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FINANCIAL SERVICES, LLC
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www.MattsonFinancial.com
SEPTEMBER 2022
MONEY MAKES PEOPLE FUNNY CONSIDERATIONS FOR YOUR ESTATE
Let’s face it: Most people don’t want to think about what will happen to their assets after they’re gone. But conversations and planning many people see as morbid, uncomfortable, or a hassle can greatly impact the future of their wealth and family — especially when heirs are likely to disagree. And it’s not just the rich for whom a small amount of planning can make a tremendous difference. Consider first who owns your house. It is likely your biggest asset, or perhaps your second, after your retirement account. What happens if one of the people on the title dies? Who are your beneficiaries? Ownership can transfer in several ways. The first is probate. Under this process, the court approves your will and asset settlements. In other words, the state will decide whether or not your will is valid. If they find it invalid, the process becomes lengthy and costly. Probate also involves your assets becoming public knowledge. Many people think their home will automatically go to their spouse. It may depend. A home jointly owned as tenants in common has no right to survivorship for the other stakeholder in the property. In other words, one half is owned by the spouse, and the other half is owned by your estate. That, too, will go through probate. Under joint tenants with rights of survivorship, by contrast, the person you own the house, asset, or account with will receive your shares upon death. Each of you own 100% of the asset’s value. This is ideal for those who want their joint property to remain entirely with their spouse. Notably, Michigan doesn’t have community property laws, but some states do. Community property dictates that any assets a couple acquires during the marriage are automatically passed to the other spouse. This arrangement could ultimately impact you if you move from Michigan to a state with community property laws. It’s best to check this out BEFORE making the move. Your Michigan will becomes invalid and your spouse will have rights to your inheritance regardless of what’s written out. The second means of transferring your wealth is through a contract. It is a relatively straightforward process that avoids probate and usually happens with life insurance policies, IRAs, or other retirement accounts. With these, you have already designated beneficiaries. When you pass away, the individual(s) you named must file a claim with a death certificate to take over ownership directly. You want to make sure your
beneficiaries are up to date and not have assets going to a predeceased individual or former spouse if that is not your intention.
The final way to transfer your assets is through a trust. Trusts can help protect children from a previous marriage, benefit children too young to manage their own money, and assist adult children with special needs. They also help protect against estate taxes, divorce, and creditors in some instances. Unfortunately, many create trusts but lose all the benefits by forgetting to fund them. Don’t make this mistake! The failure to plan can lead to long-term consequences, including family rifts. Money makes people funny. One famous example is the estate of Dale Earnhardt Sr. He left everything, including the rights to his name, signature, and racing company, to his third wife. Now, Dale Earnhardt Jr. sometimes has difficulty with his own branding, and a family feud continues to this day. I’ve recently had family members go through a similarly difficult scenario. When both parents passed away, a trust was supposed to remain open so both children could draw assets. But they disagreed with this stipulation. They petitioned the court, changed the values of the trust, went through negotiation, and had the trust closed. It took a lot of emotion, time, and effort and costs in legal fees.
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5 SMART FINANCIAL TACTICS TO USE DU
Inflation can make people nervous about the future. Here are a few smart ways to manage your money in any economic climate — but especially during a recession. No. 1: Make every dollar count. This year, the price of gas has climbed considerably, but what should you do when driving is part of your job? Dan Varroney, founder of consulting firm Potomac Core and expert on economic performance, told NBC that people can stretch their dollar by utilizing mass transportation, carpooling, or walking. You can also combine trips with multiple stops or shop locally to save on gas and time in the long run. No. 2: Check your spending. The internet is full of trendy subscription-model brands and products, but are you still paying for ones you aren’t using? A 2021 Chase survey revealed that two-thirds of consumers have forgotten about at least one recurring payment in the
last year. In fact, more than 70% of consumers waste over $50 every month on recurring payments for things they no longer need! Double-check your statements for anything you might’ve forgotten about. No. 3: Get rid (or don’t use) high debt credit cards. Canceling a credit card can have some temporary consequences on your credit score, but if you can afford it — or need to remove the temptation altogether — cancel credit cards with high interest rates. Get a card with 0% APR if you need time to pay off new purchases before interest kicks in. No. 4: Boost your emergency fund ASAP. In life, setbacks can happen when least expected — and least wanted. This is the time for cushioning the fall in case you have any large unexpected expenses that could have major consequences on you and your family’s livelihood. No. 5: Roll over to a Roth IRA during the market downturn . Since IRA contributions are invested into the market, the downturn makes it cheaper to transition your after-tax traditional IRA into a pre-tax Roth
5 Exercises to Improve Balance Find Your Balance
Though we may not always think about it, balance is essential to just about everything we do in our daily routines. From simply getting out of bed, leaning over to tie our shoes, or even walking to the mailbox, we need good balance to keep ourselves steady while performing normal tasks. Know why balance is important. Balance is the ability to control your body’s position, whether stationary or moving. It is a key component of fitness that many people neglect while developing their fitness regimen. Balance training is a great way to help your body recognize where it is and control movements in a given space. When the body knows where its limbs are in space — known as proprioception — it is able to produce smooth, controlled movements with fewer risks of injuries.
Though balance training is important for everyone, it is especially important for those who have problems due to illness, weakness, or dizziness. It allows them to overcome stiffness or unsteadiness and to develop an awareness of body segments and how to align them. These exercises help with balance. Balance training involves exercises to strengthen the muscles that help keep you upright and improve stability. These types of exercises can be done as often as you like or even every day. Consider trying the following exercises: • Standing with your weight on one leg and raising the other leg to the side or behind you. • Putting one heel right in front of the other foot, as if you were walking a tightrope. • Standing up and sitting down from a chair without using your hands. • Walking while alternating knee lifts with each step. • Stretching and gentle movement as part of yoga or tai chi.
