Catherine Bennett

Exciting News: American Wealth Management has won in three categories for the Best in Business 2025 Contest!

We are thrilled to announce that American Wealth Management has been voted the winner in three categories for the Best in Business 2025 hosted by Northern Nevada Weekly! This incredible recognition highlights the dedication and hard work of our team.

We Are Honored to Be Recognized as Winners in the Following Categories:

1st Place for Most Philanthropic (under 30 employees) 

It’s an honor to serve the Reno/Tahoe community. Our financial advisors invest in Reno to strengthen future generations by serving several non-profit organizations by giving our time and resources to Renown Health, the Boy and Girls Club of Truckee Meadows, the University of Nevada, Reno, the Boy Scouts of America, the Reno Philharmonic, and the Food Bank of Northern Nevada, among others.

2nd Place for Best Financial Planner – Laif E. Meidell, CMT, AIF®, President, Wealth Advisor, Registered Representative at American Wealth Management

Laif’s desire to help clients manage risk led him to study quantitative and technical analysis. He’s a Chartered Market Technician and created his own proprietary tactical strategies, known as Market Adaptive™ strategies. Merging a tactical strategy with strategic asset allocation provides a belt and suspenders approach to investing, which for some investors means peace of mind.

2nd Place for Best Small Business (under 30 employees)

Winning for Best Small Business in The Biggest Little City highlights the impact of being a small, community-focused office. Our close-knit team knows each other’s clients, families, and stories, creating a strong foundation of trust and understanding. This connection enables seamless, real-time communication and allows us to tailor workflows not only to meet our clients’ needs but also to support one another effectively.

A Special Thanks to Our Community

We appreciate every one of you who has helped us reach this milestone. Your support means everything to us.

—The American Wealth Management Team

Financial Advisors in the Reno-Tahoe Area

Contact an American Wealth Management financial advisor to learn more about our advisory services and how we can work with you to develop a personalized plan aimed at supporting your financial goals and long-term objectives.

Take advantage of our 1-hour no-cost financial consultation. Fill out our financial advisor consultation form.

 

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S. Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation

The Best in Business 2025 Contest for Northern Nevada is presented by Northern Nevada Weekly and is determined through public voting held from October 8, 2025 through October 26, 2025. Nominees were selected by open nominations. Voting may include clients and non-clients. American Wealth Management did not pay a fee to be nominated or included. After the voting period, American Wealth Management did not pay a licensing or promotional fee related to the results. This recognition is based solely on the number of votes received and is not indicative of investment performance or client experience. A nomination or award is not a guarantee of future investment results and should not be construed as a testimonial or endorsement by any current client. The rating organization’s methodology, eligibility criteria, and limitations can be reviewed here: Best in Business 2025. Participation in voting is voluntary and open to the general public. Clients are under no obligation to vote, and their decision to do so will not influence their current or future advisory relationship with American Wealth Management.

We are proud to announce that Heidi A. Foster, CFP®, vice president and wealth advisor at American Wealth Management, has been recognized by Money.com as one of the best women financial planners in the United States for 2025. She is the only financial planner in the state of Nevada awarded this honor.

Money’s Best Women Financial Planners in the U.S.

Money’s Best Women Financial Planners in the U.S. for 2025 is a curated list that highlights top female professionals in the financial planning industry across the United States. This selection recognizes women who demonstrate exceptional expertise, client service, and leadership in managing personal finance, investment strategies, retirement planning, and wealth management. The list serves as a resource for individuals seeking trusted, knowledgeable female financial advisors who can provide tailored advice to meet diverse financial goals. It emphasizes the growing influence and success of women in a traditionally male-dominated field, promoting greater diversity and inclusion within the industry.

Heidi’s inclusion on this list reflects her dedication to providing personalized, strategic wealth management and financial planning services that guide individuals and families toward financial security and success.

As a Certified Financial Planner®, Heidi combines industry knowledge with a client-focused approach that simplifies complex financial decisions. Her leadership at American Wealth Management exemplifies commitment to excellence and unwavering integrity, making her a trusted advisor for many.

