Several years ago, we got a call from one of our clients at tax time who was not at all happy with their tax bill.Instead of a small refund, as anticipated, they were looking at a $12,358 tax bill. Earlier in the year, following our recommendation, they had sold a mutual fund. We told them there wouldn’t be much of a tax bill from the sale, but now it looked like the mutual fund sale was the culprit triggering that $12,358 tax bill. Ouch!
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Based on conversations with our clients who have adult children, the odds are pretty high that you could do a better job of letting your kids know what kind of legal documents you already have in place and where your financial accounts are located. Don’t worry, I’m not suggesting that you financially undress in front of your children. But it is important for your children to know at which financial institutions, banks, insurance companies and the like, you have accounts.
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More often than not, when I ask people what they consider to be their single best investment, without hesitation their answer is “my house”. How about you? Is that how you would’ve answered the question, too? Well, what I’m about to share with you just might surprise you and challenge your thinking.
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I believe in spending time doing the things I enjoy doing. I’d rather seek professional help with activities that I dislike and am not an expert at. Many people don’t realize they can employ the services of an automobile broker to purchase a late model or low mileage car, often at tremendous savings, over what it would cost to buy a new car. Buying a new car can be very intimidating and as a result, most people purchase a new car with little or no preparation. Walking into a new car dealership can be a very scary experience if you don’t know what you’re doing.
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Why would a financial planner who specializes in retirement planning be telling you that financial plans are useless?
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