Episodi
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We all wish that one day weâll get a call that a distant family member, who lived a long and happy life, left us a large inheritance. What would you do if you inherited a substantial sum unexpectedly? The financial decisions that follow such an event are crucial.
Join Goldstein On Gelt host, Douglas Goldstein, CFPÂź and discover some considerations for managing newfound wealth in retirement, including the balance between capital growth of the inheritance and preservation, generating a steady income, and reducing risk. Learn some critical steps retirees must take to secure their financial future.
Some key takeaways:
Assess the needs of your portfolio based on current priorities and risk tolerance. Understand how the new wealth can change your portfolioâs balance. Seek a financial advisor who tailors a plan to your needs and risk tolerance Navigating an Inheritance During Retirement: A Practical GuidePicture this: You're comfortably settled into your retirement, your days filled with leisure and newfound hobbies, when out of the blue, you receive an inheritance. It's an unexpected windfall that promises to secure your financial futureâif managed wisely. But where do you begin? Let's explore how you can handle this boon with care and confidence.
Step One: Take Stock of Your Financial LandscapeBefore you let the excitement take over, pause and evaluate your current financial situation. How does this inheritance fit within your existing retirement plan? Itâs not just about adding a couple of zeroes to your savings account; itâs about integrating this amount in a way that supports your long-term financial health without overwhelming you. Start by assessing your income needs, your regular expenses, and how long you expect your current funds to last.
Step Two: Align Your Investments With Your Current NeedsAs a retiree, your financial priorities have likely shifted from growing your wealth to preserving it. Itâs crucial to review the inherited assetsâwhether theyâre stocks, bonds, or real estateâand ensure they align with your current lifestyle, which is presumably more focused on stability than risk. For instance, if the inheritance includes high-volatility stocks, consider rebalancing by investing in lower-risk options like bonds or bank deposits that offer steady, predictable returns.
Step Three: Rebalance Towards Income-Generating InvestmentsTransforming part of your investment portfolio into one that generates income can be a strategic move. This might include dividend-paying stocks, real estate investment trusts (REITs), and other assets that provide regular payouts. Such a shift not only offers a steady income stream but also helps preserve the core of your inheritance, allowing you to maintain your lifestyle without depleting the principal amount too hastily. Remember, these are not specific investment recommendations but rather ideas to discuss with a financial professional.
Step Four: Consult With a Financial AdvisorHandling an inheritance, especially a significant one, can get complex. Itâs wise to seek guidance from a financial advisor who can offer personalized advice suited to your situation. They can help you understand the tax implications of your new assets, suggest appropriate investment strategies, and plan for future needs such as healthcare or family support.
Step Five: Regularly Review Your Investment PortfolioAs the market fluctuates and your personal needs change, it's important to keep a close eye on your investments. Regular reviews and adjustments will ensure that your portfolio continues to meet your financial objectives and stays within your comfort zone regarding risk. This proactive approach can help you maximize the benefits of your inheritance.
Step Six: Honor Emotional ConnectionsInheriting assets from a loved one is not just a financial transaction; it can also be an emotional journey. Acknowledge these feelings and let them guide your decisions about the inheritance. While it might be meaningful to keep certain assets as they are to honor the benefactor, ensure that they align with your financial goals and risk tolerance.
By carefully considering these steps, you can ensure that your unexpected inheritance supports your retirement dreams in a meaningful and sustainable way. Itâs all about making your money work effectively for you, in harmony with both your current financial scenario and your aspirations for the future.
Note: This article is for educational purposes only and not to be taken as specific financial, legal, or tax advice. Always consult a professional for guidance tailored to your circumstances.
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
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Are you married to a non-US citizen? Make sure to protect your wealth! Estate taxes can cost you millions if you donât plan carefully.
What can you do about it?
Give lots of gifts when youâre alive! Discover how gifting to your spouse and children during your lifetime can help mitigate estate tax burdens Learn about the benefits of setting up a QDOT (Qualified Domestic Trust) and how it can defer estate tax, providing an income stream to your non-American spouse Understand the importance of discussing your estate plan with professionals, and ensuring clarity to avoid potential legal disputes in the futureThe insights shared in this episode could save you millions of dollars in estate tax (of course, that depends how much money you have)!
Remember, The Goldstein On Gelt Show and its host, Douglas Goldstein, are not tax advisors. Consult with your own tax professionals before making any changes.
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
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Episodi mancanti?