This recognition from Money.com not only highlights Heidi’s professional achievements but also underscores the important role women play in the financial planning profession.

Please join us in congratulating Heidi A. Foster, CFP®, on this well-deserved accolade as she continues to set a high standard in the industry and make a positive impact on clients’ financial futures.

Top Financial Planner in Nevada

With 20+ years of experience, Heidi Foster is available to assist you with your financial planning needs. 

Take advantage of our 1-hour no-cost financial consultation. Fill out our financial advisor consultation form.

 

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), an SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S. Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation

Setting financial goals is fundamental to achieving long-term financial security and independence. Whether you are just starting or looking to refine your strategy, here are some tips on how to set effective financial goals for your future.

You may want to pay off debt within the next two years, save for a down payment on a home in five years, or ensure a comfortable retirement in 20 years. These time frames help you stay focused and give your financial planning more structure. 

Establish a Realistic Timeline

Timing is critical. When setting deadlines, consider your current income, expenses, and lifestyle. Align your investment and savings plans accordingly. Start by defining your short-term, mid-term, and long-term goals. 

• Short-Term Goals: Short-term financial goals can usually be achieved within a year. They generally focus on financial stability and building a solid foundation.
• Mid-Term Goals: Mid-term goals typically span three to five years and require careful strategic planning. They often involve significant financial commitments, like saving for major purchases or paying off substantial debt.
• Long-term Goals: Long-term goals typically span more than five years and often aim to secure financial independence and prosperity, such as planning for retirement.

Define Your Priorities Clearly

Begin by identifying what matters most to you financially.

Common goals include:

• Building an emergency fund
• Saving for a home purchase
• Planning for retirement
• Funding education for yourself or your dependents
• Paying down debt
• Establishing generational wealth

Write down these priorities and rank them by importance and urgency. Clarity on your priorities provides focus and direction in your financial planning.

Make Your Goals SMART

Vague goals like “save more money” or “get out of debt” are difficult to track or achieve. Instead, set SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound.

Example:

• Instead of “save for retirement,” say “save $1 million for retirement by age 65 through monthly contributions to a 401(k) and IRA.”
• Instead of “pay off debt,” say “pay off $10,000 credit card balance within 18 months.”

Specific goals give you a clear target and allow you to measure progress regularly.

Break Down Large Goals Into Smaller Steps

Big financial goals can feel overwhelming. Break them down into smaller, manageable milestones that you can celebrate along the way.

For example:

• Save a $10,000 emergency fund by setting aside $500 monthly over 20 months.
• Pay off $5,000 of credit card debt within 6 months by paying $830 monthly.

Smaller goals make it easier to stay motivated and maintain momentum.

Create a Detailed Financial Plan

Once you have your goals defined, work on a step-by-step plan:

• Budget: Track income and expenses to identify how much to save monthly.
• Emergency Fund: Prioritize building a safety net before investing heavily.
• Debt Management: Plan payments that fit into your budget without stress.
• Investment Strategy: Based on your timeline and risk tolerance, choose appropriate vehicles such as retirement accounts, brokerage accounts, and real estate.

Consulting with a financial advisor can help tailor this plan specifically to your situation.

Monitor and Adjust Your Financial Plan Regularly

Life circumstances change, income may rise, expenses may increase, or unexpected events may happen. Regularly review your goals and progress every 6-12 months.

Adjust your contributions, timelines, or even goals if necessary. Flexibility is key to long-term success.

Stay Committed and Patient

Financial goals, especially long-term ones like retirement savings, require discipline and patience. Market fluctuations and life events can cause temporary setbacks, but staying committed to your plan usually results in favorable outcomes over time.

Explore your values, attitude toward risk and reward, timelines, and expectations for the future.

Meet with a Financial Advisor in the Reno-Tahoe Area

Contact one of American Wealth Management’s financial advisors to learn how our advisory services can help you develop a personalized plan designed to support your financial goals and long-term security.

Take advantage of our 1-hour no-cost financial consultation. Fill out our financial advisor consultation form.

