Taking Control of Your Finances or Partnering Up With Experts?

A Critical Decision for U.S. Expats Living in Israel!

Are you a DIY investor?

Curious about the benefits of working with a financial advisor?

Join Doug as he discusses the pros and cons of managing your own portfolio versus seeking professional guidance.

Discover the importance of expertise, personalized strategies, portfolio diversification, and ongoing support from a financial advisor.

Find out why more DIYers are turning to advisors for financial stability and explore how you can make informed investment decisions.

If you're considering working with a cross-border financial professional, this episode is a must-watch! Enjoyed learning from this post? Don't forget to share it!

Reach out to Doug Goldstein at Profile Financial for more personalized advice, and make sure to give a 👍 to the "Goldstein on Gelt" show for insightful financial podcasts tailored for life in Israel.

Yosefa Uber, an expert accountant specializing in American taxes for residents of Israel, sits down with Doug to go over: 

• Qualified Charitable Distributions (QCDs) allow you to donate money from your IRA directly to charity tax-free instead of taking required minimum distributions 
• To qualify, the money must go directly from your IRA to the 501(c)(3) charity - You can donate up to $100,000 per year per individual this way 
• Benefits: Helps you meet your required minimum distribution without paying tax, allows you to donate to charity tax-free 
• Eligibility: You must be over age 70.5 when making the donation 
• Keep receipts as documentation even though the distribution doesn't show up as taxable income 
• Consider connecting your investment advisor and accountant so they can coordinate advice 

Resources:  Interview guest Yosef Huber provides US tax services for Americans in Israel (hubertaxcpa.com)

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.

Doug discusses what it means to be a good steward of family wealth and how to pass on your financial legacy to future generations. He provides advice for teaching children financial responsibility from a young age and bringing adult children into important financial discussions.

Key points:

• The importance of passing on not just money, but also financial values and responsibility to heirs
• Pitfalls of relying solely on professional trustees to manage family money long-term 
• Even a perfect trust document can't guarantee your wishes will be fulfilled long-term
• You must focus on teaching your heirs financial responsibility while you're still around 
• Share information about your finances with grown children and bring them to meetings 
• Getting kids involved with earning, saving, and giving at a young age 
• Helping adult children pursue their goals without fully supporting them 
• Utilizing specialized help like lawyers and financial advisors

Listen and share now! 🎧 

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.

 

Are you an American living abroad, specifically in Israel, facing difficulties with US brokerage firms terminating your accounts?

Join Doug Goldstein, licensed in both the US and Israel, as he sheds light on this ongoing issue and provides expert advice.

Discover why compliance with international regulations poses challenges for these firms, leading to account closures. But fret not! Goldstein recommends specialized companies like Profile Investments to help address your financial needs. Stay tuned for more fascinating discussions on the Goldstein on Gelt Show and don't forget to leave a positive review, like, and share with your fellow expats globally.

Let's navigate through these challenges together!

Doug discusses the myth that it is illegal for people who move to Israel or inherit money from the U.S. to keep their investments in American accounts. He explains why this myth exists and how it can actually be beneficial to maintain U.S. investments after making Aliyah or receiving an inheritance.

A few key points:

• It is absolutely legal for Israelis to keep money and investments in U.S. accounts like brokerage, bank, IRA, etc.
• Some big U.S. firms ask Israeli clients to leave due to bureaucracy and compliance issues, not because it's illegal
• Keeping U.S. investments can be beneficial for language, tax, and investment reasons
• There are procedures to transfer U.S. inheritance and IRA accounts to Israeli residents. May require extra steps
• Work with a cross-border financial advisor who understands both U.S. and Israeli systems

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 advisors and investment professionals,

As we bid goodbye to 2023, let's take a moment to reflect on the state of our portfolios and plan for the new financial year.

📌 Year-End Portfolio Snapshot

• Understanding the precise value of your portfolios is essential. An approximate ballpark isn't adequate. Need clarity? Look it up.

• Update any impending changes that can affect your investments, such as income alterations, revised gifting plans or fluctuating portfolio values.

💡 Why It Matters

• Your financial decisions hinge on the snapshot of where you stand now. A million and a million and a half are not the same; precision is key.

• Updates such as salary changes or changing investment goals can massively impact your financial plan.

⚖️ Planning for the Future

• Use your current financial situation as a starting point to set goals for the coming year.

• Be proactive and regular in your check-ins with your financial advisor to ensure you're on the right track.

The roller-coaster that was 2023 brought several ups and downs. Let's use the lessons we've learned to make more informed financial decisions in 2024. Let's empower ourselves with awareness and plan strategically for a sound financial future.

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.

Living in Israel with U.S. investment accounts? Be careful when transferring money overseas!

In this insightful recording, Doug Goldstein, CFP®, GFP®, founder of Profile Investment Services, Ltd., unveils essential tips and best practices for successful cross-border investing. From working with reputable financial institutions to maintaining meticulous records, he shares expert advice on navigating the complexities of transferring money overseas.

Key pointers from the show:

• Make sure to report all of your foreign financial accounts to the IRS. Violations may lead to severe penalties.
• Choose reputable financial institutions to work with when transferring money to ensure compliance and avoid potential issues.
• Be transparent with the IRS and report all financial transactions accurately.
• Avoid using checks or traveler’s checks. The preferred method of money transfer is wire, this lowers the risk of raising red flags with the IRS.
• Document all your transactions to ensure a clear financial record.

These are valuable points to consider when dealing with cross-border financial transactions.

Please share your thoughts and experiences on this in the comments below.

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.

In the world of investing, it's not just about the highs but managing the lows, especially when approaching retirement. Here's why discussing sequence of returns risk is crucial: - 📉 **Volatility Management**: Buying high and selling low is a surefire path to investment failure. It’s important to understand the importance of timing in the withdrawal phase. - 🏦 **Portfolio Diversification**: Balancing your investments with bank deposits, cash, and bonds can help mitigate risks during market downturns. - 🌎 **Cross-Border Considerations**: For those living abroad, integrating financial advice that's specific to your residency and situation, like tax implications, is key. Don't fall victim to sequence of returns risk. Let's pave the way for your secure financial future!   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.

 

The biggest mistake many investors make is focusing solely on returns without considering why they are investing in the first place.

In this insightful recording, Doug shares valuable insights on the importance of understanding the ‘why’ behind your investments. By identifying your financial goals and motivations, you can align your investment strategy to achieve meaningful results.

Discover how purpose-driven investing can:

• Foster family connections

• Support charitable causes

• Leave a lasting legacy

Doug also delves into the benefits of solving financial problems today, rather than leaving them for future generations. Tune in to this empowering discussion and design your investment portfolio to reflect your personal goals and beliefs.

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.

In this insightful recording, Doug sheds light on the critical concept of ‘Sequence of Returns Risk’ and its impact on retirement planning.

Discover why timing is everything when it comes to investment returns, especially during the crucial early years of retirement.

Doug provides expert advice on diversifying your portfolio and shares valuable tips on safeguarding your wealth by allocating a portion of your investments towards more conservative, more liquid assets such as cash, bonds, and bank deposits.

Learn how to protect your retirement nest egg and navigate potential tax implications with the help of a knowledgeable financial advisor.

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.