Tag: Estate Planning

The Great Wealth Transfer

When you have big changes you know are coming up in your life, you typically do a lot of preparation. Perhaps it’s buying a house, having a child, maybe buying a second home, big things that require a lot of preparation. You don’t just jump in to them immediately and then think about the ramifications later.

5 Keys to Dealing with Loss Aversion

Back when I started in this business, our firm’s founder, Ed Coyle, used to joke that investors expect 20 percent annual return on their money, fully guaranteed by the government, fully liquid, with no taxes. We laughed because it’s not achievable. Everything seems wonderful for investors when markets are calm like they are right now, but sooner or later the tide will turn, and investors will be in the grips of what behavior finance experts call “loss aversion.”

Focus at the Intersection of Matter and Control

Have you seen the movie “American Sniper”? It’s based on the true life story of Chris Kyle (played by Bradley Cooper), one of the deadliest snipers in U.S. history. Cooper’s character is very conflicted because doing what really matters to him—saving the lives of fellow soldiers, Marines and sailors—requires him to extinguish the lives of many other people—enemy fighters.

Check Your Fear at the Door

Some of you may remember Orson Welles’ infamous “War of the Worlds” radio hoax back in 1938. He told listeners that a Martian ship had crash-landed in New Jersey. Scores of people ran to police stations fearing gas attacks and many more were treated in hospitals for hysteria and shock.  The power of fear is amazing, and equally amazing is the way our media manipulates it.

Risking Your Estate

From insurance and investments to disability and death, there are so many risks involved with our money. But one risk we don’t think about much is how we’re going to tell our children and grandchildren about our money and our estate plans. We want our offspring to be comfortable, but not so complacent that they lose their incentive to work hard or feel automatically entitled to our estates when we pass on.

Survive and Thrive Estate Planning

As many of you know firsthand, there’s nothing more joyful than having a new grandchild. Right off the bat, many of you start thinking about ways to help fund the newborn’s education. That’s wonderful, but there’s something even more important to be thinking about—estate planning. What if something terrible happens to the baby’s parents? Suppose one of them becomes disabled or even dies? It’s horrible to think about, but unfortunately these things happen all too often.

Seventh-Generation Thinking

What parent out there doesn’t want a better life for his or her children or grandchildren? I don’t know of any. But research shows that 90 percent of family wealth will disappear in just three generations.

Guidebook to Your Galaxy

Unfortunately we always have several clients going through the probate process. I don’t mean they’re going through probate in the courts, but they’re going through the overall estate planning, end-of-life process in which we are helping family members through this difficult transition.

5 Common Estate Planning Mistakes

Many times a successful investor will come in to see us and we’ll ask them if they have estate planning documents in place? Typically they’ll say “Yes” and then we’ll ask them if they’ve funded their trusts. That’s when they’ll give us a funny look and ask what that means. Well, it typically means changing your assets out of joint tenancy to the name of your trust. Invariably, we find that a lot of this planning has not taken place.

Perfectionism Is to Procrastination as Progress is to… ?

Remember when you were a kid, you wanted to get a 100 on all of your tests. We were always taught to strive for a perfect score, get to the perfect school, get the perfect life and so forth. Unfortunately, what often comes out of that perfection mindset is procrastination. Because to get something done perfectly, we have to spend a lot of time thinking about it, working on it and researching it. Many times we keep putting off a difficult task or decision because we don’t want to make a mistake.

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