Have you heard the financial lessons of “Scatter Man” and “Generous Mom?” While identifying characteristics have been changed to maintain the privacy, there are important financial lessons to be learned from these two real-life investor stories. Learn why Scatter Man’s diversification techniques don’t work. Instead, Doug explains how to consolidate your money and how to put yourself in a position that will serve you and your investments. And, if you want to help your children, find a way to do so without the negative side effects of “Generous Mom.” After listening to these stories, are you curious about Doug’s money habits? Watch this video about Doug’s personal money management. Trying to open a U.S. brokerage account? Doug presented a free webinar on how to open a U.S. brokerage account from overseas. If you missed it and want to watch the replay, email doug@profile-financial.com. If you are interested in learning more about U.S. brokerage accounts, download the free toolkit designed to help international investors invest in the U.S. economy. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

Financial Lessons from Doug’s Desk

The Goldstein on Gelt Show is a global investment and financial planning radio show designed to educate and entertain its listeners with financial strategies and investment tips. Douglas Goldstein, CFP® hosts the weekly show, which can also be heard at www.goldsteinongelt.com, and is the director of Profile Investment Services, Ltd., www.profile-financial.com.

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      Ever wondered about the best time to switch from a traditional IRA to a Roth IRA? Or what are the advantages of having a Roth IRA during a market dip? Or how an inherited IRA works if you’re living overseas?   Join host Douglas Goldstein to discover:   

Managing U.S. IRAs and Roth Conversions for Expats

      We all wish that one day we’ll get a call that a distant family member, who lived a long and happy life, left us a large inheritance. What would you do if you inherited a substantial sum unexpectedly? The financial decisions that follow such an event are crucial.   Join Goldstein On Gelt host, Douglas Goldstein, CFP® and discover some considerations for managing newfound wealth in retirement, including the balance between capital growth of the inheritance and preservation, generating a steady income, and reducing risk. Learn some critical steps retirees must take to secure their financial future.   Some key takeaways:    Assess the needs of your portfolio based on current priorities and risk tolerance.   Understand how the new wealth can change your portfolio’s balance.   Seek a financial advisor who tailors a plan to your needs and risk tolerance        Navigating an Inheritance During Retirement: A Practical Guide   Picture this: You're comfortably settled into your retirement, your days filled with leisure and newfound hobbies, when out of the blue, you receive an inheritance. It's an unexpected windfall that promises to secure your financial future—if managed wisely. But where do you begin? Let's explore how you can handle this boon with care and confidence.   Step One: Take Stock of Your Financial Landscape   Before you let the excitement take over, pause and evaluate your current financial situation. How does this inheritance fit within your existing retirement plan? It’s not just about adding a couple of zeroes to your savings account; it’s about integrating this amount in a way that supports your long-term financial health without overwhelming you. Start by assessing your income needs, your regular expenses, and how long you expect your current funds to last.   Step Two: Align Your Investments With Your Current Needs   As a retiree, your financial priorities have likely shifted from growing your wealth to preserving it. It’s crucial to review the inherited assets—whether they’re stocks, bonds, or real estate—and ensure they align with your current lifestyle, which is presumably more focused on stability than risk. For instance, if the inheritance includes high-volatility stocks, consider rebalancing by investing in lower-risk options like bonds or bank deposits that offer steady, predictable returns.   Step Three: Rebalance Towards Income-Generating Investments   Transforming part of your investment portfolio into one that generates income can be a strategic move. This might include dividend-paying stocks, real estate investment trusts (REITs), and other assets that provide regular payouts. Such a shift not only offers a steady income stream but also helps preserve the core of your inheritance, allowing you to maintain your lifestyle without depleting the principal amount too hastily. Remember, these are not specific investment recommendations but rather ideas to discuss with a financial professional.   Step Four: Consult With a Financial Advisor   Handling an inheritance, especially a significant one, can get complex. It’s wise to seek guidance from a financial advisor who can offer personalized advice suited to your situation. They can help you understand the tax implications of your new assets, suggest appropriate investment strategies, and plan for future needs such as healthcare or family support.   Step Five: Regularly Review Your Investment Portfolio   As the market fluctuates and your personal needs change, it's important to keep a close eye on your investments. Regular reviews and adjustments will ensure that your portfolio continues to meet your financial objectives and stays within your comfort zone regarding risk. This proactive approach can help you maximize the benefits of your inheritance.   Step Six: Honor Emotional Connections   Inheriting assets from a loved one is not just a financial transaction; it can also be an emotional journey. Acknowledge these feelings and let them guide your decisions about the inheritance. While it might be meaningful to keep certain assets as they are to honor the benefactor, ensure that they align with your financial goals and risk tolerance.   By carefully considering these steps, you can ensure that your unexpected inheritance supports your retirement dreams in a meaningful and sustainable way. It’s all about making your money work effectively for you, in harmony with both your current financial scenario and your aspirations for the future.   Note: This article is for educational purposes only and not to be taken as specific financial, legal, or tax advice. Always consult a professional for guidance tailored to your circumstances.   If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book. 

Receiving an Unexpected Inheritance in Retirement

      Are you married to a non-US citizen? Make sure to protect your wealth! Estate taxes can cost you millions if you don’t plan carefully.    What can you do about it?   Give lots of gifts when you’re alive! Discover how gifting to your spouse and children during your lifetime can help mitigate estate tax burdens Learn about the benefits of setting up a QDOT (Qualified Domestic Trust) and how it can defer estate tax, providing an income stream to your non-American spouse Understand the importance of discussing your estate plan with professionals, and ensuring clarity to avoid potential legal disputes in the future     The insights shared in this episode could save you millions of dollars in estate tax (of course, that depends how much money you have)! Remember, The Goldstein On Gelt Show and its host, Douglas Goldstein, are not tax advisors. Consult with your own tax professionals before making any changes.      If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book. 

Avoiding Costly Mistakes: Planning for U.S. Estate Tax When Married to Non-Americans

      Managing U.S. pension plans and IRAs from abroad can be challenging. Difficulties with pension companies and tax consequences can be tough.    Discover the pros and cons of moving your pension plan into a U.S.-based IRA account, and how to effectively manage your portfolio.    Here are some key takeaways:  Evaluate your pension plan and consider the option of moving funds to an IRA with the help of an expert Research and find a suitable IRA account provider that caters to expatriates, offering reasonable fees and access to various investments Initiate the transfer of funds and work with a financial advisor to optimize the tax benefits and diversify the portfolio effectively  Maximize your retirement savings, by making sure you have a well-built financial plan! 

Managing U.S. Pension and IRA Plans from Israel

 Financial planning is always important, but it’s especially crucial when health issues arise. A well-built plan allows you and your family to focus on health and family connections, without worrying about the day-after. How can you make sure you are setting yourself up for a smooth transition of wealth to your family? Tune in and learn about the nuances of managing shared accounts, the pros and cons of transferring control to family members, and the critical role of clear communication in preserving both wealth and relationships.  Some key insights:  Learn how to effectively shift financial authority to a trusted individual within the family, balancing legal necessities with personal dynamics. Learn about the importance of transparent discussions about financial matters with family members, especially in light of health changes. Discover some of the tools available, such as powers of attorney and trusts, that allow your wishes be followed. Professional advice from financial and legal advisors is crucial in creating a seamless and effective estate plan that aligns with your long-term goals.  For more information, visit the show notes at https://goldsteinongelt.com/personal-finance/financial-planning-for-illness-and-death 

Financial Lessons from Doug’s Desk

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