Goldstein On Gelt

When you die will your heirs need to pay estate tax? The distribution of a deceased person’s assets is a complicated process that may become more complicated when estate tax is involved. Ron Zalben, CPA at Aboulafa Avital Shrensky & Company law firm and frequent guest on The Goldstein on Gelt Show, shares insights on estate tax. Listen to learn if your estate will be subjected to estate tax, and what the current laws are. Did you, or are you anticipating receiving an inheritance? Doug wrote a book geared to those who have received, or are anticipating receiving an inheritance. The Inheritance Book. The book is a resource for people who recently lost a loved one. The book contains 5 essential checklists to streamline the paperwork involved in claiming an inheritance. If you need a little help getting your inheritance paperwork form in order, Doug has created a free checklist to keep you on track. Download free resource: Inheritance Paperwork Form If you have follow up questions about estate tax, be in con

If a loved one recently passed, do you know what you need to do to claim your inheritance? Israeli law requires heirs to have a transfer certificate to claim an inheritance. What is a transfer certificate? Where can you get one? Today’s guest has the answers… Ron Zalben, a partner at Aboulafa Avital Shrensky & Company, has extensive knowledge of estate tax laws and transfer certificates. Getting a certificate can be a tedious process, but it is necessary to claim or transfer any assets. Ron explains how someone receives a transfer certificate. Have you recently received an inheritance? If you received an inheritance that included a beneficiary IRA account, in order to avoid needless taxation, you need to open a U.S. brokerage. Doug explains why it is essential to find a cross-border brokerage firm. If you need a little help getting your inheritance paperwork form in order, here is a free checklist to keep you on track. Download free resource: Inheritance Paperwork Form Buy a copy of Doug’s latest book

What exactly is a power of attorney, and when would it come into play? Russell Mayer, a Senior Partner at Livnat Mayer & Company, explains what a power of attorney (POA) is and when people would typically need to use one. A power of attorney gives someone else the authority to handle your affairs in the event you can’t. There are several different types of power of attorney, and knowing which is the most appropriate can be complicated. In fact, Americans who recently moved to Israel may be surprised to find that an American power of attorney will not be recognized in Israel. There’s more to know about receiving an inheritance, other than getting cash! During September every episode is focusing on a different aspect of receiving an inheritance. Today’s episode focuses on what happens if you inherit an (Individual Retirement Account). Taking money out of a beneficiary IRA can have tax consequences so before you use the funds consult with a tax advisor, and before you invest the funds, consult with your inve

Why is it important to have a will, if it only comes into play after you no longer are alive? Russell Mayer, an estate attorney based in Israel, explains how the law distributes an investor’s assets after their death and why having a valid will makes a difference. Doug and Russell examine how a will works and who needs to be involved in creating it. Russell stresses the importance of each spouse having a separate will (some things just aren’t meant to be shared!). The death of a loved one is difficult, but the dividing assets doesn’t have to be emotionally wrought experience. Determining what arrangements you want for your family before you pass can save a lot of potential legal battles. Welcome to Inheritance Month September is Inheritance Month on The Goldstein on Gelt Show. Every episode this month, will discuss a different facet of giving and receiving an inheritance. How should you handle an inheritance? What kinds of decisions should you make during an emotional time in your life? In today’s episode, Do

Do you know how to choose a mutual fund to best meet your investment goals? Doug just created The Mutual Fund Buying Checklist to help you choose mutual funds! Download it now! In a recent listener’s letter, Doug was asked if mutual funds were still a good investment. He was also asked if it is illegal for Americans living abroad to purchase them. Listen to today’s episode to get the answers. And remember if you are an American expat, you should always work with a cross-border financial advisor who has expertise in your countries. Download free resource: The Mutual Fund Buying Checklist August is “How to Make Money in the Stock Market” Month The month of August is “How to Make Money in the Stock Market” month. All of August’s podcast will feature ways to invest in the stock market. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

Do you know the benefits of ETFs (Exchange Traded Funds)? While some investors like to pick their own individually stocks, statistically their overall returns tend to be lower than someone who invests in a mutual fund or ETF. Listen to today’s episode to learn what to look for in choosing an ETF and how to use them effectively. Long-investors who want to hedge their bets may find that investing in ETFs is the answer to having a stress-free portfolio. Download a free resource that outlines the key components of ETFs. Download free resource: How to Choose ETFs and Have a Stress-Free Portfolio August is “How to Make Money in the Stock Market Month” on The Goldstein on Gelt Show The month of August is How to Make Money in the Stock Market Month. Every episode this month will feature ways to invest in the stock market. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

How does an investor pick a good stock when there are so many to choose from? What if choosing a stock didn’t have to be so complicated? Download Doug’s free resource to help you make educated stock choices. The eight-point list is complete with practical advice on picking stock. However, don’t only use this list as your criteria for choosing stocks. Investors should always work closely with a professional financial advisor to build their portfolio, making sure it will both meet their investments goals and match their risk tolerance. The Smart Way to Pick Stocks is an in-depth explanation on stocks. Download free resource: The Smart Way to Pick Stocks   If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

