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WSFG Blog

What is asset allocation and how does it work?

Submitted by Wealth Strategies Financial Group on November 13th, 2019

Asset allocation is the process of deciding how to divide your investment dollars across several asset categories. Stocks, bonds, and cash or cash alternatives are the most common components of an asset allocation strategy. However, others may be available and appropriate as well.

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How do I protect my assets in the event of a divorce?

Submitted by Wealth Strategies Financial Group on November 13th, 2019

If protecting your assets means that you want to keep all of your money, property, and possessions out of your soon-to-be ex-spouse's hands, you're probably out of luck. Any assets acquired during marriage are considered marital property and must be divided according to state law.

 

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Could a Health Savings Account Help Strengthen Your Retirement Plan?

Submitted by Wealth Strategies Financial Group on November 7th, 2019

By one estimate, a 65-year-old couple who retire in 2019 may need about $300,000 in savings to pay their health-care expenses in retirement. This includes premiums for Medicare Parts B and D, supplemental (Medigap) insurance, and median out-of-pocket prescription drug expenses, but not other health expenses such as long-term care, dental care, and eye care.

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What is a life insurance trust and why should I consider establishing one?

Submitted by Wealth Strategies Financial Group on October 16th, 2019

A life insurance trust is a trust that has the power to purchase life insurance policies on the person who establishes the trust (the grantor), the grantor's spouse, or the trust beneficiaries. The trust owns the life insurance policy and collects the death proceeds when the insured dies.

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What is a "Defined Benefit Plan"?

Submitted by Wealth Strategies Financial Group on October 8th, 2019

You may be counting on funds from a defined benefit plan to help you achieve a comfortable retirement. Often referred to as traditional pension plans, defined benefit plans promise to pay you a specified amount at retirement.

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Is Estate Planning Just for the Rich?

Submitted by Wealth Strategies Financial Group on October 8th, 2019

In a word, no. Estate planning allows you or anyone to implement certain tools now to ensure that your concerns and goals are fulfilled after you die. Your objective may be to simply make sure that your loved ones are provided for. Or you may have more complex goals, such as avoiding probate or reducing estate taxes.

 

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Will I continue to receive Social Security based on my spouse's record after we divorce?

Submitted by Wealth Strategies Financial Group on September 24th, 2019

Yes. If you already receive Social Security based on your spouse's earnings record, you'll continue to receive it as long as you live (or in some cases, until you remarry). If you don't receive Social Security yet, you can apply for a reduced benefit when you turn 62 or wait until your full retirement age if you want to receive an unreduced spousal retirement benefit.

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Once I begin receiving Social Security retirement benefits, can my child receive benefits too?

Submitted by Wealth Strategies Financial Group on September 24th, 2019

Answer:

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Life Insurance for Children

Submitted by Wealth Strategies Financial Group on September 18th, 2019

If you're thinking about buying life insurance for your child, consider the decision carefully. The main purpose of life insurance is to replace income lost after someone dies, and there's little doubt that your income could decrease upon your child's death, due to lost time at work or lost productivity.

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Are life insurance proceeds income taxable?

Submitted by Wealth Strategies Financial Group on September 18th, 2019

Generally, life insurance proceeds paid to you because of the death of the insured are not subject to federal income tax. To qualify for such favorable tax treatment, the life insurance contract must meet certain IRS requirements.

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Wealth Strategies Financial Group is independently owned and operated, and offers its own suite of products and services entirely independent of Securian.

Certain individuals associated with Wealth Strategies Financial Group are registered with and offer securities and investment advisory services through Securian Financial Services, Inc. ("Securian"), a registered broker-dealer and investment adviser, member FINRA / SIPC. Individuals registered with Securian are authorized to offer only those securities and investment advisory services that have been specifically approved by Securian. FINRA's BrokerCheck contains additional information about registered individuals and also indicates whether they are registered representatives and/or investment advisor representatives. You may also refer to their individual bio pages on this website to find their registration status. Not all registered persons are registered as investment advisor representatives.  Only registered persons who are registered as investment advisor representatives use titles "advisor" or "financial advisor" and provide advisory services. For further questions about which individuals associated with Wealth Strategies Financial Group are registered with Securian, as well as information about which securities and investment advisory services such individuals are authorized to offer on Securian's behalf, please contact Securian at 1-800-820-4205.

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