let me give you my own example.

I recently recommended a course of action to a client for a comprehensive estate plan with asset protection that would cost between $50,000 to $75,000 in legal fees to shelter millions of dollars in estate taxes and place protective “firewalls” around his assets in case of a future unforeseen lawsuit. He initially balked at the cost, but when he saw the amount of money his estate would save in taxes at his death, my client was smart enough to realize that you “get what you pay for.”

At our final planning meeting, I outlined all the “what if” concerns he had about his estate.  There were a lot, as his estate was highly complex. I took careful time to explain how each of his “what ifs” was addressed by my recommendation. He realized that the large upfront costs were nothing compared to knowing that his estate would save millions down the road. His assets would be protected from future potential lawsuits, his kids would be discouraged from fighting over the money by certain forfeiture provisions, and his legacy will be protected for decades to come.

The lesson here for clients is to clearly communicate all goals and concerns, then let your advisors get to work and trust that they have your best interests at heart.  And, importantly, don’t be penny wise and pound foolish.

Remember that while good advisors know that the client is the boss and will follow their instructions to the letter, great advisors know their client wants the best advice money can buy.  Great advisors work to achieve their client’s goals, even if it takes extra effort to get there.  Great advisors would never let the government become your primary beneficiary.

Don’t let your estate get “whacked” like Big Tony’s.  What kind of estate plan do you have: “Coach” or “First Class”?

Spectrum Financial Solutions, New Jersey, Florida, James Gandolfini

Spectrum Financial Solutions, LLC located in New Jersey and Spectrum Financial Solutions, LLC located in FL have been assisting individuals and businesses with their financial challenges for over 30 years.  Do you need to know about Privately Financed Universal Life Insurance located in FL? Call us today. Family Legacy Unitrust Edge located in NJ has been created to help families establish lifetime legacies in a unique manner that simultaneously addresses social and family needs. Applicable Federal Rates located in FL affect many of your planning tools.

George Klahre

10110 SE Osprey Pointe Dr.

Hobe Sound, FL 33455

732-450-9530

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Grandchildren are often on the minds of those doing estate planning

[ 0 ] September 11, 2013

Spectrum Financial LLC, Grandchildren assetsGrandchildren are often on the minds of those doing estate planning; learn the best strategies for including them in your plan.

Similarly to planning the transfer of assets to your children, how you plan the transfer of your assets to your grandchildren will likely depend on whether they are adults or minors. Also, special needs children may need complete or supplementary financial support throughout their lives; as a grandparent, you may wish to contribute to that, as well.

Grandchildren may be subject to the generation skipping transfer (GST) tax, which is levied in addition to estate and gift taxes.

Additionally, paying for education may be a concern as grandchildren transition into adulthood and beyond. If you haven’t already placed assets in a 529 plan, Uniform Gifts to Minors Act (UGMA) account or Uniform Transfers to Minors Act (UTMA) account, doing so during your lifetime may be a strategic way to reduce the value of your taxable estate while working toward education savings goals.

If you have a 529 plan, you generally maintain control of the account until the money is withdrawn. Therefore, part of your estate planning might be to update the successor designation, which stipulates who will take over management of the account if you pass away.

And, as always, ensure your beneficiaries are up to date on other assets that have provisions for naming them, including investment and bank accounts with transfer on death (TOD) designations.

For minor grandchildren

If grandchildren are still minors, you may wish to help ensure they are provided for financially. Even if you have other assets you would like to pass to grandchildren, you may want to consider them when you choose your life insurance coverage. You might also want to plan to help cover the cost of college education through insurance, or to provide for grandchildren into adulthood, as well.

Trusts can be especially beneficial for minor children, as they allow more control of the assets, even after your death. By setting up a trust, you can state how you want the money you leave to your grandchildren to be managed, the circumstances under which it can be distributed, and when it should be withheld. You can also determine if your grandchildren will be able to control the money at a certain age as either co-trustees or full owners.

Trusts

Trusts with distinct benefits for grandchildren

Generation-skipping trusts can allow trust assets to be distributed to non-spouse beneficiaries two or more generations younger than the donor without incurring GST tax.

Credit shelter trusts make full use of each spouse’s federal estate tax exclusion amount to benefit children or other beneficiaries by bypassing the surviving spouse’s estate.

Irrevocable life insurance trusts (ILITs) purchase life insurance policies to provide immediate benefits upon death that do not usually pass through probate.

A trust can also be an effective tool for transferring assets to an adult grandchild, while reducing estate taxes and allowing your influence on the assets even after you have passed away. A simple revocable trust or irrevocable trust may suit your needs, or you may want to consider one of the trusts with distinct benefits for grandchildren, listed at the right.

