The purpose of the family meeting is to communicate openly, either in very general or specific terms, your current financial standing, your level of annual spending, and whether there might be a surplus that would pass to heirs at your death. You can also use this venue to express any desires, hopes, and dreams for how they might choose to use any money that may come to them at your passing.
Financial Goals
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The general interest in environmental, social, and governance focused (ESG) investing has recently increased in popularity. ESG investing, sometimes referred to as "socially responsible investing" (SRI) strategies, are used to evaluate the sustainability and responsibility of public companies, as well as their societal impact.
The year 2018 was the first year with the Tax Cuts and Jobs Act tax rules in action. The results of these new tax rules were impactful for many households, especially when considering the deductions – standard vs. itemized. Fewer people itemized deductions in 2018. This bunching strategy of alternating between the standard deduction one year and itemizing the next, is designed to maximize the total tax deductions taken over a rolling 2-year period.
During this period, exposure to a sequence of return risk is a serious concern. With this risk, a series of negative returns early in your retirement while you are making withdrawals can have a devastating effect on your portfolio's ability to last through your retirement.