Advice

IRS Releases Rules On How A Surviving Spouse Can Use A Deceased Spouse's Unused Estate Tax Exclusion

On December 17, 2010, via the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Congress amended the Internal Revenue Code to allow portability of the applicable exclusion amount between spouses. On June 15, 2012, the IRS released temporary regulations that provide long awaited guidance on the applicable requirements for electing such and on the applicable rules for the surviving spouse's use of the deceased spousal unused exclusion (DSUE) amount.

Should AXA Equitable's Variable Annuity Customers Accept Its Offer?

I believe that the complexity of many insurance products has outpaced the ability of conscientious advisors to offer reliable advice for a reasonable fee. When I say “reliable advice,” I mean advice that our clients can rely on without fear that we have overlooked something that would cause them to change their decision. And “reasonable fee” means a fee that can be justified in relation to the benefit provided, taking account of the risk that there may actually be...

What Can Advisors Do To Ensure Participants A Paycheck For Life®?

It’s official: baby boomers are beginning to retire. For this reason, advisors may see (or have already seen) an increase in the number of participants retiring. Those on the verge of retirement have accumulated wealth their entire working lives and have created their own Paycheck Manufacturing Companies from their 401(k). However, is this enough to guarantee them a Paychecks for Life®?  

Keebler & Associates Client Receives Favorable 60-Day Ruling

In PLR 201221036, the Internal Revenue Service addressed whether an attempted IRA rollover was a distribution since more than 60 days passed between the distribution and deposit into the new account.  The IRS granted a waiver to a Taxpayer who withdrew funds from his IRA to rollover to an account with a better interest rate, only to become ill before completing the transfer.

Mohamed v. Commissioner: Deductions On Donations To Charitable Remainder Trust Denied By IRS In Harsh Catch-22 Decision By Tax Court

In Mohamed, the Tax Court denied a substantial charitable deduction, in full, because the taxpayers failed to follow the regulations in making donations to a Charitable Remainder Trust.

When Can People Really Retire These Days?

Who hasn’t heard a number kicked around when it comes to how much money clients will need to retire comfortably? I’ve heard everything from $300,000 to $6 million. Many clients and even writers and pundits are simply making an educated guess or have perhaps run through the numbers in a spreadsheet.

401(k) Plan Participant Meetings Present An Opportunity To Build Trust While Gathering Data

Participant meetings are one of the best opportunities you have as a financial advisor to boost your assets under management. Rule of thumb is that for every dollar in a participant’s account, there are $7 of participant assets in other accounts, assets you could potentially manage.

Is The Veralytic Report A Useful Tool For Advisors In Evaluating Life Insurance?

Veralytic is the trademark of TheInsuranceAdvisor.com, Inc., a Florida-based firm founded in 1999 by Barry D. Flagg. The trademark application describes the firm as “providing information in the area of pricing, and performance, and suitability data on life insurance policies and products through a global computer network.”

A Caution To Practitioners About Trying To Use An LLC As A Qualified IRA

In Re: Pink addressed whether funds “derived from or traceable to retirement funds” are excludable from a bankruptcy estate. The Bankruptcy Court, affirmed by the Northern Illinois District Court, concluded that funds distributed from a qualified retirement plan are not excludable from the bankruptcy estate.

Low Mortgage Rates But Underwater Homeowners; What Are Advisors Telling Clients To Do?

Advisors likely suffered from a bad case of cognitive dissonance in the wake of two opposite-end-of-the-spectrum reports this week. First, Freddie Mac said Thursday in its weekly report that mortgage rates, hit record lows for the week ended May 24, with the 30-year fixed-rate mortgage average dropping to 3.78% from 3.79% last week. Then Zillow reported in its quarterly Negative Equity Report that 31.4% of U.S. homeowners are underwater on their mortgages.

Wade Pfau Answers Questions From May 18 A4A Webinar

On May 18, I presented a webinar on the 4% Rule for Advisors4Advisors.    As there were many questions and not enough time, I agreed to write up a blog post to answer questions posed during the webinar.  Here it is:

IRS Grants Relief to Taxpayers Who Forgot To Re-Characterize Converted IRAs

In PLR 201218037, the Internal Revenue Service (the Service) addressed whether it would allow taxpayers who converted their SEP and Traditional IRAs to Roth IRAs additional time to re-characterize after their CPA discovered their modified gross income exceeded the limit for conversions, reported the IRAs as re-characterized, but failed to notify the IRA custodian to re-characterize the accounts. The IRS granted the taxpayers 60 days to re-characterize.

For Financial Planners, This Is One The Most Important Stories Of The Year

Wade Pfau on Friday explained why the 4% “safe” withdrawal rate being relied on by many of the nation’s top financial planning professionals may not really be so safe for retirees. An understanding of Pfau’s analysis probably should be required of all financial advice professionals.   Pfau’s presentation, which can be viewed by all members of A4A, succinctly reviews the groundbreaking research by William Bengen, a CFP practitioner who in 1994 began...

Wade Pfau on a Preview of the May 18 A4A Webinar at 4pm

If the long-term average real return from the stock market is 7%, does that mean one can safely use a 7% withdrawal rate from a 100% stocks portfolio without worrying about running out of wealth or even dipping into the original principal? The answer is No. But answering yes is a common mistake; one which William Bengen set out to dispel.

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