Len Del Gallo Jr.
 
DELGALLO.COM
      
 FINANCIAL PLANNING, INVESTMENTS, INSURANCE, CONSULTING-WORKSHOPS, & REAL ESTATE
Click on email to set up an appointment: DFSGUARD17@GMAIL.COM
 
 

                               

Revocable Trust Funding Requirements 

By LEONARD J. DEL GALLO JR., M.S., MPAS(sm), CFP®         (www.DELGALLO.COM)      Del Gallo Financial Services, LLC 

According to Asperti and Peterson, some states require assets or a small cash amount to be placed in the revocable trust during the individual’s lifetime for a revocable trust to be considered a valid trust under certain state laws upon death although many states consider a revocable trust valid solely by its mere creation. Asperti and Peterson explain that if the trust maker dies without transferring property and assets into the revocable trust then the property and assets may have to go through the probate process before entering into the trust if the trust is deemed valid. A revocable trust is generally set up to avoid probate therefore not funding it defeats a primary reason for establishing the document. In a case with an unfunded revocable trust, upon the settlor’s death, a public record of the estate proceedings will show the assets going through probate and distributed to the trustee of the trust when there is a valid unfunded revocable trust. If a revocable trust is funded prior to the settler’s death, the assets within the trust do not pass under the settlor’s will or go through probate. Asperti and Peterson add that an estate plan using an unfunded revocable trust without an established pour-over will can have funding issues during the probate process. Generally, an individual would want to have a pour-over will if they are not funding the revocable trust to facilitate the transfer of assets into the trust upon death. Even with a funded revocable trust it is very likely that the deceased individual will have some assets that are not held within the revocable trust that will have to go through the probate process where a will could be beneficial.

Any questions please contact Del Gallo Financial Services, LLC by visiting our website at DELGALLO.com. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Articles created by Len Del Gallo Jr., may not be copied or used without written permission from Len Del Gallo Jr.. Del Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency. 

 

                                           Works Cited

Esperti, Robert A., and Renno L. Peterson. Protect Your Estate. 2nd ed. New York: McGraw-Hill,

                2000. Print.

--------------------------------------------------------------------------------------------------------------------------------------------------------------

 

Gifting By A Power of Attorney

By LEONARD J. DEL GALLO JR., M.S., MPAS(sm), CFP®         (www.DELGALLO.COM)         Del Gallo Financial Services, LLC

There have been numerous court cases that have litigated the validity of gifts by the attorney-in-fact if the expressed power to gift was not stated within the durable power of attorney form; Estate of Casey v. Commissioner, Townsend v. United States, Estate of their state. The courts decided that the principal had the intention of including the power to make gifts to the attorney-in-fact and therefore those gifts would not be included within Mrs. Pruitt’s estate under Section 2038 (Estate Neff v. Commissioner, Burnet v. Hamel, and Estate of Stinchcomb v. Stinchcomb.  Some of these cases determined that the attorney-in-fact could make gifts without express written permission within the durable power of attorney form, while other cases determined the attorney-in-fact was not authorized to make the gifts according to of Suzanne C. Pruitt). Each State may or may not have current legislation addressing the validity of gifts made by the attorney-in-fact if gift making authority is not implied within the durable power of attorney form and the issue can lead to litigation with unknown consequences. If the state has not addressed the issue by passing laws or statutes then the attorney creating the durable power of attorney for a client should not assume that the durable power of attorney form will allow the attorney-in-fact to execute gifts unless it is specifically stated within the estate planning documents and durable power of attorney form. If the principal does not want to include gifting privileges to the attorney-in-fact then the estate documents and durable power of attorney form should state clearly that the principal does not want to include gifting privileges and the attorney-in-fact should be prohibited from this action in all the estate documents. Clients and their attorney should make sure their intentions are clearly written within their legal documents to avoid negative tax implications and unnecessary litigation.

Any questions please contact Del Gallo Financial Services, LLC by visiting our website at DELGALLO.com. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Articles created by Len Del Gallo Jr., may not be copied or used without written permission from Len Del Gallo Jr.. Del Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency. 

 

                                                Works Cited

Madden, Robert. “Tax Planning for the Highly Compensated.” Sections 1.01, 1.02, 1.03, 2.01, 2.02, 2.03,

                2.04, 2.05, 3.01, 3.02, 3.04, 3.07, 3.08, 4.01, 4.03. 2011. Estate Planning Library of RIA Checkpoint.

                Thompson Reuters. Web. 23 Aug. 2012.

Madden, Robert. “Tax Planning for the Highly Compensated.” Sections 5.01, 5.02, 5.03, 5.04, 5.05, 5.06.

                2011. Estate Planning Library of RIA Checkpoint. Thompson Reuters. Web.

                23 Aug. 2012.

Madden, Robert. “Tax Planning for the Highly Compensated.” Sections 6.01, 6.02, 6.03, 6.04, 7.05, 8.02, 10.02,

                10.03, 10.04, 10.05, 10.06, 11.02, 11.10. 13.02. 2011. Estate Planning Library of RIA Checkpoint.

                Thompson Reuters. Web. 23 Aug. 2012.

Madden, Robert. “Tax Planning for the Highly Compensated.” Part III Estate Planning. Chapter 3, 10 & 13.

                Overview of Taxation of Wealth Transfers. Section 10.08. Power of Attorney. Estate Planning

                Library of RIA Checkpoint. Thompson Reuters. N.d. Web. 14 Nov. 2012.

