Your money east 02 08 2018 by Richner Communications, Inc

February 8, 2018

Your MONEY Securing your future

Beware of disappearing deductions By RoBeRt thee, CPA

many donors.

By now, most people have probably heard and read about the major changes made to the Internal Revenue Code by the Tax Cuts and Jobs Act that will be going into effect, for the most part, in 2018: big cuts in tax rates for corporations and individuals, doubling of the exemption for the estate and gift tax, a new deduction for “pass-through” business income, etc. No doubt these changes will benefit many businesses and individuals and result in more cash in their bank accounts. However, these cuts don’t come without a cost; to mitigate the already sizeable projected dent in There are hundreds of changes to the tax code that affect almost all taxpayers. It’s important to work with the federal deficit, many revenue-raising pro- your tax advisor to avoid unpleasant surprises and keep your tax bill as low as possible. visions were put in place, mainly in the form to a combination of all formerly fully deduct- ing income like investment advisor fees, unreof limitations and outright elimination of ible state and local taxes, including income imbursed employee travel, and tax return time-honored tax deductions. tax and property tax. preparation fees, to name a few, could be Here is a summary of some new rules This is especially onerous for residents of deducted to the extent they exceeded 2% of that have not received a lot of publicity but Nassau and Suffolk where real estate taxes adjusted gross income. These expenses are will negatively impact many taxpayers. (Note: are high, and whose income is subject to New no longer deductible. most of these changes are scheduled to be York State tax. only temporary and would technically disapCharity pear after 2025, but it’s anybody’s guess Home Equity Interest Although this deduction has not been whether or not they will be extended by a Prior to the change, homeowners could taken away, the combination of the increased future Congress and administration.) deduct the interest on up to $100,000 of debt standard deduction ($24,000 for joint returns) secured by the residence where the loan was and the curtailment of other deductions State and Local Taxes not used to acquire or improve the home. mentioned above will result in fewer taxpay This change has received much publicity, This deduction is no longer available. ers being able to itemize. This means that especially in high-tax states like New York and charitable donations will not yield any tax New Jersey. The itemized deduction for taxes Miscellaneous Itemized Deductions benefit for many people, and may hurt some paid is now limited to $10,000; the cap applies Previously, expenses related to produc- charities as the tax incentive to give is lost for

Business Entertainment Previously, half of the cost of businessrelated, substantiated entertainment could be written off. Now, the government will no longer be partially subsidizing the cost of taking customers to the theatre, arena, etc. Business Losses Under prior law, corporations and individuals that incurred business net operating losses could mitigate the damage by carrying the losses back to the prior two years and obtaining a refund of the tax paid. This could provide a much-needed infusion of cash into the business. To the extent not carried back, net operating losses could be carried forward up to twenty years. Effective for losses incurred after 2017, carrybacks can no longer be claimed; furthermore, carryforwards can be used indefinitely, but cannot offset more than 80 percent of income in a given year. A new restriction limits the amount of business losses of an individual that can be deducted from other income (such as wages, interest, etc.) in the year of loss to $250,000 for singles and $500,000 for joint filers. The balance is treated as a net operating loss carryforward. n Robert Thee, CPA, is a Tax Director in the Woodbury office of Gettry Marcus, CPA, P.C. He can can reached at RThee@GettryMarcus.com.

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Back to basics Educate yourself on the fundamentals of personal finance so you feel more confident managing your money

The financial statistics are staggering. According to the National Endowment for Financial Education, Americans are using retirement savings to cover hardships way before actually retiring, and 1 in 5 teens lack basic personal finance skills. Also, 40 percent of millennial-age parents say financial strain is stressing their marriage. It’s time to get a handle on your finances, say money experts. Learn money basics now, and teach the next generation, too.

Making a plan for your money is the first step in a prosperous financial future.

