Archive for the ‘Recent News’ Category

CJ&A opens Second Opinion

Thursday, October 29th, 2015

The following is from a letter we mailed to our clients recently:

You may have heard that I sold my financial planning practice.

Over the years we have heard from clients and prospects about their fears, distrusts and disappointment with other financial advisors.

Because I believe people deserve honest answers about all their financial matters I’ve started a new division of Chuck Jones & Associates called Second Opinion.

CALL ME IF YOU OR SOMEONE YOU KNOW HAS ANY DOUBTS ABOUT:

  • What they are really paying for the financial plan they were sold!
  • Whether their plan is on track to reach their goals!
  • Whether their plan can get them to the lifestyle of their dreams!

Second Opinion is unbiased advice about all your finances from an expert.
I’m still a Certified Financial Planner™ and an expert in investments, insurance, risk management plus the tax and financial implications of estate planning.

BUT I no longer sell, trade, manage or otherwise represent clients in financial matters. Instead I charge a fee for a Second Opinion. I earn nothing in addition. There are no commissions and no hidden charges.

Here are some more reasons you or a colleague might want to call:

  1. Are you suspicious about why your planner never has time for your questions?
  2. How certain are you about how well your portfolio is being monitored?
  3. Do you doubt that your funds are being managed to meet your goals?

I can answer your concerns,

Sincerely,
Chuck Jones CFP®
Founder, Second Opinion

PS: Second Opinion is a way to get an unbiased evaluation of your financial plans from an expert in investments, insurance, risk management, as well as the tax and financial implications of Estate Planning. Find out what you’re really paying, whether you’re on track and if the plan you were sold can get you to the lifestyle of your dreams.

Call this direct line for direct answers: (503) 291-1313

Visit: www.investingsecondopinion.com

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What Do You Pay Us For?

Monday, March 30th, 2015

As of October 2015, Chuck Jones & Associates no longer sells, trades, manages or represents clients in financial matters. Rather, we charge a fee for providing our clients with a Second Opinion – an honest and unbiased review of their current financial plans. We earn nothing in addition. There are no commissions and no hidden charges.

It has come to our attention that some of you that are current clients, as well as our prospective clients, may not know of the many life-planning topics that you should take into consideration when reviewing your financial plan. Therefore, we felt it important to review these for you.

Here is a list of our most popular financial & life planning topics for discussion:

• Financial Planning • Tax Planning • Retirement Planning • Education Planning • Investment Planning • Risk Management • Estate Planning • Charitable Gifting Strategies • Premarital Planning • Divorce Planning • Social Security Timing • Medicaid Planning

Coaching clients in Life Planning Techniques since 1980
Financial life planning is the practice of (1) helping people focus on the true values and motivations in their lives, (2) determining the goals and objectives they have as they see their lives develop, and (3) using these values, motivations, goals and objectives to guide the planning process and provide a framework for making choices and decisions in life that have financial and non-financial implications or consequences.

We accomplish this through analysis, education, recommendation, and management of life’s assets. Financial Planners concentrate on building wealth, while ‘financial life planners’ emphasize helping clients find ways to use their wealth effectively to get more out of life.

Depending on the complexity and the individual needs of our clients, specialized fee-only consultation is available for individual “Second Opinion” projects, including on the following topics:

  • Retirement and financial life planning
  • Estate Planning and Wealth Transfer
  • Charitable Gifting Strategies
  • Tax Planning and Reduction Strategies
  • Risk Management Consulting (including Life, Long-Term Care, Disability, and Property & Casualty)
  • Automobile, RV & Other Major Purchases
  • Home/Condo/Timeshare Purchase, Sale or Refi
  • Business Planning and Practice Development
  • Negotiating Purchase/Sale of Property or Business
  • Employee Retention Programs
  • Referral Network of Experts for Specialized Needs (Attorneys, CPAs, CFAs, Insurance Specialists, Bankers, Business Brokers, etc.)
  • Social Security Timing
  • Medicaid Planning
  • Business Marketing plan review and development
  • All Stages of Marital Financial Counseling and Planning

Let me put my 55 years of cumulative finance, planning and investing experience, including 27 years as a CERTIFIED FINANICAL PLANNER™ to work for you. Call us today at (503) 291-1313 for a 1.5 hour no-cost, no-obligation consultation to see how we might help you with your life planning needs.

The most recent additions to our services have been “Social Security (SS) Timing” and “premarital financial planning”. The Social Security Timing is extremely important for those approaching the decision of picking the correct date to start taking SS, when to stop it, should you take yours or your spouse’s?

