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Recap of The Topics Discussed at Our 2020 Wealth Symposium on February 5th

By Jill Ciccarelli Rapps, CFP® 

Originally published in the January 2020 edition of eBella Magazine  

On February 5th, we had the honor of hosting the “2020 Wealth Symposium: Bringing the Future into Focus” at Grey Oaks Country Club in Naples, FL. At the event, our advisory team presented on a number of financial, estate, tax, and retirement community planning strategies. This article summarizes the main points covered in the presentations.

1. Familiarize yourself with the SECURE Act

Some have called the SECURE act the most important piece of tax legislation for IRA owners in a generation. If passed, among other changes, it could have a profound impact on non-spouse beneficiaries when it comes to inheriting large IRA assets. The bill would modify the current requirements for employer-provided retirement plans, individual retirement accounts (IRAs), and other tax-favored savings accounts. Some individuals may need to consider modifying their current retirement plans.

 2. Prepare for the inevitable need for the cost of health care.

Healthcare is often one of the largest expenses in retirement, and most individual’s healthcare costs are expected to increase as they age. It could also be the worst time to take on sudden unplanned expenses. Today, even just a minor procedure can end up costing thousands. Some experts expect the industry to go through substantial adjustments in the near future, so it may be a good time to review your healthcare plan. There are also various factors you may want to consider when looking at your long-term future healthcare; will you stay in your home or move into a Continuing Care Retirement Community. Your decisions will make a major impact on your finances. 

 3. Tax deductions for 2019-2020.

April 15th can creep up on you, and not taking the proper time to compare your itemization options could cost you. In 2018, the standard deduction went up, making it a more advantageous option for many individuals. However, homeowners, those in a higher tax bracket, with significantly high medical bills, and who make large charitable donations, are amongst those who may benefit from an itemized deduction. The start of the New Year could be a good time to assess your expenses and see if there are tax opportunities you could take advantage of.

4. Clearly and effectively communicate the parameters of your estate plan. 

How do you clearly and effectively communicate the parameters of a protected, but flexible, inheritance? The intent is often not carried out if not explicitly stated. How do you wish to empower your children? How do state and federal laws put at risk your child’s trust when they serve as their trustee? Letters to children can help describe your wishes and intent as well as Incorporating trustee designation and trust protector language to serve your family’s best interests. Changes in family circumstances including incapacity, state or federal laws, wealth or in circumstances around balancing family happiness and protection all are critical to successful legacies. Titling and beneficiary alignment, as well as handling the risks of aging during a lifetime, are all important areas to align in your estate plan. Your estate plan must live throughout your lifetime and after to be effective. 

 5. Include your Children in the financial planning process. 

Most people don’t know what their first step should be in communicating with their family so the tenancy is to procrastinate until something urgent happens. Your planning begins and ends with bridging together family, whether through life needs such as birth to education to healthcare to a career move to weddings to buying a house and leaving a legacy…all the things parents care about and try to plan for their families. Money integrates with everything we do…unfortunately, many people don’t spend the time educating and preparing their families to carry on their family legacy. If you have not begun the conversation with your children or grandchildren, this may be a great time to discuss with your advisor on how to begin the process of educating and communicating to your children about your finances so they may be better prepared to step up and make future financial decisions.

Start your New Year out with selecting two of these strategies that you feel will make the biggest impact for you and your family, then set up a meeting with your advisor(s) to ask them for their guidance in helping you to set up a successful strategy and timeline for implementation – you will be happy that you did!

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

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