99. Five Important Steps To Take Before Retiring Life Unlimited With Larry Heller, CFP(R) podcast

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Due to high inflation rates, the ever-changing state of the markets, and many driving factors that have altered the economy, we want to help you save on taxes so that your money can stay safe in YOUR pockets. In this episode, Larry Heller, CFP®, is joined by Matthew Taus, CPA, CFP®, to talk about strategies businesses, and individuals qualify for, and can use to help them save money on their income tax. Listen as Matt and Larry discuss: How businesses can benefit from a qualified business income deduction Not to forget to incorporate recent tax law changes to lower what you owe Steps you must take before year end to lower your personal income taxes Retirement Plans you can contribute to in order to reduce your taxable income And more Resources: Tending Your Investment Strategy with Tax Loss Harvesting (Ep.115) Navigating A Bear Market As A Soon-To-Be Retiree (Ep. 111) Year-End Planning Recommendations for Retirees (Ep. 98) Connect With Matthew Taus: LinkedIn: Matthew Taus Wild, Maney & Resnick, LLC Email Matt Taus (516) 364-8888 Connect With Larry Heller: (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management About Our Guest: After starting his career with KPMG performing audits of large multinational companies Matthew Taus transitioned to financial and tax planning for a diversified group of mid-size business and individuals focusing on advising high wealth clients in the areas of trust, estate and gift tax planning matters. Matthew is an executive board member of the National Conference of CPA Practitioners and the Estate Planning Council member of the American Institute of Certified Public Accountants Financial Planning Association and New York State Society of CPAs. He regularly speaks and writes on tax manners for organizations and publications and now he is here to offer his insight on our podcast.…

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Tending Your Investment Strategy with Tax Loss Harvesting (Ep.115) 16:58

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The Stock Market is having a down year, and we want to help save you some money on your taxes! Enter, Tax Loss Harvesting. What is it? It’s an investment strategy that starts with the unrealized losses, and ends with money in your pocket. In this episode, Larry Heller, CFP®, breaks down why and how you can make unrealized losses into realized losses to save money on income taxes. Larry discusses: The Tax Loss Harvesting Process Offsetting Taxable Gains with Losses What is a wash sale and why you must avoid Carry Forward Losses And more Resources: Download a Free Copy of Tax Loss Harvesting Checklist Connect With Larry Heller: (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management…

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Everything You Need To Know About Prenuptial Agreements With Sandra Radna, Esq (Ep.114) 20:58

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Despite common belief, prenuptial agreements are not just for the ultra rich. They can benefit anyone from any financial background. In this episode, Larry Heller, CFP invites matrimonial attorney Sandra Radna, Esq to discuss prenuptial agreements and what benefits they serve to both individuals in a marriage. Sandra also discusses how prenuptial agreements do not come as one-size-fits-all, and highlights how you can create an agreement that matches your wants and needs. Sandra discusses: How prenuptial agreements can protect you and your spouse during a marriage Why prenuptial agreements are not just for multi-millionaires (despite common belief) How much time prior to the wedding you should establish a prenuptial agreement What is a postnuptial agreement? And more Resources: You’re Getting Divorced…Now What? By Sandra M. Radna, Esq. Life Unlimited: Navigating The Myriad of Tasks After The Loss of a Loved One with Ronnie Genser (Ep.113) Connect With Sandra Radna: LinkedIn: Sandra Radna RadnaLaw.com Connect With Larry Heller: (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management About Our Guest: Sandra M. Radna Esquire is an award-winning New York attorney, and the owner of Sandra M. Radna P.C. Sandra has been published and quoted in a number of periodicals concerning the intersection of finances and matrimonial law, including CNBC.com, Yahoo Finance Observer, Business Insider, and more. She's also the author of the book “You're Getting Divorced…Now What?”.…

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Navigating The Myriad of Tasks After The Loss of a Loved One with Ronnie Genser (Ep.113) 27:08

