Check out our June newsletter!
You Can’t Take It With You
www.planningyourlegacy.com 803-746-7000
June 2023
A Golden Opportunity or Fool’s Errand?
What to Know Before You Buy Gold
period, gold lagged by 0.54%. Not only that but for most of those 40 years, its price volatility was far greater than that of stocks. Today, as many Americans worry about high inflation rates, gold is faring much worse. Between 2020 and 2022 alone, inflation increased by 14% while the value of gold fell by 3.7%. Not much of a hedge. I understand many people are interested in the value of gold in the long run, which is why some are attracted to it as a retirement security. It’s the idea that “when our country falls apart, and the paper dollar has no value, I’ll still be able to live comfortably with my gold.” However, if we live in a world where our paper dollar has decreased to such little value, we have much bigger issues to worry about. In fact, conditions at that point would be nearly apocalyptic, and your gold would only have worth if someone else could use it for a better acquisition. If we want to make the example more literal and show how much gold has truly fallen from grace, we can look back through history. Two thousand years ago, a single ounce of gold could pay for a high- ranking Roman soldier’s attire, including their helmet, shield, armor, sword, and everything in between. Today, a single ounce of gold couldn’t buy you a hand-sewn suit made from hand-woven material created from a hand-dyed thread. So, do you think a nursing home will accept gold to pay for your long-term care? What about the insurance companies when your medical bills are due? Most likely not. They’d have to convert it to paper money if they did. The same goes for your inheritors; what would they be able to use gold for in their lifetime?
You’ve probably seen those advertisements on TV featuring some retired actor or stern businessperson in a suit, telling you that to protect your future and fight against inflation, you need to buy gold. And I’ll tell you, the commercials can be convincing, especially with lines like “protect yourself from chaos” and “invest in stability” or massive national debt ticking counters flashing across your screen. After watching these advertisements, you may wonder if your financial future is safe, and you might even consider buying gold to ensure your hard-earned savings are more stable. But I implore you to ask yourself, “If gold is so great, why the heck are they trying to sell it to you?” Better yet, shouldn’t these companies be trying to buy gold off of you if it’s the miracle solution to inflation they’re suggesting it is?
The only way to truly protect against inflation is to have a diverse portfolio with assets that prove to outpace inflation over time. If you need help understanding the best investments for your life and legacy, call our team at 803-746-7000 today.
The appeal of gold is that it has intrinsic value — it doesn’t rust or decay and can be easily molded into jewelry, art, weaponry, or armor. It has also historically backed the paper dollar in our country. For some, this idea that gold is the “purest” form of our currency draws them into the notion that the precious metal acts as a hedge against inflation and that “when the price of everything else goes up, so will the price of gold.” And for many years, this belief appeared to be true. Donald Calcagni, the chief investment officer at Mercer Advisors, analyzed the performance of gold over the past 40 years, and what he found was that from 1980 to 1999, gold dragged behind inflation. Between 2000 and 2009, gold beat inflation by more than 10%, and from 2010–2019, it still maintained a 1.5% lead. If a convincing spokesperson in a TV advertisement told you this data, buying gold may sound like a good idea. However, when Calcagni analyzed gold’s performance over the entire four-decade
“Store up your treasures in heaven, where moths and rust can’t destroy them, and thieves can’t break in and steal them. ” Matthew 6:20
www.planningyourlegacy.com | 1
Published by Newsletter Pro • www.newsletterpro.com
Break the Ice on Estate Planning How to Start a Family Conversation About the Future
So, how do you start that potentially uncomfortable conversation? Begin by choosing the right moment. Ideally, you should talk in person, but don’t disrupt a holiday or special occasion with the topic. A phone call can work for faraway relatives who rarely meet in person, but chatting via text is unlikely to go well. You might begin the conversation by bringing up a recent news item, but it’s also okay to say, “I’ve been working on my estate plan, and I’d like to share some of the details with you.” Remember that your loved ones will likely be surprised and uncomfortable when you raise the topic. They might try to change the subject or deflect by stating you have a long life ahead. It’s a defense mechanism to avoid thinking about losing a loved one. Talk initially in broad strokes; the details of your trust and how you’ll minimize tax consequences are too much to start. Explain why you have created an estate plan, what you aim to accomplish, and why you think it’s important to discuss. Then, ask for their input or if they have any concerns they’d like to raise. If things get too emotional, take a break and return to the topic later. No estate planning conversation should be one-and-done. Your assets, wishes, and the makeup of your family may change over the years. Try normalizing talking about estate planning periodically; it will feel less daunting. These conversations usually feel uncomfortable initially, but they’ll eventually strengthen your relationships and help you and the people you love better understand each other. You owe it to your family to share your wishes, clarify your intentions, and prevent future heartache. Talking about your estate plan is an unconventional but necessary act of love.
Estate planning is a delicate subject. It stirs up feelings about our mortality, raises questions of fairness, and can open old family wounds. In large part, to avoid this discomfort, countless people choose not to make an estate plan. Even fewer decide to discuss the matter with their loved ones. Keeping quiet on the subject usually feels easier, but it’s a mistake with lasting consequences. While few people look forward to these conversations, having them before anything happens to you is best. When emotions run high, people can make poor decisions and say things they regret. In an outcome no one wants, families can fracture due to fights over estates after a loved one’s death. Further, you probably want to use your assets to benefit family members fairly after your death. But what you and your family members consider fair may be very different. For example, you may learn that one family member doesn’t want a particular asset or that a property means more to one child than another. Dividing your assets is ultimately up to you — but if your goal is to leave your loved ones better off, it’s worth listening to what they say.
