RDK Advisors
601 NW Loop 410 West, Suite 240
San Antonio, TX 78216
210.402.0039 x.12
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Articles

Teaching Kids About Cashless and Online Finances

In an increasingly digital world, your kids will need to know how to handle their finances online and how to responsibly use debit cards.

Start teaching with cash

More and more consumers use cards and mobile devices to conduct everyday financial transactions. Start lessons with real money and work into the online world. By the time kids are five years old, they can have an allowance, and you should open a joint savings account. Kids should learn to make change, so pay allowances in cash.

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Time to Get Real about Family Money

Instead of debating about politics or sports whenever they get together, what if families spent some time having candid discussions about their finances and plans for the future?

We know money is a hard topic for many families to broach. For the older generation, it can bring up the issue of aging and might signal the loss of independence. Younger family members may also have difficulty accepting that their parents may need their help and worry that they’re not up to the task.

Whatever the reason, know this: without a plan for finances, a family could run the risk of giving up control of health care and inheritance.

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Simplifying Retirement

Retirement planning can seem complex and intimidating, which explains why some people delay doing it. However, with the appropriate help from a knowledgeable financial advisor, preparation can be a straightforward process that produces a sound strategy and a sense of security. To simplify your planning, consider pursuing these 10 steps:

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How to Structure Your Business

Proprietorship. Partnership. S corporation. Limited liability company. C corporation. Which form is best for your new business? The decision can be difficult. Each business form offers you both advantages and disadvantages.

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Keeping Your Business Alive

You may have heard the grim statistics. Family firms comprise 90% of all business enterprises. Yet only 30% of these family-owned businesses survive into the second generation, and only 12% will still be around by the third.1

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Analyzing the Flows in Your Financial Plan

For most investors—even those with significant wealth—a secure financial future doesn’t simply happen. Instead, it must be carefully crafted to help meet your most important goals and leave nothing to chance. Of course, the future is unpredictable and your own personal situation changes over time. That makes it all the more challenging to answer the most crucial of financial questions: Are you on track towards achieving your financial objectives?

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Working with a Financial Advisor: Six Steps to Help You Get the Most Out of the Relationship

Would you trust your medical diagnosis to a casual acquaintance? Do you cut your own hair or dry clean your own clothes? For some services, it makes more sense to pay a professional who has the expertise to deliver the appropriate results. A professional financial advisor can help you build a sound estate plan, designed to help you toward your long-term financial planning goals. These six steps can help you locate and get the most out of this important relationship.

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Effective Business Succession Planning

Think Twice About Your 401(k)

Does your 401(k) account include shares of your employer’s stock that have grown a lot since you acquired them? If so, you may be able to make use of a “net unrealized appreciation” (NUA) strategy when you retire or otherwise leave your employer.

To better understand it, NUA is the difference between the market value of your company’s shares on the date they are distributed to you and the date they were originally added to your plan account. In general, to use the NUA strategy, you have to: Leave your company, receive a lump-sum distribution of your account’s entire balance in a single year, and choose to take all or some of your company stock “in kind.” That means you take the actual shares instead of a distribution check for their value, rolling them into another employee plan, or rolling them over into an individual retirement account (IRA). This requires a transfer of shares received to a taxable brokerage account and not a roll over into an individual retirement account or qualified plan.

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Is Your Life Insurance Policy On Track?

Few things are as important as ensuring that your heirs will be in good financial shape should you die unexpectedly. Life insurance, and the death benefit it pays out, is critical for achieving that financial shape—albeit one that is often avoided because it elicits undesirable emotions. After all, most of us don’t want to think about anything related to the death of a loved one.

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Key-Person Insurance: Small Business Life Line

Would you hesitate to buy fire insurance for your lab or office building? Of course not. What about liability insurance in case someone slips on your steps? Same answer. But have you insured what could be your most valuable asset—your top employees? If not, you should consider "key-person" insurance.

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How Much Will You Need to Retire?

How much money will it take for you to retire in style? Will $2 million do the trick? How about $5 million? Or perhaps you can get by on less.

If the question leaves you scratching your head, you’re not alone. Just 38 percent of American workers have talked with a financial professional about retirement planning. 1 One of the biggest risks retirees may face is running out of money while they’re alive. It’s an all-too-possible scenario, even if you have substantial assets.