Financial hygiene Smart yearly financial practices By Jeanelle d. horCasitas Being smart with your money is important for ensuring a prosperous financial future. But financial fitness and freedom isn’t as easy it sounds. In fact, it takes a lot of practice and discipline to make your money work for you. Here are a few tips to help you get started and stay on track. Set Your Financial Goals Making a plan for your money is the first step. Perhaps your goal is to increase your income. Do you simply want some extra money for fun and vacation; or to put toward bigger purchases like buying a home? Reflecting on what you individually, or with a spouse, want to achieve financially in the next year will keep you motivated. Additionally, it keeps you accountable. Make it a fun activity by drawing or writing out your goals somewhere you can see them daily. The more you can remind yourself of these goals the likelier you are to stick with them! Make a Budget There is a common misconception that creating one budget will work all year long. Unfortunately, additional, unanticipated expenses come up each month (car problems, birthday gifts, social events). Making a solid outline for your budget at the beginning of the year is helpful for organizing bills and expenses that typically won’t be subject to change. Once this is in place, you have a boilerplate budget to adjust for each month. Compare your actual versus expected expenses at the end of each month. This can help you understand where you can make budget cuts and where you can put your money toward other financial Publishers Clifford riChner stuart riChner Executive Editor sCott Brinton

Section Editor Karen Bloom Editorial Designer Cover Design Jeffrey a. negrin

goals such as savings, retirement or paying off debt. There are many wonderful budgeting apps out there today for you to choose from, or you can always develop your own on an Excel spreadsheet. Keep in mind, budgets are not one-size-fits-all, therefore, spend time thinking about it and designing it in a way that fits your lifestyle. Get a Free Credit Report For those of you who didn’t know, you can get a total of three free credit reports each year from one of the following credit reporting agencies: Equifax, Experian and TransUnion. It’s simply going to AnnualCreditReport.com and requesting your free credit report. You will be asked a series of personal information questions and, if answered correctly, you will be given your credit report. Requesting from all three credit-reporting agencies is necessary to ensure there are no discrepancies. Another tip is to spread out the timing of when you request your reports. Request one at the beginning of the year, one halfway, and then one toward the end of the year. This will help you to see if there have been any significant changes in your credit throughout the year, and whether or not you need to make any appeals or claims if there are any discrepancies or errors. If you’re interested in learning more about how to stay up-to-date with your finances, check out the Federal Deposit Insurance Corp.’s Smart Money financial education program or Credit.org’s Financial Instructional Training Academy’s personal finance education webinars. Both of these financial education programs are easy to find online, and the best part is that they are free. n

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Four Steps Want to take control of your financial outlook and reduce overall stress? According to Matt Bryan, assistant vice president of distribution marketing for The Guardian Life Insurance Company of America, you have to do the four things that financially confident people do. 1. Make a plan. “Live within set means. Have a written plan with specific objectives, and review it annually,” says Bryan. Focusing on the long term can ease stress and increase happiness. Start by writing down your short- and long-term financial priorities. Then list what you think it will take to achieve them. 2. Raise your financial IQ. Bryan says you have to commit to understanding fundamental financial concepts and products, including investments, insurance and annuities. “Confident planners know how much money they’ll need in retirement and understand the concepts of budgeting, risk tolerance and asset allocation and the financial solutions that can help get them there,” he says. 3. Get the solutions you need. He says you need to own “a spectrum of products” — such as stocks, bonds, mutual funds, retirement plans and insurance —that can help you meet your financial goals. Write down and track everything you own and why you own it. Then look for gaps in coverage. 4. Get a strategic partner. You’ll need a reliable part-

ner to assist you in your planning. Bryan recommends finding an adviser you trust to be your financial coach. Personal Instruction Financial coach Jill Manuel recommends one-on-one coaching, during which consumers learn money tools and how to get on track. She says personalized coaching keeps people accountable to themselves. “People will find themselves falling off track when they confront a financial challenge and wind up abandoning their new plan entirely, believing it didn’t work when that’s not necessarily the case,” she says. Financial Resources Financial analyst Evan Tarver at Fit Small Business suggests reading timeless personal finance books, such as “How to Win Friends & Influence People.” “It has valuable and actionable advice that has been proven to work for people,” he says. “Look for books that weren’t written yesterday. Instead, find books that people have been referring to for years.” Listening to podcasts is a new resource that Tarver recommends, too. “While many seminars and classes are taught by pretenders, it’s possible to listen to podcasts created by some of the smartest finance minds in the world,” he says, explaining that with podcasts, listeners can hear lengthy interviews with some great financial experts. Blogs are another smart tool for learning about managing your money. Look for personal finance blogs run by trained financial professionals. Typically, financial bloggers post free content regularly. “You are able to find someone who resonates with your method of thought, and you are more likely to enjoy a topic that is frequently considered extremely boring,” says Nolan Martin, a military officer and creator of the blog Budget Chaos. Martin, who’s currently completing his master’s degree in financial planning, says you’ll benefit from blog community members who have similar financial goals and can keep one another on track and motivated. “Don’t waste your money on books, online classes or seminars when you are just starting out,” he says. “The best thing you can do is get started immediately.” n