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Managing U.S. pension plans and IRAs from abroad can be challenging. Difficulties with pension companies and tax consequences can be tough.
Discover the pros and cons of moving your pension plan into a U.S.-based IRA account, and how to effectively manage your portfolio.
Here are some key takeaways:
Evaluate your pension plan and consider the option of moving funds to an IRA with the help of an expert Research and find a suitable IRA account provider that caters to expatriates, offering reasonable fees and access to various investments Initiate the transfer of funds and work with a financial advisor to optimize the tax benefits and diversify the portfolio effectivelyMaximize your retirement savings, by making sure you have a well-built financial plan!
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Financial planning is always important, but itâs especially crucial when health issues arise. A well-built plan allows you and your family to focus on health and family connections, without worrying about the day-after. How can you make sure you are setting yourself up for a smooth transition of wealth to your family?
Tune in and learn about the nuances of managing shared accounts, the pros and cons of transferring control to family members, and the critical role of clear communication in preserving both wealth and relationships.
Some key insights:
Learn how to effectively shift financial authority to a trusted individual within the family, balancing legal necessities with personal dynamics. Learn about the importance of transparent discussions about financial matters with family members, especially in light of health changes. Discover some of the tools available, such as powers of attorney and trusts, that allow your wishes be followed. Professional advice from financial and legal advisors is crucial in creating a seamless and effective estate plan that aligns with your long-term goals.For more information, visit the show notes at https://goldsteinongelt.com/personal-finance/financial-planning-for-illness-and-death
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Are You Overlooking the Importance of a Financial Plan?
When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances.
When sitting down with a Certified Financial Plannerâą practitioner (CFPÂź) who is dedicated to understanding your unique financial situation, and guiding you through the complexities of investing, you are setting yourself up for success.
Building a comprehensive financial plan and working with a professional team (financial planner, accountant, and lawyer) can lead you to financial well-being.
A few points to consider:
1. Importance of a Financial Planner: Many individuals often focus solely on their investment portfolios without considering the broader financial picture. A Certified Financial Plannerâą practitioner can help guide you through essential aspects of financial planning, including retirement goals, family, expenses, insurance, and healthâproviding a comprehensive view of your finances.
2. Understanding Your Investments: Having a clear understanding of all your investments and their implications on your overall financial situation is crucial for proper financial well-being.
3. Partnering with Professionals: Partnering with a financial planner (and other professionals) doesn't mean surrendering control. Instead, it equips you with a supportive team who can handle administrative tasks and provide advice, while you remain in charge of making the final decisions.
4. Empowerment and Peace of Mind: When you have a strong financial team in place, it empowers you to focus on the bigger financial picture. It can alleviate concerns about making financial decisions, especially during times of illness or unexpected events, offering you and your family peace of mind.
To learn more about managing your finances and gaining a deeper understanding of the role of a financial planner, tune in to The Goldstein On Gelt Show and explore the valuable insights provided in each episode.
Remember, taking charge of your financial well-being is one of the most important steps you can take for a secure and stress-free future!
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
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Family pressure can be overwhelming when it comes to finances.
Learn how to handle those pressures correctly, allowing you to build a financial portfolio that suits you perfectly.
Here are some key points discussed in the show:
1. Understand your investments: If you find yourself investing in products you donât fully understand, seek advice from a qualified third party, such as a financial planner.
2. Address family pressures: In the face of conflicting advice from family members, itâs crucial to have an unbiased third party on your side.
3. Simplify your investments: Following the KISS principle (Keep It Simple, Stupid), opt for straightforward and understandable investments.
4. Regularly review and consolidate your investments: Consolidating and regularly reviewing your investments can bring clarity and empower you to take charge of your portfolio.If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
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Are you considering investing in real estate? Or perhaps you already have real estate investments in your portfolio? If so, it's crucial to understand the potential risks and challenges that can arise. The following stories of two individuals who encountered unexpected scenarios with their real estate investments provide valuable insights and lessons for anyone navigating the world of real estate.
The first case revolves around a client who initially appeared to be a successful real estate investor. He exuded confidence in his portfolio, claiming lucrative real estate deals and assured cash flow from his properties. However, as time unfolded, the reality did not match his optimistic projections. Unforeseen circumstances such as the impact of external factors, including the COVID-19 pandemic, led to a drastic reduction in the expected income from his real estate investments.
