Planning

Revocable living trusts are flexible estate planning tools that can accomplish any number of goals from simple objective like avoiding probate to more complex situations involving family needs or complicated asset management. However, a trust is just a shell. In order to actually do what you want it to do, specific provisions need to be written into the trust. Without them, the trust may not have the legal ability to accomplish what you think it does. The real power lies in how the trust: Defines who gets what Controls when and how distributions happen Protects beneficiaries from themselves, creditors, or…

The book Die With Zero by Bill Perkins struck a chord with many readers for its perspective on money: wealth is not meant to be hoarded until the grave, but instead used to maximize life experiences along the way.Plan your spending so that you reach the end of life with no money left behind unused.Every dollar should be converted into either meaningful experiences, lasting memories, or intentional gifts to others.While the idea is compelling, implementation of the goal is far from easy. Why “Dying With Zero” Is So Difficult Many Die with Zero calculators assume perfect knowledge of the future.But…

When looking at money over time, especially in long-term planning, it is important to understand whether figures are shown in nominal dollars or real dollars.You can use nominal or real numbers can be used to project out account balances, expenses, income, and more. Each is useful in its own way.  What is Nominal vs Real? Let's start with simple definitions:Nominal dollars are the actual expected dollar amounts we expect to see now and in the future. You see Nominal Dollars on statements, paychecks, and account balances at face value. Real dollars are dollars adjusted for inflation, showing what that money can…

Reviewing your spending regularly is a foundational step to building long-term wealth.It’s hard enough to look at your spending on your own, and doing it as a couple can feel even more challenging.Looking back at a full year of spending can stir up emotions. Stress, guilt, or frustration. And that's doubled for a couple.On top of that, for many couples, there’s an uneven level of knowledge or involvement. One partner may be more naturally organized, while the other feels overwhelmed by the details. It’s also common for tension to surface when one spouse feels responsible for most of the spending…

Transferring your investment or retirement accounts to a new advisor or financial institution is far simpler than most people expect. The process is... Standardized across the industry Designed to be secure Requires little involvement beyond the authorization Authorize Transfer The first step to transferring your account to Gilbert Wealth is the authorize the transfer. We will require two things to complete this step:First PartYou will need to provide a current statement for your accounts.What You Do: Provide Gilbert Wealth a copy of the latest statement.What Gilbert Wealth Does: Once we receive these, we will complete all of the paperwork to…

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Losing a spouse is hard enough without financial surprises adding to the pain. Unfortunately, one of the biggest surprises many survivors face is higher taxes. It’s called the widow’s penalty—a built-in function of our tax system that can surprise surviving spouses. Just when they are most vulnerable, the widow's penalty comes in and can have a meaningfully negative impact on their finances.  What is the Widow's Penalty? The widow’s penalty refers to the increase in taxes that occurs when a surviving spouse’s income doesn’t drop nearly as much as their tax brackets, deductions, and thresholds do.When both spouses are alive…

Lending money to family or friends can be a great way to help them out in a time of need or give them favorable terms while keeping banks and the underwriting requirements out of the equation. Personal loans can be used to buy a home, a car, or help fund education.While lending money to family or friends can seem like a simple, keeping-it-in-the-family arrangement, the IRS sees things differently.Personal loans to family and friends can impact the taxes of the lender and the borrower if not done right.  When personal loans aren’t properly documented or charged an appropriate interest rate,…

Borrowing against your investment portfolio—often through a Securities-Backed Line of Credit (SBLOC)—has become a popular strategy. The sales pitch sounds appealing: instead of selling investments and triggering taxes, you simply borrow against them, pay a low interest rate, and let your money keep growing.Billionaires do this all the time to avoid taxes ("Buy Borrow Die"). Then there are illustrations like the following that I found from a very well known financial firm with over $150B in assets and is one of the largest insurers in the country. It compares the cost of liquidating a portfolio to cover an expense (like a…