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Category: Education Programs

Is Your Estate Plan Up to Date?

Posted By Lineweaver Financial Group
April 11, 2016 Category: Estate Planning, Education Programs, Newsletter

Prepare for the Inevitable There’s a saying that goes something like this….”When you are dead, you don’t know you are dead. It is difficult only for the others.” When you pass away, it will be difficult for family members to deal with. Do not make it more difficult by not having your affairs in order.  That is not the legacy you would like to leave….a mess someone else had to clean up. The decisions you make now about where your assets go after your death can affect people’s lives profoundly. If you don’t have the proper plans in place, chances are things will not go as you think. Transfers of your assets could be stressful, complicated, expensive, and create unnecessary taxes. Most people avoid thinking about, let alone planning for, their death. And yet making arrangements can be a liberating experience. Relieving your families of the burden of having to do it for you is also a demonstration of consideration, kindness and love. Estate-planning advice often revolves around the choice and creation of legal structures and documents, such as wills and trusts. Indeed, these are critical tasks, and you should consult a knowledgeable trusts and estates attorney to get them done right. The most basic estate-planning issues to address are 1) how much you can give, 2) who gets your assets, and 3) when- either during your lifetime or after your death. These three issues are interactive. A change in one can affect the others and

Women and Money

Women and Money

Posted By Lineweaver Financial Group
March 24, 2016 Category: Education Programs, Women And Money, Financial Planning

Let’s begin by looking at the role women play in today’s financial landscape. Men are better at managing money, make more prudent financial decisions, and are responsible for most of the financial decisions made today. Wrong, wrong, and wrong again. We might not like to admit it, but the statistics point to women being better with money, and making or being involved in most of the financial decisions today. We hear all the time it is a new world, in this arena throw the old rules out the window. Women have done a better job changing their finances in the face of the recession we are still trying to recover from. Polls by Ameritrade and Citigroup show that 85% of women plan to save more, vs. 62% of their male counter parts, and 72% vs. 65% plan to pay down debt. Women spend more than men, or so the story goes. Bureau of Labor Dept studies find women do spend more on apparel, but men are spending more than women on eating out, electronic equipment and cars. Men do like their toys! In the recession, 72% of women had reduced their spending, but only 62% of men had cut back. Women in general tend to be more conservative investors. A study from University of California Davis showed men trade stocks 50% more than women and this activity diminishes rather than enhances their returns. The financial landscape is becoming more confusing, and most of us need to make more financial decision than in the past. To make these decisions with a high degree of confidence and with

Year End Tax Tips

Posted By Lineweaver Financial Group
November 02, 2015 Category: Tax, Education Programs, Retirement Planning, Financial Planning

There are some basic tried and true tax planning tips that can be applied each and every year. While these may not be new and exciting, they are highly effective and proven to minimize your tax bill. Here is a brief highlight of the tax planning maneuvers you should still be considering for 2015: Defer Income: Income is taxed in the year it is received. If possible defer year-end bonuses from employers to 2016 if you feel that income will place you in a higher tax bracket in 2015. If you are self-employed you may consider delaying billings until late December so that the payments are not received until 2016. Also consider accelerating income into 2015 if you feel you will be in a lower tax bracket in the current tax year. Bunching Itemized Deductions: Consider paying real estate taxes due in early 2016 in 2015, pay medical bills ahead, or make charitable deductions earlier to enable you to get past the itemized deduction threshold in 2015. Charitable Deductions: You may wish to consider donating appreciated property (stocks or property) in lieu of cash. This may render you the double tax benefit of deducting the contributed asset at Fair Market Value and avoiding paying the capital gains tax on the built up appreciation. HSA: If eligible, consider setting up and contributing to a Health Savings Account. You may make a tax deductible contribution to a Self-Only HSA of $3,350 or a family HSA of $6,650 (plus an additional $1,000 if age 55+). You must have a minimum annual

Letter from The President- Fall 2015

Posted By Lineweaver Financial Group
October 12, 2015 Category: Letter From The President, Newsletter, Education Programs

It won’t be long and you will see squirrels scurrying around the back yard gathering nuts to get them through what could be a long cold winter. While we don’t need to gather nuts to help us through our retirement years, we had better gather the financial assets to give us security that we will be able to maintain our lifestyle without having to move in with our kids. How much do we need to save, and how much have we saved? According to the National Institute on Retirement Security, 45 percent of working-age households have no retirement savings at all. Among people 55 to 64, average household retirement savings total only $12,000. For those near retirement who have savings, the average balance is $100,000 – still not much money to finance the next 20 to 30 years.  How much we need to save depends on our anticipated living expenses, our retirement income from outside sources, like Social Security and pensions, and our expected longevity. The answer to that question is different for each of us, but a very important question. But as a guideline, a rule of thumb for retirement accounts is that you should withdraw no more than 4 percent a year. If you have $100,000 in savings, that means $4,000 a year, or about $333 per month. So we know why we save; why do we invest? You invest so that your money can work for you.  To get $100,000, you would need to save $5,000 per year for 20 years, unless your money was working for you. However if your money was

2016 Presidential Election- Federal Tax Reform

Posted By Lineweaver Financial Group
October 12, 2015 Category: Tax, Newsletter, Education Programs

It has been an interesting campaign season thus far with many hopeful candidates throwing their hats into the presidential ring. Throughout the last few months, candidates from both parties have put tax policy at the center of their platforms. All of the candidates promise that their version of tax reform will make the federal tax system simpler, fairer, and better for the economy. This article will attempt to explain the basic differences in the three types of federal tax reform being debated by the candidates. The three types of tax policies we will discuss are: 1) our current tax system, 2) a Flat Tax system, 3) a national sales tax system also known as FairTax. Each of the candidates has his or her spin on either changing our current system or implementing a Flat Tax or FairTax. Our objective is to make you aware of the basics of each system so that you may apply that understanding to each of the candidates’ specific tax reform plans. Our current system is known as a progressive income tax – meaning that higher incomes get taxed at higher percentages than lower incomes. Specifically, the current system uses tax brackets (or ranges of income) to determine what a person pays. Taxable income and your amount of taxes paid can also depend on capital gains, specific deductions and exemption that apply, and certain tax credits that may be available to you. The criticism of our current system is two-fold. First, the current system is too complex and impossible for

Understanding Investment Statements

Posted By Lineweaver Financial Group
August 24, 2015 Category: Statements, Education Programs

The best way to track your investment account activity and performance is to carefully review your monthly/quarterly statements. Your investment account statements “keep score” of your investments, and track the activity in the accounts. But understanding the vast amount of detail many statements provide might require an advanced degree; many statements are difficult to understand. Once you can interpret the information your statements provide you will find it convenient and easy to track your investments to make sure you are on track to meet your financial goals. Most statements are broken down into different sections, and understanding them will better help you understand the entire statement. Account Information Here you will find basic information, such as the names of the account owners, the type of account i.e. IRA, the time period covered, and the account number. Account Summary This section summarizes the total value of your stocks, bonds, mutual funds, other investments, and any cash, and typically shows the account value at the beginning of the period and the value at the end of the period- very useful information. Portfolio Detail This section identifies individual assets in your account so that you can determine whether the holdings listed are accurate. Also, it shows the value of your investments at the end of the statement period, estimated income and yield, and other information, such as bond insurance ratings and stock symbols. In addition, this

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