Firm Happenings and Financial News

Jun 30

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6/30/2016 8:15 AM  RssIcon

Enjoy Your Holiday Weekend!

It's going to be a beautiful weekend! Have fun during your 4th of July celebrations. Our office will be closed this Monday, July 4th in observance of the holiday.

In this month's newsletter, we're taking a look at how you can benefit from formal financial planning, the tax ramifications of leaving the country, and how much you may need to save for long-term health care. Read on for all of this and more.

Considering Leaving the U.S. if Your Nightmare Candidate Wins in November?

A growing number of people claim that they will move outside the U.S. if Donald Trump becomes president. Others want out if Hillary Clinton is elected.

If you move but keep your citizenship, the U.S. will continue to tax you. The U.S. taxes its citizens on their worldwide income, no matter where they reside. You also won't be able to escape the rules on reporting foreign bank accounts.

Folks who decide to give up their U.S. citizenship could owe an exit tax if their average annual tax for the five years before expatriating exceeds $161,000 or they have at least $2 million of net worth. They'll be treated as selling all their assets for fair market value on the day before their expatriation date and will be taxed on the profit from the deemed sale that exceeds an exemption of nearly $700,000.

Source: Kiplinger Tax Letter

Financial Planning Starts With a Clear Vision for the Future

By Bryan Kettel, CEO, CFP®, ChFC, CLU and Chris Cahoon, CFP®, Strategic Planning Partners

Financial planning starts by developing a comprehensive "discovery snapshop" of your current financial well being, identifying gaps between where you are and where you want to go, and suggesting strategies to bridge those gaps.

"You are entitled to peace of mine - you've earned it. Whether you're working toward securing your retirement, funding a child's education or just trying to protect what you've already achieved, finding that peace of mind starts with a comprehensive written plan.", says Bryan Kettel, CEO, CFP®, ChFC, CLU, and founding partner of Strategic Planning Partners. In addition to specific tactics for success, you should also be equipped with the appropriate knowledge and tools you need to achieve the success you envision, such as ongoing support and recommendations, an action plan, and identified resources and timelines - all designed to make your vision a reality.

"The best financial plan is a living document: a process, not an event. Life and circumstances evolve. That's why we believe periodic review keeps your plan working hard for you every step of the way," says Chris Cahoon, CFP®.

You should work with someone who is the right fit for your needs. We ask these questions and more:

  • Where am I today relative to my goals? How can I be sure I will meet them?
  • How should I invest to meet my goals? Are there options to protect my money, or grow it faster, or make it last longer?
  • How much 'risk' is right for me? Do my investments reflect my tolerance for risk?
  • With college costs rising, how can I pay for my child's college without sacrificing my own future?
  • How can I maximize my income through tax or business planning?
  • What's my best exit strategy for my business and what support is available to strengthen the transition?
  • How can I ensure that my estate is transferred according to my wishes, in the most tax-advantaged way?

Working together, we find answers.

Located right across the hall, Strategic Planning Partners works closely with Falco Sult to provide Financial Planning services to our clients. They are credentialed, independent financial planners, offering fee-based planning and access to a broad array of products and services.

Two Insurance Strategies That May Prevent Your Savings From Being Depleted by the Escalating Cost of Long-Term Care

It may be hard to fathom, but the median annual cost of a private room in a nursing home has surpassed $90,000, and the median cost of a home health aide is already more than $45,000 a year.1 If you expect to pay for long-term care out of pocket, it might be wise to consider whether your financial resources could withstand a worst-case situation. What would happen to your retirement savings if you or your spouse became severely disabled and had to enter a nursing home? How would writing a check for $6,000 or more every month affect the standard of living of the healthy spouse, who would still need to pay for his or her normal expenses?

Many families purchase long-term-care (LTC) insurance to help cover this financial risk, but some people may be uncomfortable with traditional LTC policies because annual premiums might increase over time, and there's a chance they will never need custodial care.

Read the full article for two life insurance strategies that may help prevent your savings from being depleted by the escalating cost of long-term care.

Source: Strategic Planning Partners

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