Connect with me on LinkedIn

Happy Thanksgiving from your friends at Spectrum Financial Solutions, LLC!

[ 0 ] November 27, 2013

As another year of blessings, health, love, laughter and fun passes, we would like to give thanks on this special day.

Thank you!  Thank you for your confidence and loyalty.  Thank you for your trust and friendship.  Thank you for illuminating our year.

We hope many more blessings are coming your way!

Happy Thanksgiving from Spectrum Financial Solutions, LLC!

Spectrum Financial Solutions, LLC, NJ, FL, Happy Thanksgiving

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
Facebook | LinkedIn | Blog | Email

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

Small businesses and Obamacare do not mix

[ 0 ] November 20, 2013

Spectrum Financial Solutions, FL New Jersey, ACA

President Obama promised that small businesses would be able to afford healthcare for their employees at reasonable rates.   According to the White House website, “the health law “makes it easier for businesses to find better coverage options” and “stops insurance companies from taking advantage of you, giving the consumer and business owner more control and making health-care coverage more affordable.”

Small businesses are disagreeing with him.

Many small businesses under 50 employees are choosing not to offer healthcare to their employees since they have that option. 64% of businesses that are between 40-500 employees believe that Obamacare will have a negative impact on their business.

In fact, many small businesses have changed their full time employees to part time.  Obamacare has defined a full time employee as someone who works 30+ hours a week.

Many companies are even capping their full time employees at 49 employees.  Businesses that have between 40-70 employees will  “make personnel decisions to keep” their “workforce below the threshold of 50 full-time employees and avoid the requirements and penalties associated with the new health care law.”

Read the entire article here.

Some content provided by http://online.wsj.com/news/articles/SB10001424052702303460004579192102917020082

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
Facebook | LinkedIn | Blog | Email

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

Obamacare: Not that great

[ 0 ] November 13, 2013

Spectrum Financial Solutions, NJ, No ObamacareSince October 1st, the Affordable Care Act, also known as Obamacare, has been tormented with problems.  See what plague has affected the launch of the Affordable Care Act:

  • The website is down, not taking any new enrollments, and just plain overwhelmed with glitches.  In order to fix the problem, the website has to go down nightly for maintenance and repair.
  • Employers all around the nation have been cutting back the hours of their employees to under 30 hours a week because they cannot afford the new health care reform.
  • President Obama had said that no one would lose their health insurance prior to the roll out.  However, people have lost their insurance.  The insurance companies are dropping patients all the time due to the patients specific plans do not measure up to the Affordable Care Act.  The patients now have to pay more money to get the same thing they have had all along.
  • Retirees from major corporations have lost their health insurance if they are eligible for Medicare.

By all appearances, the hoopla surrounding the launch of the Affordable Care Act is anything but affordable.

Original content provided by Transformer Marketing.

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
Facebook | LinkedIn | Blog | Email

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

The 4 things you need to know about Obamacare

[ 0 ] November 6, 2013

We are waist deep in enrollment and come January 1, 2014 the law takes full effect, here are some key points that you need to know.

  • Insurers can no longer charge astronomical rates or deny anyone coverage for pre-existing conditions.
  • To help with costs, EVERYONE must have health insurance or pay a penalty.  1% of income or $95, whichever is higher.  The prices will increase come 2016.
  • Premiums for older people will be capped.
  • No more annual or lifetime limits on health plans.

With health insurance more attainable now, everyone can get coverage they have been needing.

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

Facebook | LinkedIn | Blog | Email

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

Turn your clocks back this weekend!

[ 0 ] November 1, 2013

Spectrum Financial Solutions, FL, FallBack

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
Facebook | LinkedIn | Blog | Email

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

Happy Halloween from your friends at Spectrum Financial Solutions

[ 0 ] October 30, 2013

Spectrum Financial Solutions, New Jersey, Happy Halloween

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
Facebook | LinkedIn | Blog |  Email

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

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

Facebook | LinkedIn | Blog | Email

Powered by:  TM

TM-Logo3-25-2013

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

Not Planning to Buy Health Insurance? Here’s What’s Going to Happen to You

[ 0 ] October 16, 2013

Spectrum Financial Solutions, NJ, FL, Health Care Reform Tax PenaltiesIt may seem like a clever idea to save yourself cash by not purchasing health insurance, but with Obamacare kicking in, you’ll have penalties to pay, which could cost you big bucks in the long run.

