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F I N A N C I A L S E R V I C E S , L L C
616-514-3831
www.MattsonFinancial.com
MAY 2021
THE OTHER TWO-THIRDS
When we sit down with a client and help them plan for the future, we consider several things like taxes, investments, income, future long-term care needs, and more. But once this part of the planning process has been completed, we’re only one-third of the way through the whole process. There are two more areas of planning not a lot of people consider that need to be explored in order to complete your entire financial picture. So, what does that look like? The first third of the process takes a look at you and your spouse. The second third shifts to your immediate family — your mom, dad, and/or siblings. You might ask, “What does my immediate family have to do with my financial future?” It can be more than you realize. We recently had a client call us up who found himself in a situation he had not expected. He had become the executor of his sister’s estate. The problem wasn’t that he had been made the executor of the estate, necessarily, but that there were minor children involved. He not only had to accept the responsibility of handling the estate but also had to manage the assets that would eventually be given to his nieces and nephews. So, he enlisted our services, and we helped him figure out his new financial future. He was able to follow his sister’s wishes, but it did change his retirement, since he had to handle the future assets of his nieces and nephews for the next 12 years. Now, this client is a smart guy who wanted the best for his family, but he never saw this coming. He didn’t know he would be named executor, nor did he inquire about it. It wasn’t a topic that had ever come up. I’ve seen this happen too many times over the years. We help clients set up their financial plan for the future, but it ends up falling apart when family members pass away and the client suddenly learns they’re the executor or they’ll be handling assets they weren’t prepared to handle. We had another client who wanted to pass assets to his two adult children. These were brothers who were also in the process of applying for disability through Social Security. While the assets weren’t enough to sustain them for the rest of their lives, it was still a sizable amount.
They had to ask themselves if they wanted to take what their father passed on or complete the application process. Suddenly, they would both be worth more — their financial situation would change overnight, modifying the terms of their application. These are just a few hurdles people commonly face. There are also issues related to divorce and rebellious grandchildren, as further examples — things that can change your financial future. This is why it’s important to learn what your immediate family members might be thinking. Most of the time, they don’t talk about it. This is why we make it a point to talk to your family so we can complete your financial picture. Nearly 100% of the time, they are willing to have this conversation. This conversation has the power to mitigate possible taxes and it ensures you know where assets are meant to be when it’s time to pass those assets to the next generation. Basically, it clears the air and gives you a plan. It’s the second third of your overall plan. The final third of completing your financial picture is planning what you want to pass to your own children and heirs. Being named an executor is time consuming and overwhelming because you now have a fiduciary responsibility to execute the will or trust of the person who put it in your care. If you deviate from the terms of the will or trust, you can be held liable.
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IN DEFENSE OF RELAXATION
Why You Need to Take Your Vacation Days
If you’re one of the 50% of Americans who would prefer a higher salary over paid vacation days, then the thought of relaxing by the pool probably makes your skin crawl. According to a 2019 Allianz Global Assistance survey, most Americans would only give up their vacation days for a 48% raise, but as Forbes reports, about 1 in 5 workers would only need a 24% raise to willingly fork over their vacation days. The rise of what experts are calling “performative workaholism” is evident in the hustle-and-grind culture of working long hours, skipping lunches, working throughout the weekend, and taking very few breaks. But medical and psychological experts caution that addiction to the hustle comes at a price. Recent evidence suggests that working long hours over extended periods of time actually makes you a worse employee. As exhaustion creeps in, your ability to complete even the most mundane or simple task decreases. In those moments, it’s
important to take a short break, but it’s also vital to recognize when your body needs an extended refresher. This could make you better at your job. According to the Organisation for Economic Co- operation and Development, Luxembourg, Ireland, and Norway have some of the world’s most productive workers. Coincidentally, they also provide many vacation days. So, what’s great about taking a vacation? Experts at a Midwestern hospital system, Allina Health, report that stepping away from work for a short period of time can decrease your risk of heart disease, improve your quality of sleep, create a better mood, and boost your relationships. Researchers in the Netherlands even found that simply planning for and anticipating a vacation can improve your happiness level!
If you can’t stand the thought of taking time off, you’re not alone. More than 40% of respondents in a 2016 survey said they felt they
HOW TO LIVE TO 99 Betty White’s Secrets of Longevity
Exercise Your Mind In addition to her busy work schedule, what keeps Betty White
Beloved “Golden Girls” actress Betty White is still enjoying her golden years. The famed actress celebrated her 99th birthday this January. While she told People magazine that she’s “blessed with good health, so turning 99 is no different than turning 98,” she also had a few tips for folks looking to make it to their centennial birthday. Keep Laughing “Don’t take yourself too seriously,” White says. “You can lie to others — not that I would — but you cannot lie to yourself.” White has undoubtedly provided many laughs to viewers over the years, but she’s not just playing it up for the camera. Laughter is part of what keeps her young. Be Optimistic White says a good sense of humor also helps her keep a good attitude and look for the positive rather than “dwelling on the downside.” Avoiding negativity also gives her energy. “It takes up too much energy being negative,” she told People magazine. Stay Busy With nearly eight decades of acting under her belt, six Emmys on her shelf, and over 120 screen credits to her name, White is no stranger to hard work. As she told Parade in 2018, “I just love to work, so I’ll keep working until they stop asking.”
sharp? Crossword puzzles! She told Katie Couric in an interview, “I’m addicted. An admitted addict. I just can’t put ’em down.”
