“ Investments are scary. They’re labeled “investments” because they stand a chance to either make a lot of money or lose a ton of money. They’re high risk/high reward financial pursuits.

Because of the risky game investments offer, many individuals seek the advice of a “professional” financial advisor. The reason you place “professional” in parenthesis is because not all of these so called “professionals” are actually professionals.

To avoid a lot of the confusion, Jack Waymire, an individual with 28 years of experience in the financial services industry created the Paladin Registry (PaladinRegistry.com).

While the web site was initially created to provide a byproduct to the advice book Waymire wrote in 2003 (titled “Who’s Watching Your Money?”), Paladin has since expanded to become the number one source for financial advisors nationwide.

Today the registry provides a listing of essentially the 1,000 top financial advisors in the nation. The registry screens over 16,000 advisors and only selected around 1,000 to make the cut. These 1,000 or so financial advisors are defined as 5-star advisors.

The registry was created to provide additional information to investors and an objective source for finding the appropriate financial advisor. The web site is strictly third party and entirely objective, because the site does not hold any licenses allowing them sell investments or insurance products.

The fair objectivism along with the abundance of experience and knowledge in the industry has sprung the Paladin Registry into the strictest and toughest registry for financial advisors to crack in the entire web.

Generally investors are very subjective when picking a financial advisor. Often they merely make the choice based on the advisor’s personality or people skills.

The registry was created to provide an additional source, analyzing the advisor’s competence, ethics, and business practices.

While the Paladin registry is designed to weed out the good advisors from the bad, the creator of the web site highly recommends that the investor conducts further research on the advisor.

It is also highly recommended that the investor goes against verbal information and rather requires everything is carefully documented and the benefits of the investor clearly outlined. The investor should ask the advisor to document facts about themselves and their business practices.”

Trying to find a financial advisor can be a difficult choice, but by understanding how to choose one, the decision likely will be much easier.

“Concerned with the current economy and your estate?

You’re not the only one.

The bottom line is either you’ve prepared your assets and investments for after you’ve died or you have not. There is no grey area. But careful, even those who may think they’re prepared are greatly misled. Why? Because they filled out their estate planning documentation and Will once and left it alone. No, a prepared individual should plan, review, and revise the documentation and Will at least once a year.

As your children grow and grandchildren appear in the picture, the way you want to allocate those assets may change vastly. This is why it’s important to stay on top of the documentation.

Remember that an “I love you Will” (will that gives all assets to the surviving spouse) is a popular way to avoid any taxation from the state or federal levels. Also certain gift tax exclusions exist such as an unlimited exemption dedicated to education and medical expenses. While the current hold on gift tax exclusions is $13,000, the education and medical expense write-offs are unlimited and do not put a hold on the amount given to the beneficiary.

President Obama’s proposed budget for 2010-11 desires to keep the exemption set at $3.5 million.

Because of the uncertainty with taxes, the answer for everyone is not clear. There is no simple answer for everybody. No strict rules to play by. There are a lot of factors that go into accounts as to who may want to defer and who may not. That is why it’s important to review your documentation with your financial advisor.

Yes, the current “Robin Hood effect” is taking place in Congress and shared by President Obama. The deduction caps and a lower taxation exemption could hurt the wealthy in the near future and the assets left behind after they pass.

Protect yourself and your family any way possible.”

Protecting yourself is very important, and with financial planning help in the form of a financial planning guide or trying to find a financial advisor, you will be protected.

“But you want the best for your child so you are more than willing to handle the expenses. These are major investments to secure tuition, books, room, board, personal expenses, and most importantly – your child’s future.

However parents make several vital mistakes when it comes to their child’s college. Seven major mistakes to be exact.

· Parents/Students start too late.

· Parents do not position student correctly.

· Too many or too few of schools applied to.

· Lack of understanding regarding loans.

· Parents/Students relying too much on school counselor guidance.

· Poor consideration in regard to social environment and other factors.

· Parents afraid to say “no” to their children”

Using this type of data and avoiding these mistakes will greatly help.  A New Jersey financial planner or NJ wealth management group will be of help as could a financial planning guide in finding out how to best prepare your family for college.

