For more than 20 years, Bob Bennie Wealth Management has helped high-net-worth individuals prepare for the future. Bob Bennie Wealth Management offers personalized advice on a variety of financial vehicles, including Roth Individual Retirement Accounts (Roth IRAs).Roth IRAs offer a number of benefits to workers saving for retirement. The tax implications stand out as the best-known benefit. Roth IRAs allow account holders to withdraw funds tax-free during retirement. Interest compounds tax-free as well.Roth IRAs are also flexible in terms of withdrawal. In general, withdrawals are available if the account holder is 59 1/2 years old or older and has held the account for more than five years. A number of circumstances, however, including a first-time home purchase or large medical bills, allow an account holder to withdraw from a Roth IRA principal without penalty.While traditional IRAs require account holders to take minimum distributions starting at age 70 1/2, Roth IRAs do not require withdrawals at any time. The money in a Roth IRA can continue to grow as long as account holders leave it there, whether they withdraw the funds in retirement or leave it for heirs.Although direct contributions to Roth IRAs are available only to savers who earn less than a certain amount, those who earn more than that amount may be able to save through standard IRAs. By putting money into a standard IRA and then converting it to a Roth IRA, high earners can still take advantage of tax-free accumulation and distribution.Securities and Advisory Services offered through Prospera Financial Services, member FINRA/SIPC. This communication is strictly intended for individuals residing in the states of AK, AL, AZ, AR, CA, CT, FL, ID, IA, IL, IN, KS, KY, MN, NC, NE, NM, OH, OK, SD, TX, WA, and WY. No offers may be made or accepted from any resident outside these states.
Bob Bennie Wealth Management of Lincoln, Nebraska, is a member of the Lincoln Independent Business Association. One of the financial planning services provided by Bob Bennie Wealth Management is estate planning.More than 50 percent of Americans have done no estate planning, which is a big problem. Estate planning allows people to have control over the administration of their assets in the event of death or incapacitation. Estate planning also ensures that an estate does not go through the costly, time-consuming probate process. Developing a comprehensive estate plan can take several paths. A popular path is combining a will and a power of attorney. A power of attorney grants a personal agent authority to act on behalf of the estate owner in the event he or she is incapacitated. Another popular method, especially among business owners, is a living trust, in which owners can appoint a successor trustee while remaining in control of the trust assets. Every person should prepare an estate plan. A financial planner can help with the creation of this important document.
Located in Lincoln, Nebraska, Bob Bennie Wealth Management strives to help clients plan for the years ahead. Under the leadership of its namesake, a Certified Financial Planner, Bob Bennie Wealth Management can guide clients through creating a living trust, which can help an estate owner plan for death or incapacitation.One of the benefits of a living trust is that it allows the estate owner, known as the grantor, to name a successor trustee. This individual not only accepts responsibility for administering the trust after the grantor's death, he or she also agrees to manage assets in the trust if the grantor becomes incapacitated.Without such an arrangement, a person who becomes incapacitated is more likely to need a court-appointed guardian to manage his or her affairs. The time this takes can mean time in which the grantor's finances are not receiving active management, which can translate to financial loss in certain cases.A trust provides immediate transfer of control of the grantor's assets, but those assets must be contained within the trust for them to apply. For this reason, many experts recommend an estate owner also name a durable power of attorney for finances. The grantor may then give the power of attorney the right to transfer certain assets or accounts into the trust. This allows the trustee to manage assets that come under the umbrella of the trust, while the power of attorney continues to oversee other processes such as filing taxes and collecting federal or state benefits. Because every situation is different, it is important for each grantor to consult a professional for specific advice.
Bob Bennie Wealth Management specializes in retirement planning and estate planning, and also participates in its community through a variety of charitable activities. Bob Bennie Wealth Management supports Royal Family KIDS, and the firm's owner, Bob Bennie, is a counselor and mentor with the organization through its KIDS Mentoring Club.The Royal Family KIDS Mentoring Club supports children ages 6 through 12 who have attended the organization's camp services during the school year as well as the summer. Once a month, former camp attendees meet with some of the participating staff members from their most recent camp groups as well as other camp attendees. These meetings last about four hours, and in this time, children and mentors build healthy adult-to-child relationships.As Royal Family KIDS Camp programs are targeted at those who have been subject to abuse and neglect, this follow-through not only helps the children connect with others, but also provides the support structure necessary to help transcend the effects of child abuse. Participating mentors are interviewed, trained, and background checked, ensuring that they can provide the sort of continuity and kindness these children need.
