When was the last time your banker, broker, advisor, CPA, attorney and insurance agent all sat at the same table to discuss ways to lower your taxes, increase your income, protect your nest egg, create an income stream that you cannot outlive, and make sure you have tax free In-Home care for as long as you live, should you need it?
The answer is probably never.
The Stoddard Group is a true estate-planning firm in Orange County. Our 17 years of first hand experience has found areas of concern that can dramatically affect your family and your finances.
- Families having an out of date living trust with inaccurate information & improper deed to home
- Families having little idea of how the financial products that they own work and how to use them
- Many families products, including life insurance and IRA/401(k) have incorrect or no beneficiaries.
And most importantly, they have no written plan from their current advisors to make sure that they can retire and stay retired without running out of money.
We believe that a family’s advisor must educate and train their clients to manage their own affairs. Your advisors are just that: “advisors”. Only YOU can really protect your family and future. Our experience has proven to us that you must be fully educated on what you own, how to use them, what the terms and conditions are and the taxable events upon using.
This holds true for financial service products as well as legal documents.
Billions of dollars are put into the FIVE separate types of annuities each year, as well as Four distinct types of life insurance. And each of the above has a multitude of “riders” or “options” with specialized vocabulary that each company may define differently making comparisons difficult.
If you have purchased or are considering a purchase of any type of annuity or life insurance, The Stoddard Group has found that an independent review of the purchase or proposed purchase is in the client’s best interest.
Here is a checklist of items to look for and ask for to make sure your Family, Future & Finances are secure:
- Have your advisor explain the pros and cons of 4 to 6 different products before you make a purchase (compared side by side in writing)
- Have your advisor show you a written plan for Lifetime Income you cannot outlive
- Explore the Tax Free Lifetime Income plans available to see if they are a fit for your family
- Have your living trust and all the associated documents reviewed by someone OTHER than the firm that wrote them (example: we conducted a survey in 2014 of 385 Newport Coastresidents. Less than 100 of the families we surveyed had correct and complete documents)
When it comes to retirement planning, the real unknown is how long we will live. A common myth is only two years of care will be needed. Current studies show an average of six years in-home assisted-living care, then a skilled nursing facility. This currently costs $60,000 to $80,000 a year in Orange County. What will it be 20 years from now?
Ask your advisor to show you how to get tax-free in-home care for as long as you live from your IRA or 401(k).