 For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC- registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation

A Certified Financial Planner (CFP®) is a trained and certified professional who provides financial planning services and advice to clients. The CFP® designation is awarded by the Certified Financial Planner Board of Standards in the United States and is recognized worldwide.

Education and Certification

To achieve the CFP® designation, candidates must meet specific educational, examination, experience, and ethical requirements. This includes obtaining a bachelor’s degree or higher and completing a set of courses covering various financial planning topics such as retirement, taxes, insurance, and estate planning. Following this education, candidates must pass the CFP® examination, which tests their knowledge and ability to apply financial planning concepts in real-world situations.

Additionally, candidates must possess at least three years of relevant work experience in the financial services field and adhere to a strict code of ethics, ensuring they act in the best interests of their clients (CFP® Board, 2023).

Scope of Services

CFP®s offer a wide range of services tailored to individual needs:

• Retirement Planning: Helping clients assess their future retirement needs and create a sustainable withdrawal strategy.
• Investment Management: Assisting clients in developing an investment strategy aligned with their risk tolerance and financial goals.
• Tax Planning: Providing strategies to minimize tax liabilities and maximize tax benefits.
• Estate Planning: Helping clients plan for the distribution of their assets after death, ensuring their wishes are executed as intended.
• Insurance Planning: Evaluating necessary insurance coverage to protect clients’ assets and families.

Credibility and Trust

The CFP® designation signifies a high level of professionalism, knowledge, and commitment to ethical practices. Clients can trust that a CFP® has undergone rigorous training and adheres to a fiduciary standard, meaning they are required to act in their clients’ best interests, rather than prioritizing their own commissions or fees.

Why Choose a CFP?

Choosing a Certified Financial Planner offers several advantages:

1. Comprehensive Planning: CFP®s take a holistic approach to financial planning, integrating various financial aspects into one cohesive plan.
2. Personalized Services: They tailor their services to meet clients’ unique financial situations and goals.
3. Ongoing Support: Many CFP®s provide ongoing advice and support, adjusting plans as clients’ circumstances change.
4. Regulatory Oversight: The CFP® Board enforces strict standards for its members, promoting trust and accountability.

A Certified Financial Planner (CFP®) serves as a valuable ally in navigating the complexities of personal finance. With their extensive education, commitment to ethical practices, and comprehensive approach to financial planning, CFP®s can help individuals and families achieve their financial goals. Whether you are planning for retirement, investing for the future, or managing your estate, a CFP® can provide the expertise and guidance needed to make informed financial decisions.

American Wealth Management Financial Advisors Serving the Reno-Tahoe, Nevada Area

At American Wealth Management, our team of experienced financial planners can help you create a customized financial plan that reflects your personal goals and circumstances. We help you prepare for retirement, invest based on your risk tolerance, consider tax implications, create an estate plan, and more.

Schedule a consultation with American Wealth Management today. Let us help you build a secure legacy for your loved ones.

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Sources:

Certified Financial Planner Board of Standards. (2023). “Become a CFP Professional.”

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC- registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

Heidi Foster, Vice President and Wealth Advisor, American Wealth Management, on KNPR’s State of Nevada with Joe Schoenmann

On KNPR’s show State of Nevada, Joe Schoenmann brings together retirement advisors and financial experts, including Heidi Foster, to address pressing concerns facing Nevadans, especially around Social Security, Medicaid, retirement accounts and personal savings as economic uncertainty looms. With about one in five Nevadans relying on Social Security and 800,000 depending on Medicaid, many are anxious about possible federal cuts and the impact of market volatility on their retirement security.

The Financial Experts Agree

With several call-in questions, the financial experts addressed concerns with sound advice, including the following: 

• Don’t make rash decisions in response to fear. 
• Focus on the fundamentals, save consistently, diversify investments, pay down debt, and seek professional advice tailored to your situation. 
• While the future of programs like Social Security is uncertain, proactive personal finance management remains the best defense against economic instability.

Listen to the full broadcast and what Heidi has to say on KNPR:

When the market’s a gamble: financial tips for Las Vegas locals

Heidi Foster CFP® 

Heidi works closely with every client to design, implement, and monitor comprehensive, multi-generational wealth management strategies.