One of the crucial insights gleaned from this story is the significant impact of underestimating risk and overestimating returns. The client's assumptions about the reliability and sustainability of his real estate income proved to be misplaced, resulting in unanticipated financial strain and the need to reevaluate his entire investment strategy.
The second story featured a younger client who had invested $50,000 in a real estate deal in Wisconsin. He initially contemplated withdrawing additional funds from his brokerage portfolio to invest in another promising real estate opportunity. However, after sharing the challenges faced by the first client, he reconsidered his decision. He understood the risk of putting all his eggs in one basket and preferred to stick with a more secure, diversified portfolio.
While real estate can be a valuable component of a well-structured investment portfolio, allocating a significant proportion of one's assets solely to real estate can expose an individual to heightened risks and vulnerabilities. The allure of real estate, with its promises of passive income and appreciation, should be balanced with a comprehensive understanding of the potential downsides and the need for diversification. It's vital to approach real estate investments with prudence, ensuring that they complement a comprehensive investment strategy rather than overshadowing or dominating it.
By building a diversified investment approach and thoroughly understanding the nuances of each area of your portfolio, you can navigate potential challenges while maximizing the opportunities for financial growth and stability.
Consider conducting a comprehensive review of your investment portfolio. Assess the proportion of your assets allocated to real estate investments and evaluate how they harmonize with your overall investment strategy.
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
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Financial planners frequently meet with folks who want to invest for growth. After all, who doesnât want to see their portfolio grow? But, growth also means capital gains tax. Are there any investments that encourage portfolio growth but have limited tax liability? On todayâs show, Doug answers a listener question about investing for growth. âJeffâ asks if there are investments that encourage portfolio growth, but have little tax liability. While an investment advisor, and not a tax advisor, Doug answers several aspects of the question:
Are there conservative investments that offer reasonable growth? What are the common mistakes people make when investing for growth? What is the best way to minimize tax on your investment?One way to invest for growth is through a SMA â a Separately Managed Account. Watch a short clip on What is a SMA - Separately Managed Account. If youâre not already receiving updates on new episodes, sign up now, and as a special bonus, receive Dougâs free ebook The Retirement Planning Book.
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Tips for Managing Your Finances During Divorce for a Smooth Transition
Divorce can be a daunting and emotional journey, one that is fraught with legal, emotional, and financial challenges. In this post, we'll explore key takeaways Douglas Goldstein discussed on The Goldstein on Gelt Show and delve deeper into essential financial considerations when navigating divorce.
Seeking Professional AssistanceOne of the most critical pieces of advice is to seek professional help when dealing with divorce-related financial matters. Consulting with an experienced lawyer is essential to navigate the legal complexities inherent in divorce proceedings. Additionally, engaging the expertise of a financial advisor is invaluable in assessing the impact of divorce on long-term financial planning.
Understanding Expenses and BudgetingMany individuals are often unaware of the actual amount they spend every month. It's crucial to have a clear understanding of your expenses, including routine spending and potential future financial obligations resulting from a divorce. Keeping meticulous records of financial transactions, and anticipating upcoming expenses are essential steps during a divorce. These records serve as invaluable tools for financial advisors and lawyers when negotiating asset division and settlements.
Gathering Financial InformationOrganizing all your financial information is paramount when preparing for divorce. This includes gathering statements from bank accounts, credit cards, retirement funds, investment portfolios, mortgages, and tax returns. Having comprehensive documentation at hand facilitates the process of evaluating assets and liabilities, thus enabling fair and informed decision-making.
Avoiding Major Financial DecisionsDuring times of emotional distress like divorce, making major financial decisions may seem enticing as a temporary escape. However, avoiding substantial financial decisions amidst marital discord is imperative. Big-ticket expenses like buying a new house, a car, or making substantial investments can further complicate the financial implications of divorce. Hence, refraining from significant financial commitments is vital for minimizing additional financial strain during a divorce.
Building a Reserve FundCreating a reserve fund is a prudent measure, especially during the tumultuous period of divorce. Accumulating cash reserves safeguards individuals from potential liquidity challenges that could arise during the divorce process. This fund can be instrumental in covering legal fees, and unexpected expenses, and ensuring financial stability during the subsequent transition.
Reevaluating Tax ImplicationsDivorce often carries significant tax implications, warranting a comprehensive assessment of tax responsibilities related to asset division, alimony, and child support. Consulting with a tax professional ensures a thorough understanding of the tax implications linked with divorce settlements and financial decisions.
