1. Fed Both The Arsonist & The Firefighter 2. Poll Recap: Should The U.S. Keep DST? 3. Are You Happy With Your Picks? 4. Consider These 11 Reasons To Start Estate Planning 5. Ask Annex 6. “If you’re not making mistakes…” 7. Remarriage & Estate Planning

1 | Week In Review

Fed Both The Arsonist & The Firefighter

Annex Wealth Management’s Dave Spano and Derek Felske discuss banking industry turmoil, interest rates, and the increased probability of a mild recession.

2 | Poll Recap

Should The U.S. Keep DST?

After providing a list of pros and cons, we asked our readers whether the U.S. should continue implementing DST. While we thought it would be an overwhelming majority would say the U.S. should ditch the practice, the results were much closer.  

48% of polltakers would prefer it if we no longer observed changing our clocks twice per year, and 41% want to continue with the DST observance. 11% were indifferent. 

Just over one year ago, on March 15, 2022, the U.S. Senate passed the “Sunshine Protection Act of 2021,” which would do away with having to change the clocks and install a permanent observance of Daylight Saving Time. Since the House and President did not approve the 2022 draft of the bill, it was reintroduced to the Senate at the beginning of March 2023. 

While we wait and see what unfolds with the DST legislation, enjoy the longer days and increased amount of sunshine! 

Source

3 | Let’s Talk!

Are You Happy With Your Picks?

Did you take everything into consideration what making your decision? Does it look like your team will go all the way?

What about with your financial advisor? Do you wish you had picked someone else?

If you’re not satisfied with your selection, you might want to consider a transfer to Annex Wealth Management. Our team is ready to help.

4 | MoneyDo

Last week, we gave you the first five reasons you need an estate plan.  You can check it out HERE.

This week we continue on the same path with a few more things that may help move estate planning to the top of your to-do list in 2023. 

6. Relieve Future Tensions Between Family Members
   Unfortunately, inheriting money or even the expectation of inheriting money can create new tension and dynamics between family members that never existed before. Or worse yet, the tension from inheriting money can permanently sever family relationships.

If you’ve made gifts to some family members, you’ll want to document and account for those within the estate plan, even if it is to say you want an equal distribution despite those gifts. 

Alternatively, if you want to disinherit certain individuals or treat beneficiaries equitably rather than equally, planning makes the process clearer.  But even then, communicating your plans to all those family members is critical. 

7. A Small Estate Needs Planning, Too
   Regardless of your wealth, everyone needs to have powers of attorney in place, as well as a Last Will and Testament and good beneficiary designations.

If you find yourself in a situation where you may not have sufficient assets to cover long-term care costs, you may need estate planning that incorporates elements of Medicaid planning to ensure you are able to qualify for any governmental benefits. 

8. Reduce Taxes 
   While you may not find yourself with more than $12.92 million to worry about a federal estate tax applying at your death, there are often income tax consequences to beneficiaries. In addition, some states still have their own estate or inheritance tax that is lower than the federal exemption. 

As part of your estate plan, it is important to do income tax planning (and financial planning) to avoid unexpected levels of income tax on your beneficiaries. 

9. You Poured More Than Money into Your Business
   If you own your own business, it’s critical to consider estate planning that incorporates a business succession plan.

Succession plans help to transition ownership and management to the next generation while realizing the value of your life’s work. 

10. Preserve the Family Retreat
    Families who own vacation property or hunting land that want to ensure it continues as a family legacy need to develop an estate plan which transitions ownership to the next generation smoothly. It’s important to discuss your plans with the next generation to make sure they want and value the property as you do.

Not all family members may want partial ownership so planning to avoid family disputes or a forced sale of the property is important. 

11. Your Life Changes. Your Estate Plan Should Too.
    As life happens, so do the number of events that may trigger the need to update your estate plan or to create a plan. Changes in family status (divorce or remarriage), death of any individuals named in your estate plan, and changes to your state of residence are all moments that require recalibration.

Estate planning is not only about making sure you are taken care of, but it also helps make it easier for your loved ones to take care of you. So, if you have been putting off doing (or updating) your estate plan, and any of these have resonated with you, Annex is here to help. While Annex does not draft legal estate planning documents, we can assist you in getting started. We work with many law firms to help get our clients’ estate planning goals in place. Head to annexwealth.com and click on the ‘Get Started’ button to find out more. 

5 | Ask Annex

When To Sign Up For Medicare | What’s Risk? | Common Bridge Insurance | How Long To Hold

Annex Wealth Management’s Sarah Kyle and Trevor Nargis answer several Ask Annex questions:

“Should I sign up for Medicare to avoid any penalty even though I do not want or need it now?”

“What does ‘risk’ mean in investing?”

“What are the most common types of bridge insurance?”

“How rare is it to hold on to stock for years or even decades?”

Do you have a question for Annex Wealth Management? Drop it here: annexwealth.com/ask

6 | Quote of the Week 

7 | What’s Playing