Foley & Foley Wealth Strategies

A Uniquely Family Run Business for 35 years

In 1981, Foley and Foley was established when insurance specialist Mark Foley and his investment savvy son, Kevin Foley joined forces to serve clients.

This month, the firm celebrates 35 years serving clients!

Today, Foley & Foley Wealth Strategies is thriving thanks to the continued dedication and success of Kevin Foley and his family of partners, Luke Fields and John Foley.  Kevin shares that “we’ve worked to maintain the exceptional standards established early in the company.”  Click here to read more about ‘Our Story’.

The firm credits success to their clients trust and satisfaction.  By building a financial plan unique to each client, Foley & Foley Wealth Strategies conveys that real wealth comes from planning and living your best life, and being able to pass on the blessings.

Since 1981, Kevin Foley, ChFC®, CLU®, has specialized in helping clients accumulate, manage and preserve wealth and been recognized as an outstanding financial advisor, achieving membership in the Raymond James Leaders Council. 

Luke Fields is a CERTIFIED FINANCIAL PLANNER™ Professional with a thorough understanding of the details required when constructing strategies for clients.  John Foley, RJFS Investment Consultant, specializes in consulting with clients to determine which investments will help them accomplish their unique goals.

In recent years, Foley & Foley Wealth Strategies has modernized our firm processes, created a new logo/website www.foleywealthstrategies.com, enhanced the investment selection process to be discretion managed in-house and implemented the most current financial planning software adding significantly to their investment and financial planning strategies. These changes convey a readiness, vibrancy and current understanding of today’s challenging markets. 

Foley & Foley Wealth Strategies THANKS YOU!    We pledge to you our continued best service – you deserve it!

Kevin Foley ChFC®, CLU®, Founding Partner
Luke Fields CFP®, Firm Partner
John Foley, Firm Partner, Investment Consultant, RJFS

Who Will Get Your Money?

It is important to save and plan ahead.  We all probably agree on that.  When it is all said and done, “you can’t take it with you.”  So who will get your money someday?

Lucky Dog

In recent years there have been stories of wealthy individuals leaving significant money, even fortunes to pets.  That may not be your idea of how you want to leave a legacy, but these individuals planned well to make their desires happen.  One of the more famous stories is of Leona Helmsely, a successful businesswoman who left $12 million to her dog, Trouble.  There is also a story of a German countess, Karlotta Liebenstein, who in 1992 left $80 million to her German shepherd Gunther III and allowed in her legal documents for the money to pass to her dog’s offspring.  With good investing by the managers, Gunther IV is now enjoying an estate of $372 million.  Wow. 

When you pass, your money should go to those you intend to inherit your estate, whether family, friends, charitable organizations or even a pet, if you wish.  Proactive planning is required to ensure your wishes are accurately fulfilled.

6 Common Beneficiary Mistakes to Avoid

1.)    Not Naming a Beneficiary or Listing your Estate.   If no beneficiary is listed, it goes to probate.  If you list your Estate, it goes to probate.  This is completely avoidable. These mistakes would prevent your spouse or kids from being able to use what is called a “Stretch” IRA, where the beneficiary can spread payments over their lifetime; which typically reduces taxes paid and can increase the potential growth of the assets.  It is almost always best to avoid Probate.  Many courts will take a year or longer to finalize the estate, attorney fees will mount and there will be a delay in the beneficiaries receiving the assets.

It is almost always best to avoid Probate

2.)    Not Listing a Contingent Beneficiary.   What happens if you are killed in a car accident with your spouse, who typically is the Primary Beneficiary?  Hello Probate Court again.   You need to have Contingent or what I call “next in line” beneficiaries listed; typically these are your children (possibly grandchildren or a charitable organization if you don’t have children).

3.)    Failing to Keep Forms Up-To-Date.   Unfortunately, there are cases where ex-spouses have inherited accounts because beneficiary forms were not updated.  As well, possibly other previous named beneficiaries have passed away or a relationship has significantly changed.  If you are re-married you will want to decide how to handle your assets if you were to pass away.  Your new spouse will need to sign a consent form if your assets are intended to go to your children directly.  Additionally, you may need to setup a Trust if you desire for your new spouse to be supported by your assets if they survive you, and then have the money transferred to your own kids.  We have seen cases where the money goes to the surviving spouses (2nd marriage) own children, not the intended biological children of the 1st spouse to pass.  It can get ugly.  I can refer you to great Estate Planning attorneys for these needs.

         Beneficiary forms override your will   

4.)    Failing to List Beneficiaries On ALL Your Accounts.   Does your 401k or 403b at work have listed beneficiaries, and have they been updated?  Your IRAs, Roth IRAs, joint investment brokerage account(s), insurance and even your bank accounts should have beneficiaries listed.  This will avoid Probate and give your beneficiaries quicker access to the assets.  A Transfer on Death (TOD) can be used for joint investment accounts and a Payable of Death (POD) is used for bank accounts.  Too often we see new clients and prospects come into our firm with beneficiaries listed incorrectly on their accounts.

5.)    Naming a Minor as Beneficiary.   It is questionable if many adults are even responsible enough to handle suddenly inheriting significant amounts of money… so how about your teenager?  Although it is good to have your kids named as contingent beneficiaries it can cause problems.  Financial control is often a concern- some beneficiaries will always raise concerns and/or there are often very specific wishes that someone will want carried out upon their death.  This again is an example of where speaking to an attorney is wise and using a Trust can assist in this situation.

1.)    Forgetting to Choose a Guardian.  You’ve named the beneficiary and determined what financial control you wish to put in place and even designated who is the Trustee of the assets.  But did you name a caretaker of your minor children (or the grandchildren you care for)?   This is vital.  Would you rather the court appoint a guardian for your kids or you choose..?  I think we know the answer to that one.

So, WHO Will Get Your Money?

These mistakes are simple to avoid and it is obvious why you should take action.  However, too often I find that people put off these critical and basic estate planning steps.  It is also common for people to forget to update and adjust beneficiaries as life changes.  This is even true for many people who are working with “financial advisors” out there.  Estate planning is a critical process that our firm incorporates into our client services.  If you are unsure of whom your beneficiaries are or would like to discuss some ideas, please reach out to our office.

To Your Financial Planning Success,

Luke Fields, CFP®

luke.fields@raymondjames
877.854.0936

Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James.  Expressions of opinion are as of this date and are subject to change without notice.

Do You Dream?

STEWARDSHIP CENTS NEWSLETTER

How Big Are Your Dreams?

Recently, I was chatting with a CPA about helping clients reach their goals.  He shared that he often sees people that need to be pushed to not just dream, but to dream bigger.  I completely agree.  So, why do so many of us fail to dream?  I think it is because many of us lack clear goals and a planned direction on how to move forward.   Too often we settle for where we find ourselves or don’t realize the potential ahead of us.  We need to dream big!

Last month I asked all of us to consider three simple questions:

1.  What do I value?

2.  What is most important to me?

3.  How does this change my life and goals?

Thank you for the feedback I received from many of you; I am glad these questions were thought provoking.  Answering these questions helps determine what is most important to you.   This is critical because what is important to you is the starting point to setting your goals. 

The next common problem is what I opened this discussion with… how big do you dream?  Often I find when people have done the work and identified important goals, they still hit a wall in their progress to achieve them.

1.      Some people need to dream bigger.

2.       Some people need to be realistic (this is more rare).

3.       Some people have dreamed BIG- but have no idea how to accomplish their goals.

All of these situations require discussion, for us to be either “pushed forward” to go bigger in our dreams or “pulled back” to start at more realistic goal levels.  So how do you accomplish the dreams you have?  Do you randomly pick steps, do you pick the easiest or most likely result you know you can achieve or do you set a goal that will stretch you?

Planning Gives You Direction

Significant dialogue with yourself and your spouse is required to move ahead with success.  Who is helping you set goals, encouraging you to dream and providing a plan of direction?

Here is where a professional, holistic financial advisor can guide you thru the stages: discovery of what you truly value, setting realistic goals, dreaming of the potential and then developing a comprehensive plan to work towards achieving your dreams.

To Your Financial Goals and Dreams,

Luke Fields, CFP®

Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James.  Expressions of opinion are as of this date and are subject to change without notice.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation.

What is Real Wealth?

STEWARDSHIP CENTS NEWSLETTER

A simple question yet difficult to answer.  Real Wealth is about more than dollars and cents.  Yes, the size of your account and overall net worth are important; these are important measures.  But wealth can be measured in many other ways and looks very different from one person to the next.  To one person wealth is all about their pocket book size; to another wealth is possibly having a clean bill of health.  For others, wealth is about giving away as much as possible or using the time their wealth has created as an opportunity to do what they really want to do… what can be considered financial freedom.  Only you (and your spouse if married) can answer this.  Ultimately, you will use and spend your money on what you believe is important, those things you truly value.

Whatever “wealth” may mean to you, it comes from what you value.  So the real question is “what do you value?”

The challenge that I have for me and I have for you is to ask the following three questions:

What do I Value?

What is most important to me?

How does this change my life and goals?

Like I said, defining Real Wealth is about more than dollars and cents.  It is a difficult question but well worth the effort to answer it!  Between people, no answer is exactly the same or is there one correct answer.  My firm, Foley and Foley Wealth Strategies strives to help our clients answer this.

I would love to hear your thoughts on this!  Please send your comments to me at luke.fields@raymondjames.com.  Hope you discover what real wealth means to you.

