This week's list includes three personal stories from people who could have used life insurance, estate planning lessons from James Gandolfini, tips for boomers looking to sell their businesses to fund retirement, long-term care myths, and more.
The Obamacare train still hasn't wrecked
"Republicans and conservative intellectuals keep seizing on setbacks—some real, some imagined—and predicting that Obamacare will be a catastrophe. They are almost certainly wrong."
Insurance strategies to build wealth
"Financial advisors have been endlessly creative – sometimes to a fault – with using life insurance and annuities to create planning strategies with the goal of maximizing estate values and minimizing taxes."
‘I sure could have used life insurance’: 3 true stories
"Now my daughter is three months old, and I’m still waiting for my numbers to dip before starting again. I really wish I’d known to start this process when trying to conceive instead."
The bond market has been bloodied enough that it might be a good time to buy
"We believe that investors who have been holding their breath in the bond markets have likely run out of oxygen. The Fed is trying to push money into risk assets…don’t fight the Fed. We see the balance of 2013 as supportive for equities and we see the flight of funds from bonds flowing toward equities."
Young millionaires looking to text their financial advisor
"Young millionaires’ proficiency with technology and pervasive use of social media gives them higher service expectations from their financial advisor. Response time, even more than good ideas and advice is of paramount importance to millionaire overall in regards to retaining their advisor."
Why you need a financial power of attorney
"Financial advisors don’t have the legal authority to intervene when clients’ mental state makes them unable to make decisions unless they have been given such authority ahead of time. Without this designation, it leaves the problem in the hands of adult children--or worse, the state."
First thoughts: Trying to sell health care — again
"Yes, an entire political party remains adamantly opposed to it. And, yes, the media’s coverage has often emphasized what’s not working rather than what is. But here’s the P.R. reality for the Obama White House: Since health care’s passage in 2010, one side has been lobbing grenades on a daily basis (see yesterday’s symbolic House votes to delay the individual mandate), while the other side has been mostly quiet."
The word is annuity. Try using it.
"I get that “annuity” is the curse word of the financial world. Agents will argue that the uninformed media is to blame for this, and the media will point to the supposed rogue annuity agents selling their one-size-fits-all incentive cruise ticket annuity. Both have valid claims in my opinion, but is not reason to avoid the word annuity when promoting the specific product strategy."
Estate planning lessons from James Gandolfini
"The latest celebrity to demonstrate the importance of estate planning is Sopranos star James Gandolfini, who died last month in Rome at age 51. According to reports, much of Gandolfini’s $70 million estate will go to pay taxes, something that could potentially have been avoided, or at least mitigated, with better planning."
Tips for boomers ready to sell their business to enter retirement
"Appropriately determining and continuing to build upon the value of your business can make a significant difference when it comes time to sell. There are common value drivers that reduce a potential acquirers’ risk or enhance the business’ growth prospects. These drivers must be considered in addition to several other key factors, including..."
Exploding myths about long-term care
"The good news is that most people significantly overestimate the cost of LTCI. They believe the insurance costs far more than it does. Perhaps that is why only about 5% of the likely market owns LTCI. If they understood the real cost of LTCI, more people might buy it and not have to burden relatives with providing care for them."