Premarital financial counseling is also an area that can make life easier for the long haul – Based on one study, there are 30% fewer divorces in marriages that have had Premarital Counseling.

Working With Fiduciaries

Monday, March 30th, 2015

Understanding The Responsibility of the Power of Attorney (POA) and Fiduciary: We learned recently why it is so important to clearly understand the requirements if you are designated as a POA. For example your loved one has Alzheimer’s and you’re the POA and your loved one tells a medical worker that the POA took $500 from him. Even if it is not a true statement; it could be simply that your loved one has forgotten what they did with the $500, the medical worker is REQUIRED to report the suspicion to the proper authorities and Protective Services begins an investigation. Are you (the POA) prepared with accurate financial records to prove that you didn’t take those funds? We estimate that more than 50% of our clients are already acting as a ‘Fiduciary’ or at any time may end up as a POA or Trustee.

With that in mind I requested that Wes Fitzwater, an estate attorney at Fitzwater, Meyer, Hollis & Marmion LLP write an explanation of Fiduciaries’ responsibilities. I have worked with his firm for more than 25 years and find them great to work with, especially in anything to do with ‘Elder Care’.

“WORKING WITH FIDUCIARIES”

By Wesley D Fitzwater
Fitzwater Meyer Hollis & Marmion LLP
Attorneys at Law

The “aging” of our society and the large shift of wealth that will occur in the next 30 years is increasing both the number of fiduciaries acting on behalf of incapacitated persons and the temptation to breach those duties when large sums of money are involved. Litigation against fiduciaries, including agents under Power of Attorney, Trustees of Revocable or Irrevocable Trusts and even court appointed Conservators is on the rise.

A. The Fiduciaries

1. Agent under Powers of Attorney
A Power of Attorney is a written instrument in which one person (as “principal”) appoints another to serve as his or her agent or “attorney-in-fact.” A Power of Attorney confers upon the agent the authority to act in place of the principal for the purposes stated in the instrument.
The fiduciary duties of an agent under Power of Attorney are generally governed by the document and Oregon law.

2. Trustee of Revocable Living Trust
The Revocable Living Trust is an excellent way to provide for decision-making if the principal/settlor becomes incapacitated. The Trust appoints a decision-maker (“successor Trustee”) upon the incapacity of the principal. The Trust document can incorporate specific instructions about how funds will be used if the principal becomes incapacitated. The fiduciary duties of a Trustee of a Trust are governed by the document and Oregon law.

3. Court-Appointed Conservator
A Conservator may be appointed by the court if it is determined that the individual lacks the capacity to manage his/her financial resources. The Conservator can be an individual, bank, trust company or professional fiduciary. The Conservator is empowered to take possession of the protected person’s assets and income, and provides for payment of the person’s expenses. The Conservator has all the powers that the person would individually possess to manage financial affairs, with or without prior court approval. The fiduciary duties of a Conservator are governed by Oregon law.

B. The Duties and Liabilities of a Fiduciary

Any person acting as a fiduciary is bound by the duty and liability to act in the best interests of the principal. Whether an agent, a trustee or a Conservator, the fiduciary is bound by similar legal obligations. Breach of one or more of these legal duties exposes the fiduciary to legal action and potential personal liability for harm done to the principal.

A fiduciary must:

  1. Preserve and protect the assets of the principal and entity.
  2. Keep scrupulous records of all income and expenses. Be prepared to provide a full accounting as required by law.
  3. Keep funds “titled” in the name of the principal or entity. Keep all funds entirely separate from the fiduciary’s own personal funds.
  4. Use the property for the benefit of the principal, beneficiary or protected person only.
  5. No gifts, loans or transfers to a third-party without specific written authority in the document or by the court.
  6. Preserve and protect the “Estate Plan” of the principal, settlor or protected person. Upon incapacity, the principal’s estate plan becomes irrevocable. The fiduciary may not change beneficiary designations, eliminate rights of survivorship, or take other actions to change or undo the provisions of the principal’s Last Will and Testament.

For more information about Powers of Attorney or Revocable Living Trusts and/or the duties of fiduciaries, visit the firm’s website at www.fitzwatermeyer.com or contact Wes Fitzwater at 503-786-8191 or wfitzwater(at)fitzwatermeyer(dot)com.

Digital Death – What is it?

Friday, March 27th, 2015

Digital DeathDigital death. What is it and what should you do about it? The Internet may be forever, but can you control your legacy. If you died tonight, would your family, your partners, your executors, know what to do with your digital footprint? Would they even know your unique passwords especially the more secure sites where passwords must be changed frequently and may have multiple levels of authentication?

