Successful Women | Winter 2023

On the road and online: what to consider if the van life is calling your inner nomad

Van life can satisfy your wanderlust, or it can become a way of life. Figuring out your “why” will help you evaluate if you can actually do it. Is your aim to see parts of the world you’ve never seen, will this be a temporary move for you? Or are you ready to move your life entirely on the road? Do you want to take a sabbatical? Work remotely and travel? Maybe ditch the corporate world and make an artistic hobby into an online business on the road. Your why will map the way. Find out more.

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Sustainable fashion and how fashion companies are taking on ESG initiatives

Sustainability is making its way into the fashion industry, with documentaries delving deep into this glittery world, especially fast fashion. When talking about sustainability in fashion, the industry is encompassing everything from packaging to tracing the supply chain for complete transparency with blockchain, to sourcing eco-friendly materials and increased diversity, equity and inclusion at every rung on the corporate ladder. Learn more.

 

Your guide to marriage and money

According to research by Ramsey Solutions, money is the number one reason married couples fight and a leading cause of divorce. So, when it comes to coupling, finances may be what determines success – or not. These tips will help you no matter your marital status.

Successful Women | Spring 2023

 

Parental leave policies leave parents wanting more

Paid leave for new parents hasn’t changed much in 30 years – but we have – and the millennial generation is paving the way for policy change.

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Feel like a fraud?

Your success isn’t based on luck – overcome the insecurity and doubt of imposter syndrome.

 

Wanderlust … but solo.

Traveling abroad alone can be the greatest adventure of your life, and you have more company these days than you may have thought.

Successful Women | Summer 2023

 

 

 

Navigating employer retirement plans

Gone are the days of staying at the same job with the same company for decades. When you’re switching jobs, know your options for dealing with any employer-sponsored retirement accounts you hold.

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Tips for staying connected with remote coworkers

What was once chatter around the water cooler has turned into scheduled virtual coffee breaks. In this remote world we work in, you may have to put forth concerted effort to connect with coworkers. Here are some tips for networking – albeit, virtually – with your colleagues.

 

Lessons from famous female philanthropists

MacKenzie Scott, Melinda French Gates and Priscilla Chan are making waves in the philanthropy space. Wondering how you can follow in their footsteps – or, rather, blaze your own philanthropic path?

 

Spring 2023 | Business Dimensions

Spring 2023

What business leaders should know about the nonprofit sector

Before you pursue your interest or opportunities in the nonprofit sector, discover what business leaders should know about this potentially unfamiliar world.

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Quiet quitting: what it means, whether it’s real and what you should do

Whether or not quiet quitting is a trend or just a trendy name for a long-standing issue, learn how you can improve employee engagement without alienating your workers.

How business owners can navigate inflation

These five strategies help business owners effectively manage cash flow during inflation and more favorable economic conditions.

August 2023 | Business Dimensions

Summer 2023

Retain top talent and maintain tax efficiency

 

Maximize the compensation you pay top talent with non-qualified deferred compensation plans.

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Intellectual property in your business

Facts and issues about ownership of intellectual property in your business.

 

 

 

Navigating generational shifts in the workplace

The presence of five generations in a single workforce is shaking things up for business owners.

 

 

 

 

 

Material created by Raymond James for use by its advisors.

Thrive in all of life’s stages | Longevity Ever After

VOLUME 6 – DECEMBER 2022

Thrive in all of life’s stages

 

As life expectancy rises, how can we ensure we are making the most of the additional years gifted to us? I encourage you to take care of your holistic self. Your financial well-being is, of course, a priority. But we should discuss what it looks like to take care of your social, mental and physical health as well.

Did you know loneliness is the main reason people seek counseling support? Strong social connections not only combat loneliness and improve our mental health but can also lead to increased longevity, stronger immune systems and create a positive feedback loop, supporting overall health.1 Deepen your connection to your community by attending local events, taking classes or engaging with loved ones in new ways.