Crafting a Long-Term Financial PlanFormulating a robust and realistic long-term financial plan is indispensable post-divorce. This may involve establishing new financial goals, revising investment strategies, and reassessing retirement planning to ensure financial stability under the altered circumstances.
Securing Professional and Emotional SupportNavigating divorce involves not only financial complexities but also emotional and psychological challenges. A support network comprising legal professionals, financial advisors, and emotional support resources can provide comprehensive assistance during this tumultuous phase.
Navigating a divorce is a multifaceted and challenging process, particularly when viewed through a financial lens. Taking proactive steps to mitigate possible financial issues, is pivotal in ensuring a smooth and equitable transition through the complexities of divorce.
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Behavioral finance is a critical area that merges psychology with finance to understand why people make irrational financial decisions. Itâs important to note that peopleâs emotions, cognitive errors, and biases often drive these decisions, leading to poor investment choices.
Being happy while dealing with investments is crucial. Letâs examine some of the psychological aspects of investing and how they can be managed to create a better and less stressful investment experience.
Psychological Aspects of Investing Analysis ParalysisAnalysis paralysis is a common issue many investors face. With countless investment options available, individuals can become overwhelmed, and as a result, they may not make any investment decisions at all. This can lead to missed opportunities and unproductive financial stagnation.
Fear of Missing OutThe fear of missing out (FOMO) is another psychological challenge that investors often grapple with. This fear, driven by the desire to replicate othersâ financial successes, can lead to impulsive and high-risk investment decisions. Recognizing and managing this fear is essential to avoid detrimental financial choices.
Overemphasis on Short-Term VolatilityAnother psychological challenge in investing is placing excessive emphasis on short-term market fluctuations. Reacting emotionally to daily market movements can lead to poor decision-making and can negatively impact long-term investment strategies.
Complexity in Cross-Border InvestingFor those dealing with cross-border investments, the complexity of managing investments in multiple countries can be overwhelming. Regulatory hurdles, tax implications, and cultural differences in investment philosophies can create significant stress for expatriates and immigrants.
Managing Your StressInvesting your money is stressful, but it doesnât have to be overwhelming. Managing stress effectively can lead to better investment outcomes and a more enjoyable investing experience. Here are some strategies to help lower stress and improve investment decision-making:
1. Simplification and FocusConsolidating and simplifying investment accounts can help you gain a clearer understanding of your financial situation. By focusing on a defined investment strategy, you can avoid being overwhelmed by too many choices and better manage your portfolios.
2. DiversificationDiversifying investments is an essential strategy to spread risk and avoid excessive exposure to any single investment. By diversifying across different asset classes and sectors, investors can lower the risk of significant losses caused by a single investmentâs failure, thus leading to a more relaxed investment.
3. Develop a PlanHaving a clear financial plan can help you stay focused on your long-term objectives and avoid making impulsive decisions based on short-term market movements. A well-defined plan provides a roadmap for achieving financial goals and reduces anxiety about investment decisions.
4. Build a Resilient MindsetEngaging in stress management techniques, such as meditation, physical exercise, or taking regular breaks from financial decision-making, can promote a resilient mindset. A calm and focused approach to investing can lead to better decision-making and reduced emotional reactivity to market swings.
5. Educate YourselfContinuously learning about investment concepts, market dynamics, and financial planning can empower you to make better-informed decisions. Well-informed investors are better equipped to manage their financial stress and maintain a long-term perspective on their investments.
6. Choose a Good AdvisorSelecting the right financial advisor who prioritizes understanding the clientâs individual needs and goals is essential. A good advisor should focus on building a personalized financial plan aligned with the clientâs objectives rather than pitching investment products.
Armed with these valuable insights and tips, itâs time to implement them so you can experience a happier and less stressful investment journey.
Happy investing, and may your financial journey be filled with success and joy!
Stay updated on personal finance insights, investment strategies, and expert interviews, by subscribing to The Goldstein on Gelt Show.
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Doug delves into the topic of retirement planning and financial considerations for Americans moving to Israel. He shares insights on the practical aspects of living in Israel and the financial implications of the move.
Retirement is often depicted as a time of relaxation, but as Doug reveals, many retirees find themselves busier than ever, having the time of their lives. For those contemplating a move to Israel, it's essential to have a well-thought-out plan, especially in terms of financial preparedness. To do this, itâs crucial to seek professional guidance to help you navigate the complexities of cross-border financial matters and estate planning.
What should you do now?
