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1 | Week In Review
Annex strongly believes in frequent and meaningful communication.
Each Friday after market close, our experts record the “Week In Review”- exclusive insights to help you stay on top of the latest financial news.
Annex Wealth Management’s Brian Jacobsen discusses the reactionary moves in the markets as the war between Israel and Hamas continues, and what we’re watching for moving forward.
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2 | Did You Know?
Did you know Brian Jacobsen, PhD, JD, CFA®, CFP®, CAIA, CBE, Chief Economist of Annex Wealth Management, has made multiple appearances nationally on networks like CNBC, Yahoo Finance, Fox Business News & Bloomberg?
Did you know Brian Jacobsen, PhD, JD, CFA®, CFP®, CAIA, CBE, Chief Economist of Annex Wealth Management, has made multiple appearances nationally on networks like CNBC, Yahoo Finance, Fox Business News & Bloomberg?
An accomplished writer and speaker, Brian’s perspective and expertise have been featured nationally on networks like CNBC, Yahoo! & Bloomberg. In addition to appearances, he continues to be quoted in publications in the Wall Street Journal & Reuters among many others (Source).
As Chief Economist, Brian provides insight and leadership to Annex’s clients and its Investment Committee, which guides client portfolio construction and investment philosophy. Brian also records Annex’s weekly “Know the Difference Minute,” and the Economic and Market Discussion on WHBY, WISN, and WTMJ radio stations.
Brian scored an academic hat-trick by attending the big three universities in Wisconsin, earning a Bachelor’s Degree in Finance from the University of Wisconsin-Madison, a Ph.D. in Economics from the University of Wisconsin-Milwaukee, and a law degree from Marquette University Law School.
Before working at Annex Wealth Management, Brian worked as a Senior Investment Strategist and as a Chief Portfolio Strategist. He was also an associate professor at Wisconsin Lutheran College. In his spare time, Brian is an Instructor of Practice at Marquette University (Source).
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3 |Poll Response
Get the results from last week’s pop quiz: Two Truths And A Lie.
The results are in from last week’s pop quiz on Medicare:
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- 4% Medicare is the federal health insurance program for people who are 65 or older.
- 7% Medicare is composed of Part A, Part B Part C (Medicare Advantage) & Part D.
- 89% Medicare open enrollment is year-round.
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89% of you were able to spot the lie above; Medicare enrollment is open year-round.
The Medicare open enrollment period is now open and runs from October 15th to December 7 (Source). During this period there are four specific actions you can take:
1. You can join, drop, or switch to another Medicare Advantage Plan or add or drop drug coverage.
2. Switch from Original Medicare to a Medicare Advantage Plan.
3. Join a Medicare drug plan if you’re in Original Medicare.
4. Switch from one Medicare drug plan to another if you’re in Original Medicare.
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4 | MoneyDo
Review Account Titles & Beneficiary Designations.
Reviewing how your accounts are titled and who you have named as beneficiaries are two important steps in making sure your finances are organized and up to date. It becomes even more important if you’ve recently completed or updated your estate plan because account titles and beneficiaries could undo, counteract, or override your estate plan, instead of working in concert.
If you’ve experienced a significant life change like divorce, remarriage, birth of a child, or a tragedy like death of a spouse or child, your account titling and beneficiaries need to be updated.
Unfortunately, we’ve seen too many instances where nothing was updated, which resulted in calamity. We’ve seen an ex-spouse still named the beneficiary of a retirement plan; or, after the death of the primary beneficiary, the disheartening discovery there aren’t contingent beneficiaries, forcing the account through probate before being distributed.
As mentioned before, titling refers to who’s listed as an owner of an asset. There’re a variety of ways to own an asset.
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- Individual Account: One person owns the account. Assuming there’s no beneficiary appointed, the account will be subject to probate without additional estate planning.
- Joint Account with Right of Survivorship (JTWROS): Ownership is between two or more individuals automatically transfers or continues ownership of the asset in the surviving owners name after one of them dies. Each joint owner has access to 100% of the account. Ownership will override the provisions of an owner’s Will or Trust. The last surviving owner will have 100% ownership and control, at which time it becomes an individual account of the last owner.
- Be cautious when adding a child to an account as a joint owner, as you’re giving joint owner control and access to the account. Your child could use the funds as their own, to your detriment. If your child has creditor problems, those creditors may go after your account.
- Tenants in Common (TIC): Unlike a joint account with right of survivorship, TIC is based on the proportional amount contributed by each owner. Ownership doesn’t automatically pass to the other owners upon death. Upon death, each owner’s interest in the asset would be subject to probate and pass according to an individual’s Will.
- Trust: A Trust account is governed by the Trust document during life and at death. The Trust eliminates the need for probate when funded properly, but there’re many types of Trust having varying tax consequences which the owner should be aware of.
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Make sure to note which types of account titling pass according to title or by Will, via Probate. If you have a Trust, it’s important to properly title accounts to apply the Trust.
Beneficiary designation should be used in conjunction with account titles. Beneficiary designations, also known as a Payable on Death or Transfer on Death, can be listed on a variety of accounts and direct who will receive the accounts upon your death.
When used correctly as part of a comprehensive estate plan, beneficiary designations can help avoid probate. In addition to naming primary beneficiaries, it’s important to name contingent beneficiaries.