Our physical health matters just as much as our social, mental and financial health. We are greatly impacted by our sleep patterns, dietary lifestyle, exercise routine, and more. Living well means establishing a routine that makes it easy to take care of yourself. Did you know high cholesterol and blood sugar in your 30s may raise your risk for Alzheimer’s disease decades later in life?2

It’s never too late to start prioritizing yourself or establish and maintain your healthy habits. If you’d like access to more motivation and ideas, please explore our collection of resources built to help you THRIVE, redefine your passions and pursue a life full of wellness and purpose.

Click here to learn more or get started.

Related articles

Connectedness & Health: The Science of Social Connection

Gene discovery may explain why more women get Alzheimer’s disease

This material was created by Raymond James for use by its advisors.

Navigating life’s many housing phases | Longevity Ever After

Volume 6 – October 2023

If you are having trouble reading this email, read the online version.

Navigating life’s many housing phases

 

Life’s continuous journey is full of twists and turns, and housing transitions come with their own set of unique opportunities and obstacles. Whether you are moving into your first starter home, downsizing after children have moved out, or moving closer to grandchildren in retirement, you may move many times throughout your life.

Especially as we age, decisions about where to live can become more complicated as we address competing needs and adapt to future possibilities. What was important to consider when looking for your first home may not be what you are focused on when thinking about your next stage in life. Proactive planning, with the support of experts who care, can ensure that you and your loved ones are prepared for any phase in your life.

The National Association of Senior & Specialty Move Managers® (NASMM) can help simplify any home transition by managing the complete process and guiding you or a loved one through the important considerations surrounding where to live. From small assistance like organizing what to keep versus donate, to modifying an existing home for future possibilities, managing your estate sale, and more, the association boasts positive differentiators that can make an immediate impact on your peace of mind.

We encourage you to plan proactively for where you’d like to live in the next chapters of life and lean on me to help you navigate potential changes. We can help you evaluate the impact of different moves on your financial plan and connect you with resources for support and guidance through life’s many stages.

Related resources:

Why Hire a Senior Move Manager®?

Top 7 Reasons to Hire a Senior Move Manager

Key requirements for aging in place

Material created by Raymond James for use by its advisors.

Preparing for Caregiving | Longevity Ever After

Volume 6 – June 2023

If you are having trouble reading this email, read the online version.

Preparing for caregiving

 

To my caring client, you are not alone. According to AARP, approximately 48 million individuals in the US provide unpaid care to a loved one. Sixty-one percent of family caregivers are also working, so if you are struggling to balance your care responsibilities, work, family, and self-care, you are not alone. According to AARP’s recent research, the financial impact of caregiving can be immense, with 78 percent of caregivers reporting out-of-pocket caregiving expenses and the average annual amount caregivers spend totaling $7,242. We are finally beginning to understand what caregiving looks like for ourselves and our community. Providing care can be a wonderful way to connect deeper with those we love most, if given the right support throughout.

I recognize that planning for care is essential, so I invite you to lean on me. We are equipped with resources to support your caregiving journey, and we can proactively plan for your own care with the right long-term care insurance. Please reach out for support, you are not expected to take on the responsibilities of caregiving alone.

 

Related resources:

Help for Caregivers

Helping people share their wishes for care through the end of life

Material created by Raymond James for use by its advisors.

Share Your Personal Legacy | Longevity Ever After

If you are having trouble reading this email, read the online version.

VOLUME 6 – FEBRUARY 2023

Share your personal legacy

 

Life is a continuous and evolving journey. We navigate life learning, growing and developing our core values. These values become our compass. Your views on life are important, especially to your loved ones. Did you know you can document and share your values and life lessons with loved ones by writing an ethical will? Not to be confused with a legal will, an ethical will captures your motives, life lessons and experiences. It can contain stories, family photos, secret recipes and so much more. Everplans, a life and legacy tool, created a worksheet to help you start your own ethical will.

