Archive for the ‘Financial Planning’ Category

Estate Planning Mistakes

Monday, July 14th, 2014

Estate Planning

When individuals and couples begin to plan their estate for once they pass, there are several mistakes that can be made along the way. Plenty of attorneys see mistakes made constantly when it comes to estate planning, which is why it can be helpful to hire a financial advisor from Safe Retirement Solutions to assist you in the estate planning process. There is a lot to cover and it can become confusing and overwhelming at times.

Barbara W. Reynolds, an attorney from Connecticut, says that the following are the most common mistakes she has found when dealing with individuals planning their estate:

  1. Power of Attorney- Some people are under the assumption that powers of attorney are the same thing and will last indefinitely. This is not the case at all. Certain documents need to be updated every couple of years and certain levels of power of attorney will cover different things.
  2. Health Care Directive- Individuals may find signing a Health Care Directive unnecessary, but that is not the case at all. A misconception made by a lot of people is that their loved ones will know automatically what their wishes are during medical situations. This is not always the case, which is why it is important to have a Living Will established as well as an individual named who will carry out your wishes. Both are covered under a Health Care Directive.
  3. Will- Many individuals think that a Will isn’t needed until they hit a certain age. Unfortunately, there is never a set date when you will pass away, making a will necessary sooner than you may want to realize.
  4. Assets- You may believe you don’t have any assets, yet you have children under the age of 18. It is important for you to name a guardian for your children should something happen to you, as well as create a trust for your children.
  5. Updates- Often times people create a Will and never return to it. It is important to revisit your documents to make changes that you feel are necessary.
  6. Retirement Benefits- When you name a trust for your retirement benefits, you are risking the individual receiving the assets in one year, which makes the money taxable.
  7. Shelter your Assets- Estate taxes could reach your assets if you don’t shelter them properly with simple paperwork.
  8. Leaving your Assets- If you leave your assets to those you receive government benefits like Medicaid, their inheritance is left vulnerable to the State. Leaving the inheritance in a trust could make matters easier for the individuals.
  9. Succession- Most business owners fail to consider the transition period of your business should something happen to them. Planning for such an event will help the transition period go simply and will protect your business.
  10. Under-insuring- Consider your dependents when planning your life insurance. You don’t want to leave your family and loved ones in a bad position because you failed to have enough life insurance.

 

When it comes to avoiding mistakes with estate planning, call the advisors at Safe Retirement Solutions today at 410.266.1120. You can also visit our contact page.

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Source:

http://www.barbarareynoldslaw.com/Top%20Ten%20Estate%20Planning%20Mistakes%20that%20Families%20Make.pdf

Benefits of a Living Trust

Friday, June 27th, 2014

Living TrustIt is no secret that having your last wishes in writing before you pass is crucial, especially if you have an estate or property. Most have a last will to explain their final wishes. However, some have started to switch from last wills and instead have living trusts. A living trust is a type of legal document that allows your assets to be placed in a trust while you are still living. After your death, the trust is transferred to the beneficiaries of your choosing by your “successor trustee”, or the representative you chose to handle your assets after your passing.

So why choose a living trust over a last will?

  1. If you prefer your estate and assets to be handled in private, a living trust is the better choice. A living trust is a private document while a will is public record.
  2. With a living trust, the court will not have to intervene if you should fall ill. The trustee of your choice are able to take control of your assets should something happen while those with a will and no durable power of attorney are left at the mercy of the courts. The court will then appoint a person to oversee your financial and property workings while you are unable to do so.
  3. Although a living trust requires more money to be drawn up, it can save your estate money after your passing. With a living trust, court costs are eliminated when it comes to dividing your estate and assets.  A living trust is also a stronger document when someone attempts to argue the distribution of your assets, which will also save on court costs.

At Safe Retirement Solutions, we will work with you to decide if a living trust is beneficial for you. We know how stressful and confusing planning and documenting your last wishes can be, so let a trusted and trained financial advisor help you through the steps.

Safe Retirement Solutions has locations in the following areas:

  1. Annapolis, MD
  2. Columbia, MD
  3. Towson, MD
  4. Saint Augustine, FL

With our trained financial advisors, all of your questions will be answered in terms that you can understand and won’t find confusing. To get started with Safe Retirement Solutions, call us today at 877.268.4086 or visit our contact page.

You can also follow Safe Retirement Solutions today on Google+, Facebook, and Twitter.

