Goldstein on Gelt

Tax rules shouldn't hold you back from building a life abroad, but for many Americans living overseas, that's exactly what happens. Marylouise Serrato of American Citizens Abroad (ACA) unpacks the real struggles expats face, from filing U.S. tax returns while living abroad to dealing with confusing rules around foreign investments. Sound overwhelming? Well change might finally be on the way. From the fight to end worldwide taxation to surprising pitfalls like PFICs and foreign pension plans, this episode sheds light on what's broken and what's being done to fix it. If you're juggling Israeli life with American tax rules, this one's a must-listen. Key Takeaways: Citizenship-based taxation is outdated and creates financial headaches for Americans abroad. Investing outside the U.S. can trigger unexpected tax problems if you're not careful. A push for residence-based taxation could bring long-overdue relief for expats. Want clarity on your personal situation? Book your free Cross-Border Financial Evaluation today! Disclaimer: This article is meant for educational purposes only. It's not financial, legal, or tax advice. For personalized help, speak with a qualified professional.

Need cash fast in retirement? Don't get stuck selling stocks at the worst time or scrambling with currency conversions. If your money's locked away in long-term accounts, it might look good on paper—but won't help much when life throws you a curveball. This episode dives into the surprisingly overlooked topic of liquidity—what it is, why it matters, and how to make sure your money is actually there when you need it. Whether you're living in Israel, spending in shekels, or managing U.S. accounts from afar, you'll learn how to build a flexible, stress-free financial setup that gives you options—not headaches. Say goodbye to panic-selling and hello to peace of mind. Key takeaways and action points: Liquidity = freedom. Without it, you're stuck. Avoid costly mistakes by keeping cash ready for surprises. Split your emergency funds between shekels and dollars. Top off your cash reserves when the markets are strong. Want to go deeper? Check out Doug's article on how to avoid liquidity traps in retirement, especially if you're managing U.S. and Israeli accounts: Asset-Rich, Cash-Poor Disclaimer: This article is meant for educational purposes only. It's not financial, legal, or tax advice. For personalized help, speak with a qualified professional.  

There's over $15 trillion sitting in IRA accounts in the U.S.—are you making the most of yours? If you're living in Israel and still have retirement savings in the States, understanding how IRAs work could mean the difference between a secure future and missed opportunities. This episode makes sense of the rules (without the jargon), shows you how to avoid unnecessary taxes and penalties, and gives you the tools to take full control of your financial future—right from your laptop in Tel Aviv, Jerusalem, or wherever you call home. No more guessing what a traditional IRA actually does or when to take money out. If you've got U.S. retirement accounts and a life in Israel, this is your quick-start guide to smarter investing. Key takeaways and action points: Discover how tax-deferred growth can supercharge your retirement savings Find out when and how you can access your money without triggering penalties Learn how RMDs work and when the IRS really starts paying attention If you need help managing your U.S. IRA from Israel and want to make the most of it, schedule a free Cross-Border Financial Evaluation by clicking here

Why Saving Money Feels Hard (And How to Make It Easy) Ever check your bank balance and think, Wait—where did all my money go?! One minute, payday hits, and the next, your hard-earned cash has vanished—eaten up by bills, surprise expenses, and everyday spending. It's like your money is playing hide and seek… and winning. But here's the good news: saving money doesn't have to feel impossible. You don't need to overhaul your lifestyle, live on instant noodles, or give up everything fun. A few smart tweaks can turn saving from a dreaded chore into something effortless—maybe even a little exciting. Let's break it down. Why an Emergency Fund is a Game-Changer Life has a knack for throwing expensive surprises your way—your car breaks down, a medical bill pops up, or your fridge decides to call it quits. Without a financial cushion, these moments can turn into full-blown crises, leaving you scrambling for a solution. That's where an emergency fund comes in. Think of it as a financial safety net. Instead of reaching for a credit card, borrowing money, or selling investments at the worst possible time, you can handle unexpected expenses stress-free. No panic, no debt—just peace of mind. How Much Should You Save? Think of your emergency fund like a financial airbag—you hope you never need it, but you'll be glad it's there. Here's a good rule of thumb: Steady paycheck? Aim for at least three months' worth of expenses. Self-employed or income varies? Six months is a safer bet. Retired? Keeping up to a year's worth of expenses in cash can help you avoid selling investments during a market downturn. And don't stress about saving it all at once. Start small, set aside what you can each month, and watch it grow. Where to Keep Your Emergency Fund Not under your mattress, that's for sure. And not in a checking account earning zero percent interest, either. The goal is to keep it safe, accessible, and ideally, earning a little something. If your expenses are in dollars, a U.S. money market fund could be a great option. Some are even insured, similar to FDIC-backed bank accounts. Unlike a regular checking account, which earns almost nothing, money market funds often provide a variable return, so be sure to check with a financial professional to understand the risks and details. If you need shekels, Israeli banks may not offer great interest on regular accounts, but some allow you to lock your money for short periods (daily, weekly, or monthly) to earn a little extra. Even a small return is better than letting your money sit idle. Beyond the Emergency Fund: Making Your Money Work for You An emergency fund is your financial safety net, but long-term security requires more than just stashing away cash. At some point, you'll want to stop working—or at least have the option to stop. Many people assume that between Social Security (U.S.), Bituach Leumi (Israel), and their pension, they'll be fine. But the reality? Those sources often fall short. To maintain your lifestyle in retirement, you need investments that grow over time. Building an Investment Portfolio Investing can feel intimidating, but it doesn't have to be complicated. A broad, diversified portfolio—such as an index fund tracking the S&P 500—can be a straightforward way to grow wealth over time. Others prefer a mix of stocks, bonds, or managed portfolios tailored to their goals and risk tolerance. The key is consistency. Even small contributions, made regularly, can grow significantly over time. And while markets fluctuate, history suggests that long-term investors tend to fare better than those who sit on the sidelines. Important note: Investing involves risk, and past performance does not guarantee future results. Always consult a licensed financial advisor to determine what strategy makes sense for your situation. Plugging the Financial Leaks: Where is Your Money Going? You might think you have your spending under control, but when you actually track where your money is going, the results can be surprising. Many people waste thousands each year without realizing it—on subscriptions they don't use, high-fee services, and impulse spending. A quick self-check: Are you paying for things you don't actually use (streaming services, gym memberships, premium banking fees)? Do you regularly eat out or order takeout but can't seem to save for bigger goals? Are you overspending on insurance or other recurring expenses without shopping around for better rates? You don't have to cut everything fun out of your life—you just need to be intentional about where your money goes. A simple spending review can help you redirect money from waste to wealth-building. The Secret to Saving More Without Thinking About It One of the easiest ways to build wealth? Automate your savings. Set up an automatic transfer so that every month, a portion of your paycheck goes straight into savings before you have a chance to spend it. You can do this with your emergency fund, investment accounts, or even a retirement account. The less you have to think about saving, the more likely you are to actually do it. Over time, those small amounts add up in a big way. Small Changes, Big Impact Financial security isn't about being rich—it's about being prepared. An emergency fund gives you the freedom to handle life's unexpected expenses without stress, turning financial shocks into minor inconveniences. Investing wisely allows your money to grow over time, so you're not just stashing cash but actually building long-term wealth. At the same time, cutting out unnecessary expenses doesn't mean giving up what you love—it means making sure your money is working toward what truly matters. The easiest way to stay on track? Automate your savings. When saving happens in the background, it becomes effortless—and over time, those small, consistent contributions can add up to real financial security. If you want to make sure your U.S. brokerage and IRA accounts are positioned to support your financial future, schedule a free Cross-Border Financial Evaluation today and get a clear, customized plan for managing your investments while living in Israel. www.profile-financial.com/call