Learn more about Heidi’s wealth management offerings here: 

Heidi Foster, CFP®, Vice President, Wealth Advisor, Registered Representative serving the Reno-Tahoe area and throughout Nevada.

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

Estate planning is a critical aspect of managing your wealth and ensuring your loved ones are taken care of after your passing. One key component of estate planning is the use of trusts. Trusts can help you avoid probate, minimize estate taxes, and provide specific instructions for asset distribution. However, determining which type of trust is the best for your situation depends on your unique circumstances.

Types of Trusts

Revocable Living Trust

A revocable living trust is one of the most common types of trusts used in estate planning. It allows you to retain control over your assets during your lifetime while specifying how those assets will be distributed after your death. The trust can be modified or revoked at any time, providing flexibility. This type of trust can help avoid probate, making the transition smoother for your heirs.

Irrevocable Trust

In contrast to a revocable living trust, an irrevocable trust cannot be changed or revoked once established. This type of trust is often used for specific purposes, such as estate tax reduction or asset protection. Since the assets in an irrevocable trust are no longer considered part of your estate, they may help reduce the overall tax burden on your estate.

Testamentary Trust

A testamentary trust is created through your will and comes into effect upon your death. It can be an effective way to manage how your assets are distributed, especially for minor children or beneficiaries who may not be capable of handling large sums of money. This type of trust will go through probate, so it may not provide the same advantages in terms of speed or privacy that other trusts offer.

Special Needs Trust

For individuals who have a loved one with special needs, a special needs trust can be highly beneficial. This type of trust ensures that the beneficiary can receive financial support without jeopardizing their eligibility for government assistance programs. It’s important to design this type of trust carefully to comply with regulations.

Charitable Trust

A charitable trust allows you to donate assets to a charity while providing specific tax benefits. This can be a valuable estate planning tool if you want to support a cause you care about while also achieving potential tax deductions for your estate.

Choosing the Best Trust

Determining the best trust for your estate planning requires considering several factors, including your assets, your family’s needs, and your goals. Here are some steps to follow:

1. Assess Your Assets:
   Consider the types and values of your assets, as different trusts may have varying implications for tax and distribution.
2. Evaluate Your Goals:
   Identify what you want to achieve with your estate plan. Are you focusing on minimizing taxes, providing for minor children, or supporting a charitable cause?
3. Consider Your Family Situation:
   Think about your loved ones’ unique needs, especially if you have children or dependents with special circumstances.
4. Consult an Estate Planning Professional:
   Working with an estate planning attorney can help you navigate the complexities of trust creation and ensure your trust aligns with your overall estate plan.

There are other types of trusts beyond these, although these are some of the more frequently used trusts and everyone’s situation is unique.The best trust for estate planning varies from person to person based on individual needs and goals. A revocable living trust often serves as a solid foundation for many, but it’s essential to consider all available options. Tailoring your estate plan with the right trust can provide peace of mind, knowing your assets will be managed and distributed as you desire.

Working with a Financial Advisor

When planning a trust, it is essential to consult with a professional to ensure comprehensive guidance and support. You should consider working with a financial advisor who can assist in assessing your financial situation and developing strategies to fund the trust, which may involve investments, insurance policies, or other assets.

Collaborating with these professionals ensures that the trust is set up effectively and aligns with your overall estate planning goals.

American Wealth Management Team of Experienced Financial Planners

At American Wealth Management, our team of experienced financial planners can help you create a customized financial plan that reflects your personal goals and circumstances. Schedule a consultation with American Wealth Management today. Let us help you build a secure legacy for your loved ones.

 

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC- registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

Money still doesn’t grow on trees, but financial advice certainly does. Today, we are awash with financial information. 

Ironically, though, average adults in the U.S. aren’t as informed on good and bad financial practices as you might think. 

According to the P-Fin Index, an annual survey developed by the TIAA Institute and the Global Financial Literacy Excellence Center, there is room for improvement when it comes to financial literacy. Their 2023 survey showed that “On average, U.S. adults correctly answered only 48% of the 28 index questions in 2023.”

