Success Story of the Month
[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Success Story of the Month" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0" subhead="March 2017"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid" saved_tabs="all"] More for Less? [spacer height="02px"] By David Edge [spacer height="03px"] While recently meeting with a client who was a young grandmother with three beautiful grandchildren, she was lamenting the fact that she wished she had more to leave the grandkids when she passed. I pressed her for more information on exactly what was she concerned with? She replied that while she was OK with her retirement income she only had a small amount of money in a bank savings account and that each child would only get about $10,000 when she passed. [spacer height="02px"] I was glad she brought it up so that we could have the opportunity to help her with this dilemma. [spacer height="02px"] “How would you like to leave them $20,000 or maybe even $30,000 each?” I asked. [spacer height="02px"] “Impossible!” was her immediate reply. “Au contraire”, I said. “There are ways to make the money worth two or even three times the face amount”. I could tell I had her undivided attention. [spacer height="02px"] There are insurance products on the market that you can purchase with the cash in your savings account that are guaranteed to pay out upon your passing to any beneficiaries you direct. The cash in your saving account is paying you pennies on the dollar in a low -yield bank account while it just sits in your bank. Let’s look at some ways to make that cash more valuable. [spacer height="02px"] We then had a discussion on a Single-Premium life insurance policy. This is a product that will take your one-time payment, and guarantee you a payout larger than your one-time payment. There are factors that affect exactly how much of a multiple the payout will be upon your passing. These factors generally have to do with qualifying for the policy and usually only have a simple blood test by a nurse who usually comes to your office or home. [spacer height="02px"] But for a simple example, you take the $30,000 that’s in your savings account; purchase a single-premium life policy that would have a guaranteed death benefit of $60,000. This is what legacy planning is all about. You are making decisions now that will affect your family later. Your three grandchildren will get $20,000 each instead of $10,000. It would take your bank savings account around 30-35 years at 2% interest to grow to that amount of money. Instead, you’ve doubled the money by just purchasing a policy, instantly. [spacer height="02px"] What’s great about this policy is that the money is fully funded, it’s safe and secure, as an efficient way to transfer wealth. It’s flexible, as many of these policies have value added living benefits and liquidity features with access to the death benefit or cash values should the policy holders’ financial needs change. [spacer height="02px"] She was stunned that these products existed and her family financial planner had never discussed this with her before. I merely reminded her that at American Retirement Advisors we look as all aspects of your retirement and not just sell you products. Grace was more than just a little happy as we reviewed her new options. [spacer height="02px"] Concerned that the small amount of money in a savings account isn’t going to be very much to pass along to your family in the event something happens to you? Call us we can help! [/et_pb_text][et_pb_image admin_label="Image" src="https://americanretirementadvisors.com/wp-content/uploads/2017/03/Sucess-story-of-the-month-2.jpg" show_in_lightbox="off" url_new_window="off" use_overlay="off" animation="left" sticky="off" align="left" max_width="250px" force_fullwidth="off" always_center_on_mobile="on" use_border_color="off" border_color="#ffffff" border_style="solid"] [/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section]Financial Tip of the Month – Dec 2016
[et_pb_section admin_label="Section" fullwidth="on" specialty="off"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="Financial Tip - December 2016" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section admin_label="section"][et_pb_row admin_label="row"][et_pb_column type="4_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid"] At the end of each year there are deadlines for giving, so that you can reduce your taxable income when you file your taxes. Here’s a short list of gift-giving to consider![spacer height="5px"] * Charity begins at home. Got that favorite group that you’ve got a soft spot for? As long as the group is a 501c 3, you can give up to $800 maximum for couples and $400 for single filers for a State of Arizona tax deduction using State Form # 321. Visit www.AZDOR.gov where you’ll find a list of forms for all sorts of donations! There are many options when you donate to organizations that offer assistance to working poor.[spacer height="5px"] * Donate to your favorite school![spacer height="5px"] * Are you employing National Guard members? There is a tax credit for you![spacer height="5px"] * When you make a donation do you all of a sudden get flooded with request from other organizations? These organizations often swap names and contact info, and sometimes they even charge each other as a way to increase income. If you are tired of getting these notices, make sure that you check the box on the donation form that you do not want your information shared. Otherwise, you will need to contact each charity and request they stop contacting you. Want additional help? There is an organization that can help to make your mail requests disappear or be greatly reduced. Contact www.DMAchoice.org.[spacer height="5px"] * Remember to itemize, you can’t just state that you made a donation to a particular organization. If you give cash, get a receipt![spacer height="5px"] * You can donate property! It’s a double win, in that you don’t have to pay capital gains and you get to discount the fair market value of the item. Remember, you have to own the property for at least one year.[spacer height="5px"] * These charitable donations must be made before the end of the year. If you donate by check, as long as it’s given before the end of the year, it can be cashed after the first of the year by the organization.[spacer height="5px"] * Many employers offer charitable giving via your paycheck at work. Keep an end-of-year paystub for proof of your deduction for your tax return.[spacer height="5px"] Keep in mind that you can’t donate your time for a deduction, nor can you exceed 20% of your Adjusted Gross income. There’s a lot of rules on this, so get advice from your tax preparer. [/et_pb_text][et_pb_image admin_label="Image" src="https://americanretirementadvisors.com/wp-content/uploads/2016/12/present.png" show_in_lightbox="off" url_new_window="off" use_overlay="off" animation="left" sticky="off" align="left" max_width="150px" force_fullwidth="off" always_center_on_mobile="on" use_border_color="off" border_color="#ffffff" border_style="solid"] [/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section]A Pet Trust?