-------------------------------------------------------------------------------------------------------------------------------------------------------

   

Estate Planning Documents to Consider in Your Financial Planning

By LEONARD J. DEL GALLO JR., M.S., MPAS(sm), CFP®         (www.DELGALLO.COM)         Del Gallo Financial Services, LLC

An Advance directive, will, and revocable trust may be important to consider as part of your financial planning. A durable power of attorney form can be used in conjunction with a revocable trust to authorize or appoint another individual or individuals to transfer assets or shift the title of property into a trust if the individual is unable to do so and the durable power of attorney form should be updated at least every two years. The durable power of attorney can be used during the individual’s lifetime by the appointed person but is not valid upon the individual’s death. A health care power of attorney form can be useful to appoint someone else to make medical decisions if the individual is unable to do so themselves and should be updated at least every two years. A living will, a separate document from the will, can serve a purpose by specifying the individual’s medical wishes for example if the person does not want to be placed on life support or other machinery if they are incapacitated.   The will is the primary document that specifies the individual’s wishes as to where assets should go in the event of their death that are not already held within their revocable trust or passed directly to a beneficiary through a beneficiary designation.  The will may also appoint a guardian for any of the individual’s children who are still minors. The executor would be named in the will to carry out the individual’s wishes as specified in the document. Any nonqualified assets that pass outside of a trust through the will may be subject to probate and if the individual has stated that they would like to avoid that from happening, then potentially placing assets within a revocable or irrevocable trust may help them to avoid probate with certain estate assets. Assets that are passed by the will or held within a revocable trust will be included in the individual’s estate. All of these documents and others should be discussed and considered by individuals along with their financial professionals prior to creating any estate plan.

Any questions please contact Del Gallo Financial Services, LLC by visiting our website at DELGALLO.com. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Del Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency. 

 

                                                     Works Cited

Leimberg, Stephan R., et al. Tools and Techniques of Employee Benefit and Retirement Planning. 5th ed. Ohio:

                The National Underwriter Company, 1997. Print.

Leimberg, Stephan R., et al. Tools and Techniques of Estate Planning. 15th ed. Ohio:

                The National Underwriter Company, 2011. Print.

Leimberg, Stephan R., et al. Tools and Techniques of Income Tax Planning. 3rd ed. Ohio:

                The National Underwriter Company, 2009. Print.

---------------------------------------------------------------------------------------------------------------------------------------------------------

 A few Provisions to Consider Within Your Estate Documents

By LEONARD J. DEL GALLO JR., M.S., MPAS(sm), CFP®         (www.DELGALLO.COM)         Del Gallo Financial Services, LLC


There are a number of legal documents  and methods that can be created and used if necessary through provisions within the will or trust which can then be used in conjunction with any existing revocable living trusts, irrevocable trusts, or other supporting legal documents. A pour-over trust is a type of revocable trust that will allow assets to be placed in it by the will, or by naming it as the beneficiary to avoid having assets go through probate. A contingent trust or standby trust is another revocable trust that is able to manage assets if a client is unable to do so and is triggered by physical, emotional, or physical incapacity. The use of a disclaimer where the beneficiary refuses to accept the transfer of property can be incorporated into the estate planning documents but must comply with federal and state laws. Individuals may appoint themselves, their children, or others as trustees of a revocable trust and have contingent trustees or corporate trustees in place, as a backup, if either Spouse is unable to serve as trustee due to incapacity or some other reason as defined within the trust document.

Any questions please contact Del Gallo Financial Services, LLC by visiting our website at DELGALLO.com. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Del Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency. 

                                                                              Works Cited

Leimberg, Stephan R., et al. Tools and Techniques of Employee Benefit and Retirement Planning. 5th ed. Ohio:

                The National Underwriter Company, 1997. Print.

Leimberg, Stephan R., et al. Tools and Techniques of Estate Planning. 15th ed. Ohio:

                The National Underwriter Company, 2011. Print.

Leimberg, Stephan R., et al. Tools and Techniques of Income Tax Planning. 3rd ed. Ohio:

                The National Underwriter Company, 2009. Print.

--------------------------------------------------------------------------------------------------------------------------------------------------------------

Why Should Your Company Provide Financial Education Services For Your Employees? Email Us Today So We Can Create a Proposal For Your Company or Organization!

By LEONARD J. DEL GALLO JR., M.S., MPAS(sm), CFP®           (www.DELGALLO.COM)              Del Gallo Financial Services, LLC

Financial Education is one aspect of the ERISA (DOL) 404 (c) requirements that is often not fulfilled by many employers and can create financial, staffing, and legal issues for an employer from lack of compliance.

“Does your pension plan have a published schedule of participant information and education events? Is a document file maintained, containing copies of all communications with plan participants? At every meeting with plan participants, is a list of attendees recorded and filed?”(1)

Many employers are under the belief that providing a pension and health plan at the company is sufficient to attract and retain quality employees. Others are under the impression that their insurance agent and/or their broker is providing all the services required to be compliant with government regulations. In addition, many brokers and insurance agents are not Certified Financial Planning Professionals ® or qualified to provide financial education workshops or seminars. It is ultimately the employer’s responsibility to make sure that their company is compliant with state and federal laws and ensure there are no ERISA violations or conflicts of interest. Human resource departments and/or staff members may not be trained or licensed to provide financial education services and outsourcing is often an approach that works best!

Just providing benefits to employees may not be enough! Please have your Human Resource Officer or company fiduciary representative contact Del Gallo Financial Services, LLC today.

“Financial stress is a common preoccupation for people this time of year, as many struggle to work out how to fund a perfect Christmas for their loved ones. Even the more affluent among us will have their own set of financial worries, such as how they will secure the finance required to up-size their family home in time for the next school year.”(2) Employers who offer no support to employees may find employees less productive or absent more often. Employees may be designated into groups by an employer to segment certain financial education services to offer if applicable.

“Research conducted by employee benefits provider  Sodexo  Benefits and Rewards Services earlier this year found that of 760 UK employees ranging from 18 to 64 year-olds, the age group worst affected by financial stress were those aged 18-34. Among this group, more than a third of employees claimed their productivity had been damaged due to money worries, and across the whole workforce 32% admitted calling in sick due to stress, with 36% stating that financial pressure was the main reason.”(2)

Many more employers are offering workplace financial education, covering all manner of topics including how a mortgage works and student loan management for younger staff, financial planning for middle-aged workers and retirement planning for older staff, to make sure their employees have a sense of financial well-being. (2) The education services may be in the form of seminars, online meetings, in-person meetings, phone access or other designs that may work best in some office settings. These financial education services need not be expensive and many companies provide discounts or cost sharing for education services outside of their company’s general compliance requirements.