Aliya is an adventure, and your finances should be ready for the ride! But too many new olim arrive in Israel only to find their U.S. brokerage and IRA accounts limited or even shut down. The key is preparation—making sure your money stays accessible, your investments remain on track, and your financial future is secure.  Learn what steps you need to take before and after the move, how to keep your accounts running smoothly, and why working with a cross-border financial expert can make all the difference. Key Takeaways: Avoid U.S. brokerage account closures by working with an advisor who understands cross-border finance Keep an emergency fund ready so unexpected expenses don't derail your aliya experience Adjust your investment strategy to match your new life abroad—because your financial goals just got a whole new landscape! If you've just made the move or are ready to, let's talk! Sign up for a free Cross-Border Financial Evaluation.

Talking about money with your spouse can feel about as fun as a trip to the dentist—but what if it didn't have to be that way? Financial intimacy isn't just about budgets and spreadsheets; it's about strengthening your relationship by building trust, aligning your goals, and working together as a team.  Learn how to set up “financial date nights,” avoid money fights, and align your finances with what really matters to both of you. This episode is packed with practical, easy-to-use tips to make managing money together way less stressful. Key Takeaways: Money talks = relationship builders. The more you communicate, the stronger your trust. Ditch the stress. A regular “financial date night” keeps money conversations casual and productive. Align your money with your values. When finances reflect what matters most, decisions get easier. Want to make your next financial date effortless (and maybe even fun)? Check out FinancialDate.com

Thinking about buying property in Israel? Brace yourself—getting a mortgage here isn't like walking into your local U.S. bank. Israeli lenders care more about cash flow than net worth, appraisals often come in lower than expected, and pulling equity out later in the form of a HELOC (Home Equity Line Of Credit) might cost you more than you think. The good news? With the right strategy—like getting pre-approved and structuring your assets smartly—you can avoid costly mistakes and secure the best financing for your dream home. To help break it all down, we're joined by Aaron Krasner, Owner and Senior Mortgage Broker at Anglo Mortgages, who shares expert insights on navigating the Israeli mortgage process and avoiding common pitfalls. Don't let bank rules or confusing fine print hold you back—get ahead of the game and take control of your mortgage process! Key Takeaways: Your $5 million portfolio won't impress Israeli banks—they want to see steady income, not just net worth. That 75% loan-to-value promise? Not so fast. The bank lends based on the lower of your purchase price or their appraisal. Pre-approval is your best friend. Get it early to avoid last-minute surprises and make your mortgage process smooth.

Ready to take your investment game to the next level? Discover the secret weapon of smart investors: economic moats! These unique business advantages can help companies crush their competition and keep their profits strong—no matter the market conditions. Whether you're managing U.S. investments from abroad or just looking to build a portfolio you can feel confident about, this episode has the insights you need to spot the winners and dodge the duds. Key Takeaways: Learn what makes an economic moat and how it protects a company's edge Uncover simple ways to identify businesses built to thrive long-term Get actionable strategies to diversify your investments and stay ahead of the curve Want more tips to supercharge your portfolio? Check out the Doug's blog at profile-financial.com/blog The information provided here is intended for educational purposes only and is not to be considered legal, tax, or investment advice. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

Think you can outsmart the stock market? Think again! Investors who chase market highs and lows often lose out on long-term gains. This episode reveals why emotional decisions and frequent trading are draining your wealth, and how a simple, steady approach can help you build a strong, diversified portfolio. You'll learn why staying invested matters, how compounding grows your wealth over time, and the hidden trading costs that can quietly sabotage your success. Stop second-guessing yourself every time the market shifts—investing doesn't have to be complicated. Ready to get serious about smart investing strategies? Let's dive in. Key Takeaways: Timing the market rarely works and often leads to missing out on the best days for returns Frequent trading can rack up hidden costs and higher taxes, hurting your portfolio Compounding is your most powerful ally—let it work its magic by staying invested

Opportunities to build significant wealth don't knock every day. The key is being prepared when they do. These rare, game-changing events—often called "tail events"—can transform your financial future if you position yourself correctly. This episode unpacks how to spot these opportunities, why diversification is essential to mitigate risk, and how patience and automation can keep you consistent and resilient when markets get rough. Learn how successful investors prepare for the unexpected and discover strategies to take control of your financial destiny. You'll also hear tips on building flexibility in your portfolio, maintaining an "opportunity fund," and experimenting with new strategies that can open doors to wealth without risking it all. Key Takeaways: Tail events are rare but powerful moments that can drive long-term financial growth Diversification spreads your risk and increases your chances of benefiting from future opportunities Patience and automation can reduce emotional investing mistakes and improve consistency Read additional insights on Doug's blog and discover how to prepare for rare opportunities! Click here. 

