Wednesday, July 10, 2019

All about the kids & families, even as a #professional #relationships #studentathletes

Holding a Masters of Science in Sport Administration, I am fan of sports, deeply rooted in the advocacy of the #studentathlete and their identity after competing.

While compliance was my focus during coursework, the student-athlete remains the source of my passion and provides tremendous insight, as to why I do what I do.

As a servant leader, follower of Christ, and educated, I put my money where my mouth is. In that, I decided to obtain my masters from Liberty University.

The journey in launching the Louisville Prospects Foundation, Inc. was to advocate for student-athletes and their families. The ultimate goal was and is to help generate scholarship dollars to pay for school, using basketball.

In 2010, my mentor in estate planning listened to my idea. He told me, after listening to me talk about it daily, “if you do not start this, I will.”

Nine years later, we have helped generate over $17M in scholarships/student aid, helping families and student-athletes avoid costly tuition and student loan debt.

Although we are proud of our efforts, there is much more to do. There remains other avenues in which to help student-athletes.

Helping student-athletes by other means than teaching basketball and obtaining scholarships, means more work and planning, must be done.

This publication marks that next era of my work, and for many, if it is truly your passion, it is not work. Following this publication, I will continue laying the foundation to help student-athletes but now, beyond the hardwood!

First, using reverse-engineering, I will look at life during & following basketball for student-athletes, after signing that scholarship, walking on or whatever avenue they have followed.

Many have followed a path in order to live out their dreams and reach their goals of playing collegiate basketball, from NCAA Division I to Community College, and all those in between.

The journey begins with research, practical analysis, and plenty of interviews and guests invited to provide insight of their personal journey.

That is what fascinates me, the individual journey, their passion, and their ‘why!’ I will attempt to do my best to articulate this in such a manner that excites and interests the readers.

There will be a Godly aspect, as I am a servant leader. I hope not to alienate, rather inspire you to tag along for the journey and possibly motivate readers to view differently, the student-athlete.

Thank you for reading. I would truly love and appreciate if you shared this and offered feedback.

God’s speed!

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Monday, July 8, 2019

Seven #EstatePlanning Tasks That You Should Not Put Off!


My mentor used to tell me, all the time..."it is not what is in the will, it is what is not!" So, to me, meeting with professionals is imperative and should be treated with a great sense of urgency! Over the years, I have accumulated what I think are the most important steps that should be addressed this week!

    1. Meet with Professionals
    2. Will and Trust Origination
    3. Durable Power of Attorney (POA)
    4. Beneficiary Designations
    5. Letter of Intent
    6. Healthcare Power of Attorney
    7. Guardianship Designations
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*As a follow-up, we will be discussing what each of these items are and how they are important to your life and situation.

LASTLY, ESTABLISH A WILL AND IF YOU HAVE ONE, HAVE IT REVIEWED.

Since 2014-15, the IRS only allows one IRA rollover per 12-month period and what does not apply...

*Please, we are not tax professionals and highly advise consultation with your tax professional or one we can connect you with, here locally.

The IRS, in Announcement 2014-15, has indicated it will follow the recent Tax Court decision in Bobrow v. Commissioner, which held that a taxpayer may make only one tax-free, 60-day rollover between IRAs within each 12-month period, regardless of how many IRAs he or she maintains. However, the IRS will not apply this new interpretation to any rollover that involves an IRA distribution occurring before January 1, 2015.


IRA one-rollover-per-year rule: 

You generally cannot make more than one rollover from the same IRA within a 1-year period. You also cannot make a rollover during this 1-year period from the IRA to which the distribution was rolled over.
Beginning after January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own.
The one-per year limit does not apply to:
  • rollovers from traditional IRAs to Roth IRAs (conversions)
  • trustee-to-trustee transfers to another IRA
  • IRA-to-plan rollovers
  • plan-to-IRA rollovers
  • plan-to-plan rollovers
Possible tax ramifications:
  • you must include in gross income any previously untaxed amounts distributed from an IRA if you made an IRA-to-IRA rollover (other than a rollover from a traditional IRA to a Roth IRA) in the preceding 12 months, and
  • you may be subject to the 10% early withdrawal tax on the amount you include in gross income.

The irony of this action by the IRS, reasons to switch IRA's in numerous volumes are pretty much nonexistent. Maybe this is to protect the consumer or saver, and if it is, it probably deserves applause. 










Monday, July 1, 2019

Whether you think $1.7M is out of reach for #retirement...instead of buying stupid shit, save!



What is your fear, financially? Saving enough for retirement? Credit card debt? Peace of Mind for loved ones, in case something happens to you? Or is it as simple as paying the rent, or car payment, or putting food on the table?

For this blog, we'll focus on peace of mind and retirement. We can easily solve the peace of mind issue, with a combination of insurance and proper estate planning, or a simple will. We can simply take out enough life insurance (term or permanent is irrelevant for now). Sufficient life insurance strategies suffice the peace of mind for loved ones and family, in case the 'if' happens to you, prematurely.

The retirement issue is far more complex. The first move would be to reduce and eliminate debt, wasting money on buying stupid shit, and ramp up savings to at least an adequate level. First, as part of an evaluation with our agency and network of professionals, would be for us to listen and ask, "what type(s) of money do you have?" An example of this can be found at: What type of money do you have?

An important part of the consultation, evaluation, and analysis is learning the goals of the client. Ideas, creativity, and strategies of the professionals performing the analysis mean very little. The role of the consultant is to implement a strategy based upon those discovered goals. With Advocate Insurers, the client is the only thing, their goals are our goals.

We touch lightly on the retirement strategies here, and solving the Peace of Mind issue. But spurring the conservation, promoting interest, and inspiring individuals to think beyond today is the goal. Whether you believe it will take $1.7M to retire or not, the article from Allesandro Malito of Market Watch may open up dialogue that is uncomfortable for many in America. Check out her article below, by following the link.

Americans may have guessed the amount they need to save for retirement — but they’ll probably never get there (via Alessandro Malito of Market Watch)