Retirement plans

Since only spouses have the option of rolling your retirement plan assets into their own IRAs, grandchildren will generally be required to begin taking minimum required distributions (MRDs) soon after your death based on their age—and to pay the associated income taxes.

Additionally, your retirement plan assets will be included in the federally taxable value of your estate. This results in estate tax liability when you pass away (unlike leaving the assets to a spouse, which allows you to take advantage of the unlimited marital deduction).

Although IRAs have no special provisions for naming grandchildren as beneficiaries, your options for grandchildren include:

  • Name grandchildren individually; if any pass away prematurely, the assets will be divided equally among the rest.
  • Choose “Per stirpes,” which means that if one of your children passes away before you do, their share will automatically go to their descendants.
  • Name grandchildren “contingent beneficiaries,” if, for example, you want to name your spouse as the primary beneficiary and your children are financially secure. If your spouse passes away before your IRA is transferred, then the assets would go to your grandchildren.

As always, if you want to name grandchildren as IRA beneficiaries, make sure your designations are up to date.

The rules for 401(k)s and other qualified retirement plans are similar to those for IRAs. If you are married and you want to designate beneficiaries—such as grandchildren—other than your spouse, you may need written consent from your spouse.

Otherwise, retirement plans follow roughly the same guidelines for what is taxable, but other features will vary from plan to plan. Contact the plan’s administrator for specific rules governing your plan.

Special needs grandchildren

For any grandchildren or other beneficiaries who may be unable to care for themselves as adults, you may want to help ensure they have the care and oversight they need for their lifetimes.

If they are unable to make a living for themselves, leaving them assets and making them beneficiaries of life insurance are both options. Trusts can be useful in either case, to help ensure the money is spent properly if they are unable to make spending decisions on their own.

Spectrum Financial Solutions

Spectrum Financial Solutions, LLC located in New Jersey and Spectrum Financial Solutions, LLC located in FL have been assisting individuals and businesses with their financial challenges for over 30 years.  With an emphasis on partnering with the right professional, we offer technical help and  specializations to meet your every need. Retirement Planning in FL, Tax Planning in NJ and Estate Planning in NJ are our successful hallmarks.

Need to know about Privately Financed Universal Life Insurance in FL? Call us today. Family Legacy Unitrust Edge in NJ has been created to help families establish lifetime legacies in a unique manner that simultaneously addresses social and family needs. We’d like to make sure you know more. Applicable Federal Rates in FL affect many of your planning tools.

732-450-9530

George Klahre

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Information provided by:  https://www.fidelity.com/estate-planning-inheritance/estate-planning/beneficiary-strategies/grandchild

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I am Rich!?

[ 0 ] September 4, 2013

Spectrum Financial Solutions, LLC I am rich?

Written by George Klahre

In a recent TIME Magazine article, it was reported that UBS had surveyed thousands of investors to come to the conclusion that if you own investible assets of $5,000,000 or more, you likely feel that you are wealthy.  Great news, right?

On closer inspection of the numbers, of those polled, fully 40% of the respondents felt that they weren’t rich with $5,000,000 of investible funds in their accounts.  And what about those with lesser balances in their accounts?

Clearly, wealth is a relative term and not only applies to financial assets, but also to other forms of wealth…health, family relationships, meaningful work or service, philanthropy, etc.  Today, let’s just focus on boring old money.

It has become staggeringly clear to this writer that most of us don’t feel nearly as financially comfortable as we would like to be.  Further, us baby boomers are approaching that time in our lives when, if we haven’t done so already, we start thinking about retirement years, life expectancies well into our 80’s and how are we going to afford us for the next 25-30 years…or longer.

And then there’s that thing called a legacy….

Don’t despair.  Planning now can alleviate fears and concerns.  I have worked with clients and their advisors over the years and the opportunities that the legal, investment and financial communities can access may work wonders in addressing the questions of the future.  Maybe time spent with your advisors now can enhance your “wealth”…both financial and otherwise.

 I would love to chat with you if you or your client thinks it makes sense.

George Klahre

Spectrum Financial Solutions, LLC

Spectrum Financial Solutions, LLC located in New Jersey and Spectrum Financial Solutions, LLC located in FL have been assisting individuals and businesses with their financial challenges for over 30 years.  With an emphasis on partnering with the right professional, we offer technical help and  specializations to meet your every need. Retirement Planning in FL, Tax Planning in NJ and Estate Planning in NJ are our successful hallmarks.

Need to know about Privately Financed Universal Life Insurance in FL? Call us today. Family Legacy Unitrust Edge in NJ has been created to help families establish lifetime legacies in a unique manner that simultaneously addresses social and family needs. We’d like to make sure you know more. Applicable Federal Rates in FL affect many of your planning tools.

732-450-9530

George Klahre

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