Guest Post: Leave A Lasting Legacy In This World While You Are Here And After You Leave

There is an adage in business that says, "People don't plan to fail, they fail to plan."  This is too true.  If you have not yet sat down with a wealth advisor, it is time to do so.  This may not seem comfortable, but it WILL mean the difference between eating well in retirement or not eating at all.  What you save today determines what you and your family will eat tomorrow. 

The following is a guest post.  This post does not necessarily reflect the views of Suzanne and David E. McClendon, Sr. or Manian Debil Productions.

Leave A Lasting Legacy In This World While You Are Here And After You Leave

While most of us will not be world-class Olympic athletes, Oscar-winning movie stars or generals who command great battles, we still have a desire to leave some type of mark on this world.

For many people that desired action is leaving a legacy while financially securing themselves, their families, their causes and charitable organizations long into the future.

Patrick Renn (www.patrickrenn.com) has found a way to help others leave a legacy and reveals those strategies in his best-selling book, Finding Your Money’s Greater Purpose.

"Each of us, through our contributions as volunteers and benefactors, holds the power to change the course of society for the better," says Renn.

Renn suggests a number of ways to build a legacy and keep contributing to society even after we have left this world.

·  Charitable Gift Annuity.

This is a contract between a donor and a qualified charity that can supplement retirement income and also give you a tax deduction. The annuity involves the donor making a gift to the charity and, in exchange the charity provides the donor with a lifetime fixed income stream.

·  Give a gift of stock.

Let’s say you have a gain on a stock and want to give that to charity. To do so, you could sell it, pay the tax and give what’s left or you could first make the stock itself a gift. This gives you the full benefit of the gift as a tax deduction, and you avoid paying the capital gains tax.

·  Donate your house.

You can make a commitment to leave your house to a charity after your death. By doing this, you can live in the house the rest of your life and receive a tax deduction. In all likelihood the charity will sell the house after you die and the money from the sale will end up as your final donation.

·  Leave your retirement plan to charity.

Leaving money to a charity from your retirement plan could save a lot of headaches. A retirement plan is one of the worst assets to die with because of the taxes associated with it. Leaving the plan to a charity could be the most tax-efficient strategy for that money.

·  Give your family choices with a donor advised fund.

You can leave your family a say in where your charitable donations are going via a donor advised fund. Family members could recommend where money from the fund is going now and after you’re gone.

·  Donate a life insurance policy.

Insurance policies that no longer serve their purpose are a good place to look for charitable opportunities. Many people have outdated life insurance and have now outgrown their original need. Instead of cashing the policy in or just dropping it, why not consider donating it?

"I feel that part of my mission is to show people that they can take advantage of certain financial procedures if only they know about them," says Renn, founder and president of Renn Wealth Management Group. "With a bit of planning, such procedures could benefit them and the causes and institutions they care about."

About Patrick Renn

Patrick Renn, author of Finding Your Money’s GreaterPurpose, has been a CERTIFIED FINANCIAL PLANNER^TM for more than 35 years and holds a bachelor’s degree from in business administration from Villanova University and an MBA from Loyola College. 

Renn – who currently lives in Georgia – is the founder of Renn Wealth Management Group Inc. (www.patrickrenn.com), the former president of the Georgia Society of Certified Financial Planners and former president of the Georgia chapter of the International Association for Financial Planning. 

He is the past president of the Georgia Special Olympics, is the current chair of the Day 1 Endowment and has served on countless other charitable and endowment boards.

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Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.   Always consult a professional before you act on any of the information you find in this course. 

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Guest Post: Greatest Wealth Transfer Could Be Costly Blunder For Beneficiaries And Windfall For IRS

The following is a guest post.  This post does not necessarily reflect the views of Suzanne and David E. McClendon, Sr. or Manian Debil Productions. We suggest reading the book Master Your Cash Flow and consulting your financial professional.  

Greatest Wealth Transfer Could Be Costly  Blunder For Beneficiaries And Windfall For IRS

Anyone who just inherited a deceased parent’s IRA or 401(k) could be about to commit a costly blunder.

You can take the money from that retirement account in one big lump sum, no matter how young you are, but that will trigger a tax bill – probably a hefty one.