February 8, 2018

By Kristen Castillo

Divorce and Social Security How ex-spouse benefits work

February 8, 2018

By Carrie SChwaB-Pomerantz I recently received a question about exspouse Social Security benefits from a 60-year-old divorced woman who is now trying to plan ahead for her own retirement. She actually had several good questions about how ex-spouse benefits work that focused on some important points, so I decided to include them all here. Social Security benefits based on your exspouse’s record can be a positive boost to your income. And they apply equally to men and women, so if you think you may be eligible, it’s definitely worth exploring. Here are seven key questions and answers to get you started. Who qualifies for ex-spouse Social Security benefits? Whether you qualify for an ex-spouse benefit depends on your age, the length of your marriage and your current marital status. In a nutshell: √ You must be at least 62 years old. √ Y ou must have been married for a minimum of 10 years. √ If your ex hasn’t yet filed for benefits but is eligible, you must have been divorced for two years. √ You must be currently unmarried. √ If you did remarry, that marriage must have ended. √ The benefit based on your own work record

Security benefits on my own work record? If you are eligible for retirement benefits on your own record and divorced spouse’s benefits, Social Security will pay your retirement benefit first. If the benefit on your exspouse’s record is higher, you will get an additional amount on your ex-spouse’s record so that the combination of benefits equals that higher amount.

If you haven’t remarried, you might be eligible to receive Social Security benefits from your ex-spouse.

must be less than the spousal benefit from your ex. √ If you have more than one ex-spouse (with a minimum 10 year marriage), you can collect on either spouse’s record, but not both. If you meet these qualifications, that’s step one. But it doesn’t answer all the potential questions. Read on. How do I find out what my ex-spouse’s retirement benefit will be? Other than asking your ex directly, you have no way of knowing how much his or her Social Security benefit will be. The Social Security Administration can’t tell you anything in advance. So if you’re not communicating, you’ll have to wait until you file to find out.

The good news is that your ex doesn’t have to be involved for you to collect a spousal benefit. In fact, he or she doesn’t even have to have filed for benefits. As long as your ex is 62, and therefore eligible for Social Security, you’re also potentially eligible for a spousal benefit. How much will I get? Your own age plays a part in how much that benefit will be. Once you’re at your full retirement age, you’re entitled to 50 percent of your ex’s full primary insurance amount, which is the benefit he or she would get at their FRA. What happens if I have earned Social

Can I take a spousal benefit and switch to my own benefit later? With one exception, the option to file for a spousal or ex-spouse benefit only and switch to your own benefit later no longer exists. In general, when you file for any type of spousal benefit, the IRS considers that you are filing for both your own benefit and the spousal benefit at the same time. If the spousal benefit is more, you’ll receive that greater amount. The exception is for people who were born before January 2, 1954. If your birthday falls before that date and you’re at your full retirement age, you can still choose to restrict your benefit to the ex-spouse benefit only and switch to your own benefit later — letting your own benefit grow. If you’re lucky enough to qualify for the exception, every year you wait to collect on your own work record, you’ll earn delayed retirement credits of 8 percent until age 70. That is a hefty bonus. n Carrie Schwab-Pomerantz is a Certified Financial Planner.

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If you’re over 70½ and have an IRA, don’t write a check to a charity ever again! By Peter T. Palion, CFP

Nevertheless, it is a valid point: Under TCJA, a great many taxpayers over age 70 ½ will benefit from utilizing the IRA Charitable Rollover, rather than writing a check to a charity, and those just above the

Medicare surcharge thresholds will be outright better off by transferring directly to charity the amount necessary to avoid a premium hike. So if you are over age 70 ½, speak with your tax and financial advisors

before you write another check to a charity! n Peter T. Palion, CFP, is president of Master Plan Advisory, Inc. in East Meadow.