Did you know your U.S. IRA could still provide major tax advantages even after making Aliya? In this episode, special guest Yaacov Jacob, an expert accountant with extensive experience helping cross-border clients, joins the show to reveal essential strategies for Americans living in Israel. Together, we unpack the differences between traditional and Roth IRAs, explore how Israeli and U.S. tax systems interact, and discuss how to avoid costly pitfalls like double taxation. Whether you've been in Israel for 10 months or 10 years, there's plenty to learn about optimizing your retirement accounts. Key Takeaways: Traditional and Roth IRAs have different tax benefits—learn which one works best for Americans in Israel Israeli and U.S. tax laws interact in ways that can either hurt or help your retirement savings Converting a traditional IRA to a Roth IRA might reduce future tax burdens but requires careful planning Want more insights? Check out the full breakdown of cross-border retirement planning by clicking here.

Are your investments suffering from information overload? If financial headlines make you feel like you're riding a rollercoaster blindfolded, you're not alone. This episode dives into the sneaky biases that derail your decisions—like recency bias and emotional investing—and shows you how to fight back. From crafting a solid investment plan to tuning out the noise, you'll learn how to cut through confusion and stay laser-focused on your goals. Ready to stop reacting and start thriving with your investments? Let's go! Key Takeaways: Unmask the biases messing with your money moves (and how to outsmart them) Discover how to avoid falling for hype and manage market noise like a pro Learn why trusted advice can turn chaos into clarity for cross-border investors For even more tools to keep your finances on track, check out Doug's blog at profile-financial.com/blog  

Unlock the secrets to growing your wealth while living abroad! Managing U.S. investments from Israel comes with unique challenges, but with the right strategies, you can maximize your portfolio, cut down on taxes, and even help others in a tax-smart way. In this episode, we dive into powerful ways to take control of your finances, reduce risk with smart diversification, and turn your investment wins into impactful charitable contributions. Discover how to make your money work harder for you—whether you're optimizing cross-border portfolios or aligning your financial goals with your generosity. Packed with actionable tips, this episode will leave you feeling inspired and ready to take charge of your financial future! Key Takeaways: Master the art of diversification to safeguard your U.S. investments Transform appreciated stocks into tax-saving charitable opportunities Navigate cross-border financial planning with confidence and ease Get inspired and find even more tips by going to https://profile-financial.com/free-resources 

Discover how to evaluate your portfolio like a pro, keep your investments balanced, and focus on strategies that truly build wealth. Are your investments calling the shots in your life? Too often, people fall head over heels for a single stock, forgetting the golden rules of smart investing. This episode dives into how emotional attachment can derail your financial plans and why it's so important to take a step back and see the big picture. Get ready to take control and invest with confidence! Key Takeaways: Falling in love with a stock can cloud your judgment—keep it business! Diversification is your safety net for navigating the ups and downs of the market. Thoughtful, informed decisions are the key to staying on track with your financial goals. Ready to level up your investing game? Check out Doug's website for more tips and tools!

Required Minimum Distributions (RMDs) don't have to be a headache! Think of it like this: it's your money graduating from retirement savings school and finally heading out into the world. In this episode, we break down what RMDs really mean for your IRA, how to dodge those nasty penalties, and how to use these withdrawals to your advantage. Whether you're managing your own account or handling an inherited IRA, we've got you covered with the need-to-know info to keep Uncle Sam happy and your finances in check. Key Takeaways: Understand RMDs without the IRS jargon—simple, clear, and doable. Avoid penalties (because who wants to give the IRS an extra 25%?). Get the scoop on inherited IRAs and the rules that could save your family thousands. For more exclusive insights and tips, visit Doug's blog by going to https://profile-financial.com/blog    The information provided here is intended for educational purposes only and is not to be considered legal, tax, or investment advice. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.  

Ready to stop sweating every market wobble and start investing like a pro? This episode on asset allocation has the answers you've been Googling at 2 a.m. Discover how to build a portfolio that's as calm under pressure as your favorite Zen master, learn why diversification is the financial equivalent of not putting all your eggs in one basket (because who wants scrambled retirement plans?), and find out how a little liquidity can be your secret weapon when life throws a curveball. Whether you're mapping out retirement, growing your wealth, or just trying to adult responsibly, this episode serves up the tips you need—with a side of financial confidence. Listen now—you'll thank yourself later! Key Takeaways: Build a portfolio that fits you—your goals, your risk tolerance, your timeline. Spread the love across asset classes for a stable and secure investment mix. Stay ahead of the game by reviewing and adjusting your strategy when life or markets change. Ready to take charge of your investments? If you want more critical information for Americans living in Israel, click here.

Retirement planning doesn't have to feel like a chore! It can be the key to unlocking your dream lifestyle in the golden years. Dive into the secrets of crafting a retirement strategy that's not just secure but exciting. From transitioning from saving to spending to creating a steady mix of income streams, learn how to turn your retirement dreams into reality. Whether you're just getting started or already in the thick of planning, this episode is packed with insights to help you stay ahead. Take control of your financial future with actionable tips and smart strategies designed to keep you comfortable and confident, no matter what life throws your way. Ready to make your golden years truly shine? Key Takeaways It's never too late to start saving—every step forward counts. A mix of income sources is your secret to long-term stability. Smart planning can help you transition seamlessly into spending mode.

  Let's face it—scammers are getting sneakier, and your hard-earned money is their ultimate prize. Don't let them win! Marketing guru Jay Schwedelson shares eye-opening insights into the clever tactics scammers use to grab your attention and trick you into risky decisions. Learn how to recognize these schemes and take control before they can do any damage. You'll discover simple, no-nonsense strategies to keep your investments safe and your email inbox squeaky clean. This episode is packed with straight talk, practical advice, and a whole lot of “don't fall for that!” moments. Key Takeaways: Scammers count on your fear and greed—don't give them the satisfaction. Learn to spot sketchy emails and messages before you even open them. Trust is earned—always double-check the source before taking action. Disclaimer: This article is for educational purposes only and does not constitute financial, legal, or tax advice. Always consult with a qualified professional for personalized guidance. Looking to safeguard your legacy and protect your financial future? Join our free exclusive webinar with Mirit Hoffman for expert insights and actionable strategies. Click here to learn more.

