Search Results for: long-term care planning

 

Long-Term Care Planning

Laurie Siebert, CPA, CFP®, AEP® and her guest, Attorney Dennis Pappas from the Law Offices of Vasiliadis Pappas Associates discuss:

“Long-Term Care Planning.”

 

 

 

 

 


(Original air date May 2, 2018)

RELATED SHOWS:
Tax & Cash Flow in Estate Plans

(January 31, 2018)

MORE RECENT SHOWS

 

May 2 – Long-Term Care Planning

Laurie Siebert, CPA, CFP®, AEP® and her guest, Attorney Dennis Pappas from the Law Offices of Vasiliadis Pappas Associates discuss:

“Long-Term Care Planning.”

Laurie and Attorney Pappas will take your questions live on the air at 610-758-8810 (Wednesday from 6-7 PM) or right here on yourfinancialchoices.com – CONTACT LAURIE

Meet Attorney Pappas at vlawvp.com.

Get to know host Laurie Siebert at valleynationalgroup.com.

 

Long-Term Care Planning

vasiliadis_yfcLaurie Siebert, CPA, CFP®, AEP® and her guest, Attorney Stanley Vasiliadis, discuss:

“Long-term care as part of retirement and estate planning”

(Original air date October 26, 2016)

MORE RECENT SHOWS

 

Oct. 26 – Long-Term Care Planning

stan-vasiliadisLaurie Siebert, CPA, CFP®, AEP® and her guest, Attorney Stanley Vasiliadis, will discuss:

“Long-term care as part of retirement and estate planning”

Laurie will take your questions live on the air at 610-758-8810 (Wednesday from 6-7 PM) or right here on yourfinancialchoices.com – CONTACT LAURIE.

Meet Attorney Vasiliadis and his team at elderlaw-penn.com.

Get to know host Laurie Siebert at valleynationalgroup.com.

 

Financial Plannig for Every Stage of Your Life

Lehigh Valley Woman – Finance Section – June / July 2014

by Laurie A. Siebert, CPA, CFP®, AEP® Senior Vice President, Valley National Financial Advisors

Financial planning is important for everyone and, in particular, women, because of the responsibility we have as caretakers for our children and parents. We find ourselves juggling these responsibilities regularly, and keeping track of the financial decisions and opportunities we and our loved ones have becomes one more chore for which we must contend. Breaking down the financial considerations we have at critical stages makes it more manageable.

The Stages
• TESTING– early twenties, college age, finding out who we are, new jobs, dependent

• NESTING – late twenties to early fifties, settling down, having a family, acquisition

• INVESTING – late fifties, savings begin to accumulate, grown children

• RESTING– sixties and later, retirement, hobbies, healthcare costs and issues

• DIVESTING – later in life, anxiety provoking, the ultimate unknowns, overwhelmed, care-taking

Risks and Rewards
• TESTING STAGE. At the testing stage, our children must consider the cost of their education and career risk. Helping them explore these issues makes them better prepared to accept or manage the consequences. What is the cost of education, what is the cost of borrowing, and what are the chances of being successful in this career? This is the time to establish a strong work ethic and salary benchmark, and avoid the risk of high loans, high interest rate
school loans and jumping from job to job.

• NESTING STAGE. At the nesting stage we must consider the cost of borrowing and keeping up with the Jones.’ This is the ti me where people sett le down, make long-term decisions about jobs, home buying and children. These are some of the biggest decisions we will make that will impact our financial future. Thoughtful consideration rather than impulsive decisions at this ti me will impact our ability to retire, and meet our cash flow needs, than any other t me in our life. Buying less than you can afford and saving more should be the habit to embrace. The high cost of debt or too much debt is one more risk you do not need if you might also have job risk. The rewards of family and home should be guarded with smart choices. When choices have gone well during the previous two stages, you have set yourself up well for the investing stage.

• INVESTING STAGE. One of the risks in this phase is inattention. Paying attention to your asset allocation is important at every stage but this is a period of transition where you are preparing for retirement and you must remain diligent. Rebalancing periodically and reviewing your risk tolerance to market fluctuations keeps the emotions out of decisions. The power of compounding and smart decisions on tax-efficient investing enhances your returns. It’s important to understand inflation risk and interest rate risk and how your various accounts are taxed.

• RESTING STAGE. Reap the rewards of your work! But, cauti on is warranted as life expectancies increase and healthcare costs continue to escalate. Understanding how all the pieces of your cash flow work together will give you the boost you might need. Strategies may be implemented to maximize Social Security and/or reti rement benefi ts. Be smart about your cash fl ow. Spending like you’re still working may not be a workable plan. What if a spouse dies prematurely and income sources you had relied on are no longer available? Plan for contingencies.

