It Pays to Coordinate
Financial Planning
Steve had a big decision to make.
His daughter was getting married, and he wanted to give her the wedding of her dreams. To do it, he dipped into his IRA. Although the wedding was everything he and his daughter had hoped, it pushed him up into a new tax bracket, costing him thousands of dollars in additional taxes. This caused his Medicare premiums to skyrocket by more than 40 percent for the following year as well.
Steve had the resources he needed to give his daughter the wedding she wanted, but because of a lack of coordination and understanding, he paid thousands in unnecessary taxes. His mistake was focusing on only a single aspect of a major decision.
Consider a Financial Quarterback
Steve’s situation explains why it’s important that all your advisers are connected and understand the big picture. When you make a major decision like Steve did, there will be outcomes you might not have considered.
So how do you make financial decisions that have been reviewed from every angle? Try a holistic approach to your financial health that includes professionals who will help with all of your tax, insurance, legal and financial planning needs.
New advisers should be open to working with existing advisers whom you know and trust as well. It’s important for each adviser to be aware of what another is doing. Using a network of connected advisers helps people decide which decision is right for their situation.
Coordination gives clients a peace of mind that saves time and money, and lets them focus on more important things — such as wedding plans. Your goal should be to find an adviser that will make sure every financial decision is examined through the lens of all the available options so nothing is missed.
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Summit DD Hosts Butcher Elder Law for
an Exclusive Workshop: Special Needs Trusts 101
Free event presents the essentials all families of persons with special needs should know
Tallmadge, OHIO – In honor of Developmental Disabilities Awareness Month, Butcher Elder Law is partnering with Summit DD to present an exclusive workshop, Special Needs Trusts 101 on Tuesday, April 4 from 5 – 7 pm in the Multipurpose Room at the Summit County Developmental Disabilities Board, 89 E. Howe Road, Tallmadge.
Special Needs Trusts are documents established for the benefit of an individual who receives government benefits based on need, such as Supplemental Security Income (SSI) and Medicaid.
Should a person with an intellectual or developmental disability receive an inheritance or settlement, those government benefits could be impacted or jeopardized by receipt of unanticipated funds.
The free workshop will present the essentials of establishing a Special Needs Trust and how they can guarantee the stability of benefits for years to come.
Lead by Sam Butcher and Erin Eurenius from Butcher Elder Law, the program will cover:
The workshop is open to persons and families served by Summit DD as well as the general public. Space is limited and an RSVP is required in order to attend. Please call Ann Watt at Butcher Elder Law at 440.268.8284 or go to Eventbrite to confirm workshop reservation.
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