Needless to say, the ambiguity created by a flood of financial information combined with weak financial literacy can be a real stumbling block to managing finances, mitigating risk, and achieving financial health. 

So, who can help? Enter, financial advisors. 

Financial advisors provide personalized guidance and expertise that helps individuals make informed financial decisions, manage their investments, plan for the future, and navigate more complex financial situations.

To learn more about how financial advisors help you figure out your finances, read on! 

How Financial Advisors Help With Financial Planning 

Hold on—what’s a financial plan?  

First, your advisor can help you make a financial plan. A financial plan is a money roadmap that outlines where you are financially (income, expenses, debt, assets, etc.) and where you want to be. 

How can financial advisors help? 

Financial planners will help you evaluate your financial goals (or help you make some), taking into account your income, expenses, assets, and liabilities. Based on their assessment, they can create a personalized financial plan tailored to your needs. They can also assist you with budgeting and cash flow management. 

Financial advisors help you plan for the future.

One of the most important services financial advisors provide is retirement planning. They’ll help you set goals around retirement and course-correct if you need to. They can also offer valuable insights and assistance in education planning. 

With their expertise, financial advisors empower you to make informed decisions and secure a brighter financial future.

How Financial Advisors Help With Investment Management 

First, why get help with investment management? 

Investing allows you to grow your wealth and potentially generate income beyond what can be achieved through traditional savings methods.

Whether or not someone achieves financial freedom may come down to how they manage their portfolio of investments. This is an area where financial advisors can be real game changers. 

How do financial advisors help manage your investments? 

Financial advisors can conduct portfolio analysis to help you assess the performance and composition of your investments, judge the risk and return profile of your portfolio, and make informed decisions about your asset allocation and investment strategies.

Your financial advisor will tailor their approach to your unique financial situation and risk tolerance. They’ll work closely with you to determine the optimal mix of investments that align with your goals. 

How do financial advisors monitor growth and mitigate risk over time? 

The stock market is volatile, as well as the value of other assets like your home. Your financial advisor understands the importance of managing risk effectively and helps you navigate potential pitfalls. 

Additionally, financial advisors diligently monitor and rebalance your portfolios, ensuring that your investments remain aligned with your objectives over time.

How Financial Advisors Help With Taxes and Tax Planning 

Wait, can you plan your taxes? 

Yes. Tax planning refers to the process of strategically managing your financial affairs to optimize your tax liability. Doing your own taxes requires anywhere from some to quite a bit of knowledge of the tax code, which is available to the public. 

How can a financial advisor help me with my taxes? 

Your financial advisor can be a tremendous help in identifying tax-saving opportunities tailored to your unique circumstances. 

They can ensure you take advantage of available deductions, credits, and incentives so that you’re not overpaying or loaning money unnecessarily to the government until you get your tax return. 

By leveraging their knowledge of the tax code, they help maximize deductions and credits, potentially reducing your tax liability. Financial advisors also provide guidance on strategic tax planning for investments, suggesting tax-efficient investment strategies that can minimize the impact of taxes on your investment returns. 

What about estate taxes? 

Financial advisors can also help you manage the tax implications of estate planning. That is, helping you navigate estate tax considerations when planning how to transfer assets to your beneficiaries. 

How Financial Advisors Help With Insurance Planning 

Why get help choosing an insurance policy?

There are a lot of insurance plans out there and choosing the right one can be overwhelming. Financial advisors can help you evaluate your insurance needs and recommend suitable coverage. 

With their knowledge and personalized recommendations, financial advisors empower you to make informed decisions, offering peace of mind and financial protection for the future.

How financial advisors can help you plan your life insurance. 

One of the major forms of insurance financial planners can help with is life insurance. Financial advisors can help you determine the right coverage amount and policy type to ensure financial security for your beneficiaries in the event of death. 

Disability and long-term care insurance.

