Campbell Wealth Management - March 2019

Follow us on:

CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 600, Alexandria, Virginia 22314

for the Future BLUEPRINTS

As I met with each tradesman and planned the future of our office, it struck me how familiar it all was. Every single detail is planned out and coordinated — just like we plan out every detail for our clients’ financial and retirement plans. We look at so many details, from their estate to any and all insurance the client has — like life insurance and risk-management insurance. We look at income, find out where it comes from, and strategize the best ways to help our clients withdraw from retirement accounts. This is just the tip of the iceberg. When it comes down to it, we’re putting together a blueprint of someone’s retirement. This blueprint guides clients every step of the way to help ensure the end result is what they envisioned. And if something needs to be redrawn, we’re here to make those adjustments. As with any plan, sometimes changes do need to be made to adapt to unforeseen circumstances. A good plan is adaptable. That said, we can’t overstate how important retirement planning is. Just like we can’t just start hammering away at drywall and hope to end up with our dream office, you don’t want to jump into retirement without knowing where you want to go, or where you dream to go. The reality is that very few people have a plan, let alone a process to implement a plan that they follow every day. Most people improvise Continued on Page 3 ...

As you know, we recently made the move into a new building. As with any move, it wasn’t without its hiccups. We first signed the lease to our new office about a year ago. It wasn’t until September 2018 that we actually started making the move. In theory, everything should have been said and done before the end of the year. As I said, there were hiccups. For instance, the person who was in charge of the new lease agreement retired, adding some confusion to the move. The other big hiccup was our new office space wasn’t ready. Not even close. It was barebones and essentially needed to be built out from barebones. Thankfully, the property manager gave us the option to move into an interim office space and wouldn’t charge us until we moved into our official new space. While it wasn’t perfect, we made do. In January, work finally began on our new space. Everything started coming together after I met with architects, contractors, interior designers, and so on. There was meeting after meeting of planning and getting every detail just right for our future home. I wanted to make sure everything was going to be just right for our team and our clients. I had to think through everything from ceiling vents to where to hang flat-screen TVs for client presentations.

Call Us Today (703) 535-5300 • 1

4 Rainy Day Activities Enjoy Yourself !

As the weather warms up, the urge to get out of the house becomes stronger. However, any plans you might have can be abruptly canceled due to rain. If you find yourself stuck inside for the day, here are a few

The rain smattering against your windows creates the perfect background noise to delve into the pages of a new adventure. Create Your Own Film Festival Having a movie or TV series marathon is another great way to pass the time. You can watch some of the classics, like “Forrest Gump” or “Singing in the Rain,” fill the day with “The Lord of the Rings” series, or start a new Netflix show. If you want to involve your kids in the binge-watching, you can let them pick out one of their favorite movies too. Piece Together a Puzzle A rainy day is a great opportunity to pull out a puzzle. You can also grab your friends or family members and make the puzzle a team activity. With the whole day ahead of you, you’ll have several hours to devote to one of your favorite hobbies. Don’t let the rain keep you down! Instead, take advantage of the weather and enjoy a cozy day at home.

activities to keep you occupied.

Get Bakin’ A wet and chilly day is an excellent opportunity to warm yourself up with some baked goods. Bake your favorite snickerdoodle cookies or fudge brownies, and pour yourself a mug full of hot chocolate or cider to get through the stormy day. Read a Book If you have a bookshelf full of novels you’ve not cracked open, a rainy day is the perfect time to jump in. Settle down on the sofa with a cuddly blanket and enjoy some uninterrupted reading.

AVOIDING AN AUDIT 2 Red Flags the IRS Looks for Every Year

Most taxpayers will never have to worry about being audited by the IRS. If you do things by the book year after year, chances are you’ll be just fine. Whether you file on your own or work with a tax professional, as complicated as taxes can seem, most people don’t make mistakes. But sometimes people do. And sometimes people intentionally mislead the IRS in order to boost their tax return or reduce what they actually owe. In either case, the IRS does look for key indicators that a tax return needs further scrutiny. How do they do it?The IRS begins by analyzing any given tax return. In a majority of cases, a tax return is chosen at random. The return is run through a software programwhich looks for anything out of the

will look into it. If your deductions are high for a legitimate reason, you likely have a complete record to back it up. Another red flag for the IRS is early withdrawal from retirement accounts. There are instances when people legitimately need to make withdrawals before age 59 1/2. The IRS typically issues a 10 percent penalty if defined exceptions aren’t met (such as certain medical or education expenses). The IRS has found that upwards of 40 percent of taxpayers don’t report the early withdrawal when they don’t qualify for exemptions. However, as Kiplinger reports, the IRS is made aware when a person makes an early withdrawal and when the numbers don’t add up, the result is an audit.

ordinary, such as inaccurate data. If anything is found, the IRS will look into it further and this may trigger an audit. One major area the IRS scrutinizes is deductions. If deductions are out of proportion to a taxpayer’s income, that’s a red flag. The IRS has decades of data related to deductions, such as charitable contributions, and they knowwhen something is off. If deductions seemhigh, the IRS

Of course, these are just two examples of what the IRS looks for every year. There’s a long list of red flags that apply to individuals, couples, and businesses. A lot of audits end in the favor of the taxpayer — especially if they have the documentation the IRS needs. However, there are instances when audits end with criminal charges related to fraud and tax evasion.