[et_pb_section fullwidth="on" specialty="off" admin_label="Section"][et_pb_fullwidth_header admin_label="Fullwidth Header" title="A Pet Trust?" background_layout="light" text_orientation="left" header_fullscreen="off" header_scroll_down="off" parallax="off" parallax_method="off" logo_image_url="https://americanretirementadvisors.com/wp-content/uploads/2016/11/pawprint.png" content_orientation="center" image_orientation="center" custom_button_one="off" button_one_letter_spacing="0" button_one_use_icon="default" button_one_icon_placement="right" button_one_on_hover="on" button_one_letter_spacing_hover="0" custom_button_two="off" button_two_letter_spacing="0" button_two_use_icon="default" button_two_icon_placement="right" button_two_on_hover="on" button_two_letter_spacing_hover="0"] [/et_pb_fullwidth_header][/et_pb_section][et_pb_section fullwidth="off" specialty="off" admin_label="Section"][et_pb_row admin_label="Row"][et_pb_column type="1_4"][et_pb_text admin_label="Text" background_layout="light" text_orientation="left" use_border_color="off" border_color="#ffffff" border_style="solid"]
By David Edge
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Sometimes we have a furry friend that we want taken care of if something happens to us. Many of these pets have become close family members and we want their welfare cared for, after we’re gone.You can have a Pet Trust just as a stand-alone, or incorporate the Pet Trust as part of your overall Trust. There is a short list of considerations:
- 1) First of all, who do you want to select to look after your pet? This should be someone who is already familiar with your pet and your pet knows and trusts. This will help with the transition when and if your pet needs a new caregiver.
- 2) Keep in mind that the trustee of your Trust does not have to be the designated person to take care of your pet. You can have a trustee and a custodian for the pet.
- 3) You can have your pet in a current Trust or named in your Trust after you pass.
- 4) As long as your Trust is in order, you need not file with any court. The court will only get involved if someone of interest requests the Court intervention.
- 5) You will be the sole person to decide how much money to set aside for the care of your pet. No minimum or maximum is required.
- 6) Yes, you can name a charity to look after your pet if need be. An organization such as your local Humane Society chapter or some other charity can look after the pet. This is a consideration if you think there will be a conflict of interest with the trustee, in that they might skimp on the care in order to keep more money for the Trust beneficiaries.
- 7) You will want to be specific about the budgeting of the care of your pet. Things such as food, veterinary care, a safe environment, and even pain management or a Do Not Resuscitate (DOR) for your pet.
Costs for providing a Trust for your pet can vary and/or be included in your original Trust expense. Call Trudy to make your appointment TODAY at 602-281-3898! Some things are too important to put off.
Success Story of the Month
Learn that “No” can be an Answer
[spacer height="2px"]By David S. Edge
[spacer height="20px"] Bert and Dawn have been wonderful parents who wanted everything for their kids. Both parents ran successful and profitable businesses and they, of course, sent the kids to the best schools, bought clothes and sporting equipment, musical instruments, cars, and paid for college degrees at top of the line universities. [spacer height="20px"] As their children grew up and moved out, Bert and Dawn starting thinking about retirement. They came to our office for a Discovery Meeting and met with our team of advisors after attending one of our many free Financial Retirement Workshops. [spacer height="20px"] As we started reviewing their options, one thing was clear. They didn’t have enough retirement savings to maintain their current lifestyle. So we took them through an exercise to see where their money was going. Lo and behold, all the extra funds they were earning were still going to their kids!! [spacer height="20px"] Turns out that Mom and Dad had helped finance both grown childrens’ home purchases, which were well beyond both kids’ income. They not only helped with the down payments but were also continuing to give financial assistance for the monthly mortgages as well as all the other birthday, Christmas, gifts, repairs, etc. [spacer height="20px"] It came down to one simple thing. Bert and Dawn had never learned to say “No.” [spacer height="20px"] Another issue that came to light during discussions with our team was that they still had their five-bedroom house even though it was just the two of them. A good portion of income was going for upkeep on the “big house.” Bert also stated that they both knew they needed to downsize, but Dawn did not want to, as the house had too many wonderful family memories. [spacer height="20px"] All parents want to help their children get a “leg up,” so to say, in this modern expensive world, but at some point the kids have to become self-sufficient. [spacer height="20px"] We realize that some of the most important decisions are also the most difficult to make. Bert and Dawn had to make the decision to put each other first and start earmarking their hard-earned money for their retirement. [spacer height="20px"] As the team continued to review the four areas of retirement planning, a blueprint started to evolve to cover not only Bert and Dawn’s financial concerns but also, health, long-term care, and their estate. [spacer height="20px"] By turning off the spigot of their cash flow to the kids, our team was able to show them how the plan we recommended would allow them to grow their retirement income to cover not only their health care, but show them how the plan would continue their income as well as cover long-term care! It also allowed them to create a Trust that planned who, what, and when, their kids and grandkids would receive what Bert and Dawn wanted to leave them as a legacy. [spacer height="20px"] More importantly, we were able to create enough funding in the customized financial plan that allowed Bert and Dawn to keep their much beloved big house! [spacer height="20px"] Dawn was ecstatic!!! [spacer height="20px"] In the end, when their plan was finished, they both felt that the roadmap our planners created was clear and they knew exactly what to do, what to expect, and when. It was specific and left no doubt about results for the next twenty years of their lives. [spacer height="20px"] Call us with the question of:“this is what we want our retirement to look like and this is what we have to work with.”[spacer height="20px"] Let our professional team help before you make these important retirement decisions.
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