Not only are you playing financial Russian roulette – you could be forking out tens of thousands or hundreds of thousands of dollars if you’re injured in an accident or become seriously ill – you’ll also have to pay a penalty to the federal government for flouting the law, costing you hundreds or thousands of dollars more.

A wiser decision if you’re uninsured is to start shopping on your state health exchange, which opened Tuesday — with glitches – as a key part of health care reform.

It’s OK if you feel at a loss about the Affordable Care Act, which is also known as Obamacare. You’re not alone. A newly released survey by the Commonwealth Fund found that only 4 in 10 adults were aware of the health exchanges and the financial subsidies available to help cover costs when you buy insurance there, and only one-third of those without insurance were aware of the new way to shop for health insurance.

In the first quarter of the year, 46 million Americans didn’t have health insurance, according to the U.S. Centers for Disease Control and Prevention. The establishment of the state health exchanges, or insurance marketplaces, is designed to reduce the number of uninsured.

Who needs insurance?

Starting next year, almost everyone will need to be insured. You can purchase that insurance on your own or through the exchange, have it through your employer, or have it provided by government programs such as Medicare, Medicaid, the Children’s Health Insurance Program, TRICARE and veterans health insurance programs.

There are some limited exceptions, such as for those who earn a very low income or are members of certain religious groups, as shown in this graphic by the Kaiser Family Foundation.

While you can start shopping for insurance on a state exchange now, the policies don’t take effect until Jan. 1.

What if I don’t buy insurance?

If you skip the insurance, you’ll pay a penalty. For 2014 the fine is $95 for an individual or 1 percent of your income, whichever is greater, along with $47.50 per uninsured child, maxing out at $285 for the year.

But by 2016, an individual would pay $695 or 2.5 percent of your income.

The TurboTax website has a calculator to help you determine how high a penalty you’d pay.

Without insurance, you’d also face a double whammy. By 2016 you’d be forking over almost $700 to the federal government and having nothing to show for it, and still have to pay your own medical bills if you’re injured or become ill.

What will insurance cost?

The exchanges will sell four levels of policies – platinum, gold, silver and bronze. Bronze plans will have the lowest premiums, but cover only 60 percent of costs. Platinum, on the other hand, will have the highest premiums, but cover 90 percent of costs.

If you earn up to 400 percent of the federal poverty level ($45,960 for an individual and $94,200 for a family of four this year) you’ll be eligible for a subsidy, which will come in the form of a tax credit. Subsidies are based on your family size and your earnings. The less you earn, the higher the subsidy.

With the subsidies, more than half of Americans should be able to find health insurance for less than $100 a month, according to the U.S. Department of Health and Human Services, although you might choose to pay more.

There also will be caps on out-of-pocket costs. Typically, the maximum an individual will pay in co-payments and deductibles next year is $6,350, and a family’s costs will be capped at $12,700.

What if you delay?

Because you can’t be turned down for health insurance under the Affordable Care Act if you have a pre-existing condition, you might be tempted to dawdle and see if you actually get sick before purchasing insurance.

But that strategy could easily backfire.

You’ll only be able to buy insurance on your state health exchange through March 31, 2014. After that, the open enrollment period will run from Oct. 15 to Dec. 7 each year.

There are exceptions that allow you to purchase insurance on the exchange at any time of the year if you experience a life-changing event, such as moving to a new state, getting married, getting divorced, or having a baby.

While you can purchase insurance outside the exchange at any time, you won’t be eligible for a government subsidy, which is one of the cornerstones of health reform.

Bottom line: Ponying up for health insurance now can potentially save you from astronomical costs down the road.

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

Facebook | LinkedIn | Blog |  Email

Information provided by:  http://finance.yahoo.com/news/not-planning-buy-health-insurance-111054106.html

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

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

Facebook | LinkedIn | Blog | Email

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

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share

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

Facebook | LinkedIn | Blog |  Email

Information provided by:  http://campaign.r20.constantcontact.com/render?llr=wxxosffab&v=001Xb0L0r5qCg09tM2F6LGBxVnBhtXureb7yjzZCQRFyQWN6EyjXwiVz7yTEJR1DSAomcM5tPcN4tiuZKn7xn41E518ftO-gox5zG2oc7THgoa_Wvv7YLHYPw%3D%3D

Spectrum Financial

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
Facebook | LinkedIn | Blog |  Email

Share