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One of the last things you want to worry about when you lose a loved one are the numerous non-financial tasks after the loss of a loved one. Unfortunately, this is the reality for a lot of people. In this episode, Larry Heller invites Ronnie Genser, President at Bereavement Navigators, to discuss all you need to know when it comes to navigating the myriad of taxes after the loss of a loved one, especially a spouse. Ronnie discusses: How the loss of a loved one impacted her career and finances How to prepare for the loss of a spouse from a non-financial standpoint What inspired her to found Bereavement Navigators, a company that helps widows and widowers navigate the myriad of non-legal and non-legal and non-financial aspects of losing a loved one How to navigate Social Security for the deceased without the headache And more Resources: Life Unlimited: What You Need To Know About Retiring in a Recession (Ep.112) Connect With Ronnie Genser: LinkedIn: Ronnie Genser Connect With Larry Heller: Email Larry (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management About Our Guest: Ronnie Gensers’ professional background includes over 20 years in international and domestic sales, marketing, training and consulting. Unfortunately, Ronnie's successful career path took an unexpected turn after the sudden death of her husband. The things Ronnie learned about what she needed to do after her husband's death include how to organize the numerous and unexpected tasks and the resources she found and the tips she learned. She now shares her work as a Bereavement Navigator with widows, widowers, adult children, and other relatives who have lost loved ones.…

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What You Need To Know About Retiring in a Recession (Ep.112) 23:31

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If you're thinking about retiring, but the recession has you worried, have no fear, with proper planning, you can make decisions that are right for you. What types of things should you be reviewing with your financial advisor when the economy looks like it is headed into a recession? In this episode, Larry Heller, CFP® discusses how you can make an educated decision when deciding whether your retirement plan is fit for the costs of a recession. Larry discusses: The importance of knowing your retirement expenses prior to retiring How to know if your retirement plan is compatible with a recession The analysis you can do on your retirement plan to strengthen it against inflation What you can do if you are forced to retire And more Resources: Life Unlimited: Navigating A Bear Market As A Soon-To-Be Retiree (Episode 111) Connect With Larry Heller CFP®: Email Larry (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management…

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Navigating A Bear Market As A Soon-To-Be Retiree (Ep.111) 25:48

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You’ve done it. You’ve invested, saved, and properly allocated your money to live a fulfilling retirement. But now the economy has entered a bear market and you don’t have as much money as you thought. A bear market can cause you to make knee-jerk reactions that can affect your retirement plan. In this episode, Larry Heller, CFP® discusses how to navigate a bear market and shares some strategies to use when going through a bear market in retirement. Larry discusses: How to find out your risk tolerance in a bear market How you can review and rebalance your asset allocation during a bear market What you should be doing with your cash right now Ways to remain calm when your portfolio continues to go down And more Resources: Life Unlimited: Transitioning Into Retirement and Gaining a New Purpose with George Jerjian (Ep.110) Connect With Larry Heller: Email Larry (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management…

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Transitioning Into Retirement and Gaining a New Purpose with George Jerjian (Ep.110) 31:20

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Entering retirement can feel like crossing the finish line of a marathon, however, that doesn’t mean the race is entirely over. A large struggle people face when they enter retirement is establishing their new identity outside of the workplace and staying engaged with the things that give them purpose. In this episode, mindset mentor George Jerjian, a formal financial advisor and a prolific author who recently released “Dare to Discover Your Purpose: Retire, Refire, Rewire,” discusses the reality of new retirees and offers solutions to help overcome the common struggles people face after the honeymoon phase of retirement is over. George discusses: The moment that altered the course of his life forever The concept of identity and how you can avoid struggling with it during retirement Why wealthy people never fully “retire” What the DARE program stands for and how it can help you in retirement And more Resources: “Dare to Discover Your Purpose: Retire Refire, Rewire” by Geroge Jerjain Connect With George Jerjian: George Jerjian LinkedIn: George Jerjian Connect With Larry Heller: Email Larry (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management About Our Guest: As a formal financial advisor, George is on a mission to help retirees create a plan for their later years which is about much more than money for him. It is all about making a difference and helping those heading for retirement, creating a life of purpose, passion, and potential that reflects how we live today. George has authored 11 books including his most recent release Dare to Discover Your Purpose. George works with clients across the world, from the UK, the US, Canada, as well as Australia and New Zealand.…

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Common Errors To Avoid When Passing Money To Your Heirs Upon Death (Ep. 109) 23:51

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Will your net worth be transferred to your heirs the way you intend it to? How do you know? In this episode of Life Unlimited, Larry shares some real life stories of major mistakes he has seen with respect to a will, beneficiary or the titling of an asset. Listen in to hear some advice to make sure your estate planning wishes are kept up to date with your current family dynamic. Larry discusses: Steps to take to ensure what you want happens after you pass away How to properly distribute money to a minor child Three areas to review to avoid common mistakes The risks of having an outdated will And more Resources: Life Unlimited: Taking Financial Responsibility Before You’re a Widow or Widower (Ep. 108) Connect With Larry Heller: Email Larry (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management…

