FINANCIALLY FOCUSED

July 2024 Newsletter

Taxes and Wealth Transfers

An important part of the enhanced planning process is identifying ways you may be able to pass your assets to loved ones in ways that protect them as much as possible from taxes.

A Kiplinger article, Three Ways Parents Can Transfer Wealth to Help Their Kids, has some excellent information.

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Famous Minds Born in July

Julius Caesar wasn’t the only military genius born in July. Alexander the Great was another important historical figure who changed the shape of the world and was born somewhere around July 20, 356 BC. Other famous people born in July include Frida Kahlo, Franz Kafka, Marcel Proust, and Nelson Mandela.₁

Getting the Most Out of Social Security

One of the strongest potential steps for creating more retirement income, is waiting until you reach age 70 to file for Social Security.

A U.S. News and World Report article, How to Delay Claiming Social Security Until Age 70, has valuable information, including that you may want to consider spending down other accounts before you file for Social Security.

For example, you may be able to utilize a 401(k) or IRA while waiting for Social Security.

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Caprese Salad

Dive In!

1 https://www.thefactsite.com/july-facts/ 

Jeffrey Bird and Ronald Bird offer Investment Advisory Services through Gradient Advisors, LLC (Arden Hills, MN 877-885-0508), an SEC Registered Investment Advisor. Gradient Advisors, LLC and its advisors do not render tax, legal or accounting advice. Financial Concepts, Inc is not a registered investment advisor and is independent of Gradient Advisors, LLC. Insurance products and services are offered through Jeffrey Bird and Ronald Bird, independent agents.

This communication may contain information that is proprietary, privileged, or confidential, or otherwise legally exempt from disclosure. If you are not the named addressee, you are not authorized to read, retain, copy, or disseminate this memo or any part of it. If you have received this memo in error, please notify the sender immediately by Email or fax, and destroy all copies of this communication. Please be further advised that, pursuant to the Bank Secrecy Act, the USA PATRIOT Act, and similar laws, any communication in this e-mail is subject to regulatory, supervisory, and law enforcement review.

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