 

Del Gallo Financial Services, LLC is an Investment Advisory Firm and can customize workshops or offer standardized seminars to meet employer and employee needs. Programs for financial education services can be created to meet the needs of any size employer or budget. Del Gallo Financial Services, LLC has been educating individuals on the importance of Financial Planning for over 20 years. Please contact us today at DELGALLO.com or dfsguard17@gmail.com!                                                     

                                                                                  Works Cited

SOFA – The Society for Financial Awareness. “2019. ERISA (DOL) 404 [c] Requirement.” http://www.sofausa.org/legal/erisa
 

Forbes. “Why Workplace Financial Education Should Be Part of Every Employer’s Agenda.” Clare Bettelley as Contributor. 11/22/14. https://www.forbes.com/sites/clarebettelley/2014/11/22/why-workplace-financial-education-should-be-part-of-every-employers-corporate-social-responsibility-agendas/#78f3609125c1

------------------------------------------------------------------------------------------------------------------------------------------------------------

Mortgage Protection Insurance

By LEONARD J. DEL GALLO JR., M.S., MPAS(sm), CFP®           (www.DELGALLO.COM)              Del Gallo Financial Services, LLC

Mortgage Protection Insurance is one of the specialized insurance coverages that may help a family during difficult times and very few people know about it. Although life insurance coverage is there to protect in the event of death, this type of specialized coverage can do much more with many types of optional and standard riders that are available to add to the insurance policy. A typical policy can add many types of riders that may help cover costs in the event of disability, unemployment, accidental death, and critical illness. Other riders may enable accelerated death benefits, living benefits, return of premium, and/or a waiver of premium in the event of residential damage, to name a few of the many riders that can be available with this type of insurance coverage. Del Gallo Financial Services, LLC specializes in mortgage protection insurance because it can be a valuable tool and many times has simplified underwriting which can speed up the application process. Visit our website at DELGALLO.COM.  Del Gallo Financial Services, LLC can help guide you through the selection of a carrier that may provide your family the best coverage available at a reasonable price and also spend time with you to review you’re planning needs.

 

Any questions please contact Del Gallo Financial Services, LLC by visiting our website at DELGALLO.com. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Del Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency.

---------------------------------------------------------------------------------------------------------------------------------------------------------

 A Research Perspective on Life Planning and Monitoring For Families of Children with Special Needs

 By LEONARD J. DEL GALLO JR., M.S., MPAS(sm), CFP®           (www.DELGALLO.COM)          Del Gallo Financial Services, LLC

A disability can have a dramatic impact on all family members. According to the 2003 U.S. Census, over 77 million Americans, or more than 27 percent of the U.S. Population were disabled (Stone 64).  It is critical for families to prepare for unforeseen events (Stone 65). “Statistical studies indicate that a significant portion of the adult population provides care for chronically ill, disabled, or aged family members” (Stone 64). As result, families and planners need to review estate plans, multi-generation family issues, government benefits, trusts, and life planning issues (Stone 64-66).

Disability is defined as the inability to do something, deprivation, or lack of physical, intellectual or emotional capacity (Merriam-Webster). Disability has been defined as an environmental problem, whereas other teachers define the term as a person-centered problem or deviation from the norm (Carter, et al.). A person with a disability could be considered having a special need and learning to take care of this need for a caregiver can be like waking up in Norway without the ability to speak the language (Stone 65). The learning process can take time.  A Certified Financial Planner® professional, with expertise in special needs planning, can guide families through government and community assistance programs to educate them in the fundamentals of the system (Stone 65). 

Family resources can be dependent on the level of family income and families with children with disabilities are often facing poverty or severe stress on their budget (Turnbull, Turnbull, Wehmeyer). “There are an extensive number of educational impacts related to poverty, but the one we will highlight here is the capacity of families from poverty backgrounds to attend school activities and teacher parent conferences” (Turnbull, Turnbull, Wehmeyer). A common misconception is that parents who are not active attending events may lack interest in their child but it may be the lack of financial resources, transportation, self-confidence, or inability to get time off from a low-paying job (Turnbull, Turnbull, Wehmeyer). A family that is living in poverty is more likely to have a child who is late developing vocabulary, lower IQ, and lower reading level (Turnbull, Turnbull, Wehmeyer). Financial planning may help families avert poverty and reduced access to resources (Stone 65).

Parents are not alone in the responsibility of caring for a child with a disability.  Grandparents are becoming primary caregivers across all ethnic groups and socioeconomic backgrounds (Gallagher, Kresak, Rhodes 56 ). Grandparents who are taking care of children without a parent present may be on a fixed income and 33.9% are living below the poverty level (Gallagher, Kresak, Rhodes 57). Planning can minimize the stress, physical health concerns, isolation, anxiety, and depression faced by many grandparents who suddenly find themselves as caregivers for a child with a disability (Gallagher, Kresak, Rhodes 57). Grandparents require resource information on transportation, behavior, funding, insurance, community, medication, housing, education, and skill development (Gallagher, Kresak, Rhodes 60). A well written family plan can prepare a caregiver to help a child with a disability. One study demonstrated that once grandmothers receive specific information to answer their questions they are better able to meet the needs of their grandchildren with disabilities (Gallagher, Kresak, Rhodes 61).  “Many grandparents have assumed parenting roles at great personal expense, filling a great family and community need; with needed supports, the grandchildren in their care, those with special needs and their typically developing siblings, will make progress and have successful lives” (Gallagher, Kresak, Rhodes 62). Grandparents and siblings as primary and secondary caregivers are significant and can increase under certain economic and social conditions, while the stress and concerns can be reduced with appropriate planning and education (Gallagher, Kresak, Rhodes 63).