February 8, 2018

Here’s a riddle for you: two taxpayers have exactly identical tax situation (marital status, income, deductions, etc.). Both make gifts to the same charity in the same exact amount. Do you think it’s possible that one is going to get a nice tax benefit for that charitable donation (and possibly more — just read on!) and the other one… nothing? As illogical as it may seem, the correct answer to the question was a “yes” under the old tax law, and the inequity – especially for middle-class taxpayers – has only been exacerbated by the Tax Cuts and Jobs Act of 2017 (TCJA for short). Rather than subject everyone to a scholarly dissertation about the U.S. tax code, let’s illustrate the point on an example. Hanna is a retired nurse in her early seventies. As a single taxpayer, she is entitled to a $12,000 standard deduction in 2018, up from $8,100 under the old tax rules. She lives in a modest condo; altogether, the deductions that she could itemize in 2018 amount to $9,000. Consequently, in order to see any tax benefit from a cash charitable donation in 2018, Hanna would have to give more than $3,000, and then only the excess over $3,000 would result in a reduction of her tax bill. Hanna very much wants to support the lifesaving research conducted by the hospital where she worked for over 30 years, so after withdrawing her annual Required Minimum Distribution from her IRA, she writes a check for $1,000 to the hospital’s charitable foundation, accepting personal satisfaction as her only reward for doing so. Now, let’s look at Hanna’s twin sister, Laura. Laura lives in the same development and occupies an

identical unit. She worked in the same hospital for the same number of years; therefore, her Social Security and pension are exactly the same as Hanna’s, totaling just a tad under $86,000 per year. As a matter of fact, her IRA balance is exactly the same as Hanna’s, and the deductions that she could potentially itemize also amount to $9,000. Inspired by her sister, she too makes a $1,000 gift to their hospital. Except in addition to personal satisfaction, Laura reaps a financial reward in the amount of… $1,018! No, the above isn’t a misprint but rather the result of smart proactive planning. Instead of writing a check, Laura instructs her IRA custodian to send her $1,000 gift directly from her IRA account to the hospital’s charitable foundation. This operation, commonly known as an IRA Charitable Rollover, allows those over age 70 ½ to transfer up to $100,000 per year from their IRA directly to charity without first having to recognize the distribution as income. Moreover, such transfers count towards satisfying the annual Required Minimum Distribution. In our example, Laura’s $1,000 charitable donation doesn’t show up in her taxable income, which results in federal tax savings of $220 in her 22% marginal income tax bracket for 2018. More importantly, the charitable rollover will reduce the income countable towards determining her Medicare Part B and D premiums under the $85,000 threshold, thus helping avoid a hefty $66.50 per month surcharge ($66.50 X 12 = $798). Of course, the above is a hypothetical example constructed to illustrate a point (and state tax consequences were purposely omitted to avoid further complication).

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A great many taxpayers over age 70 ½ will benefit from utilizing the IRA Charitable Rollover, rather than writing a check to a charity.

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Do you have the right car insurance? Do you have enough coverage? While most people know whether they have liability, collision and/or comprehensive coverage, few people pay much attention to their insurance coverage until after they’ve been in an accident. Shopping for car insurance is a financial planning topic that is often overlooked, Once we purchase an auto insurance policy, many simply let the policy renew each year. But with a little digging, drivers may be able to reduce their insurance costs considerably. According to the Insurance Information Institute in New York, consumers should ask themselves if they’re happy with the cost, service and coverage of their existing policies whenever it’s time to renew. If they are, they should stick with their existing policies. However, if customers feel things can be better, then it’s a perfect time to see what’s available. Many driver advocates advise shopping for a new policy every two or three years. When it comes time to switch car insurance companies, follow these steps and remember to avoid gaps in the coverage. Compare apples to apples. When shopping for new policies, you should compare the same features offered by various providers, including coverage types, deductibles and any limits. Keep a copy of your existing policy’s declarations page so that all quotes can be accurately compared to the existing policy. Research any cancellation fees. Before switching over, find out if there are any cancellation fees associated with an existing policy.