Financial advisors help you choose a disability insurance that’s right for you, so you’re protected if you’re unable to work due to illness or injury. Further, they can provide expertise in long-term care insurance, so you’re prepared for potential long-term care and any associated costs. 

How Financial Advisors Help You With Estate Planning 

What does getting help with your estate planning look like? 

Financial advisors assist with estate planning by creating/updating wills and trusts, minimizing estate taxes, ensuring smooth asset transfer, and providing charitable giving strategies. They help you document their wishes, legally bind them, and minimize tax implications on their estate. 

How do financial advisors help you distribute your assets in the event of death? 

Financial advisors guide individuals through the probate process or the process of distributing your assets to your beneficiaries after you die. They also help align philanthropic goals with the estate plan. With their expertise, financial advisors enable individuals to achieve their estate planning objectives and leave a legacy that reflects their values.

How Financial Advisors Support You With Business Planning 

How can a financial advisor help me with my business? 

Financial advisors play a pivotal role in business planning, providing comprehensive support throughout an entrepreneur’s journey. They assist with business formation and structure, ensuring legal and financial frameworks are properly established. 

Can I hire a financial advisor to help facilitate changes to the business?

Absolutely. Financial advisors can help you develop business succession plans, facilitating a smooth transition of ownership and management. 

What about growing my business? Can they help me there?

They can help with that too. Financial advisors provide valuable advice on business expansion and acquisitions, evaluating growth strategies and potential opportunities. Their expertise can help you make informed decisions, optimize business operations, and navigate the intricacies of business planning for long-term success.

Specialized Services Financial Planners Can Assist With 

Financial advisors can address a wide range of unique financial needs beyond financial planning and investment management. 

They assist with divorce financial planning, guiding individuals through the financial complexities of divorce.

Stock option planning is another area where they provide expertise, helping employees maximize the benefits of their stock options. 

Financial advisors also offer trust services, advising on trust creation and management. In philanthropic planning, they help individuals align charitable goals with their financial plan. 

Takeaways About Services Financial Planners Offer 

In summary, financial advisors offer the following key services:

• Financial Planning: Creating personalized financial plans.
• Investment Management: Portfolio analysis and asset allocation.
• Tax Planning: Identifying tax-saving opportunities.
• Insurance Planning: Evaluating insurance needs.
• Estate Planning: Creating wills and trusts.
• Business Planning: Assisting with business formation.

These services provided by financial advisors are designed to help individuals make informed decisions, optimize their financial strategies, and work towards their financial goals with confidence.

If you have questions about your finances, take advantage of American Wealth Management’s 1-hour no-cost financial consultations. Submit this form to us and we will contact you to schedule a video call with one of our advisors.

American Wealth Management Reno, Nevada

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

……….

1. Ameriprise.com, 2023.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

The probate process can be expensive for some estates. Settling an estate through probate can cost you both time and money. It could take up to a year for the estate to be settled, plus attorney’s fees, appraiser’s fees, and court costs may eat up as much as 5% of a decedent’s assets. Probating an estate valued at $400,000 could cost as much as $20,000.¹

What can you do to help your heirs have as smooth of a transition process as possible? There are a few steps that may help you along the way:

Joint accounts. Married couples may hold property as a joint tenancy. Jointly titled property includes a right of survivorship and is not subject to probate. It simply goes to the surviving spouse when one spouse dies. Some states allow a variation called tenancy by the entirety, in which married spouses each own an undivided interest in property with the right of survivorship (they need consent from the other spouse to transfer their ownership interest in the property). A few states allow community property with right of survivorship; assets titled in this way also skip the probate process.²

However, joint accounts can still face legal challenges. A potential heir to assets in a jointly held bank account may claim that it is not a “true” joint account but a “convenience account” where a second account holder was added just for financial expediency. Also, a joint account arrangement with right of survivorship may not match what’s detailed in an estate strategy.²

POD & TOD accounts. Payable-on-death and transfer-on-death forms permit easy transfer of bank accounts and securities. If the original owner lives, the named beneficiary has no right to claim the account funds or the security. When the original owner passes away, all the named beneficiary needs to do is bring their ID and valid proof of the original owner’s death to claim the assets or securities.²

