Making Sense of the Acronym Salad in Financial Planning

The Role of the Power of Attorney

When it comes to financial planning, there are a few documents that are absolutely critical for ensuring that your affairs are in order, especially in unforeseen circumstances. One such document, which often doesn't get the spotlight it deserves, is the power of attorney (POA). In the latest episode of Money Wisdom, Heather Atkins, CFP®, CRPC®,discusses the importance of this legal instrument, particularly for women.

Here’s some of what we discuss in this episode:

• Why power of attorney might impact women more than men.
• What can someone who has a power of attorney do or not do.
• A story about one of our clients and how power of attorney came into play.
• Examples of issues that arise if you don’t have a power of attorney in place.

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Estate Planning 101: Why It’s Not Just for the Wealthy

The financial planning calendar has its busy seasons. Things are typically busier at the beginning of the year for tax planning and towards the end of the year as people try to figure out what they need to get done before December ends. During the summer, there aren’t any deadlines necessarily so we’ll see things slow down a bit, and that’s a great time to take a closer look at your estate plan.

In this episode of the Money Wisdom podcast, Nicolas Colantuono, CFP® makes his first appearance on the show to talk about the importance of estate planning regardless of how much money you’ve saved or how many assets you own. Many of us dismiss it as something only the wealthy need to worry about, but we’ll dispel this myth and explain why it applies to everyone, regardless of their net worth.

Here’s some of what we discuss in this episode:

• Our process for helping clients with their estate plan.
• The differences between a will and a trust.
• A big part of estate planning is making your estate more tax efficient.
• The alarming number of people who don’t even have a will.

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Irreversible Decisions in Retirement Planning

The beauty of financial planning is that we can shift and make adjustments as life changes, but there are some decisions that aren’t reversible. From the moment you claim your Social Security to the type of pension benefits you choose and the life insurance policies you secure, every choice can dramatically alter your retirement landscape. On this week’s Money Wisdom podcast, Jake Doser, CFP® sheds light on the irreversible decisions that shape our financial future.

Here’s some of what we discuss in this episode:

• What you need to consider before claiming Social Security
• Weighing the spousal benefit option for a pension.
• You can always get life insurance and then cancel it but if you wait too long it won’t be an option.
• How do you decide on a retirement date?

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When Should You Look for a New Advisor?

Are you standing at financial crossroads, pondering whether to stay with your current financial advisor or venture out in search of new pastures? Sometimes the grass appears greener in another pasture, but when are your concerns justified enough to make a change?

In our latest podcast, Matt Pastor, RICP® joins the show to dissect the 'grass is greener' syndrome that plagues many in the world of wealth management. We want to cut through the noise and offer clarity and a dose of reality to anyone who's ever second-guessed their financial advisory relationship.

Here’s some of what we discuss in this episode:

• Should you change advisors if they make a mistake that costs your money?
• What if you aren’t able to communicate directly with your advisor because they grow too big?
• How much weight should you put into dinner seminars and the impression an advisor makes?
• Conversations we have with clients who come in to meet with us about possible changes.
• If you or your advisor move to a different state, does that impact the relationship?

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The Uncertainty of Retirement

Retirement is a milestone that many of us look forward to, but it comes with its own set of uncertainties. How do we plan for a future when we don't know how long we'll live, what the stock market will do, or the political landscape that will shape tax laws? The latest episode of the Money Wisdom podcast addresses these questions head-on.

Heath Grossman, CFP® joined the show this week to discuss the complexities of retirement planning with a focus on the unpredictable. When you look at uncertainties of planning, preparing for longevity, navigating stock market volatility, and anticipating changes in tax legislation are a few of the key challenges we have to address.

Here’s some of what we discuss in this episode:

• One of the biggest uncertainties in retirement is longevity.
• How do you invest not knowing what the stock market is going to do year to year?
• Do future elections matter in retirement planning?
• Will Social Security be around for you in retirement?

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Contact our team: https://johnsonbrunetti.com/contact-us/