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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estateplandocument extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
And while Black Diamond has cut a deal with Morningstar to be the 'default' option for Office advisors to move to, a host of other portfolio management platforms are offering their own incentives as well, leaving Morningstar Office advisors with an opportunity to evaluate a large and crowded landscape of options to find the platform that will work (..)
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
This month's edition kicks off with the news that digital estateplanning platform Wealth.com has raised a whopping $30 million in Series A funding, following on the heels of Vanilla's follow-on $20M capital round just a few months ago – which on the one hand reflects the anticipated enthusiasm for solutions that can help advisors efficiently (..)
Your personal preferences and the potential good your bequests can do are factors to think about in your estateplanning. What Is Estate Equalization? Basically, estate equalization is the process of helping ensure fairness in your estateplan, whether that means leaving all your primary heirs the same bequests or not.
This month's edition kicks off with the news that estateplanning platform Wealth.com has launched Ester, an AI-driven 'legal assistant' that uses machine learning to help advisors quickly review and extract the key information from clients' estateplanningdocuments, as it joins FP Alpha in the competition to become 'Holistiplan for estateplanning (..)
million in seed funding to support its growth as it builds out its "end-to-end" financial planning and advice engagement platform (but will it be able to replace, rather than augment, advisors' existing financial planning software?)
Also in industry news this week: The SEC this week released its list of priorities for 2025 examinations, which include advisers' use of Artificial Intelligence tools, adviser recommendations of complex investment products, and broker-dealers' compliance with Regulation Best Interest CFP Board has introduced a refreshed ad campaign encouraging students (..)
Moreover, even if durability is established, it's important to distinguish between an immediate POA, which is effective as soon as the document is signed, and a springing POA, which won't be effective until the grantor becomes incapacitated, and that incapacitation has been certified by a doctor as well! Unfortunately, nearly half of all U.S.
Moreover, even if durability is established, it's important to distinguish between an immediate POA, which is effective as soon as the document is signed, and a springing POA, which won't be effective until the grantor becomes incapacitated, and that incapacitation has been certified by a doctor as well! Unfortunately, nearly half of all U.S.
Yet despite this – and perhaps even because of it – advisory firms are putting an ever-greater focus on financial planning in 2022, as a way to both show value to clients in the midst of difficult market returns, and, more broadly, to help clients navigate the current environment.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Farther raises a $15M Series A to try to make a more efficient back-office for advisors to actually be able to take home a 75% payout.
This month's edition kicks off with the news that Pershing X has announced the launch of its long-awaited (and newly renamed) “Wove” advisor technology platform – which despite purporting to be an open-architecture, multi-custodian solution allowing advisors to smoothly integrate all the technology they choose to bring onto it, in (..)
Information you’ll want to document includes: Bank accounts Investments Retirement accounts Estateplanningdocuments (wills, trusts, etc.) But note, in order for a power of attorney (POA) document to be valid, it must be signed by your parents while they are still mentally competent.
Estateplanning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estateplanning does not have to be overly complicated. With the proper planning, you may find yourself resting a little easier knowing you have an estateplan in place.
If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estateplanningdocuments located? Get death certificates.
covers some of the top estateplanning trends that tax advisors should be tracking during the second half of 2024. Now that the mid-point of 2024 has passed, we are faced with an environment where little has changed with respect to the wait-and-see posture of estate and wealth transfer planning. citizens and residents.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Envestnet has announced that it is being acquired and taken private in a $4.5
Estateplanning is a critical component of a comprehensive financial plan. Furthermore, estateplanning includes aspects such as tax minimization strategies, asset protection, and charitable giving. There are many different types of trusts, each designed to address specific estateplanning needs.
While it’s possible to organize financial documents ahead of time, there’s no way to truly prepare for the death of a spouse. In addition to making funeral arrangements and notifying family and friends, another priority is alerting your estateplanning attorney and financial advisor. There are no partial payments.
There were hard feelings — a lot of wondering why her parents had skipped her in their estateplanning. . Not talking to your family about your estateplan has the potential to create chaos and make your family feel unprepared. . Your EstatePlan and Picking Powers of Attorney. At the minimum, share: .
Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. Here’s a big bonus: the annual gifting limit is per beneficiary—and there’s no limit on the number of beneficiaries you can gift to.
Get a social security number for your child. You can request a social security number along with your baby’s birth certificate. Also, your employer may offer an opportunity to contribute to a Healthcare FSA, Dependent Care FSA and HSA, these plans allow you to make pre-tax contributions and use the money for eligible expenses tax-free.
The number varies, but $1,000-$2,000 in cash is about the ballpark for covering travel costs, gas, food, etc. Disaster Preparedness Financial Documents. On the topic of finances, don’t forget your important documents. Even if you’ve digitized all of your important documents, you still might need physical copies as a backup.