The topic of digital death encompasses issues of access to digital data, in all its forms, as well as the problems of collecting, valuing or transferring these digital assets.

“Many of us will accumulate vast libraries of digital books and music over the course of our lifetimes. But when we die, our collections of words and music may expire with us. Someone who owned 10,000 hardcover books and the same number of vinyl records could bequeath them to descendants, but legal experts say passing on iTunes and Kindle libraries would be much more complicated.” NW MarketWatch 8/23/2012

So could someone find, much less manage, all of these if you died? This area of law is expanding rapidly so we advise finding an attorney that is experienced in this area and have your estate planning docs updated.

Also, make sure your executor/personal representative, or someone you trust, is able to access your password info in the event of your incapacity or death. You might also check out Holly Isdale’s web site, www.Wealthaven.com, she is the founder of a consulting firm that specializes in protecting digital assets. We heard her speak recently at the Estate Planning Council of Portland and were amazed at some of the technical details of this field.

December 2013 Newsletter

Thursday, December 19th, 2013

Click on the following link to read our online Newsletter (PDF):

- December 2013 Newsletter

In This Issue

  • A recap of Chuck’s attendance at the Estate Planning Council of Portland meetings and Chuck & Andrew’s speech to the OSCPA
  • Some information about IRA’s and distribution
  • “How Much Do You Need To Have For Financial Independence”
  • “Taking Advantage of the Low Interest Rates to Refinance Your Home”
  • “Your Credit/Debit Cards May Not Be Safe!”
  • An Article from the American Association of Long Term Care Insurance re: “Long Term Care Tax Premium Deduction”
  • An insert that outlines “What We Do” at Chuck Jones & Associates
  • “Pre-Marital Financial Counseling” with an attached Certificate for 1.5 hours free consultation

“If we ever forget that we are One Nation Under God, then we will be a nation gone under.” – Ronald Reagan

October 2013 Newsletter

Monday, November 4th, 2013

Click on the following link to read our online Newsletter:

- October 2013 Newsletter

In This Issue

  • Saving Is Not Enough
  • Do You Have a Job-Loss Safety Net?
  • Five Lessons from the Three-Year Market Rally
  • The Risks of Over-Allocated Funds
  • Plus, Chuck’s Tips

“Money is better than poverty, if only for financial reasons.”
- Woody Allen

August 2013 Newsletter

Wednesday, August 21st, 2013

Click on the following link to read our online Newsletter:

- August 2013 Newsletter

In This Issue

  • So You’re Ready For Retirement, Or Are You?
  • Benefits of Staying Invested Through Market Volatility
  • Chuck’s Comments, Tips & Information

“Nobody ever wrote down a plan to be broke, fat, lazy or stupid. Those things are what happen when you don’t have a plan.” -Larry Winget, professional motivational speaker

June 2013 Newsletter

Thursday, June 27th, 2013

Click on the following link to read our online Newsletter:

- June 2013 Newsletter

In This Issue

  • The Importance of Rebalancing
  • Chuck’s Tips
  • The Art of Asset Allocation
  • The Importance of Saving for Women
  • Retirement Investing Q&A
  • The Flavors of Investing

“You can either take action, or you can hang back and hope for a miracle. Miracles are great, but they are so unpredictable.” – Peter Drucker

A goal with no plan is simply a wish. Do you have a plan?

May 2013 Newsletter

Tuesday, May 28th, 2013

Click on the following link to read our online Newsletter:

- May 2013 Newsletter

In This Issue

  • Making up for Retirement Shortfalls
  • 25 Ways to Cut Expenses
  • Chuck’s Tips
  • Financial Prep for Natural Disaster

February 2013 Newsletter

Friday, March 1st, 2013

Click on the following link to read our online Newsletter:

February 2013 Newsletter

In This Issue

  • Saving for an Emergency
  • Chuck’s Corner: (Tips, Tricks and Comments)
  • Five Key Questions About Long-Term
    Care Insurance
  • Retirement Income Sources

© 2015 Chuck Jones & Associates, Inc., 7110 SW Fir Loop, Suite 240, Portland OR 97223-8025 (503) 291-1313. CERTIFIED FINANCIAL PLANNER™ are
certification marks owned by the CERTIFIED FINANCIAL PLANNER™ Board of Standards, Inc. These marks are awarded to individuals who successfully complete
the CFP® Board's initial and ongoing certification requirements.