D. Hilton Associates, Inc.’s Post

Ever met someone you knew would be part of something bigger with you down the road? Mr. Dale Morgan came across my LinkedIn over a year ago, and he impressed me with his heart for people, realizing that his struggle could lead to another person's growth. But I did not know an opportunity would come up to collaborate: 🤔He did not fit the customer avatar for iCG Pay. 🤔He worked with youth who were not business owners, so a referral partnership was unlikely. 🤔He was not a part of any of the charitable organizations we supported at that time. 🤔He could not offer a job to any of my network. 🤔He was not looking for any services that my Linkies could offer. I wanted to build a relationship anyway. He seemed to be a good dude. As we learned about each other, we found that we had similar backgrounds in many ways, which encourages me as I engage with my Linkie audience because I gain substantial topics to cheer them on for in the future when they post or have a celebratory moment in their career. He lives in Lexington, KY, near one of my stomping grounds. We both worked on the University of Kentucky (UK) campus, though I bounced from accounting to nursing, and his focus remained in accounting. We have kids about the same age. We endured some hard financial lessons when we were younger, and here we are now in the financial services industry, using those lessons to serve. We both have a heart for young people, figuring out different ways to serve them with the knowledge and experiences we've gained. How did I learn this? We had a conversation. 😊 He took me up on a call. 🌸Here we are, over a year later, and NOW we get to see how we could work together on a project building financial literacy for youth. I know he is the right professional for the effort. With a strong background in accounting and a well-known presence as a thought leader in the region, he has been covered by the media regularly as he puts on workshops, teaching at other universities like Kentucky State University, and meeting one-on-one with students with the intention to build a foundation of how to manage their money for their future. With his curriculum based on the good practices of the Federal Deposit Insurance Corporation (FDIC), he supports teachers, banks, and other professionals to serve their philanthropic missions to share financial literacy skills that the next generation needs to develop. If you want to meet a good dude, reach out to him. He is a joy to talk to and has a plethora of knowledge and ideas. With his collaboration and the insights of numerous other banking professionals, I look forward to working with him and seeing him in action, serving our communities to positively impact the next generation. https://lnkd.in/ebsKcAWb

"Health Savings Accounts (HSAs) make for lousy inheritances, as they are fully taxable to (non spouse) heirs in the year of death. Thus, an HSA should be spent prior to death or left to charity. If you are not planning on leaving that much to charity and you do not expect to spend it all on healthcare (still its best use since that provides the classic “triple-tax-free” benefit), then you can use it as a Stealth IRA after age 65, paying taxes but not penalties on withdrawals." https://bit.ly/3vFk9UX

👩 👨 The cohort of adults without children is large and only growing What are the planning opportunities for those with no next generations? Credit to David Conti - Financial Writer - 👵 Aging: with no direct family to help as everyday tasks grow tough to handle, aging with grace is important. As such, identifying those who will support them as they age is an important consideration. 🏞 Community: loneliness is a real concern! Having a community outside of the workplace becomes crucial come retirement for those without kids. Churches, volunteering, and sports are all a great way to stay connected. Continuing Care Retirement Communities (CCRC's) have exploded in popularity, in no small part due to this demographic. 🎁 Charity: while there may be extended family or friends that childfree adults want to leave gifts for, we often see them think very differently about their legacy. Rather than leave a large estate for the kids, charitable donations can be a major planning factor. According to George Raftopoulos, President of Nvest Financial, LLC, the same building blocks are needed with this group as with any other: “If the advisor is truly a financial planner practicing holistic planning, they can address a myriad of issues, goals and opportunities to help this emerging demographic. Any good advisor knows that understanding, empathizing, and educating clients are the three most important approaches to this demographic, as with any group,” says Raftopoulos.

