Money & FinanceNavigating the financial world.
I received a call from a retired attorney who was seeking advice about a threatening letter he received from the IRS. He said he had been working with a “tax person” on past IRS issues; sadly, she died in an accident a few months prior and he didn’t know who to talk to. The “Intent to Levy” letter showed an October 10 deadline for response or payment of $12,113. The man called me October 7.
As a group, financial advisors are aging, which means many of them are about to retire or at least start working fewer hours, just as doctors, dentists, and other professionals do.
While many of us understand what it is to inherit, some may not understand the legal and tax structures necessary to assure investments pass to heirs as intended. The transfer of assets to heirs is an important part of estate planning. One must understand the difference between a will and a trust document, the scope of a power of attorney, and why to list beneficiaries on an account.
Having a financial advisor as your coach can help you maintain focus. In good times and bad, an advisor can help you stay on track or show you how to recalibrate to reach your goals. He or she can guide you in creating actionable financial strategies to reduce debt, save for specific goals (such as college), and plan for retirement.