Eliminate coverage gaps. Eliminate gaps in coverage by ensuring a new policy begins the moment the existing one ends. This prevents potential financial ruin should a driver get into an accident without any insurance during a gap period. Take note of any lifestyle changes. Be sure to list anything that can affect the cost of coverage, such as anti-theft devices on the vehicle, window etching or updated driving habits. Explore union or group affiliations. Drivers who are members of particular clubs, professional organizations or something similar may be eligible for special policies with certain providers. Make a list of any affiliations and contact the organizers to see if they have relationships with auto insurance providers. Law enforcement personnel or veterans may be eligible for certain discounts as well. It pays to look into these discounts. Consider smaller companies. Just because they don’t advertise as much as some of the more well-known providers does not mean small insurance companies are not capable of providing sufficient, affordable coverage. There are plenty of reputable small companies that offer excellent rates to drivers willing to exercise their due diligence. Check with the existing provider, too. Drivers can discuss their current rates and coverage with their existing insurance company, who may offer suggestions on reducing coverage or even offer lower prices in an effort to hang on to customers. Consider these possibilities before switching. n

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Personal security online By Chelle Cordero

February 8, 2018

In today’s high-tech world, no number of deadbolts can keep all danger at bay. Sounds a bit paranoid, right? Think about this: More than 15 million people experienced some kind of identity theft in 2016, according to Javelin Strategy & Research, up from 13 million in 2015. There’s a common misconception that threats to your personal security exist solely online. There are also several ways your information can be compromised each time you shop at a store, walk down the street, schedule a vacation or go through many other types of daily activities. Whether you are on social media or hiding from technology, your information may be up for grabs with lots of unsavory types. Online shopping and banking activities Take precautions to protect yourself from falling victim identity theft and financial fraud and keep your financial can pose a serious threat, especially if you data private. The internet can be a great tool as it allows us to quickly obtain information and contact one don’t take certain reasonable precautions. another at an expedited rate — don’t let it be the tool that others use to gain access to your financial life. Rule No. 1: Do not conduct any online transactions or banking on a public computer or using online banking. It’s convenient, but ments come monthly, it means that mistakes using an unsecured or unknown Wi-Fi net- does it pose a higher risk than the old-fash- and fraudulent transactions may not be diswork. If you must log on to do banking or ioned monthly paper statements and waiting covered for up to a month. other sensitive work outside your home, the in line to deposit checks? You have to decide If you do use online banking, elect to use best option is using data service on your for yourself what you feel most comfortable a two-step verification during sign-in. Make smartphone or tablet. Rule No. 2: If you use with, but keep some things in mind. For one, sure your password is complex and not simany public (or friend’s) device to research pos- paper bank statements and paper checks ply your date of birth. And always be sure to sible purchases or sign in to social media carry a lot of personal information, including log out after every visit. If you are using online accounts, always make sure to log out and account numbers, bank branches, your name banking, get into the habit of checking your quit the browser when you are done. and your address. Also, mailed statements account and transactions every few days. Many people have mixed feelings about can be stolen or misdirected. And when state- Storing your credit card information with

online retailers also means that you are leaving access open to your personal finances. Enter it individually when you go shopping, and make sure to say no if your device asks to store the information. Check your receipts when shopping using a credit or debit card. Under the Fair and Accurate Credit Transactions Act, the account number printed on the receipt must be abbreviated, and the expiration date should not appear at all. Credit card use is generally safer than debit card use because it doesn’t link directly to your bank account. Facebook, Instagram, Twitter and other social networks are popular places for scammers to collect personally identifiable information. Members tend to post birthdays, family names, childhood memories, hometowns, schools and other seemingly trivial personal information. Knowing these details can give hackers all kinds of clues when it comes to passwords and answers to security questions. Information posted online can give identity thieves much of the information they need to fill out loan applications and otherwise take over people’s lives. Also, social media users should wait to post vacation photos until after the trip is over and everyone is back home so they don’t advertise an empty home. Finally, you can use AnnualCreditReport. com to request your free annual credit reports so that you can safely monitor your credit rating and catch any errors. n