Are you ready to take control of your cross-border finances like a pro? In this episode, we tackle the challenges expats face with managing investments, handling multiple currencies, and staying ahead of regulatory headaches. Say goodbye to confusion and hello to clarity with tips to protect your wealth and make your money work for you. Whether you're balancing dollars and shekels or safeguarding your accounts, this episode gives you the know-how to dominate your financial game. Key Takeaways: Discover the secrets to thriving financially as an expat. Learn how to safeguard your U.S. accounts and stay ahead of regulations. Master the art of diversification and currency management. Unlock more tips and tools at profile-financial.com/blog Looking to safeguard your legacy and protect your financial future? Join our free exclusive webinar with Mirit Hoffman for expert insights and actionable strategies. Click here to learn more.

Think T.O.D. Accounts Are Simple? Think Again! T.O.D. accounts might sound like the shortcut to estate planning bliss, but for cross-border families, they can lead straight to chaos. Tax traps, legal tangles, and probate drama are just a few of the surprises waiting for unsuspecting heirs. Don't let a so-called "simple solution" turn into a family nightmare—learn how to sidestep the pitfalls and build an estate plan that actually works across borders. Key Takeaways: T.O.D. accounts can backfire: Especially when heirs live abroad or assets cross borders. Estate plans need regular checkups: Make sure your accounts and documents are airtight. Expert help is a game-changer: The right cross-border team can save time, money, and stress. Ready to make your estate plan foolproof? Schedule a free Cross-Border Financial Evaluation today by clicking here. Let's see if and how we can help!  

Why Even Millionaires Can Feel Cash-Strapped and What to Do About It Rich on paper but broke in reality? It's called a liquidity trap, and it's more common than you think! If your wealth is tied up in real estate or illiquid investments, accessing the cash you need can feel like breaking into a locked safe. Learn how to make your money work for you, avoid the headaches of financial inflexibility, and keep your future secure. Plus, we'll show you how having the right strategy (and the right cross-border expert

Thinking about renouncing your U.S. citizenship? It's a decision that comes packed with complex financial and emotional considerations! Eli Clark, an international lawyer with a focus on cross-border estate planning, joins us to unpack the nuances. From untangling complicated banking woes to understanding the infamous exit tax, there's a lot at stake. We dive deep into what it really means to leave behind your U.S. passport—debunking myths and tackling big questions like, "Will I still get my Social Security?" or "What happens to my investments?" Don't make the leap without knowing all the facts (and a few surprises) that could impact your future. Key Takeaways: Renouncing your citizenship can free you from tax headaches, but there are big financial considerations to manage. Learn how to dodge hefty estate and exit taxes with the right planning before you make any moves. Even if you say goodbye to your passport, the U.S. might still have a claim on your assets. Know what to expect! Want more insights? Head over to The Goldstein on Gelt Show blog for the full breakdown.  

Investing can feel like riding a roller coaster, but the secret to success isn't in predicting the market—it's in mastering your emotions. Is your portfolio still working for you, or are fear and excitement driving your decisions? This episode reveals how unchecked emotions can derail even the best financial plans—and what you can do to stay in control. Learn how to align your investments with your true goals, turn losses into opportunities, and create a strategy that works in any market condition. Key Takeaways: Keep emotions from hijacking your strategy – Stay cool, even when markets aren't Make sure your portfolio fits YOU – Align investments with your goals, not market trends Turn losses into opportunities – Use tax strategies to ease financial pressure Partner with a pro for peace of mind – An advisor helps you stay focused and in control Don't let stress steal the driver's seat. Listen to the podcast and read Stress Less: Transform Your Investment Approach Today by clicking here.  

Struggling to feel in control of your finances? Sometimes, investments can take unexpected turns, especially if you're dealing with cross-border accounts or unfamiliar tax rules. This episode dives into how to recognize when your portfolio is steering off course, why you should always trust your gut, and the importance of simplifying your strategy. Learn why risky investments, hidden tax consequences, and pushy advisors can lead to financial headaches—and how to take back the reins. It's time to stop letting others dictate your financial future and get back to making your money work for you. Key Takeaways: If your investments feel off, they probably are—trust your gut! Be cautious of risky investments that don't align with your financial goals. Cross-border investing can come with hidden tax headaches—stay on top of them! For more tips on taking control of your finances and ensuring clear communication with your advisor, read How to Best Handle Your U.S. Investments from Israel with Clear Communication by clicking here. Learn how to ask the right questions, make informed decisions, and confidently manage your financial future.  

Worried about whether your money will last through retirement? You're not alone, but there's a powerful tool that could help turn your concerns into confidence: dividend-paying ETFs. These handy investments could pay you regular income—without you having to lift a finger. Imagine setting up a second paycheck just from your portfolio! Whether you're looking for potential stability during market ups and downs or a possible reliable income stream for your golden years, dividend ETFs might be exactly what your financial plan needs. Plus, with the right strategy, you can make your money work harder for you while keeping risk in check. Key takeaways: Turn your investments into a steady income stream with dividend ETFs. Spread out your risk and enjoy more peace of mind through diversification. Start small, monitor results, and let your portfolio grow smartly. Ready to see how dividend ETFs can fit into your strategy? Schedule a free cross-border financial evaluation at https://profile-financial.com/call. We'll see if we can help you make more income from your investments.

Estate planning may sound like a snooze, but there's one powerful document you can't afford to ignore: the enduring power of attorney. In this episode, Doug Goldstein and Mirit Hoffman uncover why this single document is your secret weapon for staying in control of your finances and healthcare, even when life throws unexpected curveballs. Plus, discover how to avoid the headaches of guardianship, and why all cross-border investors need to have their assets covered on both sides of the ocean. Whether you're managing U.S. or Israeli assets, this episode will show you how to protect your future like a pro. Key Takeaways: Take charge of your future with an enduring power of attorney – it's a game-changer for protecting your decisions! Guardianship? No thanks! Learn how to avoid court-appointed headaches and stay in control. Cross-border investor? Make sure your assets are covered both in the U.S. and Israel for total peace of mind. If you're ready to take control of your financial future, click here to schedule a free Cross-Border Financial Evaluation. We'd love to see how we can help! Disclaimer: This podcast is for educational purposes only and does not constitute financial, legal, or tax advice. Please consult with a qualified professional for advice tailored to your personal situation.