Find a Cause White is a lifelong animal lover. She calls her golden retriever, Pontiac, “the star of the house.” While pet ownership itself comes with proven health benefits, White has channeled her love for animals in bigger causes. She’s been a trustee and board member of the Greater Los Angeles Zoo Association for over 40 years and has done work to help protect endangered species in the wild. Funds raised from White’s official fan club, Bet’s Pets, all go to support animal charities. Embrace Your Vices White told Parade she loves vodka and hot dogs “probably in that order,” which just goes to show that you don’t have to forgo your treats to live to 99.
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couldn’t take a vacation because there wasn’t anyone to cover them. Communicate your concerns with your employer to find a compromise.
Start slow, too. Schedule a long weekend and pack your days with activities, like getting a massage, hiking, or traveling to a local destination. Look to travel sites like Expedia, Airbnb, and Travelocity for local deals and tips on the best vacation methods. Soon, you’ll be the biggest advocate for taking time off.
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Here’s an example of what that can look like: We had a client in Florida who was made the executor of her dad’s estate. This client also has two brothers — one brother borrowed money from Dad years ago and never paid it back. He was set to receive no benefits from the estate. The client wanted to include her brother so each sibling received a third of the estate. She talked to legal counsel and family but had no recourse. If she didn’t follow Dad’s rules, she would be exempted from benefits as well (she would only receive $1). She had to do what Dad wanted. It caused a rift in the family, but that’s the way these things can go. As we say, money makes people funny. You can have people who get along very well. Then money enters the equation and it all falls apart. There’s another saying along these same lines: “If you want to get rid of a friend, lend themmoney.” My point is that every family needs to have a plan. You need to know not only your own goals, but also the goals of your immediate family. When you take everyone into consideration, it protects your own goals as well as theirs. Plus, it can mean no surprises and lower taxes. I leave you with one final thought as you contemplate the other two-thirds of your plan. It’s one of my favorite verses related to the topic of retirement: “A good man leaves an inheritance to his children’s children, but the wealth of the sinner is stored up for the righteous.” (Proverbs 13:22 NKJV).
LAUREL’S
THAI MINCED PORK SALAD
Inspired by EatingThaiFood.com
Called “Larb” in Thailand, this popular street food comes together quickly and can be easily modified to suit your individual taste.
Ingredients
•
5 tbsp uncooked Thai sticky rice
• • • • •
Juice of 1–2 limes, to taste 4 small shallots, thinly sliced 4 green onions, thinly sliced Cilantro leaves, to taste
• • • •
1 lb ground pork
1/2 tbsp chili flakes
1/8 tsp sugar
Mint leaves, to taste
1/2 tbsp fish sauce
Directions
1. First, make toasted rice powder: In a frying pan over low heat, dry-roast the rice, stirring continuously until it turns golden brown and smells fragrant, about 15 minutes. 2. Let toasted rice cool, then grind into a coarse powder using a mortar and pestle, blender, or food processor. Set aside. 3. In a medium frying pan over medium-high heat, fry pork, breaking it into small pieces as you go, until fully cooked. 4. Remove from heat and add 1 heaping tbsp of toasted rice powder along with all other ingredients. Stir to combine. 5. Taste and adjust, adding more lime juice and herbs to suit your palate. Serve with rice.
The best gifts you can give are your time and your presence now. They can’t enjoy that after you’re gone.
–Gary Mattson
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F I N A N C I A L S E R V I C E S , L L C
3226 28th Street SE Kentwood, MI 49512
INSIDE THIS ISSUE
It’s Time to Complete the Other Two-Thirds of Your Plan
1 2
The Benefit of Using Your Vacation Days
99-Year-Old Betty White’s Secrets of Longevity
3
Thai Minced Pork Salad
Mark Your Calendar!
4
3 Tips for RVing on a Budget
**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.
Investment advisory services are offered through Mattson Financial Services, LLC, a Registered Investment Advisor in the state of Michigan. Insurance products and services are offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies.
Become a Savvy RV User And Save Money on Your Summer Road Trip
This past fall, RV manufacturers reported a 31% increase in sales compared to 2019. This was no doubt related to an effort to stave off the spread of COVID-19, which had more families opting to take road trips and camp instead of going on tropical and European vacations. While the great outdoors can be the perfect affordable backdrop for family vacations, it doesn’t come without a cost. You can hit the road without your bank account taking a hit with these three must-do tips! Stay for Free If you’re on a cross-country adventure, you will need a place to park and rest each night before continuing your adventure the next day. Rather than shelling out money every night, consider free options. Search for public land that’s part of the Bureau of Land Management or in a Wildlife Management Area that allows
overnight camping. Walmart allows RV parking at no cost, but some locations pose safety concerns. To mitigate this, well-meaning RVers have listed Walmart locations with red flags. You can check them out at AllStays.com. Save on Fuel Fuel could be your biggest expense, but you can cut down on the inevitable by driving slower than 60 mph when it’s safe to do so. Once you hit 60 mph or above in your RV, your gas mileage will drop. Furthermore, you can keep your gas bill in check by sticking to trips within your state, planning your route to avoid unnecessary detours, and leaving early to miss the traffic. Each little action could make a big impact on your fuel bill. Re-Use Items in Your Home You may have a long to-buy list for your RV, but not everything on there may be necessary.
Before splurging on the latest gear, consider what you have in your home. Use old kitchen utensils and plates, cleaning supplies, bedding, and entertainment items like books and toys in your RV to save money and clear some clutter from your home. It’s a win-win! Looking for more RV tips? Check out GanderOutdoors.com or download apps like AllStay, RV Parky, and State Lines. Happy trails!
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