Consult with your estate planning attorney or financial advisor to ensure your estate plan is properly developed in a tax-efficient manner prior to naming Trusts as beneficiaries on retirement plans and IRAs. Naming a Trust as a beneficiary without a proper estate plan can have detrimental income tax consequences to your beneficiaries.
It’s important to review accounts and beneficiaries every few years. The more accounts you have, the more cumbersome reviewing and updating account titles and beneficiaries can be. Consolidation and simplification remain important components of financial and estate planning, making updates easier as your estate plan evolves.
Doing so also ensures all your financial accounts are properly aligned with your estate plan to make the transition to your heirs a smooth process.
Finish 2023 Strong. Update Your Plan Now.
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5 |Call To Action
Get Your Tax-Smart Strategy Review Today!
Get a real assessment of your current tax strategy, including areas you might want to consider. Let our planning team create an Annex Wealth Management Tax-Smart Strategy Review for you!
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6 | Listen To
The Difference Maker Of The Game
Brewers vs. Arizona Diamondbacks| October 3, 2023
Click to listen!
Check out the full archive HERE.
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7 |The Annex Wealth Management SWOT Podcast
A Busy Week For Economic Data. Plus, A Threat To The Munchies.
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| Annex In Action
Annex Wealth Management expressed our heartfelt appreciation for the efforts provided by the Appleton Police Department and neighborhood watch captains in the Appleton area during National Night Out by hosting them at our Appleton office for an Appreciation Luncheon.
National Night Out is an annual community-building campaign that promotes police-community partnerships to enhance relationships under positive circumstances.
National Night Out has initiated the community partnership between Appleton Police Department and Annext to see how Annex can come alongside a critical and key member of our community. We are looking forward to continuing to work with APD to expand the connection and visibility of Annex in northeast Wisconsin through additional opportunities in the future.
| Events & Webinars
WHY WE WALK
Thank you for helping us reach our fundraising goal! Together we can make a difference in the lives of those affected by ALS. Our team is committed to raising money to support people in our community with ALS and spread awareness of the urgency to find treatments and a cure. Please consider joining our team in the Walk to Defeat ALS® or choose a team member from the list and donate to our cause.
WHY WE NEED YOUR HELP
Every 90 minutes a person in this country is diagnosed with ALS and every 90 minutes another person will lose their battle against this disease. ALS occurs throughout the world with no racial, ethnic, or socioeconomic boundaries.
That’s why we’re participating in the Walk to Defeat ALS. To bring hope. To raise awareness. To provide resources and services to families free of charge. To help unlock the mystery of ALS and find the key to treatments a cure. Will you join us?
ABOUT ALS
Amyotrophic lateral sclerosis (ALS) is a progressive, fatal neuromuscular disease that slowly robs the body of its ability to walk, speak, swallow and breathe. The life expectancy of a person with ALS averages 2 to 5 years from the time of diagnosis.
ALS can strike anyone. Presently there is no known cause of the disease, yet it still costs loved ones an average of $250,000 a year to provide the care people living with ALS and their families need. Join the movement to provide help and hope today!
Annex Wealth Management Elm Grove Office | 12700 W Bluemound Rd, Elm Grove, WI
A beginner’s guide to planning and preparing for the unexpected! We’ll be examining financial transitions that many women encounter, whether single or married, and discussing resources to be considered in preparing for our future. This is the first step in creating our Emergency Binder: “What I want my family to know.”
Thursday, October 19, 2023
6:00 PM – 8:00 PM CST
Annex Wealth Management Mequon Office | 12200 Corporate Parkway, Mequon, WI
Annuities are one of civilization’s oldest financial instruments. But what are they, and do their benefits outweigh their pitfalls?
Annex Financial Planners discuss if and when an annuity might make sense – and potential dangers of annuity ownership.
Tuesday, November 7, 2023
6:00 PM – 7:30 PM CST
Shula’s Steak House | 5111 Tamiami Trail North
In this CLE credit event, we’ll discuss specific uses of QDROs, their structure, and specific issues you may face when working on them.
The presentation will also review follow-through recommendations for the non-participant spouse, as well as issues to consider and the additional needs of the alternate payee.
We’ll also consider matching the A/P’s financial needs to types of investments, and what to expect.
**This event is for attorneys looking to earn 1.5 hours of CLE credit.**
Lunch is provided.
Tuesday, November 14, 2023
11:00 AM – 1:00 PM EST
M Waterfront Grille | 4300 Gulf Shore Blvd N
Navigating The Markets: Strategies In An Ever-changing Tax Environment
As rates, inflation, and the dollar fluctuate, have you calibrated your financial plan, including how your tax and wealth transfer planning?
In this interactive presentation, Amy Kiiskila, JD, CFP®, CPA, CLU® and Brian Jacobsen, PhD, JD, CFA®, CFP®, CAIA, CBE will provide an economic and market update – and present planning scenarios while discussing strategies that address key concerns, like cash management and charitable planning.
Lunch is provided.
Wednesday, November 15, 2023
12:00 PM – 1:30 PM EST
Annex Wealth Management Naples Branch | 4901 Tamiami Trail North
Our Naples branch has a new home! If you’re in the Naples area, come check it out and join us! Food & drink will be provided!
Thursday, November 16, 2023
2:00 PM – 5:00 PM EST
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