Wells Fargo announced they are going to end their relationship with their overseas clients and close those accounts just because the address on the account is not in America. Does Wells Fargo’s move leave you and your investments out in the cold? If you received a letter from Wells Fargo (or any other American brokerage firm) informing you that you must move your account elsewhere, don’t panic. There is a simple solution. How Profile Can Help You With over 25 years of experience with cross-border investors, Profile is able to open and maintain U.S. brokerage and IRA accounts for people who live outside the United States. Even though our office is in Jerusalem, we work with Portfolio Resources Group, which has clients in 35 countries. Our Jerusalem office focuses on clients in Israel, Europe, and the Far East. Listen to this podcast episode which tells you the basic procedures that clients need to know about transferring their accounts. Then, call the office 02-624-2788, and let’s start a con

One of the biggest problems facing a widow (other than the devastating loss of their spouse) is the fear of going broke. Losing your life’s partner is a very emotional time. Many times a widow is faced with decisions she has never had to consider before, including financial decisions. If you are close to a widow, would you know if she were having financial problems or if she was facing the possibility of going broke? Doug created a list of signs that might possibly indicate a widow (or anyone else) may be in an unstable financial position. This free resource, Do You Recognize the 5 Warning Signs a Widow is Going Broke?, highlights all of the warning signs, and tells you what you can do to prevent financial instability. Download free resource: Do You Recognize the 5 Warning Signs a Widow is Going Broke? If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

A question that I’m asked frequently these days is “how do I handle my American investments from overseas if my current American brokerage firm wants to close my account?” It’s common for me to get inquiries from people who received letters about their accounts being closed/frozen. Happily, I can help them. While many American firms are dismissing clients with foreign addresses, we welcome the strengthening of international relationships. We custody our clients’ accounts at Pershing, LLC. Member NYSE/SIPC, a subsidiary of the Bank of NY Mellon Corp. That means that all the assets are held in America, the statements are all in English, and all the accounts are compliant with IRS regulations. Beware of moving assets to Israel! Not only will tax-deferred accounts like IRAs lose their U.S. tax-deferred status, but U.S. PFIC regulations can make it very costly to invest in Israeli funds. Bottom line: there are two easy steps to handle your American investments from overseas: Listen to this week’

Climbing prices are bad for consumers and investors. What is the best way to stop inflation from eating away at the real value of your investments? While most consumers view higher prices and inflation as a bad thing, the stock market frequently rises during periods of high inflation. This means your stock prices and dividends may increase. How to stop inflation from eroding your purchasing power? When prices rise, the Consumer Price Index (CPI) also rises. It may be prudent to buy TIPS (Treasury Inflation-Protected Securities) because they are pegged to the CPI. REITS (real estate investment trusts) are a popular choice because rising prices also spill over to property values. Increases in rent are directly paid out to REIT owners in terms of higher dividends. Listen to the episode to learn which investments are better avoided during times of high inflation (hint, CDs and annuities may fit into this category). If you’re not already receiving updates on new episodes, sign up now, and as a sp

Managing retirement funds doesn’t need to be confusing or overwhelming. Rolling over a 401K into an IRA (individual retirement account) frequently makes it easier for the client. I am often asked for tips on what investments should be inside of an IRA account. Here’s what I tell folks: Depending on your situation, you can have stocks, bonds, ETFS, mutual funds in the account High-dividend positions may be tax advantageous Tax-deferred growth is a positive… unless your stock drops in value and you lose the opportunity for a write-off Don’t forget to make sure you take your required minimum distributions as required to avoid penalty payments. For other tips on how to invest and manage your IRA accounts, listen now! If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

If you are a non-resident alien of the U.S. (meaning you do not live there and you do not have citizenship) and own investments or assets in America, your American assets may be subject to inheritance tax. With the help of smart tax advisors, many people have found some great solutions. Ron Zalben, The Goldstein on Gelt Show’s tax tip expert, discusses how a non-resident alien can choose investments to side-step this costly tax. Ron, a partner with Aboulafa Avital Shrensky & Company, specializes in American and Israeli tax planning and compliance. Find out when an offshore mutual fund comes in pretty handy for a non-resident alien. American citizens though, you should stay far away from such funds! Non-resident aliens should consult with a tax professional before making a financial decision regarding a “U.S. situs” investment. What happens when a non-U.S. citizen dies with U.S. assets? The Goldstein on Gelt Show listener “Matt” asked Doug what was going to happen to his Israeli wife’s American assets when