]]> http://www.philadelphiafinancialplanning.com/get-in-position/feed/ http://www.philadelphiafinancialplanning.com/learn-about-government-programs/ http://www.philadelphiafinancialplanning.com/learn-about-government-programs/#comments Thu, 06 Aug 2009 16:46:17 +0000 Jay R. McGrath http://www.philadelphiafinancialplanning.com/?p=36 One of the most stressful times can be when an elder member of a family needs care and are not in a situation financially that will allow them to afford it.  By using a financial planning guide, or simply hiring the services of a New Jersey financial planner, a Philadelphia private wealth management firm, or an NJ wealth management group, this can be taken care of with concern to long term planning.  There is, however, a way that does not include trying to find a financial advisor.

“WHAT IF 33% OF ALL SENIORS IN THIS COUNTRY could receive up to $1,949 a month in additional income from the government to help cover their elder care costs? THEY CAN!

Under the right circumstances, a little-known federal program will pay additional income to cover long term care costs for at least 1/3 of all US senior households — that’s how many war veterans or their surviving spouses there are in this country. But the provisions of this program are such a well-kept secret that only 4.7% of US seniors are actually receiving the benefit. The great news about this program is the Department of Veterans Affairs will pay you to hire your family, friends or just about anyone to take care of you (Caregiving spouses can’t be paid under this program). The program is called “Veterans Pension.”

Most people who have heard about Pension know that it will cover the costs of assisted living and, in some cases, cover nursing home costs as well. But the majority of those receiving long term care in this country are in their homes. Estimates are that approximately 70% to 80% of all long term care is being provided in the home. All of the information available about Pension overlooks the fact that this benefit can also be used to pay for home care.”

By understanding the government’s ability to help, sometimes finances don’t have to be a concern.

]]> http://www.philadelphiafinancialplanning.com/learn-about-government-programs/feed/ http://www.philadelphiafinancialplanning.com/realizing-tax-laws/ http://www.philadelphiafinancialplanning.com/realizing-tax-laws/#comments Mon, 03 Aug 2009 13:39:37 +0000 Jay R. McGrath http://www.philadelphiafinancialplanning.com/?p=32 Currently, there are a number of Philadelphia wealth management groups and New Jersey financial planners who are willing to spend time with investors for just about anything concerning finance.  Many investors may seek a Certified Financial Planner in NJ or another form of financial planning help in order to get ready for a tax audit and find out which investments will cost how much.  By gaining an understanding for themselves, this process could become much easier and a collaborative effort with a financial advisor could be had instead of an advisor-dominated discussion.

“President Barack Obama’s inauguration as the 44^th President of the United States of America was not only significant in the fact that he was the first African-American president of our great country, but also for the fact that he was taking over command during a time of economic crisis.

Obama has made several pledges and declarations concerning the economy and how he plans to fix it. Many of those can be located through Obama’s proposed budget for 2010-11.

The first step to secure your financial future is to locate and pull out your estate planning documents. This is important even if you reviewed the files last year. Understanding the current state of the documents and the Will is vital.

Generally the Will goes smoothly if the father and mother filled out all the correct paperwork and recorded the correct documents. Keep in mind that this is a big if.

Quite often the loved ones left behind are left with a gigantic hassle because the paperwork or Will is not in order or contradict each other.

The Last Will and Testament are your two most important documents for after the individual passes away. Make sure this document directly specifies and governs how your assets will be passed out and where they will go.

The individual should also consider the manner in which they will be passed. For example, if you have minor children you may not necessarily want them to handle those large sums of money directly. Have you considered a trust? A trust will secure the funds until the child reaches a certain age. On the contrary, it’s important to read your Will and documents if your children have since grown up and become adults. Maybe a trust is no longer the strongest option? You also may need to may provisions for grandchildren, etc.

Beneficiary controlled trusts are a remedy that can prevent mishandled management of a large sum of inheritance passed down from the parent to a single child or children. This concept is especially relevant to family businesses that are often passed from generation to generation.

Beneficiary controlled trusts are incentive based that force the beneficiary to basically earn a dollar for every dollar they earn from the trust. The type of trust prevents second or third generation inheritances from just living off the past success of their parents or grandparents.

Another issue directly effecting inheritances is the exemption amount according to estate values.

If you do not have an estate in excess of the exemption amount you’re not subject to federal or state taxes. The exemption amount has increased over the years and in 2008 was set at $2 million. The exemption could increase $1.5 million to $3.5 million by the end of the calendar year.

The rate is still rather high, considering it starts out at 20% and increases to 45% around $4.5 million. This certainly poses problems if a possible law in 2011 takes effect that would reduce the exemption to $1 million.