What happens to your U.S. investments when you're gone? Spoiler: It's not as simple as your heirs calling dibs! This episode uncovers the hidden complexities of transferring U.S. brokerage and IRA accounts for those living in Israel. From joint accounts with rights of survivorship to individual IRAs, understanding the necessary paperwork—like death certificates and transfer certificates—can prevent a mountain of confusion later. Estate planning isn't just a 'someday' task, it's crucial for making sure your assets end up where you want them, without unnecessary legal headaches. Key takeaways: The specific documents needed for a smooth asset transfer of joint accounts and IRAs Beneficiary forms determine IRA account inheritance, not a will Proper estate planning ensures hassle-free management of cross-border assets For more insights, visit the blog post Understanding Cross-Border Inheritance: Tips for Trust Beneficiaries

Ready to Master Your Finances in Israel? Discover the P4 Approach!

Navigating major life transitions can be overwhelming, especially when your financial stability is at stake. Whether you're approaching retirement, considering a career change, facing a divorce, or dealing with an inheritance, each of these milestones presents unique challenges that require careful planning and informed decision-making. If you're an American living in Israel with U.S. investments, the complexity of these transitions can feel even more daunting. But with the right strategies in place, you can confidently manage these shifts and protect your financial future. Retirement: Planning for a Smooth Transition Retirement is often the most significant financial milestone that people prepare for, yet it can be filled with uncertainty. As you approach retirement, the question of how to sustain your lifestyle without a regular paycheck becomes paramount. It's not just about saving enough; it's about knowing how to turn those savings into a steady income stream that will last through your retirement years. One of the key steps in this process is gathering the right information about your entitlements, such as Social Security and pensions, whether from the U.S. or Israel. Understanding how these benefits will support you and where your investments need to fill in the gaps is crucial. Career Changes: Ensuring Financial Stability Career transitions, whether planned or unexpected, can significantly impact your financial situation. Having a solid emergency fund is essential, but so is ensuring that your cash flow remains steady during the transition. This might involve careful budgeting, re-evaluating your investment strategy, or even considering a side income while you establish yourself in a new role. The key is to ensure that your finances are resilient enough to withstand the changes, allowing you to pursue your new career without financial stress. Divorce: Protecting Your Financial Interests Divorce is another major life event that requires careful financial planning. It's important to approach this transition with a clear understanding of your current expenses and what your financial life will look like post-divorce. Tracking your expenses, gathering documentation, and seeking advice only from qualified professionals are crucial steps in protecting your financial interests. Divorce can be emotionally and financially draining, but with the right preparation, you can navigate this difficult period while safeguarding your financial future. Inheritance: Managing Cross-Border Assets Inheriting assets from the U.S. while living in Israel adds a layer of complexity to an already challenging process. If you find yourself in this situation, it's vital to work with professionals who specialize in cross-border inheritances. Understanding the tax implications, gaining control of the assets, and making informed decisions about how to manage the inheritance are all steps that can help you maximize the benefits and minimize the stress associated with receiving an inheritance. Health Crises: Planning for the Unexpected Health crises are unpredictable, but you can prepare for them financially by having the right insurance in place. In Israel, the healthcare system provides a solid foundation, but additional insurance can offer peace of mind and financial protection in case of serious illness or long-term care needs. Evaluating your insurance coverage, understanding your potential out-of-pocket expenses, and ensuring you have the necessary financial buffers can help you manage these crises without derailing your financial plans. Navigating life's major transitions requires more than just financial know-how—it requires a comprehensive strategy that considers your unique situation and long-term goals. Working with a financial advisor who understands the complexities of managing U.S. investments from Israel can provide you with the guidance and support you need to protect your wealth and ensure your financial stability. Ready to secure your financial future? Contact us today to schedule a free cross-border financial evaluation. We'll help you navigate the complexities of these life transitions and develop a plan tailored to your needs. Schedule a call today! Disclaimer: This article is for educational purposes only and should not be considered financial, legal, or tax advice. Please consult with a professional advisor to discuss your specific situation.

Understanding how behavioral finance impacts investment decisions is crucial for achieving long-term financial success. This episode dives into the psychological biases that often lead investors astray, such as overconfidence, loss aversion, and herd mentality. By recognizing these patterns, listeners can take control of their financial decisions, avoid common pitfalls, and build a more resilient portfolio. The discussion emphasizes the importance of setting clear goals, maintaining a diversified portfolio, and staying disciplined in the face of market fluctuations. Key Takeaways: Recognize and address common behavioral finance biases to improve investment decisions Set clear financial goals and stick to a disciplined investment strategy Diversify your portfolio to manage risk and enhance long-term returns For show notes and resources mentioned in the show, go to https://goldsteinongelt.com/personal-finance/are-your-emotions-sabotaging-your-investments The information provided here is intended for educational purposes only and is not to be considered legal, tax, or investment advice. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

Managing capital gains taxes is a critical aspect of financial planning, especially for cross-border investors with U.S. brokerage accounts who may be dealing with two (or more) tax jurisdictions. This episode explains the importance of understanding realized and unrealized gains, highlighting how misinterpreting these can lead to unexpected and often costly tax bills. The discussion focuses on the significance of proactively managing your portfolio and using key documents like your 1099 and December statements to ensure accurate tax filings. By reviewing these documents carefully and working closely with your accountant, you can avoid common pitfalls and optimize your tax strategy. This episode also emphasizes the value of a collaborative approach between you, your financial advisor, and your accountant to minimize your tax liability effectively. Key Takeaways: Understand the difference between realized and unrealized gains to optimize your tax planning. Always review both your 1099 and December statements to ensure accurate tax filing. Collaborate with your accountant and financial advisor to develop a proactive strategy for minimizing capital gains taxes. Looking to dive deeper into tax-smart investing? Visit our blog for expert insights and strategies tailored for cross-border investors. Explore more here.

