At Apprise Wealth Management, we want to help people make better money-related decisions. We also read constantly and like sharing some of our favorite commentaries each week.
We hope you will share our blog with your friends. If you are not a current subscriber, please sign up for our mailing list at the bottom of our blog page or use our Contact Us page. If you would like to discuss any of the ideas presented in these articles, please email philweiss@apprisewealth.com. You can also schedule a free 15-minute call.
Here are this week’s articles as well as a brief description of each:
1. 4 Ways to Help Clients Control Their Digital Afterlife. The list of digital assets each of us has continues to grow. Do you know what happens to your digital assets when you’re gone? Almost every U.S. state has passed the Revised Uniform Fiduciary Access to Digital Assets Act. This law helps determine what happens to your digital assets after you die. You can name a digital assets fiduciary in your will. You can categorize your digital assets as follows:
· Communication
· Rewards programs
· Shopping
· Online data storage sites
· Finances
· Social media
· Gaming
· Fantasy leagues (especially if money is involved)
You should also have a document detailing your wishes for each asset. In short, we should maintain login information for more than just our financial accounts.
2. Parents’ New Obsession Is Checking Their Kids’ Grades in Real-Time. If you are the parent of a middle- or high-schooler, you likely have real-time access to your child’s grades. On the positive side, this can help parents detect a problem in its early stages and potentially take some steps to help. Knowing grades before report cards are issued can minimize the chance of unwanted surprises. But some parents obsess about their children’s grades, checking them too often. In some ways, the effects can be akin to what happens when we check our portfolios too often – it can be bad for your health and wealth.
3. The Most Important Insurance Your Clients May Not Have. While we may not want to talk about insurance, it should not be ignored. Determining the need for life, health, long-term care, disability and property and casualty insurance is an integral part of the financial planning process. Unfortunately, we often ignore insurance risks. One of the most overlooked risks is the need for excess personal liability insurance – coverage provided by an umbrella policy. This relatively inexpensive coverage helps protect you from major claims and lawsuits. If you don’t have an umbrella policy, I highly recommend you get one.
4. Walmart’s Monopolization of Local Grocery Markets. Much of the discussion around the failure of antitrust law centers around technology leaders such as Amazon.com. Until I read this article, I did not realize how dominant a position Walmart has in the grocery market. Today, it controls about 25% of the national market. In some regions, it has a 95% share!
5. Key Considerations When Converting IRAs to Roth IRAs. Converting some or all of your IRA balances to a Roth IRA can save taxes over the long term. However, you shouldn’t rush to make the decision. As part of your analysis, consider the following:
· Do you estimate your future income will be higher than your current income?
· Do you anticipate leaving money to your heirs?
· How much should you convert?
· What will be the impact on Social Security and Medicare benefits?
We hope you find the above posts valuable. If you would like to talk to us about financial topics including your investments, creating a financial plan, saving for college, or saving for retirement, please complete our contact form. We will be in touch. We can schedule a call, a virtual meeting via Zoom, or a meeting at Apprise Wealth Management’s office in Northern Baltimore County.
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Phil Weiss founded Apprise Wealth Management. He started his financial services career in 1987 working as a tax professional for Deloitte & Touche. For the past 25+ years, he has worked extensively in the areas of financial planning and investment management. Phil is both a CFA charterholder and a CPA.
Located just north of Baltimore, Apprise works with clients face-to-face locally and can also work virtually regardless of location.