 

Source:

https://www.legalzoom.com/articles/top-three-benefits-of-a-living-trust

The Benefits of Financial Planning

Monday, June 9th, 2014

Whether you’re looking forward to retirement in a few years, or even still have a decade to go, it’s important to be looking into a financial plan if you haven’t already. You may think that you’ve been saving for years and you have enough money to fund the rest of your life. However, this might be difficult without a set plan. You should be able to enjoy your retirement years with a care-free mindset. There are endless benefits to financial planning.

Benefits of Financial Planning

  1. You know if you’re saving enough. Maybe you’ve been saving for years, but with your kids’ college expenses and other unplanned costs, have you been leaving enough money for future fees? A financial advisor can help you map out the rest of your financial life, making retirement a breeze.
  2. You have a plan for your means in the occurrence of your death. It is important to know where your money is going, or who is it going to after your passing. Your financial advisor can help you figure out if you need a will or a trust. This way, if something happens to you unexpectedly, the allocation process goes smoothly.
  3. A time frame. Setting a financial plan means that you have a specific objective. You are able to set time frames and specific numbers so that you know how close you are to your end goal. When you have reached that goal, you can enjoy your retirement years.
  4. Financial planning is concrete. It is a written plan for your future costs and savings. It makes budgeting, buying, selling, or investing decisions easier and helps you stay on track towards retirement. Having a recorded plan for your future finances will definitely help you out and ease the retirement process.

Having a financial advisor or financial planner is not necessary, but it is recommended, as it will help your financial planning process to be stress-free. Safe Retirement Solutions can help you do just that. If you have any questions about financial planning or are looking for a financial advisor, call us at (410)-266-1120, or toll free at (877)-268-4086. We have offices in Annapolis MD, Towson MD, Columbia MD, and St. Augustine FL.

Be sure to follow us on Facebook, TwitterLinkedIn, Google+ and Flickr!

 

Source:

http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2011/05/17/6-reasons-you-need-a-financial-plan

 

The Benefits of A Professional Financial Advisor for Retirement Planning

Monday, April 28th, 2014

Many people looking to invest money are seeking to save money by being “a do-it-yourself-ER.”.  In the financial market, the game is always changing, therefore you always need to be playing.  A financial advisor is always up to date on the market trends, anticipated changes, and the known areas of stability that you can count on.

A financial advisor is trained to know when to take a risk, when to sell, when not to sell, and when to be conservative.  It may be a lot harder for you to keep your composure than it is for a financial advisor.  The fact that a financial advisor can hold out as long as possible before selling without an investment bottoming out takes audacity, but can truly pay out in the end.  Many individuals will get nervous with their own money and sell too soon and miss out on the full investment.

A professional can truly help you diversify your portfolio and help you invest in stocks you may have never been familiar with.  This is especially important in emerging markets when you need to buy before a product has really taken to the market.  These are the risks that can really make all your dreams come true with the right investment strategies.

A financial advisor can also help keep you on track and accountable to your investments.  When your financial situation changes, your advisor will help you think of the future rather than now.  They remind us how investing $5 extra a week now may mean very little to us now but may mean small lifestyle differences to us when it is time to retire.  Consistency is so important in retirement planning and any change in financial circumstances is an opportunity to improve your life when you retire.

Individuals that invest with financial planners are actually much more satisfied with their investments than individuals who invest on their own.  This means that financial planners will make you more money with the money you invest and cost you less time.  Safe retirement solutions will do everything it can to ensure client satisfaction equals financial gains for you!

If you have any questions about what you have just read, or if you would like to know more about trusts and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources

http://money.usnews.com/money/blogs/on-retirement/2011/09/07/little-known-advantages-of-hiring-a-financial-

http://www.401khelpcenter.com/press_2012/pr_retirementadvisorcouncil_011312.html#.U1U0Z1ca3nY

What Are The Worst Ways To Save Money?

Monday, December 30th, 2013

Saving money for retirement is the most sound advice you can get from a financial adviser. Whether it’s cutting back on splurging for that blue ray player or by cutting back on a vacation to France, it sounds like a great way to save money for retirement. However, there are terrible ways to save money and here’s an eclectic list we compiled for you today.

