There are two types of people in the world financially — (1) Those that spend first and save last, and (2) those that save first and spend last; If you’re the type of person who falls into the latter group, then it may be time for you to choose a financial planner. (more…)
A strong advisor-client relationship is important to understanding how to use a trust and getting the most benefits out of the financial framework. Wealth Advisors Trust has lifted the fog on trust services secrets and is helping its clients understand how to use a trust.
Preparing a Trust Administration Handbook for guidance as to the efficient handling of tax issues and long-term goals of the grantor can be the difference between financial success or destitution.
In this blog, you'll learn about trust administration fees.
You can control trustee fees around trust administration. Part of the answer centers on streamlining the trust document for trust administration. The other part rests on controlling how a trustee charges its fees.
You have the power to use a corporate trustee on your terms — not theirs.
Trust administration provides the key ingredient or secret sauce to any trust experience.
In this blog, I will briefly go over the key pieces to great trust administration. As a co-founder of an advisor-friendly trust company, we understand the frustrations advisors and beneficiaries have with a bank trust departments.
Let's start working through how trust administration works and why. Knowing this information and knowledge gives you the power to pick a trustee based on your terms.
“Six in 10 workers report they have less than $25,000 in total savings and investments; including 36 percent who have less than $1,000.”1 – Employee Benefit Research Institute and Greenwald & Associates
Retirement planning is crucial to maintaining financial security and retaining a specific standard of living. Eighty-eight percent of all Americans are worried about “maintaining a comfortable standard of living in retirement,” according to a 2012 survey by Americans for Secure Retirement.
Based on recent statistics, this majority of Americans are justified in their concern. The U.S. Department of Labor estimates that an individual will need 70 to 90 percent of their pre-retirement income to maintain their current standard of living once they begin retirement.
Additionally, one-third of U.S. homeowners between the ages of 30 and 59 will not be able to maintain their standard of living after retirement, even if they delay their retirement until age 70, according to a 2012 study by the Employee Benefit Research Institute.
What one does with their wealth is as personal as deciding what church to attend.
There are several options for protecting your lifelong work or inheritance, passing assets to the future generations of your family, or simply securing what wealth exists to protect it from double taxation. 1
When considering these options and potential problems, a trust administration checklist comes in handy to ensure you cross your T's and dot your I's.
These decisions will affect your family for years to come, so making the right decision the first time is important.
These are the five considerations you should make before starting a trust.
Trust distribution guidelines in the trust document create the foundation of success or failure. Parents and grandparents must consider how trust distribution definitions fall under the supporting or enabling type. Having some plan leads to a balanced outcome for current and future generations.
A Trusteed IRA is a simple and powerful financial planning tool.
To know the power of the Trusteed IRA, it's important to understand the IRA industry. The IRA market has grown substantially over recent years as the baby boomer generation prepares for retirement.
With nearly 40.4% of all American households investing in at least one IRA, total IRA assets topped $8.5 trillion in the third quarter of 2017.[1] This amount represents more than a 30% of the total $27.2 trillion retirement market in the United States and has grown at an average rate of 7.4% percent annually since 1990.[2].
But the traditional IRAs are only the beginning. The industry is ripe for innovation, particularly because it's become so successful and popular.
However, many companies avoid the issue of innovation completely so that they can continue to use what's worked for them in the past.
At Wealth Advisors Trust, we task ourselves with being an advisor friendly trust company. Because of that, innovation is a core element to the way we do business.
The result is the SmartIRA™, a simple and sophisticated financing tool that creates a stretch IRA while providing creditor protection for non-spouse inheritance. It's custodian neutral and industry first.
Most importantly, the IRS has accepted our Trusteed IRA solution — the SmartIRA™.
Most financial advisors and clients are well aware of what directed trusts can do for them — mainly, provide flexibility on management of trust assets. There is a lot of 'noise' about directed trusts and explaining the hows, whys, why nots etc. is important for all to know.
The critical thing to keep in mind is that the trust industry is undergoing a quiet revolution that has wrested control of trust accounts away from traditional trustees — primarily banks and other large institutions — and back into the hands of independent trust companies, advisors, and (most importantly) clients.