Overcoming money silence and fostering healthy financial dynamics within families are crucial for financial well-being. This episode delves into the challenges many face when it comes to discussing money with loved ones, especially across generations. Learn how to break the taboo of money silence, establish open financial communication, and create a supportive environment for discussing financial matters with family members. This episode provides actionable advice on starting these conversations, navigating the complexities of family dynamics, and ensuring everyone is on the same page financially. Key Takeaways: Strategies to initiate open and honest financial conversations with family members. Understanding the importance of financial transparency and how it can strengthen family bonds. Tips for handling intergenerational financial discussions and overcoming common barriers. For more insights and detailed guidance, contact us here.

Ever wondered why inheriting money can feel like a burden instead of a blessing? When you receive an inheritance, it's like a bittersweet hug from the past. Dealing with it can be both emotionally and financially challenging. This episode delves into the complexities of inheriting money and explores the psychological barriers that can prevent heirs from accepting their new assets. It offers practical strategies for managing inherited wealth and emphasizes the importance of taking ownership of inherited funds. We'll address emotional hurdles and provide guidance on creating a financial plan that aligns with your personal goals and values. Listeners will learn the importance of transforming inherited wealth into a personal financial asset, the impact of language on financial mindset, and the need to actively engage with inherited money. By the end, you'll have the knowledge to turn your inheritance into a powerful financial tool for your future. Key Takeaways and Action Points: Recognize and address the emotional challenges of accepting an inheritance. Create a personalized financial plan that reflects your own goals and values. Engage with your inherited assets by investing, budgeting, or donating to take full ownership. Discover more tips for managing your inheritance smoothly by checking out our blog now!

  Donating appreciated stock can maximize charitable contributions and minimize tax liabilities. Recent changes in Israeli tax laws make this an ideal time for investors to leverage their appreciated stock holdings. Learn how to identify the best candidates in your portfolio for donation, understand core and satellite positions, and maintain a diversified portfolio. Enhance your financial planning by avoiding hefty capital gains taxes and obtaining valuable tax credits. Discover expert insights on rebalancing your portfolio, maintaining diversification, and making impactful donations that align with your long-term goals. Key Takeaways and Action Points: Identify Profitable Positions: Review your portfolio to find stocks with significant unrealized gains as potential donation candidates. Evaluate Your Strategy: Consider which positions to hold for the long term and which to donate, keeping your overall financial goals in mind. Understand Tax Benefits: Learn about the tax advantages of donating appreciated stocks, including avoiding capital gains taxes and securing tax credits in Israel. Rebalance Your Portfolio: Optimize your asset allocation without adverse tax consequences. We do not provide tax advice. Be sure to consult with your own tax advisors before taking any steps discussed here. Ready to optimize your charitable contributions and maximize your tax savings? Schedule a free Cross-Border Financial Evaluation call today for tailored advice and support. Schedule Your Free Call Now

Discover the Secrets of Estate Planning for Blended Families Estate planning for blended families presents unique challenges and opportunities to ensure financial security for both spouses and children. In this episode, we delve into the intricacies of crafting a balanced estate plan that meets the needs of all family members. By exploring the use of trusts, wills, and strategic investments, we provide essential guidance on maintaining harmony and fairness while protecting your loved ones' futures. (Note that we do not provide legal or tax advice, and the show is for educational purposes only.) Tune in to learn how clear communication, thoughtful planning, and professional advice can help you navigate these complex dynamics.  Key Takeaways and Action Points: Set Up a Trust: Discover why establishing a trust can secure your spouse's financial future and ensure a fair inheritance for your children. Communicate Clearly: Learn how open discussions with family members can prevent conflicts and ensure everyone understands the estate plan. Consult Professionals: Find out how working with financial advisors and legal experts can help you create a comprehensive and effective estate plan tailored to your blended family's needs. Listen now to gain valuable insights and practical solutions to balance love and legacy in your blended family. 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.

Helping Your Adult Children Financially: Key Strategies Navigating financial support for adult children requires balancing generosity with responsibility. It is essential to understand their needs and set clear boundaries to ensure that the aid you provide promotes independence rather than dependency. By being fair and transparent with all your children, you can maintain family harmony and encourage financial responsibility. Differentiate between help and enablement: Provide structured support with clear expectations and timelines. Ensure fairness among siblings: Communicate openly about your reasons for various levels of support. Set boundaries: Encourage fiscal responsibility by having limits and setting goals. Long-term planning: Prioritize your financial health and consult a professional for personalized advice. 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.

Discover how risky investment behaviors can jeopardize your financial well-being. Douglas Goldstein shares an eye-opening analogy to highlight the importance of risk assessment and diversification in protecting your portfolio. Learn valuable strategies to avoid common pitfalls and make informed decisions. Key Takeaways: Understand the importance of diversifying your investments. Learn how to properly assess risks vs. returns. Avoid emotional investing and discover tricks to think logically about your portfolio. Regularly review and adjust your portfolio based on life 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.

Discussing finances can be one of the most challenging aspects of marriage, yet it's essential for building a strong financial foundation. This episode explores effective strategies for how husbands and wives can talk about money without conflict. Learn how to align your financial goals, understand each other's values, and make joint financial decisions that strengthen your relationship. The conversation delves into common financial issues couples face and offers practical advice for navigating these discussions with ease and understanding. Key Takeaways: Understand the importance of aligning financial goals and values in a marriage. Learn strategies for open and effective financial communication between spouses. Discover ways to handle financial disagreements and make joint decisionsharmoniously. For more insights and detailed strategies, visit our blog post on the website. Ready to take control of your financial future? Contact us today to schedule a consultation and start building a stronger, more harmonious financial life together.