Financial planning can help each family member by eliminating or reducing the financial burden and legal struggles that can occur during or after a disability is discovered (Stone 65). A Certified Financial Planner® professional can help by coordinating assets, documents, programs, and benefits (Stone 65). Nonprofit organizations, websites, medical professionals, and other resources can also provide information to minimize economic hardship and personal exhaustion for caregivers (Stone 66).

Planning for the lifetime of a child may involve; government programs, wills, trusts, guardianship plans, letters of intent, risk management techniques, and communication among family members (Dixon).  “A conventional estate plan will rarely meet the needs of an individual with disabilities and may even prove to be detrimental by causing a loss of federal and state assistance, residential services, or health care benefits” (Dixon). It is critical that families obtain and maintain eligibility for benefits to provide financial and medical stability for the disabled individual during their lifetime (Stone 66).

The two major federal programs that provide monthly income to the disabled are Social Security Disability Insurance and Supplemental Security Income and receiving eligibility can be an arduous and time-consuming process (Stone 66). Once a disabled individual is eligible and receives either Social Security Disability Insurance or Supplemental Security Income, they will be offered either Medicare or Medicaid which are both government offered health benefit programs (Stone 66). Medicare is offered in coordination with Social Security Disability Insurance and Medicaid is offered in coordination with Supplemental Security Income (Stone 66).

A will is a legal document that is created to determine how your estate is divided, identifies a guardian for minor children, and prevents the laws of the state from being the only method for dictating how your estate is distributed (Dixon). Parents are guardians of their children but once the child becomes an adult a parent must be appointed by the court to continue as a guardian and this may be done at the local Clerk of Court prior to a child becoming a legal adult (Dixon). If all remaining guardians were to die, the will would identify a successor guardian for the court to consider (Dixon). Within the will families use exclusion, disinheritance, direct bequests, and morally obligated gifts as methods for estate distribution (Dixon). Many options exist to pass financial resources and families should investigate all the option available before deciding on the best plan for their family (Dixon).

A trust is a flexible and efficient way to manage the assets of a family both during a lifetime and upon death (Dixon). A support trust and supplemental needs trust are two different types of trusts that are predominantly used for individuals with disabilities and can be most beneficial if created during a parent’s lifetime (Dixon). A support trust is utilized for any need of a beneficiary but is likely to disqualify an individual recipient from government benefits (Dixon). A supplemental needs trust if properly written will not disqualify an individual from government benefits and is designed to supplement, not supplant, government benefits and the trust cannot make a direct payment to the beneficiary or use trust assets for basic needs like food, clothing, and shelter (Dixon). A supplemental needs trust is used to purchase goods and services to enhance the beneficiary’s life and can be used to provide vacations, computers, companions, and other extras to enhance the quality of life for a disabled beneficiary (Dixon). A supplemental needs trust when properly written and managed is an exempt trust that requires the disabled person to have no access to the assets while funds within the trust can only be used for supplemental expenses that Social Security Income and Medicaid do not cover (Stone 70).   

The trustees and successor trustees are the individuals who are responsible for managing the trust and should be chosen with great care (Stone 70). Corporate trustees are an option to consider when family members need help, filling a role of final successor trustee, or used in cases where no other individual or agency is suitable (Stone 70). Fees and costs can vary depending on the services selected with a corporate trustee, time spent to review distributions, and other options selected to safeguard benefits (Stone 72). An attorney who specializes in creating supplemental needs trusts should be used along with a Certified Financial Planner® professional who can provide appropriate resources to help the caregivers upon the death or incapacitation of the parents (Stone 72). 

A letter of intent is a not a legal document but an important part of the future planning for a child with a disability and resource for a care provider (Dixon). The letter of intent will describe the history of a child, current status, hopes, dreams, goals, schedule, records, and insight into the needs of a child (Dixon). The letter may be placed on a computer to modify at least annually and should be accessible for all care providers (Dixon). A letter of intent should detail all aspects of the child’s life; history; future desires; housing/residential care; educational needs; employment history; medical care and management; behavior management; social environment; and religious environment (Dixon). There is no limit to the amount of information contained within a letter of intent and many families will provide a video to go along with written documentation (Dixon).

Planning is critical as families try to adapt to a disability in a household, the variables change; the age; health status, needs of the disabled person, availability of insurance programs, government funding laws, availability of support programs, and employment, are a few examples (Stone 74). Trusted and competent advisors can provide direction, pinpoint obstacles, and provide solutions (Stone 74). “Disability knows no limits of age, background, or occupation” (Stone 74). Life planning takes time to complete and monitor but every family should explore and address all aspects that apply to their child with special needs so no critical detail is missed (Stone 74). 

Any questions please contact Del Gallo Financial Services, LLC by visiting our website at DELGALLO.com. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Del Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency. 

                                                                                                    Works Cited

Stone, Constance A. “In the Blink of an Eye: Special Needs Planning.” Journal of Financial Planning. Oct. 2006: Vol. 19, Iss.10: 64-74. Print.

Turnbull, Ann, Rud Turnbull, Michael L. Wehmeyer. Exceptional Lives Special Education in Today’s Schools. 5th ed. Ohio: Merrill Prentice Hall, 2007. Print.

Dixon, Beth. Planning For The Future For Your Loved One With CdLS. CdLS-USA Foundation. Cornelia de Lange Syndrome Foundation, Inc. n.d.Web. 23 Mar. 2006.

College for Financial Planning® University Library. “dis·ability” Merriam-Webster’s Third New International Dictionary Unabridged. N. pag. 2002. Web. 14 Jun. 2010.

Gallagher, Peggy A., Karen Kresak, Cheryl A. Rhodes. Perceived Needs of Grandmothers of Children With Disabilities. College for Financial Planning® University Library. ProQuest. Topics in Early Childhood Special Education. Austin: May 2010. Vol. 30, Iss.1: 56-65. Web. 14 Jun. 2010.