1. If you have questions about financial planning and moving to Israel, reach out to a financial professional with expertise in cross-border financial matters.
2. Sign up for both the Goldstein on Gelt and the Profile Investments email lists to receive valuable insights and updates on retirement planning, financial considerations, and cross-border financial matters.
By taking these two steps, you can better equip yourself with the knowledge and guidance needed to navigate the financial aspects of moving to Israel and ensure a secure and well-planned retirement.
Correction: In this episode, Doug said that you get a 10 year tax holiday in America after making Aliya, when the tax holiday is in Israel
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Are you approaching the age of 73 or have inherited an IRA account? If so, understanding Required Minimum Distributions (RMDs) from IRAs is crucial. In a recent episode of The Goldstein On Gelt Show, Douglas Goldstein discussed RMDs in detail and answered a listener letter regarding RMDs for inherited IRAs. Here's a summary of the key points to help you navigate RMDs and avoid potential penalties.
What Are RMDs?RMDs are the IRS's way of ensuring that the funds in your IRA, which have grown tax-deferred over the years, are eventually taxed. Once you reach the age of 73, the IRS mandates that you withdraw a certain amount from your traditional IRA each year. This amount is determined by a formula based on your age and the total value of your IRA at the end of the preceding year.
Inherited IRAs and RMDsIf you have inherited an IRA from a someone, you might also be subject to RMDs. In the case of an inherited IRA, the IRS requires beneficiaries to withdraw the entire amount within a specific timeframe, usually within ten years of the original account holder's death.
Penalties for Failing to Take RMDsIt's essential to stay on top of your RMDs to avoid potential penalties. For instance, failing to take your RMD can result in a 50% tax penalty on the amount you were supposed to withdraw. However, recent legislation has reduced this penalty to 25% or even 10% under specific conditions.
Donating RMDs to CharityOne strategy to potentially reduce the tax impact of RMDs is to donate the withdrawn funds directly to a qualifying charity. This can potentially help reduce your tax burden while supporting a cause you believe in.
What should you do?Seek professional advice to ensure your portfolio complies with IRS regulations, and to make sure you are informed about any changes in relevant legislation.
If you're living outside the United States and need personalized financial guidance, reach out to Profile Investments Services, Ltd. Profile specializes in assisting individuals outside the United States with U.S. investment accounts.
Subscribe to the Profile and Goldstein On Gelt email lists for more valuable financial tips and updates.
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In "The Journey to Expatriation," we delve into the complex world of expatriation, featuring the real-life journey of a couple navigating the process of giving up U.S. citizenship.
Join Doug as he uncovers the emotional, legal, and financial considerations behind this significant decision.
Discover how this life-altering choice impacts estate planning, tax implications, and even charitable giving from an IRA.
If you've ever wondered about the intricacies of expatriation, this episode is a must-listen. Tune in to gain valuable insights and hear firsthand experiences on this compelling journey.
Reach out to Doug Goldstein at Profile Financial for more personalized advice, and make sure to give a đ to the âGoldstein on Geltâ show for insightful financial podcasts tailored for life in Israel.
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Taking Control of Your Finances or Partnering Up With Experts?
A Critical Decision for U.S. Expats Living in Israel!
Are you a DIY investor?
Curious about the benefits of working with a financial advisor?
Join Doug as he discusses the pros and cons of managing your own portfolio versus seeking professional guidance.
Discover the importance of expertise, personalized strategies, portfolio diversification, and ongoing support from a financial advisor.
Find out why more DIYers are turning to advisors for financial stability and explore how you can make informed investment decisions.
If you're considering working with a cross-border financial professional, this episode is a must-watch! Enjoyed learning from this post? Don't forget to share it!
Reach out to Doug Goldstein at Profile Financial for more personalized advice, and make sure to give a đ to the "Goldstein on Gelt" show for insightful financial podcasts tailored for life in Israel.
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Yosefa Uber, an expert accountant specializing in American taxes for residents of Israel, sits down with Doug to go over:
Qualified Charitable Distributions (QCDs) allow you to donate money from your IRA directly to charity tax-free instead of taking required minimum distributions To qualify, the money must go directly from your IRA to the 501(c)(3) charity - You can donate up to $100,000 per year per individual this way Benefits: Helps you meet your required minimum distribution without paying tax, allows you to donate to charity tax-free Eligibility: You must be over age 70.5 when making the donation Keep receipts as documentation even though the distribution doesn't show up as taxable income Consider connecting your investment advisor and accountant so they can coordinate adviceResources:
Interview guest Yosef Huber provides US tax services for Americans in Israel (hubertaxcpa.com)If youâre not already receiving updates on new episodes, sign up now, and as a special bonus, receive Dougâs free ebook The Retirement Planning Book.
