Risk – Page 2 – Wealth on the Move

Money Matters: Before Marriage (Episode 10)

By Wealth on the Move | January 23, 2025

Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck discuss the critical financial conversations that couples should have before marriage. They explore the importance of transparency about money, the legal implications of marriage, and the necessity of protecting assets through prenuptial agreements and wills. The episode emphasizes the need for life insurance and regular updates to financial documents to ensure that couples are prepared for any eventuality, ultimately aiming to prevent financial issues from jeopardizing their marriage.

Resources:

Takeaways:

Having open conversations about money is essential before marriage.
Understanding financial backgrounds can prevent future conflicts.
A financial inventory should include assets, liabilities, and credit scores.
Setting joint financial goals is crucial for a successful marriage.
Merging some financial accounts can foster transparency and trust.
Prenuptial agreements can protect individual assets and generational wealth.
Legal advice is important for estate planning and asset protection.
Regularly updating wills and beneficiaries is vital after marriage.
Life insurance is a key component of financial planning for couples.
Financial planning should be a collaborative effort between partners.

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Navigating Estate Planning with Ashley Sharek (Episode 9)

By Wealth on the Move | January 16, 2025

Summary: In this episode of Wealth on the Move, host Will Hoffman interviews estate attorney Ashley Sharek, who discusses her innovative approach to estate planning. Ashley emphasizes the importance of follow-through in legal processes, the significance of comprehensive planning, and the unique challenges faced by families, especially those with minor children. The conversation also covers the complexities of domicile issues for snowbirds and the probate process, providing valuable insights for listeners seeking to navigate estate planning effectively. In this conversation, Ashley Sharek and Will Hoffman delve into the complexities of estate planning, focusing on the probate process and the advantages of utilizing trusts. They discuss the public nature of probate, the costs associated with it, and the importance of planning ahead to avoid potential pitfalls. The conversation also highlights the significance of community engagement through educational events that aim to demystify estate planning for the public.

Resources:

Takeaways:

Ashley Sharek emphasizes a heart-centered approach to estate planning.
Many law firms focus on transactional experiences rather than comprehensive planning.
Domicile determines where a person is considered a resident for legal purposes.
Probate can be avoided with proper planning, not just a will.
Flat fee structures can alleviate concerns about unexpected legal costs.
Follow-through is crucial for effective estate planning.
Families with minor children need a kids protection plan.
Medical directives and financial powers of attorney are essential documents.
Education is a key part of Ashley’s process with clients.
Regular reviews of estate plans are necessary to ensure they remain effective. A will only provides a roadmap for asset distribution through probate.
Probate can be a lengthy and costly process, often taking one to two years.
Many people have negative experiences with probate, leading them to seek alternatives.
Revocable trusts can help avoid probate and provide privacy for families.
Irrevocable trusts serve specific purposes, such as protecting assets from nursing home costs.
The costs of probate can range from 5% to 7% of the estate’s value.
Community events can provide valuable education on estate planning.
Planning for the future is essential, even if it seems unexciting.
Understanding the differences between revocable and irrevocable trusts is crucial.
It’s important to seek professional advice when considering estate planning options.

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Connect with Ashley Sharek:

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The Critical Role of Tax Planning in Financial Success (Episode 8)

By Wealth on the Move | January 9, 2025

Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck delve into the critical topic of tax planning and its significant impact on wealth management. They discuss the difference between tax planning and tax preparation, emphasizing the importance of proactive strategies to optimize tax situations over time. The conversation highlights the necessity of starting tax planning early, the need for a shift in mindset regarding tax preparation, and the value of working with specialists in the field. The hosts provide insights on how to approach tax planning tactically and strategically, ensuring that listeners understand the long-term benefits of thoughtful financial decisions.

Resources:

12 Point Tax Review Check List

Connect with Will Hoffman:

Takeaways:

Tax planning is crucial for wealth management.
Proactive tax strategies can significantly impact financial outcomes.
Tax preparation is merely a historical record of past actions.
Understanding the difference between tax planning and preparation is essential.
Starting tax planning early can lead to better financial health.
Regular check-ins on tax situations are important for long-term success.
Shifting the narrative from compliance to strategy is key.
A tactical approach to tax planning can yield substantial savings.
Collaboration with specialists enhances tax planning effectiveness.
Long-term tax strategies can alleviate stress during retirement.

