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The Power of Coordination

Posted By Lineweaver Financial Group
April 18, 2019 Category: Coordination, Tax, Legal, Insurance, Financial, Wills, Estate Planning, Taxes, Retirement

  At the Lineweaver Companies, we believe a team approach to coordinating all your financial, legal, tax, and insurance needs helps save you time, money and worry.   For example, we had clients who were both close to retirement, and unfortunately the husband had been diagnosed with terminal cancer. The first thing we did was to work with them to make sure his pension was triggered in such a way that the wife could receive a greater lifetime benefit - almost a million more dollars than she would have otherwise received.   At the same time, in this sort of situation, you have to consider powers of attorney – and other basic estate planning documents that everyone should have, like wills, and even if trusts make sense for your particular situation.   There were also huge student loan balances of more than $120,000. But, because they kept the loans entirely in the father’s name, when he passed, the debt was forgiven. But what many people don’t know is that the forgiveness of debt – in this case student loan debt - is considered income by the IRS – and therefore taxable. As you can imagine, in this case it was significant: an additional $40,000. However, we were able to work with the family and the IRS to get the entire amount forgiven as well – so they ended up having the debt and the tax bill forgiven.   Given the pension payouts and their savings, they had significant assets that needed to be managed eff

Economic Commentary: Q2 2019

Posted By Lineweaver Financial Group
April 02, 2019 Category: Economic Commentary, Q2 2019

Investment Directions - Spring Forward Once again, spring is near, a time of growth, renewal and restoration. But with concerns over slowing growth, uncertainty around economic and earnings outlooks, and ever-present U.S.-China and European political risks, investors should be prepared for potential spring volatility. Our take on the major themes for this quarter:  U.S. Equities: The Healthy Healthcare Sector  In an environment of slowing growth and less certain earnings outlooks, the traditional defensive qualities and resilient earnings growth of healthcare stocks are appealing. Plus, valuations broadly look reasonable compared to historical levels. Tactical investors may consider getting more granular with the medical devices industry. Developed markets: What Next for Brexit? With Theresa May’s Brexit plan resoundingly defeated, she must now renegotiate a deal. We believe the United Kingdom is likely to avoid a hard exit with an extension of the March 29 deadline to exit and gain time to draft a passable proposal. But lingering uncertainty is likely to keep U.K. assets under pressure while a deeper slowdown in European and global growth only accentuates the challenges. We remain underweight in U.K. and European equities. Emerging Markets: China Looking Ahead Although Chinese equities tumbled in 2018, we continue to favor China as well as emerging markets overall. Although trade tensions are likely to persist, we believe frictions will subside in the

HealthWatch: Keeping Your Mind Sharp in Retirement

Posted By Lineweaver Financial Group
April 02, 2019 Category: Keeping Your Mind Sharp, Healthwatch

Seniors who stay active mentally may be able to help keep their mind sharp longer. "When it comes to brain power, much like your muscles, the 'use it or lose it' concept applies," says Dana Anspach, CEO and founder of Sensible Money in Scottsdale, Arizona. "Retirees who engage in life-long learning keep their brain engaged by challenging themselves to learn new skills. It's important to find things you're curious about and dive in. And in retirement, you have the time to do it." Taking classes in retirement can also be a way to meet new people with similar interests and socialize. "You can go lots of places to learn. You can purchase CDs or DVDs. You can learn from great teachers," Frank says. "We have a sense of community. You will meet people in classroom and continue conversing after class. We're all teaching and learning together." Some colleges, including Pennsylvania State University and Colorado State University, allow seniors to audit classes tuition-free. Other universities, such as Boston University and Georgetown University in the District of Columbia, charge a flat fee to retirees who audit classes, such as $50. Many state university systems allow retiree residents above a certain age, usually 60 or 65, to take for-credit classes. Community colleges may also offer low- or no-cost programs for retirees. Psychiatrist and consumer health expert Janet Taylor says people who continue to learn in retirement are among

Spring Cleaning Your Finances

Posted By Lineweaver Financial Group
April 02, 2019 Category: Sring Cleaning Your Finances, Letter From The President

As the weather in Cleveland (Hopefully!) starts to improve, many people are thinking about spring cleaning their homes and yards. This is also a great time of year to do a little spring cleaning on your finances as well. 1. Check in on Your Budget: Having a good budget is a huge part of a successful financial plan, so it’s wise to revisit it periodically. Look at areas where you may be spending, as well as areas where you have more budgeted than you’re spending. The goal here is to track your finances without having to spend huge amounts of time every month. After all, you want to be as wise with your time as your money. 2. Check Your Tax Withholdings: It’s tax season, and that big refund feels good! But essentially it means that you’ve given the government an interest free loan for the year, and so it may be wise to revisit how much you’re having withheld. 3. Take a Home Inventory: If you have homeowners’ insurance, you need an inventory of all your possessions. An inventory will make it much easier to replace your items in case of a disaster. If you don’t yet have an inventory, take photos of most of the items in your home, especially expensive items like electronics and furniture. Make sure you’re also keeping track of approximately how much you paid for them. 4. Cut Your Bills: If it’s been awhile since you shopped around for better rates on your car insurance, cable, cellphone plan, even things like utilities, thi

A Visit to the Pro Football Hall of Fame

Posted By Lineweaver Financial Group
April 02, 2019 Category: Pro Football Hall Of Fame, Anne Graffice, David Baker

This quarter we had a chance to film four episodes of The Financial QuarterbackSM on-site at the Pro Football Hall of Fame in Canton, Ohio. The interview scenes with President David Baker and Vice President of Development and Strategic Adventures, Anne Graffice, were shot in the gallery of busts, and it was a truly unique experience. We also learned quite a bit about the hall itself and its nomination process. For example, at the first level of nomination anyone can get involved. Any fan may nominate any player, coach or contributor who has been connected with pro football simply by writing to the Pro Football Hall of Fame. The only restriction is that a player and coach must have been retired at least five years before he can be considered. They’re also making a lot of progress on the construction of Johnson Controls Hall of Fame Village which, when completed, is expected to be an $899 million-dollar mixed-use development of the Pro Football Hall of Fame’s campus. It will be the firstever sports and entertainment “Smart City.” In a “smart” city, technologies are connected within and across a secure digital infrastructure, optimizing operations, reducing resource use, and producing meaningful insights that increase productivity, comfort and safety for occupants. Essentially, they’re going to build everything on a unified, intelligent network, enabling more control and advanced automation of nearly everything there. One amazing aspec