A new Ohio law attempts to impose ‘best interest’ fiduciary standards onto life insurance and annuity providers. However, these standards are extremely vague and still leave from for abuse to consumers. Many annuity providers and so-called financial advisors plant their product as a solution to a variety of problems, when in reality another product is likely more useful. Below are 4 cautionary tales from clients that have come to us for help in the past. If any of these situations have happened to you or a loved one, or are currently happening, we encourage you to seek out additional financial tools and professionals.
A good leader starts by leading themselves. I had the pleasure of talking with my good friend Mary Rauchenstein on my podcast this week about what qualities a good leader posses, and what the differences are between a leader, mentor, coach and manager. You can use these strategies to start managing your own financial life.
The worst way to invest is by acting on emotions. When unexpected changes occur in the economy, most people tend to panic. Financial resilience isn’t about avoiding all those bad things that can happen to you (for example, a pandemic, or getting laid off) because, inevitably, those things will happen. Instead, financial resilience is about being able to deal with those things when they do happen.
Types of Life Insurance and How They Can Be Used in Estate Planning Many of us start thinking about life insurance when we get our first full-time job and the company’s HR representative asks us “Do you want to enroll in the employer’s group life insurance policy?”. Most people think “Why not?” and sign up,Continue reading “Types of Life Insurance and How They Can Be Used in Estate Planning”
Over the past few weeks, I’ve been asking my clients to send me their most recent tax return. By looking through their returns for missed opportunities and mistakes, there’s a few patterns I’ve noticed.
Permanent life insurance policies offer both a death benefit and cash value, which you can withdraw from at almost any point in your life. Life insurance offers more flexibility, and ROI than many other savings options.
A private annuity arrangement supplies the annuitant with a stable retirement income, keeps assets within the family, and minimizes the tax burden for heirs.
Life insurance is a great tool that you can use to compound your wealth. The problem is that many life insurance and annuity companies advertise insane promises that they can’t keep and aren’t transparent about their business practices. You need to research these companies before working with them.
Instead of risking your retirement savings on individual stocks due to overconfidence and fear of missing out, it’s important to take action to protect your money against future economic hardships.
The future increase in estate taxes could cause problems for your inheritance and retirement income down the road. To protect yourself from heavy taxation, know what tax laws are changing, be proactive in your retirement planning, and look at perusing difference inheritance strategies such as gifting and life insurance.