Mike Piershale on “Mike in a Minute:” Estate planning mistakes

In today’s edition of Mike in a Minute,” Mike examines common estate planning mistakes made by married couples.

Listen in to hear Mike elaborate on the disadvantages of having assets go through probate and how the process impacts an heir’s inheritance. He’ll also weigh in on how married couples can avoid unnecessary expenses and advises couples to consider re-titling their assets into a trust for protection.


Find more “Mike in a Minute” segments on our YouTube channel.

Mike Piershale introduces “Mike in a Minute,” a video series answering your questions on personal finance

Mike Piershale, president of Piershale Financial Group, will be featured in his very own Skypecast series, “Mike in a Minute.” The series will address the top questions in personal finance today -- in 60 seconds or less.

In our first segment, Mike offers insight on inherited IRAs and why it serves as a powerful tax shelter for heirs. Weighing in on the differences between inherited IRAs and traditional IRAs, Mike mentions that heirs are forced to take minimum taxable distributions every year with an inherited IRA account. However, he explains that these taxable distributions provide opportunities for heirs to avoid major tax losses.

How financial planners create a successful estate plan

Last fall, Michael Piershale contributed an article to Trusts & Estates that highlighted the role of the financial planner when implementing estate plans for clients. The byline, which was published in September 2012, reviewed leading concerns of clients – such as titling mistakes, inheritance issues, and more.

The piece also outlined how financial planners keep these concerns in mind when developing (and accomplishing) successful estate planning goals. Below is an excerpt from the article:

How to avoid ruining your estate plan

Michael Piershale appears in a podcast to highlight one of the largest estate planning mistakes that individuals and couples can make -- being complacent when titling their beneficiaries. He explains that too often, people overlook this important element, especially when it comes to non-spouse beneficiaries. 

In addition, he offers an explanation around inherited IRAs and the rules regarding this type of account, such as the IRS taxation, distribution rules, and more. Click the link below to watch the full podcast:

What NOT to do in retirement

Earlier this summer, Michael Piershale was featured in a USA Today article by reporter Rodney Brooks that outlined the mistakes to avoid in retirement. Some of the tips for readers included keeping inflation in mind, evaluating how much is really spent in retirement, and assessing whether bonds in retirees portfolios is wise.

Michael weighs in on estate plans and says to be realistic about the “what ifs” and consider the implications of accounts going through probate if one spouse passes away. Click over to the full article here. 

How taxation impacts cash flow

During a recent podcast, Michael Piershale weighs in on retirement concerns and how individuals and couples can protect their assets during the remainder of their life as a retired person. A major concern among this demographic continues to be the impact of taxation on cash flow and certain assets. 

Michael explains the benefits on converting a traditional IRA into a Roth IRA as a strategy to consider for individuals in specific tax brackets, as it can be a wise tax-saving alternative. Watch the podcast to hear more:

Want more investment options than what’s available in your 401(k)?

Controversy continues to surround the investment options and fees associated with many of today’s 401(k) plans. The 401(k) is increasingly the sole investment vehicle people are utilizing for retirement planning; as such, the vehicle has been put under the microscope in recent years.

We recommend that some of our clients consider using a little known maneuver called an in-service rollover to escape a plan with high fees or lack of investment options. For retirees hoping to take full advantage of their last few years of saving before retirement, the in-service rollover can be an opportunity.

Mike on FOX Business discussing in-service rollover

The in-service rollover allows people at the age of 59 and a half (and sometimes even younger) who are still working to roll money from their 401(k) into an IRA without paying tax now, a move that offers more investment options. The rules are complicated, but for a pre-retiree who is eager to take advantage of a larger basket of investment choices, it’s a good fit. 

Piershale Financial Group awarded with industry ranking from Financial Advisor Magazine

Featured in the July 2013 issue of Financial Advisor magazine, Piershale Financial Group was included in the outlet’s annual RIA ranking. The list compiles RIAs from across the nation and spotlights the top firms based on year end assets, annual growth in assets, and other noteworthy characteristics. Recognized in the category of firms with $100 to $300 million in assets, the survey also highlights our 7 percent growth among clients.

We are excited to share this news with you and are honored to be recognized among our industry peers with this award.