Carter, Nari, et al. Educators’ Perceptions of Collaborative Planning Processes for Students With Disabilities. College for Financial Planning® University Library. ProQuest. Preventing School Failure. Washington: Fall 2009. Vol. 54, Iss.1: 60-71. Web. 14 Jun. 2010.

__________________________________________________________________________________________________________________________

 
 

Del Gallo Financial Services, LLC presents articles below from the Financial Planning Association (R) - Financial Planning Perspectives


Please follow our series of articles that are focused on informing readers about important issues affecting their planning.

8/1/16

FPA(R)  - Financial Planning Perspectives

                                                       

                                                 Will Your Money Last? Risks to Retirement Income
 
Description: To be viable, a retirement income strategy needs to account for the effects of longevity, inflation, health care expenses, and the uncertain future of Social Security.

Synopsis: A sound retirement income plan takes into account several financial risks, including the potential for the retiree to outlive his or her assets, the effects of inflation on future income, rising health care costs, and the uncertain future of the Social Security system. For example, inflation increases the future cost of goods and services; inflation can also erode the value of assets set aside to meet future costs if the assets earn less than the rate of inflation. In addition to these considerations, a plan should take care to avoid excessive withdrawals in the early years of retirement that could lead to premature depletion of assets. The overall objective of planning should be to create a sustainable stream of income that also has the potential to increase over time.

 Body:

With so much at stake when planning a retirement income stream, it pays to take a step back and see whether your plan takes into account the major obstacles to retirement income adequacy. When you take this big-picture view, consider the five major challenges most retirees face: the potential for outliving one's assets; the threat of rising living costs; the impact of increasing health care costs; uncertainty about the future level of Social Security benefits; and the damage to long-term financial security that can be caused by excessive withdrawals in the early years of retirement.


Understanding each of these challenges can lead to more confident preparation.

Examining the Issues


Longevity. While most people look forward to living a long life, they also want to make sure their longevity is supported by a comfortable financial cushion. As the average life span has steadily lengthened due to advances in medicine and sanitation, the chance of prematurely depleting one's retirement assets has become a matter of great concern.

Consider a few numbers: According to the latest government data, average life expectancy in the United States climbed to 77.9 years for a child born in 2007, compared to 47.3 years in 1900. But most people don't live an average number of years. In reality, there's a 50% chance that at least one spouse of a healthy couple aged 65 will reach age 89 (see table).1

Perspectives on Longevity: Probabilities of Reaching Specific Ages


Inflation, or the tendency of prices to increase, varies over time as well as from region to region and according to personal lifestyle. Through many ups and downs, U.S. consumer inflation averaged about 3% since 1926. If inflation were to continue increasing at a 3% annual rate, a dollar would be worth 54 cents in just 20 years. Conversely, the price of an automobile that costs $23,000 today would rise to more than $41,000 within two decades.

For retirees who no longer fund their living expenses out of wages, inflation affects retirement planning in two ways: It increases the future cost of goods and services, and it potentially erodes the value of assets set aside to meet those costs -- if those assets earn less than the rate of inflation.

Health care. The cost of medical care has emerged as a more important element of retirement planning in recent years. That's primarily due to three reasons: health care expenses have increased at a faster pace than the overall inflation rate; many employers have reduced or eliminated medical coverage for retired employees; and life expectancy has lengthened. In addition, the nation's aging population has placed a heavier burden on Medicare, the federal medical insurance program for those aged 65 and older, in turn forcing Medicare recipients to contribute more toward their benefits and to purchase supplemental insurance policies.

The Employee Benefit Research Institute has estimated that if recent trends continue, a typical retiree who is age 65 now and lives to age 90 will need to allocate about $180,000 of his or her nest egg just for medical costs, including premiums for Medicare and "Medigap" insurance to supplement Medicare. Because of the higher cost trends affecting private health insurance, the same retiree relying on insurance coverage from a former employer may need to allot nearly $300,000 to pay health insurance and Medicare premiums, as well as out-of pocket medical bills.

Social Security. The demographic forces that have led to an increasingly older population are expected to continue, putting more pressure on the financial resources of the Social Security system -- the government safety net that currently provides more than half of the income for six out of 10 Americans aged 65 or older.

In fact, the number of workers supporting each Social Security beneficiary through payroll taxes is projected to decline from 2.8 in 2013 to 2.1 in 2032. At that ratio there would not be enough workers to pay scheduled benefits at current payroll tax rates. If no action is taken to fix Social Security's financial problems, the system's trust funds may be exhausted by 2034.2 These trends have raised uncertainty about how Social Security can be financed in future years and whether benefit levels and eligibility requirements may have to be changed as the population continues to age.

Excess withdrawals. The decision about how much money may be safely withdrawn each year from a retirement nest egg needs to take into consideration all the risks mentioned above. But retirees also must consider the fluctuating returns that their personal savings and investments are likely to produce over time, as well as the overall health of the financial markets and the economy during their withdrawal period.

The stock market's collapse in 2008 after a short bull market illustrates the dangers of withdrawing too much too soon. Withdrawing 7% or even more per year from a retirement portfolio during the bull market years might have seemed a reasonable rate. But the ensuing bear market in stocks raised the possibility that the value of a retiree's portfolio might be reduced as a result of stock market losses, increasing the chance that the retiree would outlive his assets. According to one analysis, the average maximum sustainable withdrawal rate over any 30-year period for a balanced portfolio of stocks and bonds was 6.3% after adjusting for inflation. One strategy that may potentially avoid premature exhaustion of assets is to adopt a relatively conservative withdrawal rate of 4% to 5% a year. The same study showed that a withdrawal rate of 4% was sustainable in 95% of the periods studied.3

Addressing the Risks


While the risks discussed above are common to most people, their impact on retirement income varies from person to person. Before you can develop a realistic plan aimed at providing a sustainable stream of income for your retirement, you will have to relate each risk to your situation. For example, if you are in good health and intend to retire in your mid 60s, you may want to plan for a retirement lasting 30 years or longer. And when you estimate the effects of inflation, you may decide that after you retire you should continue to invest a portion of your assets in investments with the potential to outpace inflation.

