Mattson Financial Services - March 2020

F I N A N C I A L S E R V I C E S , L L C


March 2020

What You Need to Do for Your Heirs ARE YOUR ACCOUNTS REALLY UP TO DATE?

T his was a question we asked ourselves earlier this year. We were surprised, shocked, and saddened when we learned of the passing of three clients. We thought, “Okay, it’s done. These things happen in threes.” Then we learned three more clients had passed away, bringing us to a total of six clients who are no longer with us in 2020. Our thoughts have been with the families of these clients. Through this trial of loss, we — and the families of these clients — learned some valuable lessons. These are lessons we want to share with you. Sometimes, clients come to us with work still yet to be done on their accounts and their estates. Then, the time comes for them to go home and their account changes do not happen. Or they may think everything is in order, only for the heirs and beneficiaries to discover that isn’t the case. As an estate is divided, some beneficiaries may end up on the hook for a huge tax burden while others may be uncertain about what taxes they will owe. Then there are the promises made by family members (estate owners) to other family members (heirs) that they will receive certain assets after the estate owners pass. Promises, however, don’t always reflect reality. We have had this happen with clients. Their intentions were in the right place when they made promises to their loved ones, but when we started work on their accounts and went through our process to make sure their financial assets lined up with their wishes, things didn’t always line up.

This is also why it is imperative for us to have all the proper information so we can make these updates across the board. We need to have every detail to make sure accounts match up with your will to ensure your assets go to exactly whom you intend. But on top of that, you want to ensure you aren’t burdening your beneficiaries with major tax implications. This can take some strategizing, but it’s possible. While this is tier one of our planning principles, sometimes not all assets are under our control, and as a result, the unfortunate takes place, as it did for our client. Don’t let this happen to you and your family. Call our office for an asset review for your beneficiaries. We will walk you through everything you have and make sure everything is as you intend it. Just remember one thing: You can’t promise all seven grandchildren your classic 1960 Cadillac Eldorado. –Gary Mattson

Unfortunately, when a client passed away recently, family members who thought they were going to receive certain assets did not. Instead, the assets went to another family member’s estate — a family member who had previously passed away. What’s evenmore unfortunate about this is that these assets went outside of the family bloodline, which wasn’t the intention of the original estate owner. Why did this happen? It turned out that their estate and accounts were not completely up to date. While their will reflected their wishes accurately, the beneficiary listed on the account itself had not been updated. It still had the name of a since- passed family member. This is why you need to revisit your beneficiaries listed on all your accounts. If the name or names are different than what’s listed in your will, then it overrides your will or trust intentions. It will go to the person named on the account. The good news is that it will bypass probate, but your family may be left confused and without the assets they thought they would receive.

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Feel Like You Can’t Do DIY Projects Anymo

Dremel 7300-N/5 4.8V MiniMite Cordless Rotary Tool

I f you dive deep into the tactics of successful businesses and startups, a common thread among them is that culture reigns king. More and more value is placed on fostering an uplifting atmosphere for employees, which allows them to generate better business. The general consensus says great culture is built over time and can take many tries in an attempt to get it “just right.” But one book suggests that you might not need to look very far to pinpoint the biggest influence behind company culture. In “Five Frequencies: Leadership Signals That Turn Culture Into Competitive Advantage,” a team of four authors compile their years of extensive experience working with companies to execute cohesive strategies for building effective culture. Jeff Grimshaw, Tanya Mann, Lynne Viscio, and Jennifer Landis have witnessed company cultures of every type be successful and fail. They concluded that culture doesn’t cultivate from the many but, rather, is affected by the few. In this case, the few are the leaders of the business. The authors assert that leaders are, at every moment, transmitting signals to their team, whether intentionally or not. Teams take cues from those who lead them, so if leaders aren’t dialed into the frequencies they’re giving off, they could be transmitting troublesome signals. Instead, leaders should always be dialed into their “vibes” and be particularly aware of five specific frequencies: Boost Your Company’s Culture With ‘Five Frequencies’ As you age, it can be harder to tackle the home projects you once did without a second thought. That said, just because they appear harder doesn’t mean they’re impossible to do. And, luckily, with age comes experience; you know how to get a job done faster and more efficiently than any 20-year-old would — you just need the tools to do it right. Here are three of the best power tools you can use to turn your home project dreams into reality. Previous drill models were built out of hard plastic and steel, which made them heavy, hard to maneuver, and difficult to grip. However, Makita drills are designed with soft grip handles, making them easier to use if you have arthritis or other joint conditions. In addition, they weigh only 2 pounds, so they’re safe and easy to handle in the tightest of spaces. That said, don’t let the size fool you: This drill can deliver 800 pounds of maximum torque, making it an ideal drill for your heavy- duty projects. Makita DT01W 12V Max Lithium-Ion Cordless Impact Driver Drill

Getting the amount of precision needed for smaller projects like engraving, polishing, and finish work with older rotary tools is near impossible. Fortunately, this handy power tool is perfect for polishing, cutting small-scale copper piping, engraving, or even spot-grinding a nasty weld. It also weighs only 1.1 pounds, so it’s perfect for intricate engravings or polishing your favorite set of wheels.

BLACK+DECKER 20V MAX 5-1/2-Inch Circular Saw

For bigger DIY projects, it might not be realistic for you to work with the heavy, corded, and bulky saws that you used to use. When it comes to home renovations or those bigger DIY projects, there is nothing better than this BLACK+DECKER saw. With a tool-free depth of cut and easy- to-use bevel, it’s so much easier to get the type of cut you need. At 6.1 pounds, it’s painless to manage and less risky when you need to stretch to get a longer cut.


1. Their decisions and actions

2. What they choose to reward and recognize

3. What they do and do not tolerate

4. The way they show up informally

5. How they compose formal communications

“Five Frequencies” illustrates how correctly tuning into these frequencies can give leaders the tools they need to make bad culture good and good culture great. Full of tried-and-true examples from real companies around the globe, this guide proves that culture is not something tangible you can hold, nor is it a procedural element you can simply implement. It’s something people feel, and it’s built and explained by the behaviors that surround it. This means it can be difficult to manage, measure, and, most importantly, change. But if leaders take the time to look at themselves and the actions they exemplify, they’ll have a solid foundation to start.

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April 3 ”Leaving a Legacy” First Friday Event 12–3 p.m. April 15 Shred Day, 10 a.m. – 1 p.m. Bring your unwanted paper documents and enjoy a barbecue lunch. Open to all! May 1 “ Let’s TACO-bout Social Security and Long-Term Care” First Mattson Financial Upcoming Events MARK YOUR CALENDAR!


Friday Event, 12–3 p.m. Presentation at 2 p.m.

Inspired by

This St. Paddy’s Day, try taking a festive spin on a classic staple. If you have red velvet lovers in your family, they’re sure to love this equally decadent treat.


3 8-oz packages cream cheese, softened

• •

1 cup graham cracker crumbs 1 cup chocolate graham cracker crumbs 1 stick butter, melted 1 oz green food coloring (gel works best)

• • • •

2/3 cup sugar

3 eggs

• •

1/2 tsp vanilla extract Green sprinkles, optional


1. Heat oven to 350 F, and line a 9x9-inch baking pan with parchment paper. 2. In a large bowl, combine crumbs, butter, and food coloring. Press into the baking pan. 3. In a separate bowl, beat cream cheese and sugar together.

4. Add eggs one at a time and stir in vanilla. 5. Pour mixture over the packed crumbs. 6. Bake for 40 minutes or until the center is set. 7. Let cool completely before adding sprinkles and slicing.

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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

Do You Really Know Where Your Assets Are Going?


Best Power Tools for Older Folks


How Your Vibes Affect Your Business

Ally’s Green Velvet Cheesecake Bars


Mark Your Calendar!

Stay Stateside With These Little-Known St. Patrick’s Day Celebrations


**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.

Staying Stateside for St. Paddy’s?


There’s no place quite like Ireland on St. Patrick’s Day. What was once a purely religious holiday to honor the legend of St. Patrick chasing all the snakes out of the country has turned into a global celebration. But if a trip to Ireland isn’t in the budget, check out these three little-known stateside destinations that are just as festive.

on its heritage every March with a traditional parade, music, and Irish dancing. But the town also hosts a popular dodgeball tournament and donkey basketball. What could be better than pummeling your opponents in dodgeball and outpacing the competition while riding a donkey in the school gymnasium? Perhaps enjoying a pint or two with your teammates afterward. And O’Neill is just the spot to do it.

Short and Sweet in Arkansas

Thanks to the clever thinking of some Irish friends meeting for a pint at a bar on one of the shortest streets in the world, Bridge Street in Hot Springs, Arkansas, the First Ever 17th Annual World’s Shortest St. Patrick’s Day Parade will travel 98 feet once again this year. Don’t assume the turnout isn’t robust just because the distance is staggeringly low. The parade lasts for hours, drawing thousands of people to watch celebrities, musicians, bands, floats, and Miss Arkansas glide by. The event also features a Blarney stone kissing contest and a parade king and queen.

Ohio’s Little Piece of Ireland

You may not be able to fly to Ireland, but you can visit a little piece of it right in the U.S. Head to Dublin, Ohio, this St. Patrick’s Day for a traditional celebration sure to put a wee bit o’ pep in your step. Partake in a traditional Irish breakfast or enjoy a parade complete with bagpipers and Irish dancers. Boasting one of the largest celebrations in the U.S., Dublin is an affordable alternative for those looking to celebrate the Irish way.

A Little Luck in America’s Heartland

O’Neill, Nebraska, is home to the world’s largest shamrock and more unique St. Patrick’s Day traditions. This Irish community doubles down

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