Founded and headed by Certified Financial Planner professional Bob Bennie, Bob Bennie Wealth Management holds to the highest standards of quality customer service in the financial planning industry. Recognized among Barron’s Top 1000 Financial Advisers, Bob Bennie Wealth Management advises high net worth individuals on retirement planning and estate planning.
Estate planning is something every person should consider. It ensures your assets are distributed according to your wishes after death and that the person or persons you wish to raise your children will actually do so. A comprehensive estate plan will usually consists of more than one component. Here are three essential elements of an estate plan:
- Will
This is a legally binding document that you can draft with an attorney. It defines who will receive all the various assets and property of your estate after death. You can choose who to include as a beneficiary and who to leave out. Without a will, your assets will be distributed by the state according to state laws.
- Power of attorney
This is a legal document appointing an attorney to act on your behalf when you cannot because of incapacitation or some other reason. This person will be responsible for keeping your financial affairs in order and making decisions for you. Without a power of attorney, the court will appoint a conservator to act on your behalf.
- Living trust
This is a legal document with which you can guide the management of your assets before and after death. With it, you can choose who your beneficiaries will be, maintain control of your assets even during incapacitation, avoid probate for assets that are not included in your will, and realize the tax advantages associated with certain trusts.
Securities and Advisory Services offered through Prospera Financial Services, member FINRA/SIPC
For more than 20 years, Bob Bennie Wealth Management has been helping clients grow their wealth and plan for retirement. Led by Certified Financial Planner™ Bob Bennie, the Nebraska-based company offers a variety of services. One service available at Bob Bennie Wealth Management is estate planning, a process that often includes the creation of a living trust.
Here are three benefits of a living trust:
1. Avoids probate. When only a will is in place, an estate must go through the long, costly, and public probate process. However, assets placed into a living trust do not go through probate. Instead, they are quickly and privately passed to beneficiaries and heirs.
2. Saves money. One of the biggest deterrents of a living trust is the perception of a high upfront cost. In most situations, the cost of a living trust is higher than the cost of a will. However, paying this cost upfront actually saves money in the long run. With a living trust in place, beneficiaries do not have to pay probate costs and may see a reduction in estate taxes. As a result, more money is left for heirs.
3. Provides certainty. Once a living trust is in place, individuals can feel that their families will be properly cared for after they pass. For many, a living will provides peace of mind.
Securities and Advisory Services offered through Prospera Financial Services, member FINRA/SIPC
Bob Bennie Wealth Management operates under the leadership of its president and founder. Bob Bennie has been a Certified Financial Planner® (CFP®) since 1997.
To earn the credential of Certified Financial Planner, an investment professional must fulfill four basic requirements. These are known as the four E's and include education, examination, experience, and ethics.
The education component requires the professional to have completed a bachelor's degree or equivalent within the context of a registered program. The program must cover all of the significant topic areas of financial planning, including investment and retirement planning, as well as financial plan development. The candidate's plan development study, required of all candidates enrolled in 2012 or after, must be a capstone program registered with the CFP Board and must include an evaluation of the candidate's ability to offer professional planning services.
Candidates who complete the education requirement may then take the CFP Certification Examination. To pass, a candidate must answer enough questions correctly to demonstrate a base level of competency, set by practicing CFP professionals.
The CFP credential also requires a candidate to demonstrate competency in real settings, either through 6,000 hours of practice that fulfill the two-part Standard Pathway guidelines or 4,000 hours that meet the requirements of the three-part Apprenticeship Pathway.
Those who fulfill this requirement, as well as the education and examination guidelines, must then complete a certification application that evaluates the candidate's background from an ethical viewpoint. Any matters of concern undergo official investigation, and no candidate receives credentialing until this step is complete. Further information on this and other requirements are available at www.cfp.net.
Securities and Advisory Services offered through Prospera Financial Services, member FINRA/SIPC