 

Additionally, online tools such as StoryworthStoryFile or A Life Untold can be used to create keepsake books or videos sharing your story. These offer an opportunity to pass on your values, preserve meaningful memories, and share your legacy with those who matter most to you. Your friends and family use your compass to help find their way, so I encourage you to share with them the experiences that built your path through life.

Your copy should address 3 key questions: Who am I writing for? (Audience) Why should they care? (Benefit) What do I want them to do here? (Call-to-Action)

Create a great offer by adding words like “free” “personalized” “complimentary” or “customized.” A sense of urgency often helps readers take an action, so think about inserting phrases like “for a limited time only” or “only 7 remaining”!

Real Estate Capital Gians – Defer or Pay the Tax? | Advice4Life

Provided by Brian Rogers, Certified Financial Planner at AEGIS Financial

A delightful couple owned a piece of rental real estate for over 30 years. The desire to be free of being a landlord and to have a significant portion of their wealth in one piece of real estate led the clients to sell the property. Over the years, the clients had used debt on the property to fund various projects and expenditures. The property, therefore, was fully depreciated but remained tied to a significant mortgage. Being fully depreciated, in addition to seeing a nice price appreciation, meant that there would be a large tax bill upon the sale of the property. The clients sought advice on what their best option would be.

We identified several options:

1. Pay the tax.

2. Complete a 1031 Exchange into another local piece of real estate.

3. Complete a 1031 exchange or to multiple Deferred Sales Trusts (DST), in which each held one leveraged property.

4. Complete a 1031 exchange program resulting in owning a Real Estate Investment Trust (REIT) after two years.

Each option had various advantages and disadvantages, which we discussed with the client.

Pay The Piper

The outright sale and payment of the taxes would have given the clients maximum flexibility in their future investments. However, due to the property’s debt, the clients would have had approximately 65% of the sale proceeds go to the Federal and State governments to pay the Capital Gain and Depreciation Recapture taxes. Being left with about one-third of the sale proceeds would have prevented the clients from enjoying the lifestyle they have been accustomed to enjoying.

1031 Exchange

A 1031 exchange is a transaction in which the IRS allows real estate investors to liquidate one investment and reinvest the proceeds into another investment. By completing the 1031 exchange, the investor can continue to defer the taxes due. Then at death, these investments could qualify for a step-up basis, resulting in the surviving spouse or the heirs having little to no tax owing—any sale proceeds not reinvested through the 1031 exchange become taxable. Therefore, in our client’s case, the debt on the property also had to be considered.

Due to the property’s value, the local real estate market offered limited options. Additionally, the required deadlines set by the IRS made this option difficult, as local properties were not targeted before the sale. Finally, a local property would not fulfill the goal of exiting the role of landlord.

The option of investing in individual DSTs accomplished the deferral of taxes in addition to generating income from dividends. However, the selection of properties was once again challenged by the debt held on the property because specific DSTs had to be selected to cover all the equity and debt of the property. In addition, the individual DSTs are illiquid investments that the investment manager will eventually sell, forcing another 1031 exchange or the tax to become due at some future date. Finally, the individual DSTs also carried the risk of having a significant portion of the client’s net worth tied to one piece of property.

The final and preferred option was a multi-step process that resulted in the clients owning shares in a multi-billion-dollar REIT that held properties across the US and spread over various sectors and industries. This option resulted in lower dividend yields and a lack of liquidity for the first two years. However, beginning in year three, liquidity and dividend yields improved more income from the dividends, and they could partially liquidate REIT shares. The sale of the shares of the REIT would result in a portion of the deferred capital gain being realized, but the tax would be significantly lower because not all gains were realized in one year.

At AEGIS Financial, we are not swayed by product commissions or incentives. Instead, our interest is in finding the right solution to your problems. By laying out various options and educating them on the advantages and disadvantages of each option, we were able to help our clients defer a significant tax bill while providing the income to fund their retirement.