2 | 803-746-7000
Published by Newsletter Pro • www.newsletterpro.com
SPECIAL NEEDS TRUST CREATES OPTIONS Safeguard Assets for Family Members With Disabilities We create estate plans to protect our loved ones, and family members with disabilities are often most susceptible to financial difficulty. But safeguarding their futures is not always as simple as leaving a lump sum behind. An improperly structured estate can ultimately harm your loved one more than it helps, but a special needs trust will support and improve their lives. Many people with disabilities in the U.S. receive government assistance. But programs like Supplemental Security Income (SSI) or Medicaid have strict eligibility requirements. For example, an SSI recipient cannot own more than $2,000 in assets. Therefore, even relatively small gifts can affect their qualification for benefits.
Inspired by TheSpruceEats.com SEAFOOD PASTA SALAD
Ingredients
• ½ cup chopped red peppers • ½ cup diced onions • ½ cup shredded carrots • 2 cups halved cherry tomatoes • ½ cup of Parmesan cheese (optional)
• 4 cups fusilli noodles • 2 cups crab meat or shrimp • 2 cups shredded cheddar cheese • 2 cups ranch dressing • 1 cup frozen peas, thawed • ½ cup chopped green peppers
Please note our new locations to better serve you. All by appointment only. Avoid Disappointment - Make an Appointment Directions 1. In a large pot, bring the fusilli noodles to a boil and cook until al dente, then drain. 2. In a large bowl, combine noodles, crab or shrimp, cheddar cheese, ranch dressing, peas, green and red peppers, onions, and carrots, then mix together gently. 3. Refrigerate the pasta salad for 3–4 hours. If salad is dry upon removing from refrigerator, add more ranch dressing. 4. Once you’re ready to eat, top salad with tomatoes and Parmesan cheese if desired.
A special needs trust holds funds for your loved one without impacting their eligibility for government programs. A person can fund the trust with as many or as few cash or property assets as they’d like. A special needs trust will grant your family member additional resources without restricting their access to otherwise costly support services, medical care, or housing. Under a special needs trust, your loved one with a disability is a beneficiary, and they will not have direct access to the trust. You must also designate a trustee, a third party who controls and distributes the funds. Depending on your situation and preferences, the trustee can be a trusted family member or a third-party paid administrator. The trustee cannot give cash directly to the beneficiary but can use the assets to purchase items and services to improve their quality of life. Many people use special needs trusts for out-of-pocket medical expenses, a home, bills, or recreation. A special needs trust can even fund a vacation for your loved one! Ultimately, the trustee has fiduciary responsibility and is legally obligated to act in the beneficiary’s best interests. Special needs trusts can be complicated, and people making their estate plans have options between multiple types of trusts. A mistake can cost a loved one dearly, so it’s always wise to speak to an experienced estate planning attorney to understand your options. They can confirm a special needs trust fits your goals and will draft all necessary documents correctly to ensure your wishes are fulfilled.
Ayrsley Location 2015 Ayrsley Town Blvd Ste 202 Charlotte, NC 28273
Ballantyne Location 3440 Toringdon Way Ste 205 Charlotte, NC 28277 Mailing Address 1771 N Hwy 321 Ste 100 Bowling Green, SC 29703
Rock Hill Location 331 E Main St Ste 200 Rock Hill, SC 29730
www.planningyourlegacy.com | 3
Published by Newsletter Pro • www.newsletterpro.com
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
803-746-7000 www.planningyourlegacy.com 1771 N HWY 321 Ste. 100 BOWLING GREEN SC 29703
INSIDE THIS ISSUE
Not All That Glitters Is a Wise Investment
1
Discussing Your Estate Plan With Family 101
2
Seafood Pasta Salad
3
Special Needs Trust Creates Options
The History of the Statue of Liberty’s Arrival
4
Lady Liberty Lands in America
Behind the Landmark’s Journey to US Shores
for the statue because he imagined the figure welcoming people to America. Intended as a gift for the United States’ 100 years of independence in 1876, construction did not begin until that year due to funding issues. Even with the help of engineer Gustave Eiffel of Eiffel Tower fame, the project was a massive undertaking that took years for workers to complete. Titling it the Statue of Liberty Enlightening the World, its creators presented the finished monument to the U.S. Minister to France on Independence Day 1884, then disassembled it for shipping. On June 17, 1885, France’s gift arrived in more than 200 cases. But unfortunately, the United States wasn’t ready. Again facing a budget shortfall, the U.S. had not yet completed the pedestal to support the statue. When workers finally finished that last piece in 1886, a construction crew of mostly new immigrants reassembled the monument. Lady Liberty debuted to the public on Oct. 28, 1886, and she was an instant hit. Originally shiny like a new penny, the copper statue took less than 20 years to oxidize from the elements and gain the distinctive green hue it has today. Despite her French origins, the Statue of Liberty is now as American as apple pie, and her unmistakable image continues to represent the country’s values of freedom for all.
It’s hard to imagine the United States without its most iconic landmark, but the Statue of Liberty didn’t arrive on our shores until more than 100 years after the American Revolution ended. The torch-bearing monument so closely associated with our nation finally reached its home in the U.S. in May 1885 — but it arrived unceremoniously in 350 pieces.
Contrary to widespread assumption, the Statue of Liberty did not celebrate America’s founding. Edouard de Laboulaye was a French anti-slavery advocate who wanted to give the country a statue representing freedom as the Civil War ended. He conceived of the sculpture in 1865 to mark the recent abolition of slavery. Laboulaye and sculptor Auguste Bartholdi decided on Lady Liberty because she was a familiar icon in U.S. culture, and a similar image appeared on American currency. Though invisible from most viewing angles, the statue has a broken shackle by her feet, representing a move toward freedom.
Bartholdi chose Bedloe’s Island, now known as Liberty Island, as the ideal site
4 | 803-746-7000
Published by Newsletter Pro • www.newsletterpro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator