Tag Archives: Probate

April 2017 Podcast Video, Financial Planning Tax Review and Earnings Update- By John Kvale

Posted on May 1, 2017 by | Leave a comment

Whew, that was easy…. tax season is finally mostly over ….

We wanted to look back one last time on our personal taxes before we sunset those tax strategies for the high point of the season….

As a reminder,  we started with an Audio Podcast format for those that are unable to SEE the video or just prefer to listen to the audio… this makes the review slightly longer, but more descriptive.

Enjoy!

April 2017 Video

 

Financial Planning Tip(s)-

AMT Tax Reminder

We ran across a lot of AMT or Alternative Minimum Taxes this season

Here are the key thoughts from our detailed post on AMT earlier this month-

  • Incomes between $170k and $313k joint and singles over $100k – you are in the cross hairs of AMT
  • Deferring income may be useful
  • Accelerate income

There is not a lot of planning changes with AMT, but in this case knowledge may be power!

Possible MAJOR tax reform

Late in the month an overview of major tax reform was released.

Here is a link from the White House

Here is a link from Barron’s that does a pretty good analysis

Here is our article on the possibilities earlier this month

What to do if you overfund your 401k/retirement plan

In our overfunding 401k post here, we discuss how your 401k/retirement plan can get overfunded….. here are the main points

  • Refund the extra amount ASAP
  • Apply the extra to the new year
  • If its a super small amount, its not the end of the world

Capital Market Comments

First Double Digit Earnings growth since 2011 expected

From our friends at Factset, who do a terrific job of outlining historic and future earnings.

Earnings are the ultimate driver of capital markets!

4-27-17 SP earnings estimates - Factset

What is nice about these estimates are that historically companies have been beating the street estimates … if this continues, the actual earnings may be even better double digit growth…. time will tell and we will be watching!

Hello May!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com,

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Posted in Economy, General Financial Planning, Investing/Financial Planning, Monthly Review, Tax Related, Video

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March 2017 Podcast Video, Tax and Financial Planning Tips and Interest Rate/Economic Review- By John Kvale

Posted on April 3, 2017 by | Leave a comment

Spring has Sprung ….

March Brings warmth to most….

March Madness and Baseball season…

March also means Tax season is here!

Not to worry we have your back

As a reminder,  we started with an Audio Podcast format for those that are unable to SEE the video or just prefer to listen to the audio… this makes the review slightly longer, but more descriptive.

Last month we created a new intro and music as well…

Enjoy!

March 2017 Video

Financial Planning Tip(s)-

Tax Tips Reminders and Savings Update

The following items can be done today and still help your 2016 taxes–

  • HSA – Health Savings Account- High Deductible Pre-Tax Savings account
  • SEP- Simplified Employee Pension- Souped Up IRA for Non-W-2 Income offset
  • IRA- Oldie but goodie- Prefer using ONLY if deductible

Costly Tax Mistakes we are seeing

In our post late this month, we highlight items we are seeing missed, resulting in extra tax costs.

  • Property Tax incorrect year – make sure you get credit in the year you pay
  • General Sales Tax missing- It’s your deduction, make darn sure you get it if you itemize
  • Missing Basis- An oldie but goodie, EVERYTHING has a basis- be sure one is included on your return
  • Missing a SEP (AKA Simplified Employee Pension) contribution – Souped up IRA that offsets non-W-2 income- Great Tax Saver- You can do both a SEP and 401k if you have both incomes under the appropriate scenario

Let us know if you have any questions, we are in full tax review mode!

FOMC Interest Rate Increase

Another Rate Increase

March also marked a month where the FOMC (Federal Open Market Committee)  headed by Janet Yellen and fellow members raised short term interest rates another .25%. Now at a rate .75%, slowly rates are beginning to normalize.

Overnight LIBOR (London Interbank Offering Rate) showing the Rate Increases clearly

3-31-17 Overnight Libor

 

Our friends at JPMorgan, think higher rates may help the economy, as too low of rates, in their opinion, muzzle the economy more than it helps.

jpmorgan-rates-too-low-graph

We Agree!

See you at the end of April!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com,

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Posted in Economy, General Financial Planning, Investing/Financial Planning, Monthly Review, Tax Related, Video

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New Intro and Music -February 2017 Podcast Video, Financial Planning Tip and Economic Review- By John Kvale

Posted on March 1, 2017 by | Leave a comment

February …. The Shortest month of the year!

A busy time of the year too….

We made the best of it, we covered a lot of ground!

Hope you like the new intro and music for our video!

As a reminder,  we started with an Audio Podcast format for those that are unable to SEE the video or just prefer to listen to the audio… this makes the review slightly longer, but more descriptive.

Enjoy!

February 2017 Video

Financial Planning Tip(s)-

Simplifying the Probate Process

Thanks to all of the fantastic comments and views  .. here is the list in brevity :20170125_200814794_ios

  • Not usually complicated- some states can be
  • Probate needed for real estate, non beneficiary titled accounts or ownership
  • Creates a Letter of Testamentary
  • Multiple or Joint Executors can complicate
  • Not all Estates have to be probated
  • Inventory of assets may be needed
  • Effectively closes the Estate

One of the most crucial items for Probate to go smoothly, is organization up front.

Age 50 Catch Up Provisions

If you turn 50 by years end, you have deeper savings available to you.

  • $6k extra for 401k and the likefiftieth-birthday
  • $1k extra for IRA/ROTH and similar types

Here is the IRS reminder statement!

Speaking of reminders, we continuously find that employers need to be reminded the year one turns 50 that you can actually add extra funds into that retirement savings program — give them a call !

Will the Euro Survive?

Marine Le Pen Win Means No

According to our experts from the Out West Meeting (the one Donald The Brain Crashed in 32 minutes) if Marine Le Pen wins the Euro will not survive. This was a cross over item, as several different experts said the same thing unknowingly.le_pen_marine-9586

April 23, 2017 is the final vote.

So why are we watching this? If Le Pen wins, this may be the final nail in the Euro coffin. Assuming all believe this, capital market uncertainty would likely bubble.

  • Brexit – Capital Market shakes 3 days
  • Unexpected US president – Capital Market shakes 3 hours
  • Euro Breakup – Capital Market shake Unknown –

Our experts acknowledged this time line and lack of concern, but cautioned on becoming over confident.

Ok, we will be watching !

See you at the end of March!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com,

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Posted in Donald Capone, Economy, General Financial Planning, Investing/Financial Planning, Monthly Review, Political, Video, World Political

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Just How Complicated is the Probate Process?

Posted on February 22, 2017 by | Leave a comment

Wandering the airwaves, internet and radio are frequently scary stories of how tough probate can be. While there ARE states that can be very imposing, NY, CA and FL just to mention a few, often times the probate process can be easy and fast.

Complicated Probate Process?

We have personally helped probate double digit numbers of Estates and in several cases, actually stood in for the Executor due to geographic challenges, or other restrictive problems with showing up in person at the Court house.

This is an actual picture of the Probate Court from earlier this year …. where we were present Probating a Will.

Items to remember:

20170125_200814794_ios

  • Not usually complicated- some states can be
  • Probate needed for real estate, non beneficiary titled accounts or ownership
  • Creates a Letter of Testamentary
  • Multiple or Joint Executors can complicate 
  • Not all Estates have to be probated
  • Inventory of assets may be needed
  • Effectively closes the Estate

 

One of the most crucial items for Probate to go smoothly, is organization up front.

Be sure to have good working and updated Estate Documents … and Probate should not be the nightmare many try to scare us into believing.!

Have a Great Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

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Posted in Estate Planning, General Financial Planning

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August 2015 Financial Planning Tip, Capital Market Review (Video)

Posted on September 2, 2015 by | Leave a comment

Welcome to our monthly Economic, Capital Market, and Financial Planning tip of the month.

This months Financial Planning Tip of the month is when you may NOT want to file an insurance claim !

Once again a special thanks to all of  YOU … the best clients and friends, as your experiences have again given us the subject matter for our Financial Planning Tip of the Month.

For those new to our writings, we touch on the most pertinent Financial “stuff” along with a video of my mug that has even more specialized details of the latest month as well as this post.

Ok…let’s go!

 

August 2015 Video

 

VIDEO

YouTube Direct Link 

 

When NOT to file an insurance claim

  • Deductible is near the full value of claim or the net claim is very small — not worth the ding on your history
  • Inability to prove value of claim- i.e. Jewelry
  • Coverage amount has greatly declined/depreciated – old roof

Thinking of insurance as a major dollar safety net (not piggy bank) is a good idea and will keep you on the correct path in most cases. Also… One of the biggest reminders is to know your coverage and think twice about calling your carrier as you may end up with a chink on your record, just by calling!