2023 Year End Considerations | Advice4Life

Provided by Michael Donnan, CLTC, FIC Wealth Manager at AEGIS Financial

As we head into 2024, it’s essential to be mindful of key figures and areas that warrant careful consideration. Navigating these financial landscapes can be intricate, but rest assured, the AEGIS team is here to provide guidance and discuss any questions you may have.

 

Things to Know:

  • Tax Day Alert: Mark your calendars for Monday, April 15th, 2024. This is the deadline for contributing to your IRA and Roth IRA for the tax year 2023.
  • Roth Contribution Limits: In 2024, the Roth contribution limits stand at $7,000 for those under 50 and $8,000 for those 50 and older.
  • Enhanced Employer-Sponsored Plans: If you have a 401(k), 403(b), or 457 plan through your employer, note that the new maximum contribution limit for 2024 is $23,000. Individuals aged 50 and above receive a higher limit of $30,500.

 

Things to Review:

  • Estate Planning Checkup: Review your estate planning documents. If they are older than 8 years, it’s advisable to consult your attorney and assess whether updates are necessary.
  • Property Ownership Consideration: If you own property in your name, consult with your attorney about the potential benefits of adding a Transfer On Death (TOD) Deed. This can streamline the property transfer to your named beneficiaries, bypassing probate.
  • Tax Efficiency Strategies: With anticipated tax rate increases in 2026, consider the advantages of Roth Conversions as a strategic financial move that can benefit both you and your heirs.
  • Charitable Giving Tactics: For individuals aged 70 ½ who donate to charities or churches, explore the benefits of utilizing a Qualified Charitable Distributions (QCDs) strategy. This approach allows you to contribute directly from your IRA, bypassing taxes. If you’re in Required Minimum Distribution (RMD) status, this tactic aids in meeting your distribution requirements without incurring taxable consequences.

As you plan for the upcoming year, these insights and reviews can contribute to a more informed and financially resilient future. The AEGIS team is ready to assist you in navigating these intricate financial considerations and give you peace of mind in your financial journey.

Understanding your Medicare plan options | Longevity Ever After

Understanding your Medicare plan options

Medicare is complex and ever-changing. Having the right Medicare plan for your individual needs is an important piece of your retirement and longevity plan. We can help.

Medicare basics

Medicare includes Part A hospital insurance and Part B medical insurance. There are two paths for filling the gaps Part A and Part B don’t cover and getting the Medicare coverage you need.

  • Part A + Part B + Part D + Medigap
  • Part A + Part B + Medicare Advantage (many Medicare Advantage plans include Part D coverage)

You have the option to add Part D prescription drug coverage and Medigap or Medicare Advantage. You are eligible for your initial enrollment in Medicare when you turn 65 and can make changes to your plan every year in the fall during open enrollment.

What isn’t covered by Medicare?

Medicare Parts A and B do not cover hearing, vision, dental, mental health, coverage abroad or long-term care needs. Hearing aids can range from $900 to $6,000, and it is estimated that a couple will spend more than $18,000 in dental services without the proper coverage. The costs add up. Traditional Medicare will not cover you if you are traveling outside the United States, and caregiving services like bathing and dressing are not covered.

The path to additional coverage and ensuring you are not financially liable for extra healthcare costs in retirement is a highly personal decision. Once enrolled, you should review your plan yearly to make sure there haven’t been any changes to your coverage. Working with a Medicare agent can help you determine the best route for your individualized needs.

A trusted resource

HealthPlanOne is a vetted resource to help you learn more about, get enrolled in or make changes to your Medicare plan. HealthPlanOne agents will walk you through your medical situation and preferred doctors and hospitals and help determine your supplemental plan options. They can also write the policy for you if you choose to move forward. Please reach out to our team, and we will set up a call with one of HealthPlanOne’s top agents.

 

Navigating Medicare Infographic, Raymond James Financial, 2019.
Raymond James is not affiliated with HealthPlanOne. Raymond James & Associates, Inc., receives a one-time referral fee from HealthPlanOne for each Medicare Advantage and Medicare Supplement application submitted.

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