Some studies also show that by 2034, the number of older adults will outnumber children. Due to the lack of technological know-how in the older generation, many scammers use new-age methods, such as obtaining passwords, account numbers, Social Security numbers, etc., However, proper estateplanning can help in these situations.
But a number of readers got back to me with a reality check. Depending on a firms tech strategy, she wrote, advisors may have to log in to the CRM, custodian, portfolio accounting, planning software, tax planning software, estateplanning software, social security maximizer software, etc.,
Incomplete tax documentation: Waiting for essential tax documents, such as W-2s, 1099s, or other forms, is a common reason to file for a tax extension. As well as being complicated to complete, K-1 forms are often issued later than other tax documents, frequently compelling filers to seek tax extensions.
The estateplanningdocuments may be done, but is there anything else to really feel comfortable that you’ve prepared all you could when you pass away? After my mom passed, I had been helping my dad get his estateplanningdocuments and other financial activities in order. So, practice!
Aside from the legalities of estateplanning, this exercise is perhaps the single most loving and considerate document you can create for your family that they will forever be grateful for. Review this document annually and share it with your executor so that everything is crystal clear.
If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estateplanningdocuments located? Get death certificates.
Making funeral and burial arrangements After taking care of the immediate needs after the death of a loved one, you can start planning the burial or funeral arrangements and going through the checklist when someone dies. Many people use an estateplanning checklist to prepare their end-of-life arrangements in advance.
Trusts are often used to simplify and coordinate estateplanning. A testamentary trust is created at death, generally through estateplanningdocuments. Consider this example: Jamie (80) is worried about his daughter’s compulsive spending. Irrevocable trusts have their own tax ID number.
He says, “the biggest mistake many businesses owners make is not running a competitive process when the business is capable of attracting interest from a broad number of buyers. On the personal side, your financial advisor , estateplanning attorney, and CPA/tax advisor should be involved throughout the process.
However, much of the cost of a divorce depends on the relationship between spouses, the number of assets, children, and the state of filing. Term life insurance gives coverage for a set number of years, known as the term. Make an estateplan. Estateplans are also used if you become incapacitated.
Let’s take a look at 2021 numbers. . Those of you who have access to a Mega Backdoor Roth can get to this $58,000 number so talk to your employer to see if this is an option for you). These numbers don’t include catch-up contributions (an extra $6,500 for those over 50). . Any funds over that number are simply lost.
Having proper estateplanningdocuments can help ensure your assets pass where, when, and how you want them to. Financial planners study and practice cash flow planning, credit planning, saving for a big purchase, retirement planning, estateplanning, wealth management and insurance techniques.
There are a number of common questions that come up around owning a home. You may be surprised to learn how important your tax strategy is when it comes to real estate investments. Finally, Brian answers a question from the mailbag about who to turn to when it comes to advice regarding investments, taxes, and legal documents.
It also encompasses intended lifestyle, charitable giving, retirement and estateplanning, and liabilities, including anticipated costs for health care. During times of market volatility, such long-term planning enables clients to shake off an impulse to sell. Set hard numbers. Ensuring Legacies Last.
Let’s take a look at 2022 numbers. . Those of you who have access to a Mega Backdoor Roth can get to this $61,000 number so talk to your employer to see if this is an option for you). These numbers don’t include catch-up contributions (an extra $6,500 for those over 50). . Any funds over that number are simply lost.
Trust funds are common estateplanning tools that help high-net-worth individuals pass an inheritance to their children and grandchildren. They can hold several kinds of assets, such as money, real estate, and investments. Maurer, who has the authorization to draft legal documents for clients. Choose the Right Trustee.
There’s really no need for so much complexity in a portfolio and if your portfolio has an excessive number of positions you might want to reconsider your allocation. EstatePlanning Do you have a trust and will? Double check your retirement plan and insurance beneficiaries. 2023 was a great year for risk assets.
It details your current money situation and financial system, including investing, saving, retirement, and estateplanning. So, what is a financial plan, in simple terms? You should also go over the numbers. Create an estateplanEstateplanning is not something many people like to think about , but it’s essential!
This year, two substantive factors—the 2017 tax overhaul and rising interest rates—will be important considerations in our year-end planning work. As we discuss below, the new tax law offers a number of opportunities for adjusting long-term plans. will also influence any decisions about a substantial new gift or transfer.
Also, this number is exclusive of college expenses, which are now averaging $54,880 annually for private schools and $26,820 for public schools. This number becomes concerning because the 2016 Consumer Finance Survey points out that approximately two-thirds of all households with young children have no savings.
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