Don’t save money this way

  • Free is not always cost-effective: Buy one get one free is the biggest marketing gimmick out there. Do not fall prey to that. If the item is free, no strings attached, then go for it.
  • Ignoring health problems: Your health should always be a top priority.  An unhealthy body devoid of regular check-ups can lead to costly medical bills. If health insurance is an issue, you can always check out public hospitals and community resources for free preventative measures. 
  • Pigging out on Fast Food: As cheap as it is, it’s terribly bad for you down the road.  You increase your risk of heart disease, cancer and  obesity by eating cheaply. Obesity-related ailments are costly too and can be thwarted if you forsake bad eating habits for good ones. 
  • Buying Cheap: Buying cheap is expensive. You literally get what you paid for. You get poor quality that will have a short shelf life. It’s best to make investments in high quality items that will last a long period of time. 
  • Making Repairs yourself:  It’s more cost effective if you pay for a professional. Though their asking costs may be steep, you need to realize that it takes time and expertise to do a great job.

Most people, at some point in their lives, will need financial advice. When the time comes for you to reach out to a professional financial adviser, whom should you trust? How can you be sure that the financial adviser you choose has your best interests in mind? How do you know that your money is in good hands?

The Answer: Trust Safe Retirement Solutions!

For more information about Professional Financial Planning, or for professional financial advice, consult the financial advisers at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Frugality at its Dumbest: 9 worst ways to save money

What Are The Benefits of Professional Financial Planning?

Monday, December 23rd, 2013

When you are thinking about the future with your family, I’m sure you have many concerns. How many dogs should we get? What schools your children will attend? What trips to take with loved ones? When you’re ready to stop day-dreaming and start planning, you’ll realize that the first step working towards the future is cultivating a stable financial nest.retirement savings

The benefits of professional financial planning lend themselves to all future matters, big and small. Most importantly, you want to have a stable financial future.

Benefits of professional financial planning

  • A professional financial advisor will help you set realistic plans. Both long term and, more importantly, short term plans will need to be weighed in order to plan what you can and cannot accomplish, and what it most important to you.
  • You will be able to develop an in-depth, concrete, look at your assets, liabilities, income, insurance, taxes, investments and estate plan.
  • Financial planning is imperative for investment plans, especial ones over 100k that you don’t feel comfortable managing.
  • You will be able to confidently manage expenses as a cohesive family unit, especially when your combined earnings are over $150,000 or higher.
  • Financial Planning will help you understand the risks. Some risks may be advisable, some may be suicidal, it all depends on your current and future prospects, and what goals you’d like to focus on.
  • Help keeping you active. Depending on the level of personal importance, future goals will come and go. Your income will also fluctuate. A personal financial advisor will know how to strategize based on your financial history and current/future changes.

What a professional financial plan really gives you is time. With help from an advisor you save and create free time by planning and effectively managing your financial situation. By building that nest you are planning for the big score, and not wasting time on ineffective, short term expenses.

A financial plan gives you peace of mind in the short term, and confidence for the long term.

For more information about Professional Financial Planning, or for professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today! Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime. You can also follow Safe Retirement Solutions on Facebook and Twitter.

Source :

http://www.nerdwallet.com/finance/question/what-are-the-benefits-of-having-professional-financial-advice-16

How to Hire a Financial Planner

Monday, November 18th, 2013

When it comes to managing your finances, asking for help isn’t a bad thing. It is actually one of the smartest decisions you can make to ensure that everything remains on track and within your budget.

When should you consider hiring a financial planner?

You should hire a financial planner when you feel ready. If you have a lot of questions and you really need some guidance, someone to help you develop a plan and just kind of a path to help you get to where you want to go — financial planners are terrific. They can really help you make sense of your finances.

What are some indicators that you need a financial planner?

If you don’t have a will and need to make one. If you have some cash that you want to give over to your children, really a financial planner is going to be there for you. You also are going to want to have some really solid advice regarding insurance, tax planning, investment advice.

How do you find a financial planner you can actually trust with your money?

A little bit of research goes a long way. You should not go with just the first one and say ‘Okay, I have found a financial planner.’ Talk to a few to make an informed decision.

What will a financial planner cost you?

That all depends on how long the financial planner has been working and their rate of success. A financial planner just out of school will be less expensive than one who has been doing this for years.

If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult a financial advisor like Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Source:

http://www.marketplace.org/topics/your-money/personal-finance-reference-guide/your-guide-hiring-financial-planner

Estate Planning in Baltimore: A Brief Overview

Wednesday, May 1st, 2013

Estate planning is one of the most important parts of planning for the unexpected. Many people procrastinate about the decisions that need to be made about their estate and if one is unprepared, your beneficiaries may feel disenfranchised when it comes time to deal with your estate.