Gifts. For 2022 the IRS allows you to give up to $16,000 each to as many different people as you like before owing taxes. By doing so, you reduce the size of your taxable estate. Gifts over $16,000 may be subject to federal gift tax (which tops out at 40%) and count against the lifetime gift tax exclusion. The lifetime individual gift tax exemption is currently set at $12.04 million. For a married couple, the lifetime exemption is now $24.12 million.³ 

Revocable living trusts. In a sense, these estate vehicles allow people to do much of their probate while alive. The grantor—the person who establishes the trust—funds it while they’re alive with up to 100% of their assets and designating beneficiaries. A “pour-over will” may be used to add subsequently accumulated assets to the trust at your death, yet those assets “poured into” the trust at that time will still be probated.⁴

The trust owns assets that the grantor once did, yet the grantor can invest, spend, and manage these assets while they’re alive. When the grantor dies, the trust lives on, becoming an irrevocable trust, and its assets should be able to be distributed by a successor trustee without having to be probated. The distribution is private, as opposed to the completely public process of probate, and it can save heirs court costs and time.⁴

Using a trust involves a complex set of tax rules and regulations. Before moving forward with a trust, consider working with a professional familiar with the rules and regulations.

Are there assets probate doesn’t touch? Yes, there are all kinds of non-probate assets. The common denominator of a non-probate asset is a beneficiary designation, which allows these assets to pass either to a designated beneficiary or a joint tenant, regardless of what a will states. Common assets that won’t involve probate include jointly owned assets with the right of survivorship.²

Make sure to designate/update retirement account beneficiaries. When you open a retirement savings account, you are asked to designate eventual beneficiaries. This stipulates where these assets will go when you die. A beneficiary designation commonly takes precedence over a will.²

Consider reviewing your beneficiary designations regularly to see if they need to be updated.

If you are married and have a workplace retirement plan account, your spouse is the default beneficiary of the account under federal law unless they decline in writing. Your spouse is automatically entitled to receive 50% of the account assets should you die, even if you designate another person as the account’s primary beneficiary.²

To learn more about strategies to avoid probate, consult an attorney or a financial professional with solid knowledge of the estate process.

If you have questions about your finances, take advantage of American Wealth Management’s 1-hour no-cost financial consultations. Submit this form to us and we will contact you to schedule a video call with one of our advisors.

American Wealth Management Reno, Nevada

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This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

Citations.

1. NOLO.com, 2022
2. Forbes.com, March 28, 2022
3. IRS.gov, February 4, 2022
4. SmartAsset.com, August 4, 2022

Imagine if you could preview retirement in advance. In a sense, you can. Financially and mentally, you can “rehearse” for the third act of your life, while still enjoying the second.

Pretend you are retired for a month or two. Take two steps to act out your rehearsal – one having to do with your budget, the other with your expectations.

Draw up a retirement budget & live on it for one, two, or three months. Make a list of essential expenses (groceries, gas, utilities, mortgage, medicines), and then a list of discretionary expenses (such as movie tickets, dinners out, spa treatments). This may reveal that you can live handily on less than what you currently spend each month.

Next, list your income sources for retirement. They might include Social Security benefits (depending on when you want to claim them), retirement plans, pension checks, dividends, freelance or consulting payments, or other revenue streams. Investment income is also in the mix here, so check with a financial professional to determine a withdrawal rate from those accounts that you can safely maintain through your retirement. (It might differ slightly from the long-recommended 4%.) When you have your list, stack the projected total income up against your essential expenses and see how much you have left over.

Try living off of that level of monthly income for a month or more while you are still working. If it covers your necessary monthly expenses and not much else, then some adjustments in your retirement strategy might be needed – a housing change, a change in your retirement date.

See how it feels to retire. Before you conclude your career, try to arrange some “previews” of your retirement lifestyle. If you want to serve your community, volunteer avidly for a month or two to get a taste of what daily volunteer work is like. If you see yourself traveling enthusiastically at the start of retirement, take a dream vacation or even a couple of consecutive trips (if your schedule allows) to see how they truly fit into your financial picture.

