Over the nearly thirty years of practice in financial planning and banking, I have been approached by many clients seeking to avoid paying taxes on highly appreciated real estate investments. There are a few options available to investors and some are better than others. It all depends on the facts presented and the goals of the client. In other posts, I've spoken about some alternative ... Read More
Misc Topics
Living Trust Myths Debunked
What are the benefits of a living trust? Should you consider adding a living trust to your estate plan and why? Let's explore how a living trust can help you and your family. Read on to see how living trust myths are debunked. What is a Living Trust? A living trust is established as part of your estate plan to be the owner of record for your assets. It allows you to retain control over the trust ... Read More
Can I Afford to Retire?
Back in 1981, I was in high school and remember rocking out to Loverboy's "Working for the Weekend". Flash forward a couple or three decades and now I'm working with clients who are "working for retirement," the ultimate weekend. And folks from all walks of life will ask: Can I afford to retire? So, no surprise when I was asked by someone who we'll call Jerry who just turned 59 1/2, "Can I ... Read More
Two Ways to Avoid Capital Gains Taxes on Sale of Rental Property
There may come a time when you want to sell your rental property. After putting in all the time dealing with toilets, tenants, and trash, you're looking to cash in and relax. But there's one problem: Taxes. Despite common wisdom, you may be able to avoid them. While death is inevitable, there actually are two ways to avoid capital gains taxes on the sale of rental property. ... Read More
Where Do I Invest When I Have “Enough”?
Let's face it. We all dream about it from time to time. If you were in the enviable position of having no debts (or just a mortgage), a big cushion of cash reserves, and have maxed out your retirement savings, what would you do with leftover money each month? Or how would you handle a lump sum like a tax refund, bonus, or inheritance? Where do I invest when I have "enough"? In a prior blog post I ... Read More
2018 Car Buying Trends and Tips
As we approach President's Day, you may be thinking about buying or leasing a new car. President's Day weekend is traditionally considered a good time to get a deal on a car. Before you go shopping you should be prepared. Here are some 2018 car buying trends and tips to consider from a recent post in WalletHub by senior writer John Kiernan where I was recently quoted. 2018 Car Buying Trends and ... Read More
If My Bitcoin Investment Climbs, What Will I Pay in Taxes?
Investment styles may come and go but the taxman will always be there ready to share in your wealth. As Bitcoin and other block chain investments have attracted lots of attention, there is an inevitable question I get during tax season: If my Bitcoin investment climbs, what will I pay in taxes? Bitcoin has been around since 2009. Before 2011, Bitcoin value bounced around in the spare change ... Read More
Should You Borrow to Invest in Dividend-Paying Stocks?
Recently, I received a question from a prospective investor: Should you borrow to invest in dividend-paying stocks? As a professional with a clear bias for dividend-paying stocks, I'm always happy when someone shares my investment approach. But sometimes investors can get carried away. Should You Borrow to Invest in Dividend-Paying Stocks? With a seemingly never-ending climb of stock market ... Read More
What Credit Score Do You Need to Co-Sign a Loan?
Buying a home is likely the biggest investment for many. Getting a loan can be a stressful experience. And co-signing for a loan can be a big decision. Before signing on the dotted line, what credit score do you need to co-sign a loan? Things are a bit more complicated when it comes to mortgage loans now than it was when I first was a mortgage banker back in the mid-1980s. While the basic rules ... Read More
What’s Next After Winning the Lottery or Cashing Out of a Business?
What's next after wining the lottery or cashing out of a business? What will happen after a "sudden wealth" event like winning the lottery? What will you do when you leave your job, your career, or your business? Too often a Big Pay Day like winning the lottery or receiving an inheritance or selling a business or stock options leads to problems. Unless you have strong values and a plan in place or ... Read More
