Ideal Wealth Advisors's LTM E-Newsletter

Craig Lundquist and Kristin Becker photo

Craig Lundquist, MBA, ChFC^®, CRPC^®

VP of Wealth Management

craig.lundquist@lpl.com

651-773-2757

Kristin Becker

Senior Administrative Assistant

kristin.becker@lpl.com

651-773-2821

Ideal Wealth Advisors

Located at Ideal Credit Union

8499 Tamarack Road

Woodbury, MN 55125

CRPC conferred by College for Financial Planning

July/August 2022

Trusts: Helpful Planning Tools

You may think you have to be very wealthy to include a trust in your estate plan. But even individuals with modest assets may find trusts to be useful for providing more control over how and when assets are distributed to beneficiaries. Here is a brief overview of some of the estate planning objectives you can accomplish using a trust.

Legacy Planning: Keep Taxes in Mind

If you're nearing retirement, you may have two major planning concerns. One is determining how much income you'll need and where it will come from. The other is creating a tax-efficient plan for passing along your assets. If one of your goals is to leave a financial legacy to your family or your favorite charity, you'll want to design a strategy that takes taxes into account.

Consider Taxes When Planning for Retirement

When it comes to planning for retirement, there’s a lot to think about. How should you save for it? Where will the money come from? How much will you need for a comfortable lifestyle? But one important element that people often overlook is planning for taxes. Failing to take taxes into account can be an expensive mistake.

Start Early

When you're just starting out in the workforce, you may be spending most of your paycheck on living expenses. So, finding extra money to contribute toward retirement might not be a priority. But the fact is, saving for retirement during the early years of your career can potentially make a big difference in the amount of money you're able to accumulate.

UITs: A Good Fit for Your Portfolio?

Investors who are looking to add diversification* to a portfolio may want to consider a unit investment trust (UIT).** UITs are fixed portfolios of stocks, bonds or other securities professionally chosen to meet a specific investment objective, such as growth, income, or capital appreciation.

Navigating Life's Changes

Change can be stressful, even when it’s something you’ve planned for, such as getting married or starting a family. But when a sudden life change that you didn’t anticipate ramps up the stress meter, taking a step back and assessing your situation can help you determine the best way forward.

Buying on Time

Paying for items over time is nothing new. That’s essentially how credit cards work. But if you shop online, you may have noticed a new trend: an option to pay for the items in your cart in equal interest-free installments. Should you take advantage of the offer?

Navigating 2022: A Challenging Environment

The past two years of uncertainty created many challenges for business owners. Hampered by a lack of workers and declining profits, many small businesses were forced to close, some permanently. As businesses strive to return to normal, owners are still facing hurdles that may be difficult to overcome.

Hire Your Children

One of the monetary benefits of having children is that you get to claim them as dependents when you file your income taxes. But business owners may be able to take advantage of another benefit: a tax deduction for putting your child to work.

Raise Your Credit Score

Lenders use credit scores to determine how likely a borrower is to default on a loan. Credit scores typically range from 300 to 850. Borrowers with higher scores generally receive the most favorable rates and terms. Help ensure your access to credit by following a few simple rules.

Mortgages: One Size Doesn't Fit All

The state of the economy has a lot to do with interest rates, including the rate you’ll pay on a mortgage loan. But other factors go into the loan equation. Your credit score, the amount of your down payment, the kind of mortgage you’re applying for and the term help determine your interest rate.

A Seller's Market

In 2021, competition for homes was very strong in some areas of the U.S. and not as strong in others. According to LendingTree, the most competitive area was San Jose, CA, while the least competitive was Virginia Beach, VA.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:

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