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February 8, 2018

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Counting calories isn’t the only way you can resolve to bring about positive change in your life during the new year. If you’re like many Americans, it may be a good time to start counting your way toward better financial health. More than two-thirds of U.S. adults will make financial New Year’s resolutions for 2018, according to a survey by the National Endowment for Financial Education (NEFE).. Among those that plan to step up their financial game, top goals include setting and following a budget (40 percent), making a plan to get out of debt (39 percent), establishing savings (32 percent) and boosting retirement savings (31 percent). “We continue to see a lot of anxiety about money,” says Ted Beck, president and CEO of NEFE. “Three-quarters of Americans said something causes them financial stress, and it’s most often not saving enough and debt that are to blame.” Reduce money stress and take control of your finances with these tips for financial success from the experts at NEFE: Get debt under control. Take a hard look at what you owe. If there’s a clear warning sign of too much debt, take action. Set a goal to reduce your debt load next year by 5-10 percent. That might mean reducing impulse shopping. When you face temptation, delay the purchase and give yourself time to consider whether it’s a wise move that fits within your budget. Save now and do so often. Preparing for unexpected events like medical emergencies can help reduce the financial impact of a lifechanging event. Emergency savings can offset unexpected costs and help you get back on solid footing. A good rule of thumb is to have six to nine months of income set aside. If that feels out of reach, start with a smaller goal, even as little as $500. When it comes to saving, it’s also a smart idea to think long term. Review your long-term savings and ensure they are on target for your retirement plans. Shop for better services. You may be surprised by how much you can save when you periodically shop for the most competitive rates on your recurring bills. Make a game out of shopping providers to find the best value on your insurance policies, cell phone plan, internet and utilities. Ask your providers

about current rates and any promotions available to long-time, loyal customers. Then look at alternative providers to determine where you can trim some spending. Be sure to understand your current offering thoroughly so that you are comparing apples to apples. Understand what’s behind your financial decisions. If you ever wonder why you feel good about spending money on vacations but avoid saving for retirement, the answer may lie in your unique values and how they influence your financial decisionmaking. Consider taking the LifeValues Quiz at smartaboutmoney.org, where you can also find help with setting goals and getting your finances in order. Budget Better To take control of your money and your financial life, it’s important to get organized. The most effective tool is a budget. Creating a budget can help you meet personal goals such as buying a house or car, or taking a vacation. It also can help you prepare for emergencies and manage debt. Income: Start by listing all income sources, including wages, bonuses and tips, as well as non-employer income such as child support, alimony or Social Security. Generally, you’ll want to look at your recurring income, but also include long-range, infrequent income that you anticipate, such as tax refunds. Expenses: Next, take into account all of your recurring monthly bills. If you have major periodic expenses, such as a six-month auto insurance premium, account for it in monthly increments so you can save up and have the money ready when the payment comes due. Remember to account for the bills you pay (mortgage or rent, utilities, etc.), as well as unspecified items like lawn maintenance and personal hygiene purchases. Categorize Spending: Some people find it helpful to break expenses into categories, such as housing, transportation, health, personal, entertainment and so on. The key is to capture every point where money is going out so you can get a thorough picture of your ongoing expenditures. It can take a couple months to get a true understanding of what your typical spending looks like. n

4 Financial Questions to Ask Your Parents by Philip P. Andriola, JD If you haven’t discussed your parents’ long-term financial goals with them, you aren’t alone. Over one-third of adult children say they haven’t had this conversation, according to recent research by Ameriprise Financial.1 While talking about this sensitive topic may seem uncomfortable, addressing it sooner rather than later can help eliminate challenges and uncertainty down the road. In fact, the Ameriprise Family Wealth Checkup study found that families who make time to talk about money matters feel more confident about their financial future. Not sure how to broach the subject with your parents? The following questions can help you start the dialogue.

“What do you want to accomplish over the next five-toten years?” Understand your parents’ aspirations for the next few years. What are their personal and financial goals? If your parents are not yet retired, ask them when they plan to leave the workforce and what they want to achieve before they do. If your parents are retired, ask about how they want to spend their time. Will your parents move to a new state? Travel more? Pick up a part-time job or find a volunteer opportunity? Getting a sense for how your parents want to spend their time will help you get on the same page with what to expect in the years ahead.