"It’s tempting to take the lump sum, especially if it represents a huge windfall of cash for you," says wealth management advisor Rebecca Walser of Walser Wealth (www.walserwealth.com). "But you should be aware it’s also a windfall for the IRS."

Walser, a successful tax attorney and certified financial planner who specializes in working with high net worth clients, says this issue will become an even more common one in the coming years as the aging Baby Boomers die off, transferring their wealth to their Generation X and Millennial offspring.

Some have called it the greatest wealth transfer in history, as over the next few decades the Boomers are expected to leave about $30 trillion in assets to their children and grandchildren.

Part of that money is in tax-deferred retirement plans such as a traditional IRA or an employee-sponsored 401(k) that Baby Boomers have been contributing to for decades.

They didn’t have to pay taxes on the money they contributed to those plans until they started withdrawing the money in retirement. But just to ensure those taxes aren’t deferred forever, the government requires a minimum withdrawal each year once the account holder reaches age 70½.

The IRS also isn’t picky about who does the paying, Walser says. It’s fine with collecting the taxes from heirs if the retiree dies before spending all the money.

A spouse who inherits such an account falls under different rules, but Walser has advice for anyone else who finds themselves in this situation:

• Consider a tax strategy.

If you inherit an IRA, think about your need for these gifted funds. If there is no need for the funds for at least five years, consider repositioning them into a tax-advantaged vehicle over the next five years and save yourself thousands of dollars in taxes over your lifetime. "We always prepare an RMD analysis and find that paying the tax man over the next five years, while we still have the second lowest tax base in U.S. history, is much more appealing than deferring the tax and then being trapped into paying them in a rising tax rate climate," Walser says. Taxes must inevitably go up in the future, she says, because of our current federal debt of $20 Trillion combined with the concurrent retirement of the Boomers in mass.

• Understand what kind of account you inherited.

The rules for a Roth IRA are different from the rules for a traditional IRA. Taxes were already paid on the money that was contributed to a Roth. If the Roth was funded more than five years before the person died, you won’t need to pay taxes when you take distributions.

• Don’t rush into a bad decision.

You will face deadlines for when you have to make decisions (the IRS won’t remain patient forever), but there’s no need to be hasty and do something you’ll regret later, Walser says. If you don’t have a financial advisor, she says, it would be wise to find one who can help you figure out what the best tax strategy will be for your situation.

"Maybe you really do need the money, so taking the lump sum makes sense," Walser says. "But I think most people who do that are going to regret it later, especially if they just blow all the money right away and don’t have anything to show for their inheritance."

About Rebecca Walser

Rebecca Walser is a licensed tax attorney and certified financial planner who specializes in working with high net worth individuals, families and businesses at Walser Wealth (www.walserwealth.com). She earned her juris doctor degree from the University of Florida and her masters of law degree in taxation from New York University.

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I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!

Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.   Always consult a professional before you act on any of the information you find in this course. 

Do you have a frugal recipe?  Please e-mail it to me.
Help us reach 1,000 YouTube subscribers. Please watch some of our videos. If you like them, please subscribe. Also, please share our YouTube information with your friends.  We thank you so much for all your help. 

Disclaimer: The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.


 Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions. There is no one right answer to any business question that will cover all circumstances.

Notice: This post contains affiliate links. If you click a link and make a purchase, we may financially benefit from your transaction. Thank you for your support!

Happy Memorial Day: It's Monday What Are You Reading?

Happy Memorial Day

It’s Monday What Are You Reading?

Well, here is wishing you a Happy Decoration Day.  I know that the meme It’s Monday What Are You Reading is geared more towards fiction than for non-fiction reading.

 However, there are some books and some subjects that adults must read.  It is important to know this information so that you have money to live off in your later years.

The book Master Your Cash Flow is one such book.  It is written by Albert J. Zdenek, Jr., CPA/PFS.  

Master Your Cash Flow helps us learn how to enjoy life now without having to

sacrifice our retirement years.  Mr. Zdenek teaches us that it is okay to have that pumpkin spice latte and that we can still maximize retirement savings.

The book starts off:

How do people make financial choices? Often they don’t

do so as well as they need to, largely because they’re

poorly informed about the impact of the choices they’re

making.