Luke Fields, CFP®

Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James.  Expressions of opinion are as of this date and are subject to change without notice.

How Taxes Can Help You

3 Ways Filing Your Tax Return Can Help You

STEWARDSHIP CENTS NEWSLETTER

I will be the first to state I don’t like paying taxes but they are a fact of life.  They are not optional.  Bad things, very bad things can happen to those who don’t pay… how about a tax lien or jail.   However, good things can possibly come from filing your return.

About now you are saying, “Luke you are crazy!  How can filing my tax return help me?!!”  Ok, before you delete this and never read Stewardship Cents again, stick with me- let me explain.

Filing your taxes:

1.)    Forces You To Take Inventory and Get Organized (ok, somewhat organized).   Who can’t use a little spring cleaning of financial records?  The process of gathering and organizing to complete your taxes is usually helpful.  Were you reminded of an account you forgot you had?  Did you realize you have too many various accounts?  You have to know what you have and where it is at in order to manage it well.

1.)    Helps You To “Gauge” What the Year Was Like.   Life and your business can get busy.  So busy, that it is hard sometimes to stop and measure things.  Did all of your accounts perform as expected?  Did your insurance premiums increase?  How much did you save for retirement last year?  Did you pay a lot more tax than expected?

“Any enterprise is built by wise planning, becomes strong through common sense, and profits wonderfully by keeping abreast of the facts.”  -Prov 24:3

2.)    Allows You To Plan Ahead.   This is where a CPA who helps you tax plan may be invaluable.  Are there areas where you could have saved more, given more or reduced spending?  Will your situation this year be similar or different from last year and do adjustments need to be made?  Take steps now to plan ahead.

Shortly following tax season, it is common for clients and prospective clients to reach out to me when they realize they need to rollover a prior employer’s 401k, evaluate an old insurance policy or consolidate their accounts to one advisor.  Consolidating your accounts may simplify your life, ease taking an annual inventory and allow for better investment management of your portfolio, since all your holdings can be accounted for and then diversified accordingly.

If one of these areas describes you, reach out to me.  We can casually chat and run through your options.  See, good can come from paying Uncle Sam- even if it is not that much fun.

To Your Financial Success,

Luke Fields, CFP®

Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James.  Expressions of opinion are as of this date and are subject to change without notice.

Choose a Tax Planner

Choose Your Tax Professional Wisely

STEWARDSHIP CENTS NEWSLETTER

It never fails; April 15th rolls around each year and its time to settle up with Uncle Sam.  I appreciate the following advice.  It really applies to me… I like ice cream and I have three kids.

I regularly advise clients to choose their “Tax Person” carefully.  You should find someone that fits your needs, is experienced in handling your tax situation and is proactive.  For this month’s newsletter, I asked Nathaniel Busch, CPA with BlankenBecler Advisors to contribute his thoughts.  Enjoy a cartoon first- this is why you need a professional.

 Choosing a Tax Planner versus a Tax Preparer

“As tax time approaches, also comes the decision to choose an accounting professional.  It’s important to ask yourself “what type of professional can best fit my needs?”

In the tax accounting industry, there is a clear distinction between a tax preparer and a tax planner.

A tax preparer is a fact finder; one who is presented with information as to what has already happened in a particular year.  They are tasked with arriving at an already determinable answer. ­ The client has lost any and all control of the outcome and are at the fate of their tax preparer arriving at the answer before the deadline.

Conversely, a tax planner does not react to a year that has already surpassed a client.  Rather, the tax planner is proactive and is an instrumental tool in helping their clients forecast an impending tax liability.  By meeting with their clients on an interim basis, a planner can provide the client with a beginning projection of tax liability with several options on how to change their outcome and maintain the effective tax rate their household will pay to the government.  This approach gives control to the client as to what their outcome will be, when signing their 1040 in April.

Actual tax preparation for the tax planner is easy – much of the leg work has been completed several months prior, with the likely result already made known to the client.

For many taxpayers, inaction and a failure to plan have already forced their hand – their need is only for a tax preparer, coupled with the uncertainty of what they may owe in the next few months.
As April 15th nears, ask yourself – do I need a preparer or a planner?”

Nathaniel D. Busch, CPA
BlankenBecler Advisors, Inc.
614-475-7560

Feel free to reach out to me to suggest a qualified tax planner, like Nate to meet your appropriate tax needs.

To Your Financial Success,

Luke Fields, CFP®

Any opinions are those of Luke Fields and not necessarily those of RJFS or Raymond James.  Expressions of opinion are as of this date and are subject to change without notice.

You should discuss any tax or legal matters with the appropriate professional.  The tax advise and/or services of Nathaniel D. Busch and BlankenBelcer Advisors, Inc. are independent of RJFS.