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Taking Financial Responsibility Before You’re a Widow or Widower (Ep. 108) 23:43

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99% of people will become a widow or widower at some point in their life, so financial preparation will be helpful during this emotional time. In this episode, Larry Heller guides you around ways to make financial planning easier during this major life transition by revealing key steps you’ll want to incorporate into your financial planning should you become widowed. Plus, he explains why financial discussions between spouses are important, especially in the later years of life. Larry discusses: Concepts to include in your financial plan for when you become a widow or widower How tax situations may shift when one spouse becomes widowed The potential shift in insurance coverage as a widow or widower How editing a will after one partner has passed may be required And more Resources: Life Unlimited: Strategies For Living With Inflation (Ep.107) Checklist: What Issues Should I Consider If My Spouse Passes Away Connect With Larry Heller: Email Larry (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management…

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Strategies For Living With Inflation (Ep.107) 17:37

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Inflation is beyond our control. However, there are ways you can mitigate the effects of inflation — both now and in retirement. Discover how in this episode, as Larry Heller, CFP®, highlights ways inflation affects our lives and the steps that you can take to protect yourself and your retirement against it. Larry discusses: What to consider with both your planning and investing when it comes to inflation The cash strategy of having two to three years of your expenses in cash Investments to use as a hedge against inflation How a “tax bracket creep” works And more Connect With Larry Heller: Email Larry (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management…

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The Do’s and Don’ts When Facing a Divorce With Ilyssa Panitz (Ep.106) 30:47

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It can be extremely emotional and difficult to navigate the many hurdles that come with a divorce. In this episode, Larry Heller, CFP®, joins Ilyssa Panitz, a divorce journalist, who shares practical insights on both the financial and non-financial Dos and Don’ts when navigating a divorce. Ilyssa discusses: The first steps you should take in a divorce and how it influences your financial future Other Professionals beside your Matrimonial Attorney Where to get support when going thru a divorce The importance of not disrespecting the other parent in front of your children Advice for how to transition smoothly into a new stage of life post-divorce And more Resources: The Divorce Hour with Ilyssa Panitz 10 Critical Steps to Take Once Your Divorce Agreement is in Place Connect With Ilyssa Panitz: LinkedIn: Ilyssa Panitz Instagram: Ilyssa Panitz IlyssaPanitz.com Connect With Larry Heller: Email Larry (631) 248-3600 Schedule a 20-Minute Call Heller Wealth Management About Our Guest: Ilyssa Panitz is the only divorce journalist solely committed to helping others navigate this major life transition by exclusively covering every angle of this topic. Ilyssa writes a daily column on divorce for Authority magazine on Medium. She also serves as an editorial producer for the national association of divorce professionals and was former co-host of All Things Divorce on Clubhouse. Most recently, Ilyssa has been able to reach an even wider audience through her role as creator writer, producer, and host of a national radio show called The Divorce Hour with Ilyssa Panitz that airs every Saturday and Sunday on CRN digital talk radio, and then on Spotify, Google podcasts, iTunes. While navigating many of the hurdles that come with divorce, Ilyssa has developed both an emotional and practical insight to this transition, which she is passionate about sharing with others. Ilyssa fully understands the ups and downs of the journey and is making it her mission to help educate, guide, empower, comfort, and build confidence in others going through this painful experience. Ilyssa Panitz is known as the divorce journalist.…

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How Getting Divorced After 50 Impacts Retirement Planning (Ep.105) 21:56

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Getting divorced later in life can be more complicated than you may anticipate. Have you considered how your retirement plan will be impacted if you and your spouse separate? In this episode, Larry Heller, CFP®, explains how divorce later on in life can impact your retirement planning, and what steps you can take when going through the divorce process. He also shares how you can gain more control over what happens to your investments and assets during a divorce. Larry discusses: Why it is important to determine who is the non-financial spouse Why your housing costs can have a significant impact on your retirement plan Why it's helpful to know what your living expenses and income is prior to divorce The importance of knowing the rules of Social Security if you’re divorced And more Resources: 10 Step Process for Divorcees by Heller Wealth Management Connect With Larry Heller: Email Larry (631) 293-2806 Schedule a 20-Minute Call Heller Wealth Management…

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Preparing for Retirement Through a Non-Financial Lens with Reid Stone (Ep. 104) 34:21