According to the National Association of Estate Planners & Councils, more than 120 million Americans do not have up-to-date estate plans to protect themselves or their families in the event of sickness, accidents, or death.

By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are.

Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is probably all you’ll need. Or, you may have a large estate, and minimizing any potential estate tax impact is your foremost goal. Here, you’ll need to use more sophisticated techniques in your estate plan, such as a trust.

Here are a few estate planning tips from Safe Retirement Solutions:

  • Prepare a will – If you don’t prepare a will, the laws that govern your domicile will determine who inherits what. This is important for non-financial resources such as your prized possessions that relatives may want. Making a will can ensure that your possessions get inherited by the correct people.
  • Create a trust – A trust will make sure that your funds are allocated to cover specific expenses after you’ve passed on. Expenses such as funeral costs, school loans, house payments and any other bills that are overdue can be adequately planned and paid for using a trust.
  • Minimize the impact of Estate & Income Taxes – Using tax-efficient strategies can help curb the costs of estate and income taxes. Strategies such as giving your saved-up wealth as a gift to beneficiaries or leaving your taxable assets to charities are both great ways to minimize the effects of these taxes. Talking with your local Annapolis estate planning professionals at Safe Retirement Solutions can help you figure out ways to avoid heavy taxes.

 

If you’re ready to plan your estate, that’s where we come in. The financial advisors in Annapolis at Safe Retirement Solutions can help you develop a diversified portfolio to help you make the most of your investments. The Baltimore financial advisors at Safe Retirement Solutions can help you determine what steps to take to make sure your estate is properly taken care of, and provide alternative retirement savings guidance. To get started, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Is Early Retirement a Wise Idea? Tips from Baltimore Retirement Planners

Friday, February 15th, 2013

Retirement has all the magnetism of a charismatic crush, but is it a wise idea to retire early? If you’re considering doing so, we recommend buckling down and analyzing if you can realistically live comfortably off of your savings and reduced income. Though the perks of escaping the fast-paced work force are undeniable, the trade-off of potentially not having enough to see you through life after your career mightn’t be worth the risk. Here are some things to keep in mind if you’re thinking about retiring early.

Penalties for Withdrawing From Retirement Plans Early

Withdrawing money from retirement accounts like 401(k)s or individual accounts early will leave you forced to pay penalties to the IRS when you file your taxes, generally 10% of the total amount you take out.

Life Expectancy

The average lifespan of Americans is growing greater and greater. According to the Social Security Administration, a man who reached age 65 in 2012 can expect to live to 83, and a woman, to 85. That means that before you retire, you must have at least enough money to make it through twenty years of life.

Financial Planning

The financial advisors in Baltimore at Safe Retirement Solutions will be realistic with you about whether retiring early is a smart move for you, and can assist you in developing a plan to help you meet your savings goals for retirements so you can lead the lifestyle you’ve always looked forward to having.

For more information about retirement planning and consultations in and around Baltimore, Maryland, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Sources:

Calculators: Life Expectancy

Asset Allocation Field Guide from Baltimore Financial Advisor

Thursday, January 31st, 2013

So you want to invest in stocks and need advice on how to handle your asset allocation? Here’s a few tips to get your started.

Start early: the farther you are from retirement, the larger the percentage of assets you can afford to invest in stocks.

Take risks: If you can handle watching the inevitable rise and fall of stocks, put more money towards them in order to ultimately have the chance of seeing a bigger and better return.

Get smart: With the exorbitant costs of a college education and prices increasing faster than inflation, parents should consider investing in stocks to fund higher education pursuits. As your children age, transfer the money from the stocks to bonds.

Set goals: Determine early on what it is you’re trying to use your investment money towards. A more comfortable retirement? Dispensable income to support travel? A second income property? Establishing long-term goals makes it easier to set up a plan for investing in stocks.

Consult: Get professional financial advice when looking to allocate assets in stocks. The financial advisors in Baltimore, Maryland at Safe Retirement Solutions can help you to evaluate your assets and understand the nature of stocks you are interested in investing in as well as their performance. A qualified financial planner is one of your most reliable resources in designing and implementing an effective asset allocation plan.

For more information, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Sources:

Best practices for asset allocation