“Where can I find financial information in case of an emergency?” Unexpected events or illness can occur at any time. If something happens to your parents, it’s important for you to know how to access key personal, financial and estate planning materials. Contact information for their financial advisor, tax professional, estate planner and lawyer is a great place to start. Make sure your parents have the right permissions in place so that you can step in when the need arises. Many professionals require

documented authorization before they can legally discuss information with a family member. Also, ask your parents to consider sharing passwords for key accounts or letting you know where you can find a list of them. Having access to your parents’ smartphones, computers, social media or other accounts can help in an emergency.

“What do you want your legacy to be?” As people enter and move through retirement, they often become more focused on the legacy they want to leave behind. Ask your parents how they hope to be remembered, and what their plans are for making that happen. The following elements can be pivotal to the conversation: • Will and trust: Ask your parents if they have an updated will or trust, and if there’s anything they’d like to share about how the assets will be distributed. The Family Wealth Checkup study found that while most survey participants (83 percent) expect to leave an inheritance, only 21 percent have told their children how much they may receive. As a result,

children’s expectations don’t always match reality. Having a conversation about why your parents are allocating certain amounts to family members, charities or foundations can help prevent future conflict. • Health care: Health care choices and expenses are often major sources of stress for retirees. Discussing your parents’ desires about current health priorities, possible assisted living facilities or treatment options can give your family a roadmap to follow for future decisions. Ask parents if they have formalized their wishes in a health care directive, which is a legally binding document that allows them to choose a loved one to make medical decisions if they are unable to decide.

“What support do you want from me?” Extending an offer to proactively help may eliminate frustrations or relieve stress for even the most independent and well-prepared parents. Keep in mind that assistance may be nonfinancial – such as completing house projects, planning more time with their grandchildren or helping identify how they can get involved in activities. Consider

Take charge of your financial future Philip P. Andriola, JD Private Wealth Advisor Chief Executive Office of Andriola, Goldberg, and Associates. Ameriprise Chairman’s Advisory Council - 2012-2016 Five Star Wealth Manager 2014-2015

Andriola, Goldberg & Associates A private wealth advisory practice of Ameriprise Financial Services, Inc. 401 Franklin Avenue - Suite 101 Garden City, NY 11530 516.345.2600 philip.p.andriola@ampf.com awww.philippandriola.com CA Insurance #0G20827

February 8, 2018

including a financial advisor or attorney in the discussion if your parents have financial or estate planning to-dos or questions. Retirement and legacy planning can be complicated, but having regular discussions with your parents can help you both prepare for the future. If you’ve already covered the necessary ground, a scheduled check-in can be helpful in case your parents’ plans or your family situation changes. Philip P. Andriola, JD, is a Private Wealth Advisor and Chief Executive Officer with Andriola, Goldberg & Associates a private wealth advisory practice of Ameriprise Financial Services, Inc. He offers fee-based financial planning and asset management strategies and has been in practice for 19 years. To contact him, www.philippandriola.com, 401 Franklin Avenue, Suite 101, Garden City, NY 11530, (516) 345-2600. 1 The Family Wealth Checkup study was created by Ameriprise Financial, Inc. and conducted online by Artemis Strategy Group November 23 – December 15, 2016 among 2,700 U.S. adults between the ages of 25-70 with at least $25,000 in investable assets. For further information and details about the study, including verification of data that may not be published as part of this report, please contact Ameriprise Financial or go to Ameriprise.com/familywealth. Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial Services, Inc. Member FINRA and SIPC. © 2018 Ameriprise Financial, Inc. All rights reserved.

Since 1894, Ameriprise Financial has helped millions of Americans feel more confident about their financial future. As an Ameriprise financial advisor, I remain true to our vision of always putting clients first. Discover the one-to-one attention you deserve, backed by the strength of America’s leader in financial planning.*

Call me today at 516.345.2600.

Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. © 2018 Ameriprise Financial, Inc. All rights reserved. (11/17)

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