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/ 

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