1. Treasury Yields Rise, Geopolitics Continue to Take Their Toll 2. October Is National Estate Planning Month 3. Poll | Is Your Pet Included In Your Estate Plan? 4. Take A Few Steps To Simplify Being An Executor Or Trustee. 5. Get Your Tax-Smart Strategy Review Today! 6. FAQs | Health Savings Accounts (HSAs). 7. A Powell Pause?
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.
Treasury Yields Rise, Geopolitics Continue to Take Their Toll
Inflation has trended down, but wages and energy prices put pressure on expectations. Treasury yields continue to rise, and geopolitical risks around the world take their toll on the market. Annex Wealth Management’s Dave Spano and Derek Felske discuss.
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2 | Did You Know?
Did you know Annex has an Estate & Legacy Planning Team and the 11 reasons to consider estate planning?
Did you know Annex has an Estate & Legacy Planning Team? Our Estate Planning Team works on evaluating existing estate plans and creating customized estate planning summaries that are easy for clients to follow, while providing training and advisory services to clients and employees about all aspects of estate planning & trust administration (Source).
Annex’s Estate Planning Team is led by our own in-house estate planning attorney. Annex collaborates with a network of professional estate planning attorneys and provides services including coordinating with independent corporate and individual trustees, estate planning education, and comprehensive review & analysis.
Estate Planning Education
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- Annex University and dedicated client conversations
- Core estate planning documents that everyone should have in place
- Probate vs Revocable Trust
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Comprehensive Review & Analysis
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- Summarize current documents
- Discuss strategies for administration and tax efficiencies
- Assist in implementation of changes and updates
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During National Estate Planning Month, be sure to click below & take a few minutes to watch our YouTube Channel video, “11 Reasons To Consider Estate Planning.”
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3 |Poll
In 2023, 66% of U.S. households own a pet and pet ownership increased significantly during the pandemic, with 78% of pet owners acquiring pets during this time.
Did you know that you can include your pet as a part of your estate plan?
In 2023, 66% of U.S. households own a pet and pet ownership increased significantly during the pandemic, with 78% of pet owners acquiring pets during this time. Millennials currently make up the largest percentage of pet owners (33%), followed by Gen X (25%) and Baby Boomers (24%) (Source).
Did you know that you can include your pet as a part of your estate plan? As October & National Estate Planning Month is closing, we want to know:
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4 | MoneyDo
Take A Few Steps To Simplify Being An Executor Or Trustee.
At Annex, we work with many individuals who find themselves responsible for settling a loved one’s affairs and making the distributions of an inheritance to beneficiaries, both in the role of an executor (aka personal representative) or trustee.
To help simplify the responsibility of being an executor or trustee, here’re a few steps you can follow:
1. Locate Documents.
The first step is to track down and locate all the estate planning documents. These documents are your instructions for who gets what! Without these documents there’s no guidance for you to know how to proceed.
2. Gather ALL Financial Information.
You’ll need to know about all the financial accounts, insurance policies, assets, real estate, debts, and expenses the deceased individual had. During the discovery process, you also need to know how the assets were owned (individually, jointly, through a trust, etc.) because it’ll have an impact on what happens with the account. Knowing beneficiary designations is also important as those override any estate planning documents.
3. Be Organized And Take Your Time.
Being a trustee or executor can be a full-time job, so you’ll want to take extra care and devote time to doing it right. Document and account for your actions. Beneficiaries are entitled to information, and you’ll need it to prepare tax returns. In the end, the extra effort spent documenting your actions can help save yourself time and make things easier for everyone involved
4. Understand When To Ask For Help.
Complicated tax situations, unique assets, complex estate planning documents, or difficult family dynamics are all reasons to seek legal representation as a trustee to make sure you’re doing things correctly and protecting yourself from potential liability. If a trustee makes mistakes, they can be held personally, financially liable to the beneficiaries. Working with an attorney can help you avoid exposing yourself to liability and ensure your loved one’s trust is administered as efficiently as possible.
5. Communicate With Beneficiaries.
It’s important to keep the beneficiaries informed as you navigate the administration process, so they know the timing of distributions and understand the tax implications of their inheritance. Families can often break apart if there’s little to no communication during the estate settlement process.
If these steps are skipped or rushed, mistakes are made, or things need to be corrected and revisited after the fact. Being a trustee or executor is often a thankless job, but it’s a critically important one nonetheless and can be easy when you set yourself up for success.
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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 | What’s Playing
FAQs | Health Savings Accounts (HSAs)
Kent Halleen answers some frequently asked questions about HSAs (Health Savings Accounts).
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7 |The Annex Wealth Management SWOT Podcast
The consumer is like the Energizer Bunny… but bonds shouldn’t be this nerve wracking. On the other side, if you can hold them, bonds might be an opportunity. Watch for a rally before reality, because reality eventually bites.
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| Annex In Action
Staff from Annex’s Elm Grove Headquarters participated in the Walk to Defeat ALS to benefit the ALS Association. 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 from 2-5 years from the time of diagnosis. ALS can strike anyone & presently there’s no known cause of the disease. Annex Wealth Management is a proud sponsor of the ALS Association & the Walk to Defeat ALS.
| Events & Webinars
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
Annex Wealth Management Elm Grove Office | 12700 W Bluemound Rd, Elm Grove, WI
There are so many ways to be generous! In this workshop an Annex estate planning attorney and financial planner explore different ways to give. From donor advised funds to qualified charitable donations to trusts; we will introduce current strategies where it’s a win/win: for you and the charity!
Thursday, November 16, 2023
6:00 PM – 8:00 PM
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