Rogelio Gonzalez's LTM E-Newsletter

Rogelio Gonzalez, CRPC^®, CSRIC™

Financial Advisor, Prudential Advisors

Pacific Northwest Financial Group

7525 SE 24th Street, Suite 110

Mercer Island, WA 98040

Phone: 360-919-4271

Email: rogelio.gonzalez@prudential.com

Website: www.prudential.com/advisor/rogelio-gonzalez

March/April 2025

Inflation: Retirement's Rival

Thinking about retirement can bring mixed emotions. You may be looking forward to leisure time but still have some concerns about whether you'll have enough money to live the life you want without a steady paycheck. Creating a realistic spending plan and planning for economic changes are essential.

Watch Out for These Retirement Mistakes

The stakes in retirement planning are higher for affluent individuals. So, to have the retirement you want, be mindful of common mistakes, such as not:

Heirs or Beneficiaries?

The terms heirs and beneficiaries are interchangeable – right? Not necessarily when it comes to distributing your property after death. So, knowing the difference between the two is essential in estate planning.

Estate Planning Basics Protect Your Family

Your will is a primary estate planning document that specifies how you want your assets distributed when you die and names a guardian for any minor children. Additional essential documents most people should have include a financial power of attorney, which allows someone to make financial decisions for you, and a health care proxy, which designates another person to make health care decisions on your behalf when you cannot do so yourself.

Where to Put Your Emergency Fund

Like everything else, the costs of emergency repairs are increasing. Some alternative options that may pay more for liquid savings are:

Claiming Deductions for Volunteer Work

Volunteering helps others and gives you a feeling of satisfaction. And it may give you a tax deduction. To qualify for a deduction, your expenses must directly relate to a qualified charity where you volunteer. Additionally, you must itemize deductions that have not been reimbursed for those volunteering expenses.

Still Time: Reduce Your 2024 Tax Bill

One simple move can lower your tax bill and increase your retirement savings. Contributing to an eligible retirement account by the April 15, 2025 income-tax deadline will reduce your 2024 taxable income by the amount you contribute.

IRA Mistakes You Can't Afford

With annual contributions limited by the IRS or your ability to save, your retirement security can't afford you to make missteps with your IRA. Yet many IRA investors do.

Should You Lease or Buy?

Leasing equipment can be an excellent option for newer businesses short on cash, while buying may be better in the long run when possible. But the decision isn't that cut and dried. It would be best if you considered numerous other factors.

A Benefit Plan From A to Z

Most employers' workforce consists of Baby Boomers, Generation X, millennials, and Generation Z. These generations have different situations and benefit needs, so increasing numbers of employers are looking beyond a one-size-fits-all plan to multi-generational benefit plans.

Home Sweet Home Renovations

It's spring, and for many homeowners, thoughts are turning to home renovations. If this describes you, be aware that some qualified home improvements are eligible for tax deductions.

Survivorship Policies: Filling a Need

A survivorship policy—also called a second-to-die policy—can be a valuable estate-planning tool.* It insures two lives, typically a married couple (or business partners), with the death benefit paid out after the second person's death.

Looking To The Upside

According to the recent Wall Street Journal Intelligence's Consumer Confidence and Economic Monitor survey, affluent Americans feel better about their financial situations. Fifty-three percent of respondents with more than $5 million in investable assets said they are better off today, while 38% of those with assets below $5 million said the same. About 40% of both groups reported they expect to be better off financially one year from now.

Investing The World 'Round

If you want to diversify1 your investment portfolio further, international stocks2 may be an appealing option. While investing in stocks overseas has advantages and disadvantages, the potential for higher returns and greater portfolio diversification makes it a compelling consideration.

Protect Assets and Help Minimize Estate Tax

A Crummey Trust is known for leveraging the annual gift tax exclusion to minimize gift tax on assets passing to children, particularly minors and other loved ones in the future. The exclusion lets you give a certain amount to any number of people outright or in a trust gift-tax-free each year.

The Lowdown on Excise Tax

Generally, federal excise tax is imposed on the sale of specific goods, services, or particular uses. Some examples include fuel, airline tickets, heavy trucks and highway tractors, tires, tobacco, alcohol, indoor tanning services, and other goods and services.

How Bonuses Are Taxed

Many employers typically pay annual bonuses in the first quarter of the year. If you received a bonus for the first time this year, you may be surprised at the net amount of your "windfall."

Are You Saving Enough?

When you think about retirement, what is foremost in your mind? Freedom from work? The chance to spend your time the way you want? The amount of money you will need to save to live comfortably?

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Securities and investment advisory services offered through LPL Enterprise (LPLE), a Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
"Prudential Advisors" is a brand name for the propriety retail sales channgel of The Prudential Insurance Company of America ("PICA") and its insurance company and other affiliates (collectively "Prudential"). Prudential Advisors financial professionals are licensed insurance agents of Prudential.
Pursuant to a strategic relationship among Prudential, LPLE, and LPL Financial, Prudential Advisors financial professionals provide securities brokerage services and/or investment advice on securities solely as registered persons of LPLE, an affiliate of LPL Financial. These financial professionals are permitted to brand under "Prudential Advisors".
LPLE and LPL Financial are not affiliated with Prudential or Pacific Northwest Financial Group.
Prudential, Prudential Advisors, and the Pacific Northwest Financial Group are not registered as a broker-dealer or investment advisor.
Pacific Northwest Financial Group and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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