Understanding U.S. tax obligations is crucial for expats to avoid severe penalties and maintain compliance with the IRS. Allen Pfeister, a U.S. tax expert, explains the complexities of tax filing requirements for Americans living abroad, emphasizing that citizenship status mandates continuous tax reporting, regardless of residence. Allen discusses the importance of understanding the Foreign Earned Income Exclusion and the Foreign Tax Credit, which can help reduce tax burdens. Additionally, Allen addresses common misconceptions and the critical need for proper reporting of foreign accounts to avoid hefty fines. Key Takeaways: 1. US expats must file tax returns and report income, no matter where they live. 2. The Foreign Earned Income Exclusion and Foreign Tax Credit are essential tools for reducing tax liabilities. 3. Properly reporting foreign accounts is crucial to avoid significant penalties. Make sure you have you taxes under control! 1. Review your tax filing obligations and ensure updated compliance with U.S. tax laws. 2. Utilize available tax benefits like the Foreign Earned Income Exclusion and Foreign Tax Credit. 3. Accurately report all foreign financial accounts to stay within legal requirements. --- Disclaimer: The information provided in this podcast is for general informational purposes only and should not be considered tax advice. Neither Doug Goldstein, Allen Pfeister, nor any associated parties take responsibility for any actions taken based on the topics discussed. Viewers are encouraged to consult with a qualified tax professional regarding their specific tax situations and to ensure compliance with applicable laws and regulations. The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and resources mentioned in the show, go to https://goldsteinongelt.com/radio-show

Are you worried about having enough income in retirement? This episode dives into how dividend-paying ETFs can boost your monthly income in retirement. You'll learn the basics of ETFs, discover how they generate a periodic income stream through dividends, and how to incorporate them into your investment portfolio.  We also explore alternative options like CDs (Certificates of Deposit - insured bank deposits) for those seeking more stability. Plus, if you have US investments and a foreign pension, we cover crucial cross-border financial planning tips. Tune in to find out how to enhance your retirement income and plan your financial future. A few key takeaways from the show: What ETFs are (and how they differ from traditional mutual funds) How ETFs generate an income stream How to incorporate ETFs into your investment portfolio  How to build a cross-border investment portfolio strategically 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.

Fear can paralyze you from making crucial financial decisions. This episode of The Goldstein On Gelt Show offers practical steps to overcome that fear and take control of your investments. Learn how to transform financial anxiety into confidence, set clear financial goals, and take manageable steps towards achieving them. Some key takeaways: Set Clear Financial Goals: Define specific financial objectives to guide your investment decisions. Knowing what you want to achieve helps to create a focused and purposeful strategy. Start with Small Steps: Overcome financial fear by taking manageable actions. Begin with simple tasks, like setting aside a small emergency fund or writing down your financial goals, to build momentum and confidence. Consult with a Financial Advisor: Work with a professional to gain personalized advice and strategies tailored to your financial situation. Regularly review and adjust your portfolio to stay on track with your evolving goals and market changes. Address Emotional Barriers: Recognize and confront the emotional aspects of money management. Understanding how fear impacts your financial decisions can help you take steps to manage it effectively.

Discover how Certificates of Deposit (CDs) can offer stable and predictable investment opportunities, especially valuable for expatriates managing their finances from abroad. In this episode, Douglas Goldstein delves into the advantages of purchasing CDs through U.S. brokerage accounts, focusing on benefits for those living overseas, such as in Israel. Learn the ins and outs of CDs within U.S. brokerage accounts, including FDIC insurance, diversification strategies to minimize risk, and the strategic advantage of creating a CD ladder to optimize returns over various terms. Key topics include: Simplifying management of diversified CDs through a single brokerage account Structuring a CD ladder to capture the best interest rates over time Navigating the secondary market for CDs to meet liquidity needs without incurring significant losses 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.

As we look towards retirement, the prospect of a long, fulfilling life is both a blessing and a challenge. With life expectancies on the rise, the crucial question we face is not just about living longer but ensuring our retirement funds do the same. This concern, widely known as longevity risk, is becoming a central theme in modern retirement strategies. It beckons us to rethink how we manage our finances, aiming for a balance that sustains us through more years than ever before. Understanding Longevity Risk Longevity risk can be likened to planning a long voyage. Just as you would ensure your ship is well-stocked for an extended journey, your retirement plan must be robust enough to support you well into your later years. This means not only saving enough but also investing in ways that provide steady, reliable income no matter how long your retirement lasts. As such, exploring diverse financial products and income streams becomes not just beneficial but essential. Integrating Healthcare and Lifestyle into Your Financial Map An often-overlooked aspect of retirement planning is the significant influence of lifestyle and healthcare decisions. Choices about daily activities, healthcare, and social interactions aren't just about enjoying retirement; they're strategic decisions that impact financial needs and outcomes. For example, regular exercise and a healthy diet can decrease the likelihood of severe health issues, which can in turn reduce future medical costs and help your retirement savings stretch further. Key Strategies to Chart a Confident Course     1.    Plan for the Long Haul: Recognize the reality that you might outlive your initial retirement savings. Delve into various financial instruments like annuities or dividend-yielding investments that can offer a consistent income stream well into the golden years.     2.    Prepare for Healthcare Needs: Understand your insurance options and the potential long-term costs of healthcare. As traditional health insurance may not cover everything, it's wise to consider supplemental plans or long-term care insurance as part of your retirement strategy.     3.    Maintain a Healthy and Engaged Lifestyle: An active approach to maintaining your health can be one of the most effective ways to influence your quality of life and financial health in retirement. Activities that keep you engaged—socially, mentally, and physically—can also mitigate healthcare costs and boost overall satisfaction. In Conclusion The journey into retirement is complex and requires a thoughtful approach that goes beyond simple savings. By considering how to effectively manage longevity risk, integrate healthcare planning, and maintain an active lifestyle, you can better ensure that your retirement is as rewarding as it is long. As always, it's important to consult with a professional to tailor these strategies to your personal circumstances. This article is for educational purposes only and is not intended as specific financial, legal, or tax advice.

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:

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.