Developing a realistic plan to address the financial risks you face in retirement may seem beyond you. But you don't have to go it alone. An experienced financial professional can provide useful information, as well as valuable perspective on the options for successfully managing what may stand in the way of your long-term financial security.

Source/Disclaimer:

1Source: Social Security Administration, Period Life Table, 2007 (latest available).

2Source: Social Security Administration, Fast Facts and Figures About Social Security, 2015. 3Source: DST Systems, Inc. This example is a compilation of all 30-calendar-year holding periods from 1926 to 2015, based on a portfolio of 60% U.S. stocks and 40% long-term U.S. government bonds, with annual withdrawals adjusted for actual historical changes in the Consumer Price Index. The example is not intended as investment advice. Actual sustainable withdrawal rates ranged from 3.7% to 11.4% in the periods studied. Please consult with your own personal financial advisor if you have questions about choosing a withdrawal rate and how it relates to your own financial situation.

Del Gallo Financial Services, LLC (DFS,LLC) does not endorse the (FPA(r)), Financial Planning Association (r), and makes no representation as to the completeness or accuracy of information provided from these articles, sites and sources. Nor is DFS, LLC liable for any direct or indirect technical or system issues or any consequences arising out of the client(s) access to or use of those articles, sites and sources. Del Gallo Financial Services, LLC’s (DFS, LLC) can provide access to its' Disclosures, Agreements, Privacy Notice, ADV II, and those reading these or any articles, sites, and sources should review, understand, and agree with all planning, legal, and tax implications with their own personal Attorney, CPA, and other financial professionals before implementing any recommendations or acting on any information for themselves or their family. These articles are not investment advice but are for general information purposes to begin the planning discussion with your own personal advisors, since every individual's circumstances are unique. DFS, LLC does not provide legal or tax advice. Del Gallo Financial Services is a Registered Investment Advisor and Licensed Insurance Agency. Please see DELGALLO.COM for additional details.

Required Attribution

Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. , Del Gallo Financial Services, LLC (DFS,LLC), nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall Wealth Management Systems Inc. or Del Gallo Financial Services, LLC (DFS,LLC) be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the content.

Article by the FPA(R), Financial Planning Association(R) , "Financial Planning Perspectives"

© 2016 DST Systems, Inc. Reproduction in whole or in part prohibited, except by permission. All rights reserved. Not responsible for any errors or omissions.

-------------------------------------------------------------------------------------------------------------------------------------------


7/1/16

FPA(R) - Financial Planning Perspectives

                                             

                                               Resources to Help Those Caring for a Loved One at Home

Description:
An overview of resources available to people caring for a family member or loved one at home.

Synopsis:
Being a caregiver can be overwhelming, particularly if you are juggling other responsibilities, such as working or raising a family. Knowing where to turn for help can make a difference -- both in the quality of care your loved one receives and in lessening the stress and responsibilities on you. This article provides some of the resources you can turn to for help.

Callout:
Being a caregiver can be overwhelming, particularly if you are juggling other responsibilities, such as working or raising a family. Knowing where to turn for help can make a difference -- both in the quality of care your loved one receives and in lessening the stress and responsibilities on you.

 

  Body:

If you provide home-based care to a loved one, you are not alone. Millions of Americans provide unpaid family care every year. 

Being a caregiver can be overwhelming, particularly if you are juggling other responsibilities, such as working or raising a family. Knowing where to turn for help can make a difference -- both in the quality of care your loved one receives and in lessening the stress and responsibilities on you.

Where to Go for Assistance: Elder Care Support


If the person you are providing care for is 65 or older, there are many resources available to you. One of the first stops to make is the U.S. Administration on Aging (AoA), which can be found online at www.aoa.gov. The AoA is dedicated to helping "elderly individuals maintain their dignity and independence in their homes and communities."

The AoA also maintains a Web site called the Eldercare Locator (www.eldercare.gov) that can help caregivers find local agencies that provide home and community-based services such as transportation, meals, home care, and support assistance.

Other helpful online resources:

-     The Medicare website (www.medicare.gov) details the various types of home health care services that are covered under Medicare and furnishes tools designed to help those in need of care choose home health care providers. Be sure to access the booklet "Medicare and Home Health Care."


-    ElderCarelink (www.eldercarelink.com) is a referral service consisting of over 50,000 senior care providers across the United States and includes nursing homes, assisted living facilities, adult daycare, and home care services.


-    The Visiting Nurse Association of America (VNAA) website (www.vnaa.org) has a database of visiting nurses in your area. The VNAA is an association of individuals who provide cost-effective health care to the elderly and the disabled.


-     If your loved one is a veteran, the U.S. Department of Veterans Affairs (www.va.gov) provides a detailed listing of VA health care benefits. Additional services can be obtained from the nonprofit Disabled American Veterans (www.dav.org), including claims assistance and transportation to VA hospitals.


-     The consumer-facing site of the National Association for Home Care and Hospice (www.nahc.org/consumer) offers guidance and resources to help caregivers find services in their area.


-     Both the National Cancer Institute (www.cancer.gov) and Cancer.Net (www.cancer.net) have extensive sections devoted to caregivers that include guidance on finding support services, including home health care.


Where to Go for Assistance: Caregiver Support


The National Family Caregivers Association (NFCA) has a wealth of resources for caregivers at its Web site (www.thefamilycaregiver.org), including an online support network and a library of helpful tips on topics ranging from reducing stress to care management techniques. Other resources include:

-     The Family Caregiver Alliance (www.caregiver.org) started as a small task force created to assist San Francisco-based caregivers. It has now grown into a national organization dedicated to advancing the development of high-quality, cost-effective programs for caregivers in every state.


-     AARP (www.aarp.org) has a number of online communities devoted to caregivers, including those specific to loved ones who are suffering from cancer and Alzheimer's. There is no age requirement to participate in any of AARP's communities.


