Today’s Dear FineMark involves Suspicious beneficiary designations. Divorce decrees. And a $500,000 life insurance policy. Here is the question… “I’ve been married 16 years and am planning to file for divorce. Before my husband and married, I bought a home on my own, and throughout our marriage, I have been the only person working-and I …
Dear FineMark: What to Do When You’re Left in the Dark After a Parent’s Death
Grief is hard enough. But when it’s followed by confusion, or worse, suspicion about a loved one’s estate, it can be even more overwhelming. Today’s Dear FineMark is from a man facing a difficult situation with a sibling after his father passed. Here is the question… “My father passed away in Florida about two months …
Dear FineMark: How do I protect my daughter’s inheritance from partner’s financial challenges?
Today’s Dear FineMark is from a father concerned about his daughter’s inheritance. Here is the question… As parents, our instinct to protect our children doesn’t fade with time, it simply shifts focus. For one father in his 80s, the concern is no longer about raising his daughter but about safeguarding the wealth he’s built for …
Dear FineMark: What do I do if an aging parent who needs help but is refusing it.
Today’s Dear FineMark is an aging parent who needs help but is refusing it. Here is the question… “My 87-year-old father lives alone, manages chronic health conditions, and is showing signs of memory loss. He struggles with daily tasks but refuses to discuss assisted living. I live an hour away, and my siblings are out …
Dear FineMark: Should I add a struggling daughter to my home’s title for security?
Today’s Dear FineMark is about add a child to your home’s title. Here’s the question… “I’m a widowed mother with two adult daughters—one financially stable in New York and the other, divorced and struggling, in Florida. I own a nice home in Florida and want to ensure my struggling daughter always has a place to …
Estate Planning for Young Families
Many people think they only need to engage in estate planning if they are older or have significant assets. Estate planning, however, is also important for young people and young families even if they have minimal assets. This not only ensures proper distribution of their assets but will safeguard their family’s financial future and implements …
Tax Deduction Basics: What You Need to Know
Tax deductions can be a powerful way to lower your taxable income and reduce your tax bill. But with multiple deduction options, how do you know which one is right for you? Here’s a breakdown of the two main types of deductions—standard and itemized—plus other potential ways to maximize your tax savings. Standard vs. Itemized …
How Do I Leave my Bitcoin or Other Cryptocurrencies to my Heirs?
In 2024, the price of Bitcoin rose over 100% and coins currently trade for nearly $100,000. Since its introduction in 2009, Bitcoin has grown to a market capitalization of approximately $2 trillion while the global cryptocurrency market has a market capitalization of around $3.68 trillion. Its ownership has become widespread, with an estimated that 17% …
Maximize Your Retirement with Required Minimum Distributions (RMDs)
As we age, it’s essential to stay informed about the financial requirements that come along with retirement accounts. For investors aged 73 and older, taking Required Minimum Distributions (RMDs) from tax-deferred retirement accounts is a vital aspect of financial strategy and planning. What Are RMDs? A Required Minimum Distribution, or RMD, is the minimum amount …
2024 Third Quarter Review & Commentary
Inflation, the U.S. national debt, and the U.S. economy. Chief Investment Officer Chris Battifarano knows these are the topics keeping FineMark clients awake at night. He addresses these concerns and shares valuable insights to help you sleep more peacefully in the coming months.
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Protecting Your Credit
If you are like me, you receive a slew of emails (largely spam) and some mailings notifying you that you have been part of a data breach and your personal information has been compromised. In response, many companies provide free credit monitoring for some period. There are also several subscription services that you can enroll …
Do You Know Who is Inheriting Your Assets?
In June, I read an article in the Wall Street Journal titled “His Ex is Getting His $1 Million Retirement Account. They Broke Up in 1989.” and it reminded me of the significance of beneficiary designations on financial accounts. The article details how in 1987 Mr. Rolison named his then girlfriend as the beneficiary on …