As the New Year rolls in, why not switch up your resolutions and focus on your financial well-being? Update your beneficiaries, create flexible liquidity, evaluate your retirement progress, review your account titling, and more. Also, consider developing a charitable strategy that's tax-efficient, and don't forget to digitize your record-keeping for easy access. It's also essential to invest according to your values and start engaging family conversations about your wealth and legacy. Check out our latest blog post to learn more! #FinancialWellbeing #NewYearGoals #AspireWealthGrp

As the New Year rolls in, why not switch up your resolutions and focus on your financial well-being? Update your beneficiaries, create flexible liquidity, evaluate your retirement progress, review your account titling, and more. Also, consider developing a charitable strategy that's tax-efficient, and don't forget to digitize your record-keeping for easy access. It's also essential to invest according to your values and start engaging family conversations about your wealth and legacy. Check out our latest blog post to learn more! #FinancialWellbeing #NewYearGoals #AspireWealthGrp

As the New Year rolls in, why not switch up your resolutions and focus on your financial well-being? Update your beneficiaries, create flexible liquidity, evaluate your retirement progress, review your account titling, and more. Also, consider developing a charitable strategy that's tax-efficient, and don't forget to digitize your record-keeping for easy access. It's also essential to invest according to your values and start engaging family conversations about your wealth and legacy. Check out our latest blog post to learn more! #FinancialWellbeing #NewYearGoals #AspireWealthGrp

What does your Financial Advisor do for you? I’d like you to meet Joe & Jane. They are both 70 years old. They have substantial savings in pre-tax retirement accounts and taxable investments. Joe’s pension plus their Social Security income is enough to cover day-to-day living expenses. They are in a low tax bracket. In the year Joe turns 73, he’s likely to have a Required Minimum Distribution (RMD) around $89,000. That will push them into a higher tax bracket, even though they don’t need that income to live on. They have two children paying taxes in the 32% marginal bracket and three grandkids in their 20s. Here’s how we are helping: 1. To minimize future RMDs and enhance what they leave to their kids, we are annually using Roth Conversions to fill up the 12% and 22% marginal tax brackets. Remember, their kids will likely pay taxes at an even higher rate when they inherit these assets with only 10 years to distribute all of it. 2. To maximize the amount we can cost-effectively convert to the Roth IRA we have implemented a tax-aware strategy for the non-retirement assets to reduce taxable yield. Non-qualified dividends are treated as ordinary income, we don’t want those in this situation. 3. We helped them switch from gifting cash to the grandkids to gifting appreciated stock. Some of the grandkids can realize gains at 0% where Joe & Jane would pay 15%. This is helping us unwind a concentrated position to further diversify the portfolio and better manage risk. 4. Joe recently turned 70.5 years old, so we're making all charitable donations from the pre-tax IRAs in the form of Qualified Charitable Distributions. This will further reduce RMD problems and allow more of the non-retirement assets to remain invested. 5. We reviewed their Homeowner’s Policy and found the personal property coverage was way too high and the deductibles were too low. Adjusting this will save them a couple hundred bucks in premiums annually. We recommended no changes to their auto policies. 6. We retitled the taxable accounts to a Living Trust that we helped them create in collaboration with an Estate Attorney. Now, when those assets are passed on, they will be protected from divorce and/or lawsuits their children could face in the future. Joe & Jane will meet with us in-person at least twice this year. One strategy meeting and one progress meeting. In between those meetings we will have 2 scheduled phone or zoom calls. One of those will be the 2023 tax filing review and the other will be a status check to make sure needed action items are on track to be completed by certain deadlines. There's more, but I have exceeded LinkedIn's character limit. What Joe & Jane pay us is no more than what they'd be paying that “industry standard” advisor who’d talk to them once a year to tell them whether their portfolio is up or down. To meet with me - https://lnkd.in/dC_cMxei

As the New Year rolls in, why not switch up your resolutions and focus on your financial well-being? Update your beneficiaries, create flexible liquidity, evaluate your retirement progress, review your account titling, and more. Also, consider developing a charitable strategy that's tax-efficient, and don't forget to digitize your record-keeping for easy access. It's also essential to invest according to your values and start engaging family conversations about your wealth and legacy. Check out our latest blog post to learn more! #FinancialWellbeing #NewYearGoals #AspireWealthGrp

As the New Year rolls in, why not switch up your resolutions and focus on your financial well-being? Update your beneficiaries, create flexible liquidity, evaluate your retirement progress, review your account titling, and more. Also, consider developing a charitable strategy that's tax-efficient, and don't forget to digitize your record-keeping for easy access. It's also essential to invest according to your values and start engaging family conversations about your wealth and legacy. Check out our latest blog post to learn more! #FinancialWellbeing #NewYearGoals #AspireWealthGrp