-     The National Alliance for Caregiving (www.caregiving.org) also has online resources to help those who are providing help to others, including its Family Caregiving 101 site (www.familycaregiving101.org), which offers education and support.


The average family caregiver works either full or part-time -- in addition to nearly 20 hours of care per week.* Those responsibilities really add up. So do your best to heed the advice of the many advocacy groups encouraging caregivers to carve out some time to take care of themselves, both physically and mentally.

Source/Disclaimer:

Del Gallo Financial Services, LLC (DFS,LLC) does not endorse the (FPA(r)), Financial Planning Association (r), and makes no representation as to the completeness or accuracy of information provided from these articles, sites and sources. Nor is DFS, LLC liable for any direct or indirect technical or system issues or any consequences arising out of the client(s) access to or use of those articles, sites and sources. Del Gallo Financial Services, LLC’s (DFS, LLC) can provide access to its' Disclosures, Agreements, Privacy Notice, ADV II, and those reading these or any articles, sites, and sources should review, understand, and agree with all planning, legal, and tax implications with their own personal Attorney, CPA, and other financial professionals before implementing any recommendations or acting on any information for themselves or their family. These articles are not investment advice but are for general information purposes to begin the planning discussion with your own personal advisors, since every individual's circumstances are unique. DFS, LLC does not provide legal or tax advice. Del Gallo Financial Services is a Registered Investment Advisor and Licensed Insurance Agency. Please see DELGALLO.COM for additional details.

Required Attribution

Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. , Del Gallo Financial Services, LLC (DFS,LLC), nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall Wealth Management Systems Inc. or Del Gallo Financial Services, LLC (DFS,LLC) be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the content.

Article by the FPA(R), Financial Planning Association(R) , "Financial Planning Perspectives"

© 2016 DST Systems, Inc. Reproduction in whole or in part prohibited, except by permission. All rights reserved. Not responsible for any errors or ommisions.

---------------------------------------------------------------------------------------------------------------------------------------------

DelGallo Real Estate Essentials -  https://delgallo-real-estate.blogspot.com/2019/

                                      Property Location and Other Factors to Consider For Resale Value

The majority of current and future homeowners search for a property that suits their needs and fits in a location that is close to work, family, and/or possibly "good" schools. Others may look for a property that is near an area where they like to vacation or travel to with frequency. Many families do not always consider the resale potential of their property when searching for that special place to call home.


Is there something more we should all consider when buying that next real estate property? What are the housing trends in the location we are searching in? Are the taxes increasing at a rate that is above or below normal for the area? What is the average number of homes that have sold in previous years and typically how many homes come to market in any given year? Are the homes I am looking at an average size or are they larger or smaller than the typical house that comes to market? What amenities are close to the location where I am searching? Is there a lot of new construction or businesses moving into the area that could affect home values? Are there any environmental issues that could affect the ability to buy or sell a house? Am I searching in an area that may have unusual weather from time to time? Have I explored the cost of insurance and any extra insurance coverage riders that may be needed to properly protect the investment? Will there be any major costs that could arise to maintain the property now and in the future? How long do I intend to own the home?


These questions and many others should be reviewed and explored before considering that next real estate purchase. Len DelGallo is a real estate agent with 30 years of financial experience that may be able to help you investigate many of these factors and other issues to give you a better chance to improve your future resale value potential with your next real estate purchase.


Visit the website below today to get a competitive market analysis for your home in Connecticut, USA. Len also has the ability to help you with real estate market updates and local property searches to give you an edge in the real estate market. If you live outside of Connecticut email me at the location within the website listed below and I can refer you to an agent who can help you. Please check back on this blog for real estate essentials that will help you buy, sell, or rent a home.
       

What's Your Home Worth?
Get three automated Estimates - Instantly.
No cost, and no obligation. Click Below and/or forward to a friend.

https://bhhsne.findbuyers.com/llanderman@bhhsne.com

------------------

 

Len Real Estate Website: https://delgallo.com/LENDELGALLOREALESTATE.html

Leonard J. Del Gallo Jr., Real Estate Agent - CT. RES.0812473 - Licensed Connecticut, U.S.A

Web: https://leonardjdelgallojr.bhhsneproperties.com/


Broker: Berkshire Hathaway HomeServices New England Properties

www.bhhsneproperties.com

Office: 172 West Main Street

Avon, Ct. 06001

(860) 677-7321


Leonard J. Del Gallo Jr. is a real estate agent licensed in Connecticut USA   (CT. RES.0812473)  
file:///C:/Users/Len%20Del%20Gallo/AppData/Local/Microsoft/Windows/INetCache/IE/AU7FNYR0/BingSiteAuth.xml#
<meta name="msvalidate.01" content="B2FC2D0014464E2D5A735470DF9B1904" />

----------------------------------------------------------------------------------------------------------------------------------------------

DelGallo Real Estate Essentials -  https://delgallo-real-estate.blogspot.com/2019/

                                       Do You Have a Permit for That Renovation, Addition, or Home Project

Selling a home can be a complicated and difficult process. In addition to many documents that must be completed in a timely manner there is also the issue of the house inspection. In many home purchases and/or sales there are permits that have not been closed or issued for renovations, additions, and other home projects. Permit issues can impact a sale and/or purchase of a home. It may take time to get a permit issued or closed and it may require having contractors in your home to view the work that has been completed or in progress. The building inspector may have to sign off during the process or the building inspector may request that certain items be fixed before issuing a permit. There is also the aspect of homeowner's insurance, since many insurance companies may not insure home changes that were not permitted and issued by the town, city, state, or municipality.  Laws and regulations can be different in each town, city, municipality, and/or state.  Has a certificate of occupancy been issued for your project? There can also be late fees and/or fines among other issues if there has not been a permit application submitted and closed in a timely manner.


Please check with your insurance carrier and your local building department within your town, city, or municipality for details and if a permit is required for your renovation, addition, or home project.


