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Does Your Vacation Home Have the Right 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 pass-along legacies.

If you have questions, we can help! We offer a no-obligation financial consultation. You can schedule your appointment today by calling us at 216.521.1711, emailing us at Quarterback@Lineweaver.net, or by clicking here.

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Strategies to help your favorite charity and your bottom line

Posted By Lineweaver Financial Group
November 21, 2023 Category: Charity, Finance, Donation, Tax Strategies

The end of the year is the time when people are looking to show gratitude by donating to their favorite charities or special causes that are important to them. But like any financial decision, you should take a moment to see if there are any tax benefits or strategies to consider that can maximize your giving efforts.  The first strategy to consider is a Donor Advised Fund. These have two main tax advantages. First, you become eligible for an income tax deduction of the full fair market value of the asset, up to 30% of your adjusted gross income (AGI) for gifted securities, and 60% of your AGI for cash. It also eliminates capital gains taxes on long-term appreciated assets if they’ve been held for longer than a year. The second strategy that can help benefit a charity – as well as your own finances – is a Qualified Charitable Distribution or QCD. QCDs can be a great option for those 70 ½ or older and allows you to contribute money directly from your IRA to your preferred charity. You’re allowed to give up to $100,000/year. The advantage is that this reduces your AGI, which affects things like Medicare, Social Security, and various other tax credits and deductions. It may even help you reduce your income taxes. It can also help you offset any additional income you have if you’re over age 72. Another charitable deduction that’s available is the Ohio Scholarship tax credit. It’s a $750/person non-refundable credit you ca

Q4 2023 Commentary and Portfolio Changes

Posted By Lineweaver Financial Group
November 02, 2023 Category: Finance, Market, Portfolio, Investments

Key Takeaways: We are changing our allocations to slightly overweight U.S. quality stocks, seeking to capitalize on the recent market pullback and position for potential upside surprises in U.S. economic growth and corporate earnings.   We are leaning into U.S. high-quality stocks expressing a high-conviction preference for the largest cap stocks in the U.S. that appear to have attractive growth profiles.   We plan to decrease our exposure to Europe, moving underweight international Developed Market (DM) stocks due to weakening corporate earnings signals and more pronounced downside vulnerability to potential rising energy prices and geopolitical turmoil.   We are underweight bonds and overweight cash and short-term instruments that offer very attractive yields. The ghost of September's past haunted markets once again in 2023 and has carried over. This notoriously weak seasonal period - combined with rising rates and declining liquidity - saw stock and bond prices press lower. The S&P 500 Index, for example, is off its late summer highs by almost 10%, and the Bloomberg U.S. Aggregate Bond Index is down a similar amount from its earlier highs. We are potentially facing an unprecedented third year in a row of bond market losses.  Overall, it has been a challenging year for investors with only the largest stocks doing well while most equity and fixed-income styles are flat to down. The “Magnificent 7” stocks in the S&P 500

Get your money working harder for you

Posted By Lineweaver Financial Group
September 21, 2023 Category: Finance, Cds, Bonds, Invest

Are you frustrated with your bank savings interest rates? We have a few options to get your money working harder for you.    When it comes to building a robust and diversified investment portfolio, there's more to consider than just individual equities and real estate. CDs and bonds are often overlooked but can be invaluable assets in any investor's toolbox, especially at today’s historically high rates.    Generally speaking, the S&P 500 return is 10% annually on average since 1957, according to Seeking Alpha1. But in a year with market uncertainty, constant volatility, and rising interest rates, a smaller return with reduced risk may be a preferable option to some. Because of elevated interest rates, there are both CDs and bonds that are paying in the 5.5%- 7.2% range2. And the Fed’s future path is uncertain – these rates may increase over time.      CDs are fixed instruments, so any rate increase won’t affect those you hold now. But you can stagger your purchases and build a CD ladder, which allows you to layer new CDs at increasing rates so that you may be able to benefit from rising interest rates.    This is possible because all CDs have a term – a fixed contract date – and different interest rates will be offered for different durations. CDs also have the advantage of being FDIC-insured up to $250,000.     That brings us to our other strategy, bonds. The FDIC insura

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