The Banks Law Firm, P.A.’s Post

This isn't the first time I've seen that $84 trillion figure... Cerulli Associates had a great study on this coming wealth transfer a couple years ago that I've relied upon heavily. I can only expect that figure to get a lot of attention in Washington, given that that the projected deficit over the next 30 years for Social Security & Medicare alone is roughly $120T (per Manhattan Institute's report). As I often say: Congress doesn't need billions of dollars of tax revenue. They need trillions. These are all just more data points in my narrative about #savers and #earners and the #bullseye on their back. If the power to tax is the power to destroy (as the Chief Justice Marshall wrote 200 years ago), the power to preserve wealth requires protection from, and mitigation of, taxes. There is no better vehicle for that preservation than well-designed, trust owned life insurance. #lifeinsuranceplanning #estateplanning

Many older couples divide financial responsibilities, leaving one spouse unprepared in case of the other's death or incapacitation. This article can help each spouse be better prepared. #financialnews #retirementplanning

Navigating the financial needs of your aging parents can be tricky, but starting the conversation early is key. The truth is, very few of us have saved enough for retirement to be living the luxe life. So, instead of waiting for a financial crisis, it’s time to discuss finances with your parents before issues arise. How To Help Aging Parents Financially https://hubs.ly/Q02VnQk_0

Interesting fact - Did you know that a recent New York Life survey found that over 60% of men in married couples make most of the major financial decisions? Meanwhile, less than 40% of women say they’re in charge in this area. I was kind of surprised by that in this day and age. I've been in charge of this stuff for our family since my 20's, but apparently that's not universal. The survey also shows that women usually handle the tedious and boring tasks like paying bills and budgeting, while men take on the big stuff like investments, retirement accounts, insurance, and mortgages. This setup can be risky as these choices have a much larger impact than the day-to-day stuff. Ladies, it’s super important to get involved in those major financial decisions. Knowing and participating in these choices is key for long-term security, especially since women tend to outlive men, or struggle financially in a divorce situation. Your financial advisor should be working with both of you and you should both be aware of both your assets and your future plans for your money. So, take an active role in your financial future. Work with your partner on the big decisions and make sure you’re both on the same page. Financial security is something you should tackle together. Stay informed and empowered. Your future self will thank you! (Insights inspired by Suze Orman)

#InheritancePlanning #FinancialAdvice #SmartInvesting Hey everyone! So, I've got some big news—I'm about to inherit $180k from my late father (RIP). After a long wait of 7 years dealing with court stuff, it's finally happening! Just to give you a bit of context, I'm 39, married with two kids (one younger and one older), and we’re currently renting in NYC. We’ve got plans to move out of New York in early 2026, and we have a few places in mind, like Pittsburgh, Philly suburbs, Connecticut, Vegas, Minneapolis, and Virginia. First on the list is to rent there before making any bigger moves to buy a home. But right now, saving for a down payment is key, as we don’t have quite enough yet. Now, when it comes to finances, here's where I'm at: No debts! I've got a 3-month emergency fund saved. I work as an RN and my salary is about $115k/year gross. I have a ROTH IRA through Fidelity, but it’s not tied to my job. My lawyer wasn’t too keen on giving financial advice and recommended I talk ... How Should I Manage My $180K Inheritance for Future Stability? Answers: https://lnkd.in/gyFfgBWv

Making millions of dollars with a fleet of ice cream trucks, or an eBay business, or a family roofing company, feels like fulfillment of the American Dream. America seems to have more millionaires than ever. Indeed, the average U.S. household is now worth a million dollars, according to the federal Survey of Consumer Finances for 2022. Household wealth grew at a record pace in the pandemic, fed by surging home values and rising stock ownership. Not quite a millionaire yet? Don’t despair. The super-rich skew the average. The median American household – imagine the middle figure on a long list of numbers – is worth a more modest $192,700. Roughly 18% of Americans, about 24 million households, are worth a million dollars, according to a Motley Fool analysis. So, who are all the new millionaires? Much American wealth is inherited: Somewhere between 15% and 46%, by one analysis. Other millionaires get there by entering high-wage fields. Medical specialists can earn a million dollars in a few years. The average law partner at a large firm bags that much in one year. But you can’t choose to be born rich, and one cannot simply walk into a law partnership. USA TODAY set out to find the proverbial millionaire next door: Americans who built seven- or eight-figure fortunes from essentially nothing, without high-powered law degrees or inherited wealth. Some of them started out with a negative net worth. Today, each of them is worth millions. We’ll let them tell you how they did it. Starring Anuar Garcia, Greg Clement, Rebecca Kase, LCSW, RYT, Tony Lamb, Andrew Prchal, Eddie Prchal and Brian Preston,CPA,CFP®,PFS. Hmm. Why am I suddenly craving a snow cone?

