Ask These Four Questions When Planning Your Legacy
While many people equate legacy planning with estate planning, they are not the same. Estate planning is a component, but legacy planning involves more than simply deciding who inherits your assets—it's about ensuring your wealth is passed down efficiently and according to your wishes. To help you get started, here are four essential questions to ask when preparing your finances to pass to your loved ones. 1. Is Your Beneficiary Information Up-to-Date? Every financial account you own—from retirement accounts to life insurance policies—requires a beneficiary designation. This can include primary and secondary beneficiaries, and you may even have multiple beneficiaries per account. It’s vital to review this information annually to ensure its accurate and reflects your current wishes. Ask yourself: Have there been any life changes, such as a marriage, divorce, or birth, that might affect your choices? Is the contact information, including addresses and phone numbers, up to date? It’s also wise to have a conversation with your beneficiaries so they understand what to expect. Additionally, consider assigning a Financial Power of Attorney for each of your accounts, and discuss the responsibility with that individual to make the process as seamless as possible in the event of your passing. 2. Are Your Beneficiaries Aligned with Your Wealth Transfer Strategy? Our beneficiaries are often family members—children, grandchildren, ni
Market Commentary
We have been highly constructive on U.S. large-cap stocks in our investment strategies since October 2023. We remain optimistic generally into 2025, but as we enter fall, we think it is prudent to be slightly more cautious as some facts have changed over the last several weeks. First, our analysis of earnings surprises and estimate revisions has detected some cooling trends, suggesting potential moderation of the earnings advantages that catalyzed much of the rally this year so far. Our research also reveals the autumn period in October through mid-November in presidential election years has tended to be more volatile than usual, with increased vulnerability to downside moves. The elevated uncertainty surrounding the upcoming election adds additional complexity. Given the sharp divide in the parties’ expected policy and the expectations of a close race, many real economy actors are delaying major capital allocations and business-defining bets to after election night. In this state of uncertainty, any lack of market liquidity has the potential to trigger volatility. This may be compounded if the final outcome of the election is delayed, as we saw in 2020. Finally, recent changes in market temperament have also caught our attention and give us pause. Relatively tranquil gains in large-cap stocks for most of the year have been disrupted recently with larger single-day selloffs, rotations, and V-shaped snapbacks, which may be signs of a market more susceptible to headlin
This strategy could help your retirement portfolio
When you retire, it's normal to wonder if you'll have enough money to cover all your needs. This can be especially worrying when you're advised to focus on long-term investments to make sure you have enough money for the rest of your life. Don't worry, though - there are several strategies you can use, like the "Three Bucket Strategy," to help with this. With this strategy, you take your retirement portfolio and divide it into three buckets. The first is used to fund day-to-day expenses. The third bucket funds longevity. And the middle is the go-between or transfer place to refill bucket number one as it is depleted. Now, let’s break it down further and take a look at bucket one. In there, you’ll find income-producing assets that could include CDs, money market funds, US Treasuries, pensions, fixed annuity, and Social Security funds – all things that will not decrease in value and are accessible when needed. Basically, this bucket is meant to provide money to live. If you place an amount that will cover about two years of expenses in this bucket, you won’t have to be concerned if the economy or investment markets take a dip. But what if you want to plan for longevity? That’s where bucket three comes in. In this bucket, you will find stocks, high-yield bonds, real estate, and other higher-return assets. All of these are long-term investments geared toward helping you keep from running out of money as the years pass. Co
Is it time to find a new Financial Advisor?
When it comes to planning for retirement, managing investments, or simply trying to get your financial house in order, you want a financial advisor who can help get you to your goals. But how do you know when it’s time to make a change and find a new advisor? First, let’s talk about the red flags. If your financial advisor isn’t communicating with you regularly or isn’t transparent about the fees they’re charging, it’s a sign that it might be time to look elsewhere. Your financial advisor should be proactive, keeping you informed about how your investments are performing, and how any changes in the market might affect your financial goals. If you’re left in the dark, it’s a clear indication that your advisor might not be prioritizing your best interests. Let’s not forget the importance of trust either. Your financial advisor should be someone you feel comfortable with—someone who listens to your concerns and takes them seriously. While experience, knowledge, and credibility are all important, doing what’s best for the client is perhaps the most important thing a financial advisor can do. That’s why when you’re evaluating your current advisor, you should check if they’re a CERTIFIED FINANCIAL PLANNER ™ Professional, or CFP®. There are many designations that mean different things, and it’s always important to choose an advisor with demonstrable credentials that align
Are you prepared for the four phases of retirement?
