Estate planning involves organizing your personal and financial documents in order to deal with the possibility of health consequences, mental incapacity and death. By organizing these important papers, you can help your family get through challenging times and properly distribute your personal belongings. As a Los Angeles fee-only financial planner, here are the estate planning documents needed to build and review your estate plan.
A new year is always a good opportunity to reset and refocus on your financial goals. According to studies, many Americans make financial resolutions to improve their money habits, but only a fraction actually stick with them. These financial resolutions can help you create more peace of mind and set yourself up for long-term success.
As a Los Angeles financial advisor, I can confirm I’ve never spoke with anyone that gets excited about losing money from their investments. However, markets don’t go straight up. Recognizing losses from tax-loss harvesting creates tax benefits that can help your overall financial picture. In the short-term, market volatility produces opportunities to recognize investment losses. A diversified portfolio won’t have as many opportunities to recognize investment losses with a long-term time horizon. How do investors maintain their overall portfolio while recognizing losses?
Not only can charitable giving be gratifying to give back to personal causes, it can also be a way to minimize downside risk within a portfolio and limit taxes. The Tax Cut Jobs Act of 2017 changed the landscape for taxes by nearly doubling the standard deduction and hurting the impact of itemizing deductions through charitable giving. With the new tax code in place, there are still ways to give back and find the best tax strategy for your situation. No matter if you’re in Los Angeles or anywhere in the US, what is the most efficient way to give back?
Rebalancing is one of the simplest, yet most overlooked ways to manage risk in a portfolio. Over time, markets shift and allocations drift, leaving investors exposed to more risk than they may have intended. A disciplined rebalancing strategy helps keep your investments aligned with your financial plan.
