Four Lessons We Can Learn From Tony Soprano’s Estate

“You woke up this morning and got yourself a gun, Mama always said you’d be the chosen one.” Am I the only who sorely misses seeing the Soprano’s on an HBO Sunday night?  No matter what happened during the weekend, I could always count on a gripping hour of Drama and seeing the slicked back hair of Paulie Walnuts.   With the recent death of TV and movie superstar James Gandolfini, he will be sadly missed for some of his great work as Tony Soprano.    At times like this, there are always lessons to be learned.   Gandolfini did a few smart things with his estate, but he made some major mistakes that you can learn from so you don’t get capped down the road. Not making use of the unlimited marital deduction– Gandolfini left his $70 million dollars estate to his two sisters, his wife, and his daughter.  His son was the beneficiary of a life insurance policy not including in ...

Read More →

Is Your Retirement Plan Full Of Swiss Cheese

Last year, I did a piece on retirement planning assumptions.    As I continue to see more and more plans done by other financial advisory firms, I become more concerned about consumers.    Most projections that are done in business or in your personal household need to carry assumptions.   These are the variables in the equation that allow to make a reasonable assessment about what needs to be done when you are trying to achieve your goals.  When you last did your projections for retirement through the tools offered from your 401(k) plan or the nifty 35 page book your financial advisor put together, are you sure the assumptions that were made were explained to you clearly?  You may have left feeling great about yourself only to realize now that your plan is full of gigantic Swiss cheese like holes.   Here are ten assumptions you need to consider within your plan.  I highly recommend as a smart money move you use conservative ...

Read More →

Do You Have Enough Life Insurance?

Here is the scenario.  Your husband is driving home that night on the local highway.  Out of nowhere a large truck sideswipes the car sending it reeling off the road.  After the car does a couple of flips and comes to a rest, emergency vehicles arrive on the scene only to realize that they are too late. Your husband is pronounced dead on arrival. As the chaos unveils, it is learned that the driver of the truck was heavily under the influence of alcohol at the time. He lost control of the truck driving at an excessive speed when he inadvertently hit your husband’s car sending him to an early death. As you learn more facts about the case, you decide that there is only one option.  That is to file a lawsuit against the trucking company. The big question then becomes . . . what amount do you sue for in court? Many times in the financial planning process ...

Read More →