Reaction time and agility are also improved with balance training. The body learns how to quickly correct itself but not overcompensate and has the ability to quickly change direction effectively and efficiently.
Balance is essential to living a healthy, functional life. It’s important to incorporate balance training into your fitness regimen. That way you can decrease the risk of injuries and help move freely and confidently.
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URING A RECESSION
Upcoming Events
First Friday Event — “Oktoberfest” Oct. 7, 2022 12 p.m. 3226 28th St SE, Kentwood, MI 49512
Featured speakers begin at 12:15 p.m.: Jim Star and Mike McEntire from Medicare 180 and Senior CPA specialist Roxanne Dudicz of Rivertown Finance. Market Update at 2 p.m.
First Friday Event Nov. 11, 2022 12 p.m. 3226 28th st SE, Kentwood, MI 49512
IRA, which means you’ll keep the full dollar amount of your account in retirement. According to Clark Kendall, certified financial planner and CEO of wealth management firm Kendall Capital, transitioning into a Roth IRA may “cost 20% less if your retirement account is down 20%.”
As we wrap up our First Friday events for the year, join us for snacks and beverages and stay for our featured speaker presentation by Michelle Rashid of Senior Placement Services of Michigan. Market Update at 2 p.m.
Put these tips in your back pocket — they just might help get you through any economic climate!
Visit MattsonFinancial.com for more info!
BETH’S
NO-FUSS CHICKEN AND RICE SOUP
Inspired by RecipeTinEats.com
... continued from Cover
Ingredients
I’m not giving you legal advice, but hopefully, I am giving you food for thought. There are important considerations to ensure your assets go to the people you want with as few taxes and fees as possible. Collaborating with your heirs is just as important because if they’re not onboard with your plans, it can lead to strife later. And remember that if you don’t have an estate plan, the government has one for you. It’s called intestate, and a total stranger (a judge) makes decisions about your assets. Perhaps you don’t care what happens when you’re gone, and that’s your choice. But remember: Money that could have belonged to your heirs or charity could go to the government. Stay tuned for more musings on beneficiaries in future newsletters. In the meantime, as we watch the lottery, taxes, and fuel prices go up, be patient. The market will eventually go up as well.
• • • • • • •
2 tbsp olive oil 1 onion, chopped
• • • •
1/4 tsp pepper
4 cups chicken broth
2 garlic cloves, minced 3 carrots, sliced 3 celery ribs, sliced 2 chicken bouillon cubes 1/2 tsp dried parsley
4 cups water
1 1/4 lbs bone-in, skinless chicken thighs 1 cup uncooked white rice
• •
Salt, to taste
Directions
1. In a large pot over medium-high heat, warm the olive oil. Add the onion and garlic and sauté for 5 minutes. Add the carrots and celery, then sauté for 1 more minute. 2. Add the bouillon, parsley, pepper, chicken broth, and water. Stir, then add the chicken thighs. 3. Cover and simmer on medium-low for 30 minutes, then add the rice. Stir, cover, and simmer for 15 more minutes. 4. Remove the pot from the heat and transfer the chicken to a large bowl. Shred the meat and add it back to the soup. Discard the bones. 5. Stir, salt, and serve!
–Gary Mattson
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FINANCIAL SERVICES, LLC
3226 28th Street SE Kentwood, MI 49512
INSIDE THIS ISSUE
1 2
Protecting Your Assets After You’re Gone
Prepare Your Wallet for a Recession Balance Training Key to Quality Movement
3
No-Fuss Chicken and Rice Soup Upcoming Events
4
Places to Visit Similar to Montana
**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.
Investment advisory services offered through Mattson Financial Services, LLC, an SEC-Registered Investment Advisor. Insurance and annuities offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies.
3 VACATION DESTINATIONS SIMILAR TO MONTANA Get Out and Explore
Because of the popularity of the Kevin Costner miniseries “Yellowstone,” the state of Montana is seeing an economic boom, both in tourism and real estate, as people flock to explore the natural beauty of the state. But with Montana’s increasing popularity, traveling there may not be ideal, especially if you want to avoid crowds. Here are some other destinations that offer similar sights and activities! Stanley, Idaho If the mountains are calling your name, then Stanley, Idaho, is the place to go! About three hours northeast of Boise, this gem has three different mountain ranges: the Sawtooth, Lost River, and White Cloud. This trifecta is home to whitewater rafting, hiking, sightseeing, rock climbing, mountain biking, and exploring. While there’s tons to see and experience during the day, the beauty doesn’t stop at night. As Stanley is situated in the Central Idaho Dark Sky
Reserve, you’re able to see so much more in the night sky, such as the Milky Way, meteors, and even planets! Grand Teton National Park, Wyoming In Grand Teton National Park, you’ll find many sights and wildlife similar to those seen on screen in “Yellowstone.” The towering craggy peaks and luscious landscape do not disappoint, and sometimes there is no sign of human development for miles. It’s a truly remote and beautiful place to visit and explore. You are sure to encounter some amazing wildlife while hiking or camping — the park is home to more than 60 species of mammals and 300 species of birds. Bighorn National Forest, Wyoming Specifically known for being remote, Bighorn National Forest is located in north-central Wyoming and offers over 192,000 acres of
open wilderness and 1,200 miles of hiking trails to venture out on. The forest contains many meadows and grasslands surrounded by large, dancing mountains and rolling hills. The best part is that there are many different ways to explore Bighorn National Forest. Fishing, camping, mountain biking, rock climbing, camping, hunting, and horseback riding are just a few of the many ways to experience Wyoming’s beauty. Are you ready to get out and explore these different areas of our nation’s beauty? Check some of these great destinations off your bucket list!
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