Your “rehearsal” need not be last-minute. If you think you will retire at 65, you could try doing this at 63, 60, or even before then. The earlier your attempt, the more time you have to alter your retirement strategy if needed.

What else should you consider as you rehearse? Besides income, expenses, and the day-to-day retirement experience, there are a few other factors to gauge.

How much cash do you have on hand? Starting retirement with a strong cash position provides you with some insulation if you happen to retire during a market downturn. The possibility of a bear market coinciding with your entry into retirement may make you want to revisit your portfolio allocations as well.

Take a second look at your projected monthly income. Will it be consistent? If it will vary, you will want to address that. If you are in line for a pension, you will face a major, likely irrevocable, financial decision: should it be single life, or joint-and-survivor? The latter option may reduce your pension income in retirement, but give your spouse 50% or more of your pension payments after you die. Your employer might also offer you a lump-sum pension buyout; if that turns out to be the case, you might want to consult with a financial professional who can help you to decide if the lump sum constitutes the better deal versus a lifelong income stream.¹

How about your entry into Medicare? You may enroll in it at medicare.gov within a window of your 65th birthday (that is, beginning three months prior to your birthday month and ending three months after it). If you sign up before your birthday, you will be covered beginning on the first day of your birthday month. Sign up following your 65th birthday, and you may have to wait for coverage to begin.²

If you expect to stay on the job after 65, consider signing up for Medicare Part A (the part that pays for hospital care) within the usual window. It will not cost you anything to do so, and sometimes Part A makes up for shortcomings in employer-sponsored health plans. You can enroll in Part B and other Medicare component parts later – within eight months of your retirement, to be precise. You will want to pay attention to that 8-month deadline, as your premiums will jump 10% for every 12-month period afterward that you refrain from enrolling. If you pay for your own insurance, you will still need to enroll in Medicare when you are eligible (Medicare will make that coverage superfluous, so you can anticipate dropping it).³

Rehearsing for retirement can be very insightful. Some new retirees leave work abruptly only to have their financial and lifestyle assumptions jarred. As you want to make a smooth retirement transition to a future that corresponds to your expectations, test-driving your retirement before it begins is only wise.

If you have questions about your finances, take advantage of American Wealth Management’s 1-hour no-cost financial consultations. Submit this form to us and we will contact you to schedule a video call with one of our advisors.

Plan your estate with American Wealth Management in Reno, Nevada

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This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

American Wealth Management Reno, Nevada

Citations.

1. U.S. News and World Report, September 1, 2022
2. irs.gov, November 23, 2021
3. irs.gov, September 6, 2022

The Internal Revenue Service has released new limits for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels.

Individual Retirement Accounts (IRAs). IRA contribution limits are up $500 in 2023 to $6,500. Catch-up contributions for those over age 50 remain at $1,000, bringing the total limit to $7,500.

Roth IRAs. The income phase-out range for Roth IRA contributions increases to $138,000-$153,000 for single filers and heads of household, a $9,000 increase. For married couples filing jointly, phase-out will be $218,000 to $228,000, a $14,000 increase. Married individuals filing separately see their phase-out range remain at $0-10,000.

Workplace Retirement Accounts. Those with 401(k), 403(b), 457 plans, and similar accounts will see a $2,000 increase for 2023, the limit rising to $22,500. Those aged 50 and older will now have the ability to contribute an extra $7,500, bringing their total limit to $30,000.

SIMPLE Accounts. A $1,500 increase in limits for 2023 gives individuals contributing to this incentive match plan a $15,500 stop light.

Other Changes. In addition to changes in contributions limits, the IRS also announced several other changes for 2023, including an increase to the annual exclusion for gifts to $17,000 per person and an increase to the estate tax exclusion threshold.

Keep in mind that this update is for informational purposes only, so consult with your tax professional before making any changes in anticipation of the new 2023 levels. You can also contact your trusted financial professional, and they can provide you with information about the pending changes.

American Wealth Management Reno, Nevada

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This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.