As you near retirement, you're probably thinking a lot about your finances and wondering if your savings will be enough for your retirement years. While it's important to pay attention to your 401(k), IRAs, and Social Security benefits, you might not have considered one of the most important aspects of retirement: the psychological phases you'll go through during retirement. Understanding the emotional and mental changes that come with retirement can make the experience easier. It can help you not only financially but also enjoy a fulfilling retirement with a sense of purpose and well-being. In an article on Yahoo Finance, Dr. Riley Moynes, the author of “The Four Phases of Retirement: What to Expect When You’re Retiring,” explains how he interviewed 150 retirees about their experience and outlined key phases that can occur. Click here to read more about his insights and explore the four phases of
2024 Second Half Outlook
News headlines have been volatile this year with many geopolitical issues, economic worries, and, most recently, President Biden exiting his re-election campaign. Nevertheless, the stock market has done well and continued to “climb the wall of worry.” This reality serves as a good reminder that ignoring most news headlines and political noise is typically the best investment strategy. Since the start of the year, we have maintained a positive outlook and positioning, especially with U.S. large-cap stocks. That is because of our view that AI-related investments, onshoring, and cooling inflation will benefit earnings for these types of companies the most. Despite some choppiness, the data tells us this scenario is playing out as expected. With manufacturing surveys softening and business confidence muted, markets may begin to over-discount a sharper slowdown. Nevertheless, we continue to believe that the pace of economic growth is moderating at a goldilocks pace, and inflation is cooling sufficiently to allow the Federal Reserve (Fed) to begin easing before the end of the year. We expect U.S. growth to be close to trend at about 2.0% by the fourth quarter and inflation to continue cooling toward the Fed’s 2% target by mid-2025. This should be a good environment to support our view on equities overall and offer a positive environment for bonds. Outside the U.S., the European economy is expanding once again, activity in China i
Understanding Irrevocable Trusts: A Key Tool in Estate and Medicaid Planning
Estate and Medicaid planning are crucial components of financial strategy, as they can help protect your assets and secure your legacy. A powerful tool in this domain is the Irrevocable Trust, a fiduciary arrangement that offers numerous benefits while maintaining control over asset distribution. There are many intricacies with irrevocable trusts and they can potentially help enhance your estate-planning efforts. What is an Irrevocable Trust? A trust is a legal relationship where a grantor transfers assets to a trustee, who then manages these assets for the benefit of designated beneficiaries. Trusts serve various functions, such as reducing estate taxes, minimizing or avoiding probate, funding charitable gift strategies, and facilitating Medicaid planning. An Irrevocable Trust, as the name suggests, is a trust that cannot be modified or terminated once it is established. This can allow you to get assets out of your estate, which could potentially be helpful for estate and Medicaid planning. Trusts like these are ultimately about giving you control of your assets, your estate plan, and, ultimately, your legacy. One possible benefit of an Irrevocable Trust is its ability to help avoid probate court. Unlike a will, which must go through the often lengthy and public probate process, a trust can offer the grantor better control of how, when, and to whom money passes. Many parents find this comforting if they have children who are not good with money or if they simply want to
The benefits of working with a CERTIFIED FINANCIAL PLANNER ™ Professional
When searching for a financial advisor, you might notice the alphabet soup following their names. There are over 100 certifications available to financial professionals, all with different meanings and specializations. But among the most distinguished is a CERTIFIED FINANCIAL PLANNER ™ Professional, or CFP®. There are several reasons why it is considered such an important designation, and one you should look for in your financial planner. Reason 1: Education, Experience, and Credibility The CFP® designation, offered by the CFP Board, is significant because it requires an impressive amount of study, experience, and preparation. It takes from nine months to two years of study, and that’s after earning a bachelor’s degree and a minimum of three years of working as a financial professional. A candidate is then required to sit for a rigorous test that covers many different areas of financial planning. Reason 2: the CFP® Indicates a Holistic Approach Training and experience for a CFP® don’t end at financial planning. While they receive rigorous experience and training in financial planning, a CFP® also receives education and experience on a wide range of related topics, such as risk management and insurance planning, investment planning, tax planning, and estate planning. This comprehensive experience helps a CERTIFIED FINANCIAL PLANNER ™ Professional to be a sounding board for clients and helps to consider th
Is an annuity right for you?
