Receiving an Unexpected Inheritance in Retirement
Goldstein on Gelt
We all wish that one day we’ll 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, CFP® 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...
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Avoiding Costly Mistakes: Planning for U.S. Estate Tax When Married to Non-Americans
Goldstein on Gelt
Are you married to a non-US citizen? Make sure to protect your wealth! Estate taxes can cost you millions if you don’t plan carefully. What can you do about it? Give lots of gifts when you’re 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...
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Managing U.S. Pension and IRA Plans from Israel
Goldstein on Gelt
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...
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Financial Planning for Illness and Death
Goldstein on Gelt
Financial planning is always important, but it’s 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...
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The Stress-Free Investment Method
Goldstein on Gelt
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 Planner™ practitioner (CFP®) who is dedicated to understanding your unique financial situation, and guiding...
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How to Overcome Family Pressure in Investing
Goldstein on Gelt
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 don’t 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, it’s crucial to have an unbiased third party on your side. 3. Simplify your investments:...
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When Real Estate Investments Turn Sour
Goldstein on Gelt
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...
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How to Invest for Growth
Goldstein on Gelt
Financial planners frequently meet with folks who want to invest for growth. After all, who doesn’t 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 today’s show, Doug answers a listener question about investing for growth. “Jeff” 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...
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Getting Ready Financially for Divorce
Goldstein on Gelt
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 Assistance One 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...
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6 Strategies for Happier Investment Decisions
Goldstein on Gelt
Behavioral finance is a critical area that merges psychology with finance to understand why people make irrational financial decisions. It’s important to note that people’s emotions, cognitive errors, and biases often drive these decisions, leading to poor investment choices. Being happy while dealing with investments is crucial. Let’s 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 Paralysis Analysis paralysis is a common issue...
info_outlineManaging 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 effectively
Maximize your retirement savings, by making sure you have a well-built financial plan!