While much of the future is uncertain, the only guaranteed step you may take right now is to pull out your estate planning documents and Will and review them intently with your financial advisor.”

Understanding these documents and tax laws will allow for a much smoother transition when trying to find a financial advisor and an easier March and April.

“ Investments are scary. They’re labeled “investments” because they stand a chance to either make a lot of money or lose a ton of money. They’re high risk/high reward financial pursuits.

Because of the risky game investments offer, many individuals seek the advice of a “professional” financial advisor. The reason you place “professional” in parenthesis is because not all of these so called “professionals” are actually professionals.

To avoid a lot of the confusion, Jack Waymire, an individual with 28 years of experience in the financial services industry created the Paladin Registry (PaladinRegistry.com).

While the web site was initially created to provide a byproduct to the advice book Waymire wrote in 2003 (titled “Who’s Watching Your Money?”), Paladin has since expanded to become the number one source for financial advisors nationwide.

Today the registry provides a listing of essentially the 1,000 top financial advisors in the nation. The registry screens over 16,000 advisors and only selected around 1,000 to make the cut. These 1,000 or so financial advisors are defined as 5-star advisors.

The registry was created to provide additional information to investors and an objective source for finding the appropriate financial advisor. The web site is strictly third party and entirely objective, because the site does not hold any licenses allowing them sell investments or insurance products.

The fair objectivism along with the abundance of experience and knowledge in the industry has sprung the Paladin Registry into the strictest and toughest registry for financial advisors to crack in the entire web.

Generally investors are very subjective when picking a financial advisor. Often they merely make the choice based on the advisor’s personality or people skills.

The registry was created to provide an additional source, analyzing the advisor’s competence, ethics, and business practices.

While the Paladin registry is designed to weed out the good advisors from the bad, the creator of the web site highly recommends that the investor conducts further research on the advisor.

It is also highly recommended that the investor goes against verbal information and rather requires everything is carefully documented and the benefits of the investor clearly outlined. The investor should ask the advisor to document facts about themselves and their business practices.

Along with the registry, Paladin provides an information center that educates the investor on financial advisors and other important information.”

Using the Paladin registry will help you make a choice, because it gives more than a financial planning guide.  It gives companies and groups known for success and reputability.  This will ultimately be of greater financial planning help than a guide.

“We all have particular moments in our life where we feel down about certain things. We feel down about life. We feel like no one really understands us. And it’s very natural.

After all, we’re all wired differently.

Not only is it important to understand your own physical DNA, such as your personality, strengths, and weaknesses, but it also is important to understand your external DNA. Your financial DNA for example.

Wealth appears in many forms. It’s not just confined to money. Wealth also includes your health, love and support of friends and family, knowledge, as well as the education you have. Wealth does not start and end with money. It ranges and covers the entire spectrum.

That is why it is important not to let money center around your life. The moment money becomes priority number one and the only true priority you think about, disaster strikes. Greed takes over and devours you like a lion.

It’s important to work an occupation you enjoy and something you can stand. If you hate your job how are you going to enjoy life? Remember, you’re spending at least twenty hours a week at a job for part-time, and at least forty hours a week for full-time. The commitment is large and if you hate the work, you’re not going to enjoy your down time.

Finding a job you’re happy about is necessarily the one that pays the largest. Chase after your dreams and the career paths you really want to pursue.

Your personal financial DNA controls your financial decisions. Unfortunately, many make their financial choices off greed. Financial DNA is more about controlling those investments and making wise financial decisions.

Secondly, your financial DNA also controls your relationships – both personal and business related. Sound crazy?

Think about your current relationships and the problems existing from them. Do you blame a lot of those relationship struggles on money? You’re not alone, because most individuals do. However the lack of a healthy relationship is actually more tied to a lack of communication than a lack of money.

Your financial DNA controls your relationships and builds upon strong communication.

In the end, finding the appropriate balance between life and money is vital. All financial planning should revolve around that concept. It’s your DNA.

Focus on who you are and not what you are not.”

With this comes great responsibility to understand yourself.  Without that understanding, it is difficult to have much success.

“The results are frightening. On average, students now spend five to six years on campus for a four year degree. The result is an additional $25,000 to $50,000 spent on college expenses for the extra year or two.

Can your son or daughter afford that extra cash? Better yet, can you afford that extra bill?

Parents make seven vital mistakes when it comes to their child’s extended education.

