LIMELIGHT

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Sara Stanich: “What Gen X Needs to Know About Their Aging Parents’ Finances,” Kiplinger, June 5. Stanich says, “According to a report from the National Caregiving Alliance, more than 11 million Americans are caring for an adult family member while also raising children at home. This sandwich generation, primarily comprised of Generation X couples, faces the challenge of balancing multigenerational family responsibilities while catering to their own retirement planning needs.”

Cassandra Smalley: “‘The Why of Wealth’ Book Proceeds Giveback Elevates Women on Both Sides of the Financial Table,” Tampa Bay NewsWire, June 4. Smalley says, “The more we can promote investing and planning early in life to all, the bigger the stride of progress we make toward shrinking the wealth gap.”

Noah Damsky: “4 tips for rolling over all of your client’s old 401(k)s,” FinancialPlanning, June 2. Damsky says, “We give clients a prepaid envelope that they can drop their check into when received. We’re on the call with them and the administrator of the 401(k) so we can ensure the check is correctly titled … We’re there every step of the way so they avoid stepping on the landmines.”

Kevin Estes, Danielle Miura, Dan Moisand: “The FPA Community Weighs in on...Their Mentors,” Journal of Financial Planning, June. Estes says, “I would consider the following unofficial mentors: Michael Kitces, Carl Richards, Alan Moore, Maddy Roche, Hannah Moore, Cody Garrett, and Sherrill St. Germain.” Miura says, “My unofficial mentors are the women who showed resilience and leadership amid a male-dominated industry. I am grateful to have strong, intelligent women mentors who paved the way for me, as well as the community of female financial advisors who continue to push the limits and advocate for future female advisers.”

Rick Kahler: “What Advisors Get Wrong about Money Scripts,” VettaFi Advisor Perspectives, May 30. Kahler says, “Changing your relationship with money begins with identifying your multitude of money scripts, exploring their origins and understanding how they affect your behavior in a variety of contexts. It is much more complicated than identifying ‘your money script.’”

Linda Leitz: “Linda Leitz: Transition from military to civilian life a big step,” The [Colorado Springs, CO] Gazette, May 28. Leitz says, “Don’t be discouraged if your transition to a job outside the military isn’t entirely smooth. Military members have excellent skills and discipline, but those aren’t always easily seen on a resume. For folks going into careers supporting the Department of Defense, the change might be straightforward, where security clearances and military skills are an asset and generally highly valued. But a transition to an unrelated industry might take more time, education and the need to build a network of new contacts.”

Carolyn McClanahan: “Massive Medicaid rollback hits Floridians,” News4JAX, May 27. McClanahan says, “To me, we’ve put the most bureaucracy on the people who are least able to deal with it. And so, just slow it down and make sure that we really are kicking the people off who make too much money to be able to be on Medicaid. And hopefully then, we can readdress Medicaid expansion in Florida, which is a travesty that we haven’t done yet.”

Miguel Gomez, Ted Halpern, Charles Thomas III: “One indicator puts the odds of a recession at 99%. Here are 4 things to do with your money now to prepare,” MarketWatch, May 22. Gomez says, “Experts often say 3 to 6 months but for many that seems like an impossible goal, so they get discouraged by it. Given that a large percentage of the population can’t come up with $1,000, I think a month of expenses is a more realistic goal to attain.” Halpern says, “Make sure your debts are locked in rate wise and you do not have multiple variable debt accounts like credit cards, equity lines and margin accounts. Be sure your debt ratios are manageable and efficient with yields. Debts with variable rates can become a much larger part of your expenses during volatile times as their rates can and will rise.” Thomas says, “If you don’t have [a budget], it’s time to start. If you already have a budget, take another look. Identify items that are needs and items that are nice to have. If you have to make a cut later, this makes the process easier to implement.”

Kimberly Foss: “Be a Rockefeller, Not a Vanderbilt,” VettaFi Advisor Perspectives, May 19. Foss says, “As financial and wealth advisors, we will often be the ‘quarterback’ of the team helping to put in place the infrastructure to support an intergenerational financial legacy. It is certainly to our clients’ advantage – and ours, too – for us to provide knowledgeable, authoritative guidance for family stewards and others who are seeking to establish such a legacy.”

Dan Moisand: “Does a Roth conversion make good tax sense? Here’s how to decide,” florida today, May 6. Moisand says, “The bottom line is there are many potential benefits to converting IRA and retirement account funds to a Roth IRA especially for taxpayers with lower current income levels than are expected in the future. For higher income taxpayers, they may not be as attractive.”