Author Archives: Glen Goland

About Glen Goland

Senior Wealth Strategist

What can we learn from Chris Cornell of Soundgarden about arranging provisions for your heirs?

Chris Cornell was the greatest singer of his generation (in my humble opinion). The power and emotion Chris poured into his performances took Soundgarden from a local Seattle grunge outfit to a worldwide phenomenon — the first grunge band to sign a major record deal and sales of over 25 million albums. His soaring vocals were also critical to Temple of the Dog and Audioslave, two of his other extremely successful projects. When Chris took his own life two years ago, he left behind a legion of loyal fans, a group of close friends, and a financial dispute that has turned into a legal one. Read more »

The (Extreme) Entitled Adult Child: What Can You Do?

Much has been written about the horrible means by which scammers are relieving senior citizens of their assets by playing on the senior citizen’s fears and/or confusion. The senior receives a phone call or an email from someone pretending to be a friend in need, a collections agent, an IRS agent, or a prince from some far-off country — then the senior gives that person money, access, or both. While these stories are terrible, they are rare compared to the far-more-common financial pressures that can come from one’s own family or inner circle. A client recently summed up these family pressures perfectly when he said that children’s dependence on their parents “can become pathological when the adult child develops a sense of entitlement, they feel they are owed a lifestyle just like their parents, and the parents do not have the skills to process this effectively with their adult children.” Read more »

Tax Surprises? Here’s Why and What You Can Do About Them

That howling wind-like sound you heard at midnight on Monday, April 15 was accountants across the country exhaling at the end of what has been one of the most trying tax seasons many CPAs have ever worked through. The 2018 tax season has been particularly hard on accountants because, in addition to all of the data gathering and return preparation work that they do every year, this year many of them have had to serve another role: the bearer of really bad financial news. Taxpayers across the country have been surprised with their tax obligations under the Tax Cuts and Jobs Act and it is likely their CPAs who are explaining this system to folks for the first time. Today’s post will focus on some of the root causes of these tax surprises and propose a solution or two for those who owe more than expected.

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What do you do when your adult children can’t stand on their own financial feet?

I recently wrote a blog post about some of the challenges parents face when allocating money between spending on their children and saving for their own retirement. In this post, we’ll look at a specific scenario that we see fairly often as financial planners: clients with adult children who have not successfully launched their own financial lives. This picture can be painted with many different brushes — in some instances, parents may be helping children through a temporary bind as they fall on hard times, or in some cases, the adult child has been sheltered from real-world economic decisions and is facing a steep learning curve — but at the end of the day, the analysis is the same: how is the extra support for children impacting the parents’ ability to maintain their own lifestyle? Read more »

Does my child need this? Helping parents with the difficult challenges that arise when it comes to kids and spending

The recent college admission scandal has brought to light a subject many financial planners are all too familiar with: parents will sometimes go to ridiculous lengths to support their children. While the headlines may be dominated by the Hollywood names involved in college admission schemes, parents taking unreasonable financial risks for their children is an issue lurking just beneath the surface in many families. Read more »

What do surviving spouses need to know about estate planning?

One of the harder parts of the financial planning profession is working with families following the death of a loved one. Administering a decedent’s will or trust, dividing and distributing assets, and the filing of estate tax returns involves a coordinated effort between the family’s financial, legal, and tax teams. The surviving spouse can be overwhelmed, particularly if they are not familiar with the investment, tax, or legal structure of the family finances. Read more »

Paul Allen’s Passing Reminds us of Key Estate Planning Preparations

The recent passing of Microsoft co-founder Paul Allen has brought the sporting public’s interest back to the realm of estate planning. The Seattle icon’s assets are estimated to be worth in excess of $26 billion, and they include the NFL’s Seattle Seahawks and the NBA’s Portland Trailblazers. There is some intrigue as to the succession plan for each franchise, and fans will watch closely as assets pass through a variety of legal hoops over the next few years (pardon the pun). Read more »