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Your 2024 Last-Chance Financial Planning Checklist (Episode 5)

By Wealth on the Move | December 5, 2024

Summary: In this episode, hosts Will Hoffman and Brynn Tarbuck discuss essential year-end financial planning strategies. They emphasize the importance of consulting with a CPA, reviewing tax situations, and preparing for the upcoming year. The conversation also touches on investment strategies, insurance reviews, and considerations for young professionals entering the workforce. As the year comes to a close, they encourage listeners to reflect on their financial goals and make necessary adjustments to ensure a prosperous new year.

Takeaways:

Schedule a discussion with your CPA before year-end.
Review your income and tax situation as the year closes.
Max out retirement contributions if possible.
Consider Roth IRA conversions based on your income.
Revisit your investment goals and strategies regularly.
Ensure your insurance coverage is adequate and up-to-date.
Discuss any major life changes with your financial advisor.
Utilize year-end checklists to stay organized.
Engage in financial planning early in your career.
Reflect on your financial goals as the new year approaches.

Resources:

2024 Last-Chance Financial Planning Checklist
Contact Us Today!
Will’s Episode with Lizette Cloete, Caring for a loved one with dementia can be overwhelming, and financial planning often gets overlooked. Have you considered how to manage finances while providing care?Insights from Will Hoffman of https://www.hoffman-wealthmanagement.com/ emphasized the complexities involved in managing assets for loved ones and the transformative impact of estate planning, urging us to prioritize legal documentation such as powers of attorney to streamline decision-making processes.

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Tips on Planning Your Taxes with Josh Jones (Ep. 10)

By Monetary-Mix-Tape | January 19, 2023

After a challenging year for the market, there are bound to be changes regarding tax season.

Even though you haven’t filed for 2022, now is a good time to know what’s in store for 2023 so you can make adjustments to your portfolio, or save side hustle expense receipts.

In this week’s edition of the Monetary Mixtape podcast, Josh Jones, President of CompFinO Tax & Accounting Services, joins Will Hoffman to discuss taxes, savings, and sports.

Listen as Josh discusses:

Tax changes Gen Xers should be aware of
What to claim if you have a side hustle
Why you should ask your employer to include a Roth in your 401K
And more!

Connect with Josh Jones:

Connect with Will Hoffman:

About Our Guest:

Joshua Jones, CPA is the owner of CompFinO (formally BeanCounters Tax and Accounting Services). CompFinO is a licensed CPA firm and a full-service payroll provider, specializing in tax preparation for small business and individuals. They provide customized solutions for all your accounting needs, such as tax preparation, bookkeeping, bill pay, tax planning, and payroll. Josh, together with his team, have served small businesses and individuals for the past 10 years, and their office is located in Southpointe. Josh received his undergraduate degree from Duquesne University, and has served on the board of the Washington County Habitat for Humanity for the last 6 years, three of those years as Treasurer.

Joshua Jones and CompFinO are not affiliated with or endorsed by LPL Financial, Hoffman Wealth Management, or Private Advisor Group.

About Our Host:

Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

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Empowering Investors with Riskalyze with Chris Quandt (Ep. 4)

By Monetary-Mix-Tape | October 20, 2022

Halloween is right around the corner and it’s the time of year where everything gets a little spookier, including the markets.

One way of ensuring clients feel confident about their investments and less eerie of the markets is by providing a tool like Riskalyze.

This week we have our very first guest, a fellow Gen Xer, Chris Quandt. He is the Success Enablement Manager at Riskalyze, and he joins Will to talk about the risk alignment platform, and why advisors and clients should be using it to invest more efficiently.

Chris discusses:

What Riskalyze is and how it helps measure risk tolerance
How taking risks with your finances can be scarier than any 80’s horror film
Why every Gen Xer should know their risk number
His favorite childhood Halloween memories
And more

Resources:

Connect with Chris Quandt:

Connect with Will Hoffman:

About Our Guest:

Chris Quandt is the Success Enablement Manager at Riskalyze. He has served on both the Marketing and Advisor Success team. As a success coach, Chris delights in helping advisors understand how Riskalyze can help them grow their business, retain clients, and show best interest.

About Our Host:

Chris Quandt and Riskalyze are not affiliated with or endorsed by LPL Financial, Private Advisor Group, or Hoffman Wealth Management.

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