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Robert Pagliarini
Sudden Wealth Advisor | #1 Bestselling Author | CBS Columnist
Sudden Wealth Advisor | #1 Bestselling Author | CBS Columnist

Robert's posts

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My latest article for Wealth Management...

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Estate planning professionals often contend with ambiguities. A plan may need to be modified in the future when some development in family life occurs – and there are some estate planning tools that may help to provide that kind of flexibility.

-- Standby trusts. These are unfunded revocable living trusts that go into effect when and if families need them. (Sometimes they are referred to as contingent trusts.)

-- Spousal lifetime access trusts. If it seems that one spouse might live decades longer than the other, a spousal lifetime access trust (SLAT) may offer a helpful estate planning option. A SLAT essentially gives a longer-living spouse access to a trust established by a spouse who passed away.

Premiums on the life insurance policy are paid by the trust. These payments are funded by gifts of property from the grantor. A SLAT is funded with separate property of the grantor spouse rather than community property.

-- Private demand loans. Similar to a SLAT, these are also arranged with the help of either a survivorship life insurance policy or a single life policy. In this instance, an ILIT is created but the grantor loans funds to the ILIT instead of gifting them.

Could these ideas work for you? They may be worth exploring. These flexible estate planning techniques all use life insurance creatively, offering couples access to cash value while aiming to keep the death benefit of the policy out of the taxable estate of the spouse. Read more...

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You can prepare for your retirement transition years before it occurs. In doing so, you can do your best to avoid the kind of financial surprises that tend to upset an unsuspecting new retiree. Start by figuring out the following:

-- How much monthly income will you need?
-- Should you try to go Roth?
-- Should you downsize or relocate?
-- How conservative should your portfolio be? 
-- How will you live?
-- How will you take care of yourself?

Give your retirement strategy a second look as the transition approaches. Review it in the company of the financial professional who helped you create and refine it. An adjustment or two before retirement may be necessary due to life or financial events.

Learn more on my blog...

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What's the new myRA retirement plan all about? Find out here via @daily_finance

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You can contribute more to your 401(k) next year!

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Some good advice (from me and others) on how to manage sudden wealth...

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If you are a parent who worries about what your wealth will do to your children, you are not alone. Many clients want to leave money to their kids, but they are concerned that their children are ill-equipped to handle sudden wealth. Some worry that by providing too much money that it will rob their children of the ambition and hard work that it took for them to amass the wealth. 

If you are concerned about gifting or leaving your children an inheritance, consider these popular strategies:

1. Give your kids a financial test. 
2. Use incentive trusts.
3. Tie distributions to ages and events. 
4. Get your kids involved in a personal foundation. 
5. Give without giving cash. 

As a parent, you want what is best for your kids. It’s natural and reasonable to worry how a large inheritance will affect their drive and choices for life. With some planning, money can be a tool that enriches their lives rather than an anchor that drags them down. Consider the strategies above and talk to your financial advisor and estate attorney for more ideas.

Learn more about the strategies above:

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Every day, people draw on money they don’t actually have – via credit cards, various loans, home equity lines of credit, and even their 401(k)s. Many of them end up making minimum payments on these high-interest loans – a sure way to stay indebted forever. If this is your situation, you may be wondering: how do I get out of debt? Here are some ideas.

*Make a budget. “Where does all the money go?” If you are asking that question, here is where you learn the answer. 

*Get another job. A family member who isn’t working can work to help reduce a shared family problem.

*Sell stuff. The Internet has proven that everything is worth something.

*Ditch the big car payment and drive a cheaper car that gets good MPG.

*Pay off all debts smallest to largest. The benefits are psychological as well as financial.

*Or, pay off your highest-interest debts first.

Keep the real goal in mind. Building wealth, not reducing debt, should be your ultimate objective. Some debt reduction and debt consolidation planners obsess on getting you out of debt, but that is only half the story. Minimizing debt is great, but maximizing wealth is even better.

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