The really big thing is that Mr Zdenek teaches his readers how to avoid all the financial mistakes I have made along the way, and a few others.   No matter where you are in life, you should be preparing for life after retirement.  What you do now determines how you will spend your retirement years.

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I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!

Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.   Always consult a professional before you act on any of the information you find in this course. 

Do you have a frugal recipe?  Please e-mail it to me.
Help us reach 1,000 YouTube subscribers. Please watch some of our videos. If you like them, please subscribe. Also, please share our YouTube information with your friends.  We thank you so much for all your help. 

Disclaimer: The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.

 Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions. There is no one right answer to any business question that will cover all circumstances.

Notice: This post contains affiliate links. If you click a link and make a purchase, we may financially benefit from your transaction. Thank you for your support!

Guest Post:6 Ways To Reduce Stress And Anxiety In Your Financial Life

The following is a guest post.  This post does not necessarily reflect the views of Suzanne and David E. McClendon, Sr. or Manian Debil Productions.

6 Ways To Reduce Stress And Anxiety In Your Financial Life 

Trading in your morning coffee run to Starbucks for the pot of coffee in the office is never fun, but when finances get tight that drive-thru stop might be one of the first things to go.

But do you really need to give up the little things in life that make you happy?  Al Zdenek (www.AlZdenek.com), the author of the book Master Your Cash Flow: The Key ToGrow And Retain Wealth, doesn’t think so.

"It’s important to be able to hang onto those things you enjoy," says Zdenek, the president, CEO and founder of Traust Sollus Wealth Management. "You should be able to, just as long as you continue to make smart decisions on bigger issues that affect your future wealth."

There is a lot of financial stress and anxiety in the country. Zdenek says if you can eliminate financial stress from your life, your anxiety levels will go down.  Here are some of the things he recommends to accomplish that:

·  Know what you need.

The unknown is the biggest stress driver. There is a cash flow per month that would allow you to live the way you want now and in the future. This is something you should know.

·  Fix broken cash flow.

Unfortunately, we have all made poor financial choices, some of which have been more costly than others. There is no need to continue this. There are ways to find solutions in everyday decisions that will allow you to start your cash flow going in the right direction.

·  Use debt smarter.

Many types of debt can be good; such as real estate, investments and investing in your business. Make your debt decisions like a well-run company and create wealth.

·  Make sure you have a road map.

Having a good financial plan is like having a good map and researching your trip ahead of time. You can wing your financial plan, but if you work less in life and get to your destination sooner, your life will be less stressful if you have a plan.

·  Don’t let your decisions come back to haunt you

. The bad decisions you make could come back to haunt you decades down the road. Learn how to avoid costly decisions and always make the correct financial choices, 100 percent of the time.

·  Work when you want.

People like to know when they don’t have to work anymore. A good advisor can set you up with a plan that will give you this option well before you reach retirement age.

"By consistently making the best financial decisions, people can find more cash flow to spend or save," Zdenek says. "That way they may achieve financial independence sooner, work less in life and have less anxiety and stress in their financial lives."

About Al Zdenek

Al Zdenek (www.AlZdenek.com) is the president, CEO and founder (1982) of Traust Sollus Wealth Management, a boutique wealth management firm dedicated to empowering people to transform their lives and live the life they wish now and in the future. This is done by consistently making the best financial decisions. His book, Master YourCash Flow, shows readers how to achieve the wealth they need and then find additional cash flow and, if saved, build wealth sooner, work less years or have more wealth to live the lifestyle they desire now and forever.

If you would like for me to pray for you, please drop me an e-mail by clicking prayer.


Please Visit My Child Bride Suzanne's Blog

I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!

Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.   Always consult a professional before you act on any of the information you find in this course. 

Do you have a frugal recipe?  Please e-mail it to me.
Help us reach 1,000 YouTube subscribers. Please watch some of our videos. If you like them, please subscribe. Also, please share our YouTube information with your friends.  We thank you so much for all your help. 

Disclaimer: The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.

 Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions. There is no one right answer to any business question that will cover all circumstances.

Notice: This post contains affiliate links. If you click a link and make a purchase, we may financially benefit from your transaction. Thank you for your support!