2 • CampbellWealth.com

Creating a Home Care Plan

TO LIVE YOUR BEST RETIREMENT

When retirement approaches, you may be thinking about the freedom you'll enjoy after putting in your last nine-to-five. It’s a culmination of years of hard work and a cause for celebration! Before you get to celebrate, though, it’s important to consider what kind of support you might need down the road. With our generation living longer than our parents, there’s a possibility that we may require additional support services. You and your spouse may not know if either of you will need in-home care, but considering this possibility and the financial factors that come with it can help you better enjoy this exciting phase of your life. In most cases, neither Medicare or Medicaid cover in-home care. There are some exceptions, like home- and community-based services that are state and locally funded and cover those who qualify through Medicaid. If you or your spouse are veterans and meet the requirements, you may be eligible for aid and attendance benefits. These benefits are paid for by the VA in addition to a veteran’s monthly pension. It may cover the costs of in-home care for veterans who require the aid of another person or are housebound. Visit Benefits.va.gov to learn more. Still, you may not want to rely on qualifying for one of these services. Consider adapting your estate plan to include designated in-home care.

Meet with your attorney to review your living trust and see if it addresses a caregiver. Talk to your family members and loved ones about the possibility that you or your spouse may need this service. While a family member may offer to step into that role, consider how easily they will be able to carry it out. Even a part-time caregiver could

provide you with support and make your family members feel like they are not doing it alone. Planning for the care services can help make your retirement even more enjoyable. Knowing you’ll have a close helping hand can ease your family’s worries and even strengthen your bond. possibility that you may need in-home

Upcoming Events

... Continued from cover

Retirement Taxes Today Workshop Spring Hill Recreation Center Thursday, March 14 at 7 p.m. or Thursday, March 21 at 11 a.m.

and hope for the best. Planning is the only way to find out where you stand today and determine where you’re going tomorrow. If you’ve ever wondered what’s going on in the background at Campbell Wealth, a lot of it comes down to managing the “blueprint” of every client. We’re keeping everyone on track, managing investments, and making sure portfolios are earning the right amount of return without taking on too much risk. And while you may have a plan in place, and you feel comfortable with that plan, you may know someone who doesn’t have a plan. If you have a friend or family member who would like to know more about the planning process, we’d love to help. After all, if they’re important to you, they’re important to us — and we believe everyone should have a plan going into retirement. Feel free to share us with those who mean the most to you!

Wise Women's Guide to Financial Planning SHRM Building Wednesday, March 20 at 6:30 p.m. or Wednesday, March 27 at 11 a.m.

Kelly Campbell

Call Us Today (703) 535-5300 • 3

700 S. Washington St. Suite 220 Alexandria, Virginia 22314 (703) 535-5300 CampbellWealth.com

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

CampbellWealth.com (703) 535-5300 330 John Carlyle St., Suite 600 Alexandria, Virginia 22314

Inside

1 2

Blueprints for Your Future Don’t Let the Rain Dampen Your Spirits 2 Red Flags the IRS Looks For Considering the Costs of Home Care Upcoming Events How to Make Your Sailing Dreams Come True

3

4

Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Advisory services offered only by duly registered individuals through Campbell Wealth Management, LLC (CWM), a Registered Investment Advisor. MAS and CWM are not affiliated entities.

Take Your Next Trip Offshore SET SAIL FOR VACATION

If you’re lucky enough to have been aboard a ship under full sail, chances are you know the thrill and serenity sailing can give you. If you’ve never been but have always wanted to knowwhat it’s like

Take a Day Sail Many day-sail charters exist for those who want to go out a little farther than a dinghy would permit. If you’ve captained a boat and are familiar with the waters, you can apply for a bareboat charter. However, if you are inexperienced or simply don’t want a local guide at the helm, signing up for a day trip with a skipper and crew is a great option. Do a Full Charter Short of owning your own vessel, chartering a boat for multiple nights is the closest you can get to living out your nautical dreams. Some of the most beautiful destinations on earth— from the Caribbean Sea to the Mediterranean— are best experienced from the deck of a sailboat. Letting the sea guide you to amazing snorkeling destinations, remote cays, and bustling harbors is the stuff of real adventure. No matter what you do, there’s something incredibly refreshing about getting out on the open water. It can be relaxing and help re-center you. Plus, if you’ve never sailed before, it can be a great new skill to learn!

to get out on the wind and waves, there are many great options available for beginners. Here are some ideas to inspire your next waterside vacation. Start Small For those who dream of becoming a skipper one day, a great way to start is by sailing dinghies. These one-sail, beach-launch boats fit 1–2 people and can be rented at most water sports shops. If you want to make it a family experience, shops usually have 16-foot catamarans for rent as well. Catamarans have two hulls rather than one, making for a smoother, more spacious ride. If you’ve never sailed before, inquire about lessons. Most rental operations have instructors on hand who can show you the ropes. The great thing about sailing is that whether you’re in a 12-foot dinghy or a 60-foot sloop, the same basic principles, rules, and skills apply.

4 • CampbellWealth.com

Page 1 Page 2 Page 3 Page 4

campbellwealth.com

Made with FlippingBook HTML5