The Roth IRA is a great retirement savings vehicle. It provides an option to avoid taxes upon withdrawal for those who have utilized one. However, given its relatively recent creation, some retirees did not have ample time to contribute to Roth IRAs or were above the income phaseouts to contribute. This has led to some…

October 31st is near and here at Legacy Trust headquarters we take Spooky Season very seriously.  While advisors and clients alike have enjoyed the ‘treats’ of strong equity market returns in both calendar year 2023 and year-to-date 2024, a word of caution about ‘tricks’ that may be looming. Data through market close 10/25/2024 We acknowledge…

Properly estimating the baseline cost of a retirement lifestyle and how to fund it is vital to success, however; the work does not stop here. To do this thoroughly, one needs to prepare for the inevitability of something going wrong. The common concerns for retirees come in the form of spending shocks like long-term care,…

Steve Doorn has been featured in the Crain’s Grand Rapids Business Wealth Management Guide for his article on; Why Target Date Strategies Miss The Mark. Check out the full Wealth Management Guide Here: https://www.crainsgrandrapids.com/wealth-management-guide-2024/ The saying “if it seems too good to be true, it probably is” could easily apply to target date strategies. Take…

The electronic vehicle (EV) industry is hitting a bit of a speed bump. Tesla sales have slowed while legacy auto manufacturers have recently delayed EV investments. Some newer electric vehicle manufacturers such as Fisker have gone bankrupt. Much to my surprise this is not the industry’s first foray into electric vehicles. In the early days…

Having settled many an estate over the years, there is one thing all the dearly departed have in common. They all died with tangible personal property. Another commonality, their personal property was a source of contention among their heirs.  While financial assets are typically easier to distribute, distributing personal property can present unique challenges such…

Developing a plan around taxes is a critical component to financial success. However, things become increasingly complicated as politics enter the picture, and both sides of the aisle push for their preferred tax policies. They may be consistent for a few years, then change if an election swings either way. The most recent example of…

In 2003, Jon and Stefanie Booker were living the life of their dreams. In their mid-30s, Jon worked as a production manager for a manufacturing firm, while Stefanie repped for a major pharmaceutical company. The couple had three children, ages 10, 7, and 4. In 1998, they purchased the family home where they enjoyed long…

After years of training and planning, you’re doing it, climbing Everest.  Your oxygen deprived lungs are permeated by -280C temperatures while an unrelenting 30 mph wind whips down the South Col.  As you begin to ascend the Khumbu Ice Falls your sherpa hands you the sat phone. It’s your realtor. She finally has a solid…

Studies show that most Americans say they hope to retire at age 62, even though the age in which you can receive full Social Security benefits from the federal government is 66 or 67 years old depending on when you were born.  Between 2019-2021, more than twice as many people retired than normally would have…