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Doug discusses what it means to be a good steward of family wealth and how to pass on your financial legacy to future generations. He provides advice for teaching children financial responsibility from a young age and bringing adult children into important financial discussions.
Key points:
The importance of passing on not just money, but also financial values and responsibility to heirs Pitfalls of relying solely on professional trustees to manage family money long-term Even a perfect trust document can't guarantee your wishes will be fulfilled long-term You must focus on teaching your heirs financial responsibility while you're still around Share information about your finances with grown children and bring them to meetings Getting kids involved with earning, saving, and giving at a young age Helping adult children pursue their goals without fully supporting them Utilizing specialized help like lawyers and financial advisorsListen and share now! đ§
If youâre not already receiving updates on new episodes, sign up now, and as a special bonus, receive Dougâs free ebook The Retirement Planning Book.
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Are you an American living abroad, specifically in Israel, facing difficulties with US brokerage firms terminating your accounts?
Join Doug Goldstein, licensed in both the US and Israel, as he sheds light on this ongoing issue and provides expert advice.
Discover why compliance with international regulations poses challenges for these firms, leading to account closures. But fret not! Goldstein recommends specialized companies like Profile Investments to help address your financial needs. Stay tuned for more fascinating discussions on the Goldstein on Gelt Show and don't forget to leave a positive review, like, and share with your fellow expats globally.
Let's navigate through these challenges together!
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Doug discusses the myth that it is illegal for people who move to Israel or inherit money from the U.S. to keep their investments in American accounts. He explains why this myth exists and how it can actually be beneficial to maintain U.S. investments after making Aliyah or receiving an inheritance.
A few key points:
It is absolutely legal for Israelis to keep money and investments in U.S. accounts like brokerage, bank, IRA, etc. Some big U.S. firms ask Israeli clients to leave due to bureaucracy and compliance issues, not because it's illegal Keeping U.S. investments can be beneficial for language, tax, and investment reasons There are procedures to transfer U.S. inheritance and IRA accounts to Israeli residents. May require extra steps Work with a cross-border financial advisor who understands both U.S. and Israeli systemsIf you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
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Financial advisors and investment professionals,
As we bid goodbye to 2023, let's take a moment to reflect on the state of our portfolios and plan for the new financial year.
đ Year-End Portfolio Snapshot
Understanding the precise value of your portfolios is essential. An approximate ballpark isn't adequate. Need clarity? Look it up. Update any impending changes that can affect your investments, such as income alterations, revised gifting plans or fluctuating portfolio values.đĄ Why It Matters
Your financial decisions hinge on the snapshot of where you stand now. A million and a million and a half are not the same; precision is key. Updates such as salary changes or changing investment goals can massively impact your financial plan.âïž Planning for the Future
Use your current financial situation as a starting point to set goals for the coming year. Be proactive and regular in your check-ins with your financial advisor to ensure you're on the right track.The roller-coaster that was 2023 brought several ups and downs. Let's use the lessons we've learned to make more informed financial decisions in 2024. Let's empower ourselves with awareness and plan strategically for a sound financial future.
If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
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Living in Israel with U.S. investment accounts? Be careful when transferring money overseas!
In this insightful recording, Doug Goldstein, CFPÂź, GFPÂź, founder of Profile Investment Services, Ltd., unveils essential tips and best practices for successful cross-border investing. From working with reputable financial institutions to maintaining meticulous records, he shares expert advice on navigating the complexities of transferring money overseas.
Key pointers from the show:
Make sure to report all of your foreign financial accounts to the IRS. Violations may lead to severe penalties. Choose reputable financial institutions to work with when transferring money to ensure compliance and avoid potential issues. Be transparent with the IRS and report all financial transactions accurately. Avoid using checks or travelerâs checks. The preferred method of money transfer is wire, this lowers the risk of raising red flags with the IRS. Document all your transactions to ensure a clear financial record.These are valuable points to consider when dealing with cross-border financial transactions.
Please share your thoughts and experiences on this in the comments below.
If youâre not already receiving updates on new episodes, sign up now, and as a special bonus, receive Dougâs free ebook The Retirement Planning Book.
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