A little over 100 years ago John D. Rockefeller became the first billionaire. Today there are an estimated 788 billionaires in the US and more than 5.5 million millionaires. Where is all that wealth going to go when the matriarch or patriarch of the family passes away? The 'Great Wealth Transfer' could quickly become a 'Great Confiscation of Wealth' if these families do nothing to combat their tax burden. If your an estate planning attorney or financial advisor meeting with millionaire clients this needs to be brought up in conversation. #taxes #greatwealthtransfer https://lnkd.in/gNtPhwGi

Seeking Financial Peace of Mind? Look no further! 🌟 Estate Planning isn't just for retirees – it's vital for Gen Xers and their aging parents too! 💡 Whether you're planning for your own future or helping your loved ones navigate theirs, proper estate planning ensures security and peace of mind. From wills to trusts and everything in between, let's secure your family's financial future together! 💰 Read more here: https://lnkd.in/gZx6SwwM #EstatePlanning #FinancialSecurity #GenX #AgingParents #PeaceOfMind

Failing to plan is planning to fail. What will happen to your assets when you die? Are you sure? When was the last time you looked at your Estate Plan and verified your Beneficiary and Fiduciary Designations with your Will and/or Trust? If you have questions about your Estate Plan, an Inheritance or potential estate or inheritance taxes, call me at 423 646-3006. I'm a licensed attorney in TN and VA, a member of the Association of Financial Educators, Registered Social Security Analyst®, Certified Retirement Education Specialist, Certified Plan Fiduciary Advisor, Certified Financial Fiduciary® who practices Full Disclosure – always divulge all fees and commissions as well as disclose any conflicts of interest - agree to always put your best interest first.

🔮 Amidst the lively streets of Prosperityville, Grace couldn't help but marvel at the positive changes unfolding in Jonathan's financial life. Inspired by his transformation, a seed of possibility sprouted within her. However, Grace found herself entangled in the grip of financial inertia.   Grace had always been caught in the perpetual whirlwind of her busy life, a cycle that perpetuated procrastination and a lack of discipline when it came to her finances. As the days turned into weeks and weeks into months, Grace realised that time was slipping away. Her dreams of financial security remained just that – dreams.   Enter Susan Young, the seasoned financial adviser who had already played a pivotal role in Jonathan's journey. Recognising Grace's hesitation, Jonathan extended Susan's expertise to her, inviting Grace to embark on her own path to financial empowerment.   In their first meeting, Susan sensed the weight of Grace's financial concerns. Grace poured out her fears – the fear of the time and effort needed, the fear of making wrong decisions, and the fear of being stuck forever. Susan listened attentively, acknowledging the complexity and validity of the emotions Grace grappled with.   "Grace," Susan began, "it's okay to feel overwhelmed. The beauty of having a financial adviser is creating the space and time for a conversation about what needs to be done. We break it down, step by step, to provide clarity and make the path forward less daunting."   Susan guided Grace in setting clear financial goals. "It's also about implementation and accountability," Susan emphasised. "We overcome roadblocks that often hinder progress, it's about turning dreams into bite size actions you can live with. “   Initially hesitant, Grace began to see the value. Susan introduced her to a proven process, offering structure and direction. "Peace of mind comes from knowing you have someone with a proven process that has succeeded countless times. You don't need to figure it out on your own."   With Susan's guidance, Grace started making progress. The inertia gradually replaced by newfound clarity and purpose. Susan's approach created the space for an honest evaluation of Grace's financial landscape, offering solutions that were manageable and effective.   As Grace took each step, she realised that Susan's guidance not only saved her time but also allowed her to redirect that time towards things she genuinely enjoyed.   The Bottom Line: Seeking guidance and reclaiming power Taking the first step is often the hardest part, once you find an adviser you trust the rest falls into a process that free’s you from a lot of your money worries. Today is the best day to take that step.   *Feeling stuck in financial inertia? Click the link below to book an appointment, and let's unleash your financial potential.*🚀💼 #financialempowerment #financialadvice #moneymatters #Prosperityville