Visit the website below today to get a competitive market analysis for your home in Connecticut, USA. Len also has the ability to help you with real estate market updates and local property searches to give you an edge in the real estate market. If you live outside of Connecticut email me at the location within the website listed below and I can refer you to an agent who can help you. Please check back on this blog for real estate essentials that will help you buy, sell, or rent a home.

What's Your Home Worth?
Get three automated Estimates - Instantly.
No cost, and no obligation. Click Below and/or forward to a friend.


https://bhhsne.findbuyers.com/llanderman@bhhsne.com

--------------------------

Len Real Estate Website: https://delgallo.com/LENDELGALLOREALESTATE.html

Leonard J. Del Gallo Jr., Real Estate Agent - CT. RES.0812473 - Licensed Connecticut, U.S.A

Web: https://leonardjdelgallojr.bhhsneproperties.com/

Broker: Berkshire Hathaway HomeServices New England Properties

www.bhhsneproperties.com

Office: 172 West Main Street

Avon, Ct. 06001

(860) 677-7321


Leonard J. Del Gallo Jr. is a real estate agent licensed in Connecticut USA   (CT. RES.0812473)  
file:///C:/Users/Len%20Del%20Gallo/AppData/Local/Microsoft/Windows/INetCache/IE/AU7FNYR0/BingSiteAuth.xml#
<meta name="msvalidate.01" content="B2FC2D0014464E2D5A735470DF9B1904" />

---------------------------------------------------------------------------------------------------------------------------------------------

DelGallo Real Estate Essentials -  https://delgallo-real-estate.blogspot.com/2019/

                                               Are You Confused with The Real Estate Process?

Are you confused with the real estate process? There are many documents that need to be completed from a legal and compliance standpoint to protect all parties involved. It can be difficult to sell a home by yourself and ensure you have the protections in place to minimize unforeseen litigation. A Realtor(r) who has years of business experience can often help in the process to make your home buying experience a seamless transition. Is your pricing correct? Pricing is one of the most critical pieces because timing can impact the price of your home. Shifts from a buyer's market to a seller's market or vice versa can happen in very short periods of time.


Visit the website below today to get a competitive market analysis for your home in Connecticut, USA. Len also has the ability to help you with real estate market updates and local property searches to give you an edge in the real estate market. If you live outside of Connecticut email me at the location within the website listed below and I can refer you to an agent who can help you. Please check back on this blog for real estate essentials that will help you buy, sell, or rent a home.

All articles contained within Delgallo.com and associated links are to be used for informational purposes only, please verify all content, the reader and visitor to the websites and links is responsible for checking with their attorney, accountant, and their financial representativs prior to making any plans or decisions and acting upon them. 

What's Your Home Worth?
Get three automated Estimates - Instantly.
No cost, and no obligation. Click Below and/or forward to a friend.


https://bhhsne.findbuyers.com/llanderman@bhhsne.com

----------------------------

Len Real Estate Website: https://delgallo.com/LENDELGALLOREALESTATE.html

Leonard J. Del Gallo Jr., Real Estate Agent - CT. RES.0812473 - Licensed Connecticut, U.S.A

Web: https://leonardjdelgallojr.bhhsneproperties.com/


Broker: Berkshire Hathaway HomeServices New England Properties

www.bhhsneproperties.com

Office: 172 West Main Street

Avon, Ct. 06001

(860) 677-7321


Leonard J. Del Gallo Jr. is a real estate agent licensed in Connecticut USA   (CT. RES.0812473)  

file:///C:/Users/Len%20Del%20Gallo/AppData/Local/Microsoft/Windows/INetCache/IE/AU7FNYR0/BingSiteAuth.xml#
<meta name="msvalidate.01" content="B2FC2D0014464E2D5A735470DF9B1904" />

--------------------------------------------------------------------------------------------------------------------------------------------

Website Links to gather additonal information courtesy of  Del Gallo Financial Services, LLC

Click to Link with Len Del Gallo - Linkedin Page -    www.linkedin.com/in/len-del-gallo-jr-437683ab

DELGALLO.COM HOME PAGE: https://delgallo.com/

Real Estate : https://delgallo.com/LENDELGALLOREALESTATE.html

What is a Certified Financial Planner - CFP(r) - https://en.wikipedia.org/wiki/Certified_Financial_Planner

Facebook Page Del Gallo Financial Services, LLC    - https://www.facebook.com/DFS.CFP

IRS:    www.irs.gov/

Financial Planning Association:  www.fpanet.org

CFP(r) Board of Standards: www.cfp.net

FINRA: www.finra.org

Reuters News: www.reuters.com

Connecticut Department of Banking: https://portal.ct.gov/dob

Social Security Retirement Benefits: https://www.ssa.gov/benefits/retirement/

http://avonrealestateagent.com/

http://avonctrealestateagent.com/

http://burlingtonctrealestateagent.com/

http://cantonctrealestateagent.com/

http://colliercountyrealestateagent.com/

http://farmingtonctrealestateagent.com/

http://lendelgallorealestate.com/

http://realestateagentavonct.com/

http://realestateagentsavonct.com/

http://simsburyctrealestateagent.com/

http://westhartfordctrealestateagent.com/

GOOGLE Review

Click the Link below If you enjoy the website content and/or would like to write a review:  Thank You!

https://search.google.com/local/writereview?placeid=ChIJyzcPO5Cv54kRO6yJZmYZVYY

Please note that the information being provided is strictly a courtesy. When you link to any of the websites provided, you are leaving this site. Del Gallo Financial Services, LLC, Leonard Del Gallo Jr., and/or Delgallo.com make no representation as to the completeness or accuracy of information provided at these sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or use of a third-party website. Articles created by Len Del Gallo Jr., may not be copied or used without written permission from Len Del Gallo Jr. Please note that some information may be protected by copyright laws.

Thank you for visiting our website. Please email us below to request information about our products and services or to provide feedback about our site. Please do not leave any trade, order, or personal information within the message. Have a nice day!