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Retirement is a huge milestone that you’ve spent your life saving for. But have you planned for what your retirement will actually look like, from a non-financial perspective? If you ask someone, “what are you going to do in retirement?”, you may find that a lot of people can’t tell you. In this episode, Larry Heller, CFP®, welcomes Reid Stone, founder and chief executive officer of My Life’s Encore (MLE) to discuss how retirement coaches can be your guide to preparing for the non-financial side of retirement. He challenges you to think about the time spent planning for retirement as an investment that generates future returns. Reid discusses: Why it is important to plan for the non-financial aspects of retirement – in the physical, mental, social, and spiritual terms Why retirement is changing and how a retirement coach can be valuable when you are planning for retirement How non-financial planning connects to financial planning to create a more successful and happy retirement How and when to find a retirement coach right for you And more Resources: The Retirement Coaches Association The Retirement Challenge: A Non-financial Guide From Top Retirement Experts The Strategic Value of Helping Clients Plan Their Ideal Retirement Lifestyle Connect With Reid Stone: MyLifesEncore.com Reid@MyLifesEncore.com 952-994-8937 MyLifesEncore.com/blog LinkedIn: Reid Stone Twitter: AdvisoryQuest Connect With Larry Heller: Email Larry (631) 293-2806 Schedule a 20-Minute Meeting Heller Wealth Management About Our Guest: Being part of the financial advisory industry for 20+ years, I noticed that clients are focused on the financial side of retirement but are often unprepared for the non-financial aspects of retirement (The Other Side of Retirement) that include the mental, emotional, social, physical, and spiritual. My Life's Encore was originally created to educate advisors, HR professionals, and the general public about the importance of planning for the non-financial aspects of retirement. I believe that education and guidance are the keys to a more successful retirement. My focus is helping financial services companies educate clients and implement non-financial retirement planning to help clients and also benefit their firm. You can learn more about the changing face of retirement at MyLifesEncore.com. My white paper, The Strategic Value of Helping Clients Plan Their Ideal Retirement Lifestyle- Planning for the Non-Financial Aspects of Longevity In An Age of Longevity, is available for download from my website (under Resources). In previous roles I led financial advisory firm operations. I enjoyed strategically growing and developing the businesses by continuously improving both operational efficiency and the client experience. Areas of leadership include project management, investment operations, investment performance reporting, technology integrations, compliance, hiring, training, and EOS (from the book Traction). Outside of the office I enjoy anything that keeps me active- bicycling, kayaking, walking, longboarding- as well as following the local sports teams and reading.…

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What You Need to Know About Fiduciary Duty Claim For Financial Professionals With Stephen Brodsky (Ep.103) 26:19

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What is a fiduciary? Investment advisors, financial advisors, and wealth managers can all adhere to different legal obligations. But how do those duties differ between different types of financial professionals? In this episode, Larry Heller, CFP®, welcomes Stephen Brodsky, Esq., a corporate partner as they explore fiduciary duties in the financial industry. Stephen helps to simplify the legal terms used by financial professionals to give you a better understanding of their duties. Larry and Stephen discuss whether all financial advisors should be a fiduciary. Why and why not? Stephen discusses: What a fiduciary is in practical terms What a Regulatory Best Interest (Reg BI) is and what it means How his chapter in “Fiduciary Duty Claims Involving Investment Advisers and Other Financial Professionals” helps to clarify this often-confused part of the financial world And more Resources: https://www.americanbar.org/products/inv/book/419072477/ Connect With Stephen Brodsky: Email Stephen (646) 216-8300 Ext. 114 M: (516) 314-1407 LinkedIn: Stephen Brodsky Mazzola Lindstrom LLP Connect With Larry Heller: Email Larry (631) 293-2806 Schedule a 20-Minute Meeting Heller Wealth Management About Our Guest: Stephen Brodsky is a litigation and corporate partner with Mazzola Lindstrom LLP in New York City. He represents private companies, business owners, and executives in their business dealings and disputes. His practice is a mix of outside general counsel representation, transactional work, and complex commercial litigation. He spent the first half of his career in “big law” and has practiced for over twenty-five years. Outside of his practice, he serves in leadership positions both in the American Bar Association and New York State Bar Association. Stephen is also the author of a Chapter in a recently published Book discussing Fiduciary Duty Claims Involving Investment Advisers and other Financial Professionals.…

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What You Can Expect When Working with Heller Wealth Management (Ep. 102) 25:14

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