Annuities have been in insurance agents' and financial advisors’ toolkits for decades. It’s a product designed to provide a steady income stream for retirees. It’s no secret that annuities have been a popular option, but are they always the best investment choice? Here’s the rundown of the pros and cons of annuities. Let’s see if they could be suitable for your financial strategy. Firstly, it's crucial to understand that every financial strategy has its place, including annuities. Many people value the relative financial security annuities can provide. However, annuities come with several drawbacks. One major issue is the lack of liquidity – meaning once you invest money in an annuity, you are often limited as to how and when you can get it out. At the very least, they’ll likely have a surrender charge. Some have even more limitations – like how much they can withdraw each year! Often, these products aren’t fully explained at the time of purchase, leading to confusion and frustration down the road. By the time you encounter an issue, the original salesperson may no longer be available to assist, leaving you to navigate the complexities on your own. So, there can be many challenges annuities offer, but how would investors know? Annuity companies are required to report all details to a third-party service. We can access these tools and provide you with a no-obligation annuity intelligence report. Thi
Planning for taxes on Social Security
Recently, we've been hearing from people who have been enrolled in Social Security, seeing their taxes go up, and not understanding why. There are ways to keep more of your retirement income, but first, let’s look at how it can be taxed. We know that Social Security benefits aren’t tax-free. In fact, up to 85% of the benefits you receive each year could be subject to tax, depending on your household income. Moreover, 100% of your withdrawals from traditional IRAs and traditional 401(k)s will likely be considered taxable income. When making these withdrawals, we work closely with our clients to ensure they’re taking what they need but not enough to push them into the next tax bracket. We’ve recently encountered individuals who took advantage of high interest rates by putting their money in CDs or money market accounts. The interest on these is taxed at the same federal income tax rate as the money you receive from paid work, which is why people are seeing their income tax rates jump into the next bracket. That's why it's crucial to collaborate with a tax professional to develop a strategy to mitigate that sudden increase, just like we would with IRAs or 401(k)s. Furthermore, the Tax Cuts and Jobs Act of 2017 is set to sunset on Jan 1, 2026, which could exacerbate the problem further. When the Tax Cuts and Jobs Act of 2017 ends, this means tax rates will revert to their previous higher levels. The act doubled the standard deduction and
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
Crain's Cleveland Business is a print and online newspaper delivering local business news and information to Cleveland's business executives, which is published by Crain Communications Inc. The Crain's 2024 list may employ different methodology than described above for similar designations granted in other years. No clients were consulted and no fees were paid to determine the winners; the award is based on assets under management. Neither the participating candidates nor their employees pay a fee in exchange for inclusion on Crain's 2024 List. However, recipients may pay a fee to Crain, an affiliate, or an unaffiliated third party in exchange for plaques or article reprints commemorating the designation. The publication should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if the recipient is engaged, or continues to be engaged, to provide investment advisory services; and should not be construed as a current or past endorsement of the recipient by any of its clients. Lineweaver Wealth Advisors was ranked in the Top 25 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2024. In 2023, Lineweaver Wealth Advisors was ranked in the Top 15 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2023. In 2021 and 2022, Lineweaver Wealth Advisors was ranked in the Top 20 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2021 and 2022 respectively.
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