Are you an American married to a non-U.S. citizen? If so, understanding the complexities of cross-border financial planning could save you and your heirs millions of dollars in estate tax (depending on how much money you have).  When it comes to financial planning for cross-border families, especially those with substantial assets, it's crucial to plan ahead of time how the family wealth will be passed on. One of the first things to consider is your estate plan. Determine how you want your assets to be distributed in the event of your death, whether to your non-resident alien (NRA) spouse, your kids, or to charity. For American couples, leaving the entire estate to the second American spouse comes with no estate tax. However, if you're married to a non-resident alien (a non-U.S. citizen), there are tax considerations to address during your lifetime and potential estate tax implications afterward. To mitigate these tax payments, gifting assets to your spouse up to the allowable limit during your lifetime, and planning with a tax professional and financial advisor how to pass your money to your kids, can help to lower the estate tax. It's essential to be mindful of the potential tax implications for your non-resident alien spouse and ensure they understand the tax obligations they may face in the event of your passing, particularly if they will inherit and hold assets in the U.S. Seeking the guidance of a cross-border financial advisor who can help structure your portfolio in a fashion that will minimize the estate tax will greatly help your spouse. In other cases, the use of a qualified domestic trust (QDOT) may be considered as a means of deferring estate tax in the case of the American spouse passing. Collaborating with a legal professional to set up a QDOT to match your family situation. When planning intergenerational transfers, balancing the financial security of your spouse and the desire to help your children, while handling taxes, is essential. Working with professionals who specialize in building tailored financial plans, can help you find the balance between all parties in the family.  Remember, proactive and comprehensive planning could be the key to protecting your wealth and ensuring your family's financial well-being across generations. 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.

If you are an American living in another country, it's important to understand your US pension plan. This guide will help you know how to manage your pension or 401(k) from abroad, whether you are in Israel, Europe, or anywhere else. Perhaps you worked in the U.S. and saved money in a 403(b), 401(k), or other type of pension plan. Now, you live in a different country and you're finding it difficult to manage your retirement account. One possible solution is to move your pension plan into an IRA. Moving your pension plan into an IRA may allow you to control your money better, letting you choose different ways to invest, like in stocks or funds. Moreover, there are practical challenges, too. Sometimes, dealing with pension companies from another country can be hard, and you might not get much help. Furthermore, it's tricky when advisors in your new country don't know much about U.S. pensions. Bad advice can lead to big tax problems and loss of money. You need an expert who knows about U.S. pensions and how to manage them from abroad.  Where should you start? First, look closely at your pension plan to see if it fits your long-term goals. If not, find a company that deals with handling U.S. IRAs for people living outside the U.S. With the right help, moving your money can go smoothly, and you'll feel more in control of your investments. Managing your U.S. pension from abroad needs careful planning and good advice. Stay informed and connected with financial experts who will help you make the best decisions for your money.

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

Are You Overlooking the Importance of a Financial Plan? When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances. When sitting down with a Certified Financial Planner™ practitioner (CFP®) who is dedicated to understanding your unique financial situation, and guiding you through the complexities of investing, you are setting yourself up for success.  Building a comprehensive financial plan and working with a professional team (financial planner, accountant, and lawyer) can lead you to financial well-being.  A few points to consider: 1. Importance of a Financial Planner: Many individuals often focus solely on their investment portfolios without considering the broader financial picture. A Certified Financial Planner™ practitioner can help guide you through essential aspects of financial planning, including retirement goals, family, expenses, insurance, and health—providing a comprehensive view of your finances. 2. Understanding Your Investments: Having a clear understanding of all your investments and their implications on your overall financial situation is crucial for proper financial well-being. 3. Partnering with Professionals: Partnering with a financial planner (and other professionals) doesn't mean surrendering control. Instead, it equips you with a supportive team who can handle administrative tasks and provide advice, while you remain in charge of making the final decisions. 4. Empowerment and Peace of Mind: When you have a strong financial team in place, it empowers you to focus on the bigger financial picture. It can alleviate concerns about making financial decisions, especially during times of illness or unexpected events, offering you and your family peace of mind. To learn more about managing your finances and gaining a deeper understanding of the role of a financial planner, tune in to The Goldstein On Gelt Show and explore the valuable insights provided in each episode. Remember, taking charge of your financial well-being is one of the most important steps you can take for a secure and stress-free 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.

Family pressure can be overwhelming when it comes to finances.  Learn how to handle those pressures correctly, allowing you to build a financial portfolio that suits you perfectly. Here are some key points discussed in the show: 1. Understand your investments: If you find yourself investing in products you don't fully understand, seek advice from a qualified third party, such as a financial planner. 2. Address family pressures: In the face of conflicting advice from family members, it's crucial to have an unbiased third party on your side.  3. Simplify your investments: Following the KISS principle (Keep It Simple, Stupid), opt for straightforward and understandable investments.  4. Regularly review and consolidate your investments: Consolidating and regularly reviewing your investments can bring clarity and empower you to take charge of your portfolio.  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 considering investing in real estate? Or perhaps you already have real estate investments in your portfolio? If so, it's crucial to understand the potential risks and challenges that can arise. The following stories of two individuals who encountered unexpected scenarios with their real estate investments provide valuable insights and lessons for anyone navigating the world of real estate. The first case revolves around a client who initially appeared to be a successful real estate investor. He exuded confidence in his portfolio, claiming lucrative real estate deals and assured cash flow from his properties. However, as time unfolded, the reality did not match his optimistic projections. Unforeseen circumstances such as the impact of external factors, including the COVID-19 pandemic, led to a drastic reduction in the expected income from his real estate investments. One of the crucial insights gleaned from this story is the significant impact of underestimating risk and overestimating returns. The client's assumptions about the reliability and sustainability of his real estate income proved to be misplaced, resulting in unanticipated financial strain and the need to reevaluate his entire investment strategy. The second story featured a younger client who had invested $50,000 in a real estate deal in Wisconsin. He initially contemplated withdrawing additional funds from his brokerage portfolio to invest in another promising real estate opportunity. However, after sharing the challenges faced by the first client, he reconsidered his decision. He understood the risk of putting all his eggs in one basket and preferred to stick with a more secure, diversified portfolio.  While real estate can be a valuable component of a well-structured investment portfolio, allocating a significant proportion of one's assets solely to real estate can expose an individual to heightened risks and vulnerabilities. The allure of real estate, with its promises of passive income and appreciation, should be balanced with a comprehensive understanding of the potential downsides and the need for diversification. It's vital to approach real estate investments with prudence, ensuring that they complement a comprehensive investment strategy rather than overshadowing or dominating it. By building a diversified investment approach and thoroughly understanding the nuances of each area of your portfolio, you can navigate potential challenges while maximizing the opportunities for financial growth and stability. Consider conducting a comprehensive review of your investment portfolio. Assess the proportion of your assets allocated to real estate investments and evaluate how they harmonize with your overall investment strategy.  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.