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Easing the Estate Tax Burden

One of the great joys of building wealth is the knowledge that your heirs may benefit for generations. But without proper planning during your lifetime, the federal government could tax as much as 40% currently of an estate upon death. There are strategies to lessen the burden, and putting them to use now will help ensure more of your assets will get to your heirs rather than be used to pay estate taxes.

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Navigating the Top Five Retirement Risks

Longer lives and better health translate into longer retirements and new concepts of what retirement should be. Many of today’s retirees view retirement as a time to shift gears but not necessarily to slow down.

They keep their skills sharp in new job roles or by starting businesses. They continue learning new skills by going back to school as both teachers and students. Some choose to serve on boards of directors or to pursue creative and artistic passions.

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How to Make the Most of Your IRA

With so much media attention spotlighting retirement planning these days, you’d think the United States is a nation of hardcore investors, well-versed in the intricacies of all sorts of financial products. But the truth is most Americans know relatively little about one of the most effective tools for securing their financial futures: the Individual Retirement Account (IRA).

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The Costs of Living Longer

As Americans live longer, they are spending more of their later years in need of custodial medical care. Is long- term care insurance the best choice to alleviate the costs?

In general, Americans are living longer. While that’s good news, it means more are going to live out a substantial part of their later years in need of a large measure of custodial medical care. The U.S. Department of Health and Human Services estimates that nearly 70% of people over the age of 65 will require long-term care (LTC) in the future, including services like home visits by healthcare professionals, stays in a nursing home and 24-hour medical support.1

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A Trust Made for Marriages

One of the things that made the now iconic TV show The Brady Bunch stand out when it first hit the airwaves in the late 1960s was that it depicted what was, at least at the time, a very unusual family dynamic: a second marriage bringing together six children—three from each parent—under one roof.

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Managing an Inheritance

An inheritance in the form of cash, real property, jewelry or stocks can enrich your life in many ways. Oftentimes, bequests from an estate are intended to help move the heir forward financially, or to keep a prized possession within the family. To fully realize the value of an inheritance, consider how the assets affect your overall financial plan.

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Buy-Sell Agreement Keeps Your Business Afloat

Alex and Brad, both in their mid-forties, had just celebrated the tenth anniversary of Consulting, Inc., their market consulting business. The next morning, before going to work, Brad suffered a heart attack while jogging and died later that day. Alex suddenly lost his long-time business associate. What's more, after the estate was settled, he found himself with a new co-owner – Brad's wife.

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Don’t Let Health Care Costs Crack Your Nest Egg

Escalating health care costs can undermine the best-laid retirement plans. One of the biggest risks lies in the cost of long-term care. Unfortunately, health care costs in general have been outpacing inflation, and this trend to may continue.

Even if you’re currently in good health, you can’t guarantee that it’ll continue in your later years. Not being prepared can be very expensive. According to data from Lincoln Financial Group’s long-term care website, current national averages for full-time long-term care services can range from $3,680 per month to $14,370, depending on the setting and level of care required1. At that rate, it wouldn’t take long to put a sizable dent into most nest eggs.

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Preparing your Estate Plan for the Changes in Tax Rules

Federal estate tax laws have changed extensively over the past decade, and this constant flux can make it hard to know when to adjust your estate plan and what changes to make.

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Planning for a Long Retirement

Americans are living longer than ever, thanks to advances in health care, improved diets and better exercise. About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95, according to data from the Social Security Administration.1

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Annuities: A Retirement Planning Tool To Consider

When it comes to deferring taxes, people normally think of retirement accounts like 401(k)s, Keoghs, SEPs, and investment earnings until you reach retirement: by purchasing an annuity.

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Keep Your Estate Plan on Track

For today's business owner, death can mark the beginning of a significant tax problem. The investment and sweat that went into building your business year after year could add up to a whopping federal estate tax bill for your heirs – up to 40% in 2018 of the combined value of your company and other assets.

With careful estate planning however, there are still ways to reduce the estate tax burden on your loved ones, while keeping the business intact. The following gives an overview of some available estate planning options.

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