1. Parents and start too late on college planning.
2. Parents unable to position the student correctly.
3. Too many or too few of schools applied to.
4. Lack of understanding regarding student loans.
5. Parents and rely too much on the school counselor’s advice.
6. Poor consideration in regard to the school’s social environment and other factors.
7. Parents afraid to say “no” to their children.

First and foremost, parents start way too late on planning on their children’s post-high school education. This doesn’t just imply financial planning, but also planning for the school(s) the student is interested in. You’re much more organized and prepared if you plan early.”

By using this advice and taking into consideration the steps necessary to financially and academically prepare for college, the college search will be less stressful.

“Looking for a way to help Mom and Dad pay for Home care or assisted living? Perhaps you are their caregiver. Wouldn’t it be nice to receive some extra income to help you provide their care? There is financial help available for senior veterans and their spouses.

For veterans who served during a time of war or for their surviving spouses, the Veterans Aid & Attendance Pension will pay additional income to cover long term care costs. The great news about this program is that VA will allow veterans’ households to include the annual cost of paying any person such as family members, friends or hired help for care when calculating the Pension benefit.

Pension can provide an additional monthly income of up to $1,949 a month for a couple, $1,644 a month for a single veteran or $1,056 a month for a single surviving spouse of a veteran. This money can be used to help pay the cost of home care, adult day services, assisted living or nursing home services.

In order to reduce income to meet the income test for pension, a rating for “aid and attendance” or “housebound” is crucial. Not only does the rating significantly increase the benefit amount but without a rating, room and board costs for assisted living are not deductible for purposes of reducing income. Only the much smaller assisted living medical costs are deductible.

For home care, non-medical costs are only deductible if the in-home attendant is licensed for healthcare in that state or if there is a rating. Since the non-medical costs for home care represent the bulk of all costs for long-term care at home, without a rating, those households with a non-licensed attendant would not qualify for the benefit. Examples of medical or nursing services at home would be help with activities of daily living such as dressing, bathing, toileting, ambulating, feeding, diapering and so on. Other services might include medication reminders or supervision necessary to provide a protective environment for the care recipient — in the case of dementia or Alzheimer’s.

A rating for aid and attendance is automatic if someone is a patient in a nursing home or that person is blind or so nearly blind as to need assistance.

It is our understanding that a non-licensed in-home attendant could be just about anyone receiving pay for providing services. This might be members of the family, friends, or someone hired to live in the home. Unfortunately, a spouse cannot be included in this list for reimbursable caregivers.”

Using a financial planning guide or trying to find a financial advisor will ultimately help if you do not try to go the unconventional route, but if you do choose to take it upon yourself to be a caregiver, then it is important to know that there is some support available.

“Your financial DNA is your evolution from your natural behavior through the learned behaviors that you have.

It’s vital to your success, your wealth, and your overall happiness.

In fact wealth is just not confined to money. No wealth is much more than that. Wealth also includes your health, love and support of friends and family, knowledge, as well as the education you have. Wealth does not start and end with money. It ranges and covers the entire spectrum.

That is why it is important not to let money center around your life. The moment money becomes priority number one and the only true priority you think about, disaster strikes.

Today financial advisors are catching on, and making their business much more personal than it once was. The evolution has created a financial advisor that can serve as much as a family facilitator and relationship counselor as an actual advisor that handles and makes suggestions for your investments.

The ultimate goal of a financial advisor is to create an environment that will allow the individual to live their dreams and incorporate everything into they life that they desire.

In the end, it’s necessary to balance life and money equally. The purpose of financial planning is to address that exact need.

Part of your financial DNA includes finding out and discovering the real you. Who you are, what makes you tick, and what dreams and goals you have for your life. A personality assessment is vital into understanding your financial DNA.

Your financial DNA also includes your personal relationships. Both family and business relationships can help control and shape the person that you are. Communication is the most important key to a healthy relationship regardless of whether its business orientated or not.

You cannot blame all broken relationships on money. While it’s easy to point the finger at finances, the reality is that lack of communication is usually the primary reason.

You need to understand and accept that your personal financial DNA is highly important to a successful future. Obtain and keep a healthy communication link between your business partners, family and friends, as well as your financial advisor.

Know your financial DNA.”

By learning your financial DNA, using simply a financial planning guide could be enough to help your decision making.  Understanding yourself is the best thing to do with financial choices you make.