• DIVESTING STAGE. Your risk toward the end of life is using up all your assets too soon or having assets go to the wrong people. The rewards at this stage are knowing that you did the best planning possible and after taking care of yourself, you may still be in a position to do for others. With adequate resources, you may reap the benefits from the joy you bring in giving. Charitable organizations are always in need, and helping friends and families with trips or education can be equally rewarding.

With so many stages, risks and rewards, consider using a professional to help. Start taking care of yourself today and others will benefit as well. Email me at lsiebert@valleynationalgroup.com or at www.yourfinancialchoices.com for more information or additional
questions.

Remember: be proactive, not reactive, and make the best of your financial choices.

 

Tax Time!

Lehigh Valley Woman – Finance Section – February / March 2014

by Laurie A. Siebert, CPA, CFP®, AEP® Vice President, Valley National Financial Advisors

RELATED PODCASTS:
Preparing for Tax Season
 (Listen/Download)  |  Year-End Tax Planning (Listen/Download)

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”
– Abraham Lincoln

Some of you prepare your own taxes.  Some of you engage a tax preparer.  That tax preparer may be an individual with no credentials but years of experience.  That preparer may work for a tax prep chain. They may be an enrolled agent or they may be a CPA.  Regardless of who prepares your tax return, here are some tips to help that process go as smoothly as possible.

  1. Review your 2012 return and make sure you have 2013 forms for every line item.  If not, resolve any discrepancies before sitting down to do your taxes.
  2. Do you have new tax reporting forms such as:
    • W-2 for a new job?
    • Form 1099 for Interest, Dividend, IRA, Annuity or Pension Income?
    • Social Security Statement?
    • 1099 for sale proceeds on the sale of investments and the related cost basis?
  3. Has your marital or dependent status changed?  If so, make sure that you have correct dates of birth and Social Security numbers.
  4. Have you made any contributions to an Individual Retirement Account or ROTH IRA account?  If so, document the amounts and dates they were made and for which tax year.
  5. Do you have your deductions separately summarized and receipts available?
    • Monetary Charitable Gifts?
    • Have you refinanced or taken a home equity loan? You will need the settlement sheet and use of the funds.
    • Non-cash Charitable Gifts?
    • Non-reimbursed Charitable and/or Medical Mileage?
    • Medical expenses including such items as doctors, dentists, optical, prescriptions, long-term care?
    • Medical Insurance Premiums paid on an after-tax basis?
    • Real Estate Taxes
    • Mortgage Interest Paid?
  6. Have you refinanced or taken a home equity loan? You will need the settlement sheet and use of the funds.
  7. What  about estimated income tax payments? If you have made any, you will want to indicate the amount paid and the dates made and for which tax year.

Some of the most common mistakes that may hold up a return or cause a “letter” audit include incorrect reporting of estimated tax payments and failing to report sales transactions.  Typically, when working with a preparer, they may suggest estimated tax payments and prepare the vouchers for you.  You may assume that they have that information and will enter it.  Not so. Always confirm what you have done, especially if you have changed the amounts suggested.

For sales transactions, the IRS will know the gross amount of the sale but not always the cost basis.  If you have a loss and think the IRS won’t care if you report it or not, you are wrong.  You have to report most sales.  Personal losses, for which we receive no deduction, such as a sale of your clothing at a garage sale would not have to be reported.

Getting yourself organized for someone you engage to prepare your taxes will certainly help if you are paying by the hour for the service. That way, you are spending your money on their expertise and tax planning strategies rather than opening your envelopes and organizing your papers.  The more times you have to go back and forth with your preparer, the more time your preparer will have to take to do your return.  The benefits of good tax planning can far outweigh the cost of the tax return and that’s where you should want your preparer to spend their time in lieu of organizing your documents.

These are questions you can ask your preparer:

  • Are you charging for your time or for the form?
  • When you do my tax return, will you review tax planning and tax saving opportunities for me?
  • Do you need copies of my receipts or can I summarize them?
  • What are your credentials? Are you a CPA or Enrolled Agent or are you at a firm that requires a review by a CPA?
  • How many years of experience do you have?

Bottom line – the time you put into organizing your tax information is money in your pocket. The time you let a professional review tax planning strategies may be as well. Tax laws are getting more and more complicated every year.  Make sure you are not missing anything or missing out on anything! Email me at lsiebert@valleynationalgroup.com or at www.yourfinancialchoices.com for more information or additional questions.

Be proactive, not reactive, and make the best of your choices.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein. Valley National Financial Advisors is the marketing name for Valley National Group, Inc. and its affiliates. Securities offered through Valley National Investments, Inc member FINRA, SIPC, 1655 Valley Center Pkwy, Suite 100, Bethlehem, Pa 18017 (800) 383-8297.