All Forum Posts by: Kevin Yeats

It sounds like you need to do some serious soul searching.  First about what role you want to play in the RE industry.  It sound like your current broker is ZERO HELP.  To that broker you are a warm body.  When you find someone wanting to buy or sell a house, the broker makes money with almost no work.

A Comprehensive Wealth Management plan

Just as a dream home includes comforts as well as protects from the elements, a wealth management plan both provides for life’s desires and protects against risks.

Specifically, a Comprehensive Wealth Management plan:

1.Creates and Grows Wealth

Assures that their investments are appropriate to achieve desired goals.

Reviews their income tax situation to make sure they are not paying unnecessary taxes on investment income and excessive capital gains tax.

Assures their life insurance is adequate in case of premature death.

2.Protects and Preserves Wealth

Reviews current plans for paying for the consequences of life’s unknowns. This includes a discussion of their overall risk management program -- Life, Disability, Long Term Care and Liability -- to make sure the plans are adequate and cost effective.

Considers the overall investment portfolio to make sure investment selection and diversification are managed appropriately.

Reviews the overall tax sensitivity of these investments.

3.Plans the Distribution of Wealth during Life in the Most Advantageous Way

Considers the IRA and qualified retirement plan distribution plan; not as an accountant, but using a tax expert as appropriate.

Assesses who serves as their durable power of attorney or successor trustee of a revocable living trust in case of an incapacity - again using the appropriate advice from a CPA and legal counselors.

Considers ways to distribute wealth to children and descendants for well-being, education and other purposes and doing so in the most tax-efficient method.

Reviews charitable giving for both tax savings and control issues.

4. Plans for the Distribution of Wealth at Death in the Most Tax-Advantaged way.

Reviews the titling of all the assets and whether Joint Tenants with Rights of Survivorship makes sense - using the appropriate advice from a CPA and legal counselors.

Considers who will serve as the executor or trustee and whether a lack of continuity in the financial arrangements is an issue.

Analyzes the plan to distribute wealth at death to their spouse and descendants for both tax efficiency and control - not as a CPA or Attorney, but bringing in those advisors as appropriate.

Reviews the charitable inclinations at death for both tax savings and control issues.

To create this Comprehensive Wealth Management plan one must consult with an accountant and an attorney to assure accuracy and legitimacy.

A thorough discussion of these four areas provides people with the comfort in understanding the comprehensiveness of their wealth management.

Wouldn’t it be great to have a comprehensive plan so that no matter what happens in the economy, in the world or your personal life

you would still feel confident about achieving your goals?

Next!

This does't pass the smell test.

Try Lender that does NOT require income verification.

"The Brick Walls are there for a reason.  The Brick Walls aren't there to keeps us out.  The Brick Walls are there to show us how badly we want something." - Randy Pausch, author The Last Lecture

No one here or any message board on the internet can settle this debate nor can any body tell you what is the correct insurance plan that suits your needs WITHOUT your posting your income, assets, family make up and GOALS.  Goals not only for the insurance coverage but for your life.  I have stated elsewhere when these topics come up that most people will be well served to discuss their life ... especially their financial life ... with a professional financial planner ... especially one that does not sell any products.  Tell the financial planner all your financial information and prepare to answer a lot of questions and expect to pay a fee.  Plan for flexibility for when your life changes (more kids, bigger business, a new partner bring you into a new venture, parents become dependent, divorce, new spouse with kids in tow) or the biggest change - declining health.

Keep in mind that NOTHING prevents you from owning more than one insurance policy ... perhaps a term policy AND a cash value policy.

Good luck and be thankful that you are exploring this topic early in your life.

Walk away from this headache and consider the $30 as tuition at this school of hard knock.  Sit down with a blank sheet of paper and think about all the mistakes that you made and what you need to do better next time.  Read a lot more here on BiggerPockets.

Consider using a mentor.

Shop around .... get multiple offers and consider ALL the alternatives.

Scott,

Reading between the lines here, I suggest that you need some goals and motivation.  Keep doing what you are doing but read more (here on BP) and some motivational books.  I have not read Rich Dad, Poor Dad but I'm sure others here on BP can give you an earful on that book.  I can recommend The Secrets of the Millionaire Mind by T. Harv Eker.  (find it in the library of $20 on Amazon/ebay)

Write down your goal for what you want to accomplish (much the same as motivating your teams)  I suspect you have motivational expressions posted in the locker room.

Good Luck