This isn’t meant to be a sexist rant. Rather, the following is a common refrain I’ve heard in my ~30 years as a financial professional.
Recently, a retired woman told me, with tears in her eyes, that when her husband died she was completely helpless to handle her own money. She told me,… Read more
Careful planning addresses two major points: what happens to your money while you’re alive, and what happens to your money after you pass away.
In my work as a financial advisor helping Americans who live in Israel with their U.S. investments, I see many who neglect the second aspect, estate planning…. Read more
Many people think that they don’t need a financial plan. They think that being able to avoid overdraft means financial success.
While avoiding debt is important, other steps are necessary to build a secure financial future. Creating a workable financial plan is one of the best ways to improve your finances…. Read more
In my job as a financial professional helping Americans living in Israel with their U.S brokerage accounts, I regularly receive calls from people who just received an inheritance and don’t know what to do with it.
The first three things you should do after receiving an inheritance are:
Take a step back
Many emotions surround an inheritance…. Read more
Children learn from watching their parents, so when you interact with money, you’re teaching the next generation some pretty important lessons, for better or for worse.
Teach by example. If your children see that you only spend what you have and are careful to save and donate, they will copy your good financial habits…. Read more
If you are an American citizen living in Israel you have tax reporting requirements to the IRS.
You need to report your foreign accounts
You must report your accounts with an FBAR form, which you send to the IRS. Neglecting to report information leaves you open to stiff fines and penalties…. Read more
If you receive an inheritance, make sure that you only receive financial assets. Just because you inherit assets, doesn’t mean that you need to use the same financial advisor as the deceased did. Before you inherit someone else’s financial advisor, consider the following points:
Put everything under one umbrella
Consolidating your assets,… Read more
Bonds are a very popular investment, but before you buy any, let me tell you waht I share with my clients about them.
Think of a bond as a loan between you and a company or government. Assuming all goes normally, here’s how it looks:
1. You lend them a sum of money…. Read more
Recently, a retired widow met with me to discuss her concerns about having enough income from her investments. I reviewed her portfolio and made some suggestions about restructuring her investments to get predictable income. Here are some ideas I brought up:
Consider bonds
Bonds pay a set amount on a fixed schedule,… Read more
Have you thought of giving someone power of attorney over your finances?
Contrary to the popular myth that a power of attorney (POA) is only necessary for old people, there are times when you may need to give a trusted individual discretion over your finances regardless of your age.
When do you appoint a power of attorney?… Read more