What does financial success look like? There isn’t a formula for financial success, but there are steps you can take to achieve financial stability. The step are your “financial plan” – and everyone’s financial plan looks different. Doug explains how a financial advisor should guide you towards success through a deep understanding of your financial position. Dealing with American financial advisors when you live abroad Why would a U.S. financial advisor limit his interactions with a client who lives abroad? A Goldstein on Gelt Show listener, “Bill,” was told by his financial advisor that he can only take unsolicited orders (so much for giving advice!) and that he cannot purchase any mutual funds. What is an unsolicited order? And why can’t his financial advisor purchase mutual funds? Listen to find out more about these issues and possible solutions. Begin your path towards financial success by downloading the resource Three Steps to Financial Success. Download free resource: Three Steps to Financial Success I

Monte Carlo simulations take a huge amount of data and possible variables and let you know the chance of a specific outcome. Financial planners use Monte Carlo simulations to look at all sources of cash flow, income from investments, possible market scenarios and predict whether you’ll “make it” in retirement. Watch a short video about Monte Carlo simulations. While Monte Carlo simulations are a starting point to financial planning, Doug’s interview with Dr. Harry Markowitz titled Can Modern Portfolio Theory Make You a Better Investor? highlights all the options. Can you predict what your financial future will look like? Creating a financial plan Before you begin your financial plan, make sure to download the free resource What Checklist Do I Need for a Financial Plan? The list outlines all the questions a financial advisor asks. Start thinking critically about your finances. Download What Checklist Do I Need for a Financial Plan? Download free resource: What Checklist Do I Need for a Financial Plan? If you’r

Are you up to date with your FBAR (Reports of Foreign Bank and Financial Accounts)? If not, a cross-border financial advisor might be able to help you get things straightened out. Eli Noff is a U.S. based cross-border CPA and tax attorney who helps American citizens living abroad be U.S. tax compliant. Specifically, Eli outlines how FBAR reports are a determining factor in tax compliance. He explains who uses the information on the report, and how it is used. Eli highlights the penalties that non-compliance brings. Don’t despair if you haven’t kept up to date with your reporting requirements. Listen to the show to learn more about what you can do. Read this before you file your U.S. taxes How do you prepare for filing your taxes with the U.S. government? What numbers and forms do you need? Download the checklist Tax and Investment Reminders for Americans Living in Israel for the steps you need to take in order to complete your FBAR reports and other tax filing requirements. Remember to always consult a tax pr

How can you prepare and encourage your children to develop their own financial identity? Parents don’t necessarily have a financial obligation to their grown-up children, but situations can arise where they may want to help their children. There’s a fine line between helping and enabling financially bad behavior. How do you define that line? Listen to the show for the answer, or download the free resource 8 Steps to Raising Financially Independent Children. Download free resource: 8 Steps to Raising Financially Independent Children For other ideas on how to raise financially independent children listen to Doug’s discussion on What’s the Best Way to Give Your Children Financial Assistance? with Jeff Condon about generational giving. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.

What is the difference between term and whole life insurance? Term life insurance is pure insurance; you pay the insurance company a premium, and if you die within the predetermined period, then they’ll pay your heirs/estate a lump sum of money.  Whole life insurance has a cash component – part of your premium goes into a savings account which you can access if you ever are short of cash.  The rest of your premium goes to buy the life insurance itself. Since the entire premium doesn’t go to the insurance component, whole life policies tend to be more expensive than term policies. Is buying life insurance just throwing money out of the window? While it is true that you personally won’t benefit from life insurance, your loved ones will receive money when you die, which should replace your lost income.  Additionally, you can use the savings component of a whole life policy as an additional part of your financial plan – withdrawing funds that grew tax free. (Note, income tax is paid on investment

How can you financially prepare for a divorce? Lili Vasileff, founder of the financial firm Divorce and Money Matters, helps people prepare for their financial future after a divorce. Doug and Lili discuss the common conflicts couples have regarding money before divorce is even mentioned. Lili shares advice that makes financial communication easier and takes some of the dread out of financial planning. Lili offers a financial process someone should follow if they are getting a divorce from their spouse. Before you call your lawyer you should gather certain information. Listen to this week’s episode to learn what you should do with your money before divorce. First comes love, then comes marriage Doug has created a free downloadable resource to make financial discussions in a marriage easier. Download Money and Marriage for a list of 8 things every couple should know so they can have meaningful financial conversations. Download free resource: Money and Marriage Learn more about Lili Vasileff by reading her book

Exchange Traded Funds (ETFs) provide a different way to trade stock. But it’s not simply another way. ETFs open themselves to multiple strategies. First of all, Doug discusses the fact that ETF tend to mirror a benchmark. But why not aim to outperform the benchmark? Then, the discussion extends to discuss some tax saving strategies you could implement using ETFs. (Remember, I never give specific tax advise, but just discuss investment strategies) And how about inverse ETFs? Why should someone buy one? If you believe the market will go south, wouldn’t you just sell your stocks?