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The Power of Coordination

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

Does Your Vacation Home Have the Right Insurance?

Does Your Vacation Home Have the Right Insurance

Posted By Lineweaver Financial Quarterback
November 08, 2018 Category: Lineweaver, Vacation Home, Insurance

Vacation homes are often used in one of three ways: owner occupied, as a rental, or unoccupied. Many people carry either a homeowners or landlord insurance policy, both of which often have significant coverage gaps. You will want to make sure you’re covered for all three situations. If you vacation home is in the path of a named-storm, such as a hurricane, it’s possible that your home insurance deductible will increase. Many named-storm deductible clauses work by requiring a deductible that’s a certain percentage of a home’s value, which can be anywhere from one to ten percent. The hurricane deductible is designed to offer lower premiums, so the first thing you can do is to put aside that savings for damages. Be aware that hurricane deductibles only take affect if the home’s damage results from a storm officially named by the National Weather Service.  Remember, no insurance is perfect – and so it is usually a good idea to have an umbrella insurance policy. They fill in any gaps in coverage in case of damages over and above your normal liability insurance. You never know what’s going to happen, and you don’t get a second chance! Coordination is important for anyone, and having an experienced Financial Quarterback can save you time, money, and worry.  Whatever you decide, make sure your assets are fully-coordinated to avoid unnecessary taxes and fees, now or later, to your investments, retirement plans and

Are You Putting Yourself or Your Family at Unnecessary Risk?

Are You Putting Yourself or Your Family at Unnecessary Risk

Posted By Lineweaver FInancial Group
August 02, 2017 Category: Insurance, Risk Management, Protection

Remember your parents constantly telling you to “be careful?” I’m sure that most of us hear that reminder in our minds all the time. But sometimes, no matter how careful you are, events unfold that can have a devastating effect on you and your family. But, don’t worry – you aren’t totally powerless –  and many risks can be mitigated through insurance! First, start by reviewing your Life Insurance. Unfortunately, none of us are going to live forever. If you or your spouse were to pass away, consider -  what would the ongoing financial impact be on your family? We recommend reviewing the reasons, necessity, and beneficiaries of life insurance policies as circumstances and objectives may have changed since the original purchase. Second, consider Long Term Care Insurance (LTC). Long term care is another topic no one wants to discuss. This alone could be the biggest financial risk you face, and is the most likely to be uninsured. There are several studies on the incidence of nursing home care, and they arrive at similar estimates. For example, a study conducted by the Alliance Of Health Policy and Systems Research estimated that 58% of men and 79% of women aged 65 and older would need long-term care at some point, and those average lengths for care were 2.2 years for men and 3.7 years for women. In Northeast Ohio, what does that care cost? The Genworth 2016 Cost of Care Survey for the Cleveland-area average cost for a

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