We were honored to have our article posted on ABC News, USA Today, Yahoo and credit.com. Best of all, this was an actual experience and conversation!USA Today Article Circle JK

Give us a call if you have any confusion/questions!

Commodities falling No more – Maybe?

Last month we mentioned commodities- oil had fallen dramatically.

Certainly could go lower. Hated by many – Zig when others Zag!

Suddenly there is life in oil and commodity related instruments.

8-31-15 WTI 5 min chart

Time will tell!

Have a Great Day!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225JK Street Cents Logo

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Posted in Economy, General Financial Planning, Investing/Financial Planning, Market Comments, Video

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July 2015 Financial Planning Tip, Capital Market Review (Video)

Posted on August 3, 2015 by | Leave a comment

Welcome to our monthly Economic, Capital Market, and Financial Planning tip of the month.

This months Financial Planning Tip of the month is a reminder of another important account Title issue !

Once again a special thanks to all of  YOU … the best clients and friends as your experiences have again given us the subject matter for our Financial Planning Tip of the Month.

For those new to our writings, we touch on the most pertinent Financial “stuff” along with a video of my mug that has even more specialized details of the latest month as well as this post.

Ok…let’s go!

VIDEO

YouTube Direct Link 

 

To Trust or not to Trust – Do I need a Revocable trust? – Another great estate Planning Tip: LivingTrustEstatePic

  • Privacy
  • Avoids probate
  • Corporate law versus probate law
  • Easily changed
  • Can lead to inadvertent mistakes in Estate Planning
  • May dramatically help in higher probate cost states (Think CA and FL)

Trusts, once thought only for aristocrats have become much more mainstream. They are easy to set up and easy to change. Revocable trusts, the most common, are great planning tools. The revocable trust, while providing little creditor protection and virtually no federal estate tax benefits, in many cases is a great solution for organization and a way around a hefty probate cost state.

Give us a call if you have any confusion/questions!

Commodities falling

7-31-15 Bloomberg Commodity Index

Not only did this broad-based commodity index take out the 2008/9 lows, but it dropped to a never seen before low !

Certainly could go lower. Hated by many – Zig when others Zag!

In the endeavor to find assets that are not frothy, a never seen before, all time low, MIGHT be one.

Never go all in of course — but does not look frothy!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225JK Street Cents Logo

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Posted in Economy, General Financial Planning, Investing/Financial Planning, Market Comments, Video

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Do you need a Trust? Maybe, Maybe Not … Benefits of a Revocable Living Trust

Posted on July 15, 2015 by | 2 comments

Trust – It should have been a four letter word considering all of the confusion it causes. Living in Texas, there are not as many uses for the revocable trust, however, we continue to warm to the Trust and find it very useful in many situations.LivingTrustEstatePic

To Trust or not to Trust?

To prevent a lengthy discussion, the focus of this post is on the Revocable Trust. This type of trust is the most common, but much different from its relative, the Irrevocable Trust.

Just a few benefits of the REVOCABLE Living Trust:

  • Easy to set up
  • Simple to change
  • Avoids Probate (Especially helpful in expensive probate states such as California and Florida –Not as much in Texas, but again still useful)
  • Great Organizer of affairs and death directives
  • Helps with privacy-non probate
  • Holds almost any type of asset
  • Relies on corporate law versus probate law
  • Neither helps or hurts from a Tax standpoint and does not require its own Tax ID

misunderstood aspects of a revocable Trust:

Does very little to prevent creditor exposure. — Since it is revocable, creditors can argue since you can do almost anything you wish with the assets, they are essentially yours and liabilities pass through to the trust.

Upon death of the beneficiary, in most cases a revocable trust becomes very strong and will have greater protections.

Lastly, a revocable trust rarely helps with Federal ESTATE Taxes. These are the taxes levied on estates over $5.4 million by individuals or $10.8 by couples.

Still confused? Drop us a line !

Have a Great Wednesday!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

JK Street Cents Logo

 

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Posted in Estate Planning, General Financial Planning, Tax Related

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