Articles by Brian Puckett
Invest Like the Pros
Recently, we discussed running our financial lives with the same level of commitment that we give to any other business venture. As CEO of “You, Inc,” you are responsible for ensuring that your investments are handled prudently. Unfortunately, many individual investors operate their investment portfolios on an ad hoc basis. The results of such investing can be devastating.
Inheriting An IRA Can Be Tricky
Inheriting an IRA can be tricky. If you don’t understand the inheritance rules, you could make costly mistakes. Here are some simple guidelines.
Who Wants “Incidental” Financial Advice?
On April 6, 2005, the SEC adopted what is known in the financial industry as the “Merrill Lynch Rule. ” While it has not been widely publicized, this odd rule is something investors should clearly understand. It allows brokers at firms such as Merrill Lynch (where they’re called “Financial Consultants”), Smith Barney, Dain Rauscher, etc.
Here's One Legacy You'll Want To Leave
When considering what they will leave to their heirs, most people think about money. But our legacies are more than the sum of our financial assets. There is a growing trend for many people to create what is known as an “ethical will”, a non-legal document that bequeaths life’s lessons and values.
A Simple Tool For Family Philanthropy
It was a busy morning at the Steve and Susan Smith household. Here, their three children are clearly the center of life, and parents Steve and Susan work hard to make sure it stays that way. Steve’s father, George, also works hard to make sure family values play a part in his adult children’s and young grandchildren’s lives.
Trusting Your IRA
Well-designed estate plans often include strategies that allow IRAs to compound long after the IRA owner’s death. That entails not only beneficiary selection but also beneficiary education because beneficiaries often do not follow the plan.
Using Family Partnerships
Family limited partnerships (FLPs) provide a unique combination of tax savings, control, and flexibility. A common strategy is to create a limited partnership in which you are the sole general partner, with a 1% interest. Then, you transfer assets into the FLP and receive, in return, a 99% limited partnership interest.
How Well Are You Managing
Last month I conducted a workshop to help people make smarter choices about their money. For those unable to attend, this article will be the first in a series to summarize some key concepts we covered. Surprisingly, many successful people don’t run their personal financial lives with the attention they would give any other business venture.
