Category: Insurance
The Power of Coordination
At the Lineweaver Companies, we believe a team approach to coordinating all your financial, legal, tax, and insurance needs helps save you time, money and worry. For example, we had clients who were both close to retirement, and unfortunately the husband had been diagnosed with terminal cancer. The first thing we did was to work with them to make sure his pension was triggered in such a way that the wife could receive a greater lifetime benefit - almost a million more dollars than she would have otherwise received. At the same time, in this sort of situation, you have to consider powers of attorney – and other basic estate planning documents that everyone should have, like wills, and even if trusts make sense for your particular situation. There were also huge student loan balances of more than $120,000. But, because they kept the loans entirely in the father’s name, when he passed, the debt was forgiven. But what many people don’t know is that the forgiveness of debt – in this case student loan debt - is considered income by the IRS – and therefore taxable. As you can imagine, in this case it was significant: an additional $40,000. However, we were able to work with the family and the IRS to get the entire amount forgiven as well – so they ended up having the debt and the tax bill forgiven. Given the pension payouts and their savings, they had significant assets that needed to be managed eff
Does Your Vacation Home Have the Right Insurance?
Vacation homes are often used in one of three ways: owner occupied, as a rental, or unoccupied. Many people carry either a homeowners or landlord insurance policy, both of which often have significant coverage gaps. You will want to make sure you’re covered for all three situations. If you vacation home is in the path of a named-storm, such as a hurricane, it’s possible that your home insurance deductible will increase. Many named-storm deductible clauses work by requiring a deductible that’s a certain percentage of a home’s value, which can be anywhere from one to ten percent. The hurricane deductible is designed to offer lower premiums, so the first thing you can do is to put aside that savings for damages. Be aware that hurricane deductibles only take affect if the home’s damage results from a storm officially named by the National Weather Service. Remember, no insurance is perfect – and so it is usually a good idea to have an umbrella insurance policy. They fill in any gaps in coverage in case of damages over and above your normal liability insurance. You never know what’s going to happen, and you don’t get a second chance! Coordination is important for anyone, and having an experienced Financial Quarterback can save you time, money, and worry. Whatever you decide, make sure your assets are fully-coordinated to avoid unnecessary taxes and fees, now or later, to your investments, retirement plans and
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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