Financial planning is always important, but it’s especially crucial when health issues arise. A well-built plan allows you and your family to focus on health and family connections, without worrying about the day-after. How can you make sure you are setting yourself up for a smooth transition of wealth to your family? Tune in and learn about the nuances of managing shared accounts, the pros and cons of transferring control to family members, and the critical role of clear communication in...

Are You Overlooking the Importance of a Financial Plan? When was the first time you spoke with a financial planner? Let me tell you about a retired couple who I met who had never spoken to a financial planner before. The couple's lack of understanding about the role of a financial planner and the way their investment portfolio was built, highlighted a common misconception among individuals when it comes to managing their finances. When sitting down with a Certified Financial...

Family pressure can be overwhelming when it comes to finances.  Learn how to handle those pressures correctly, allowing you to build a financial portfolio that suits you perfectly. Here are some key points discussed in the show: 1. Understand your investments: If you find yourself investing in products you don’t fully understand, seek advice from a qualified third party, such as a financial planner. 2. Address family pressures: In the face of conflicting advice from family members, it’s...

Are you considering investing in real estate? Or perhaps you already have real estate investments in your portfolio? If so, it's crucial to understand the potential risks and challenges that can arise. The following stories of two individuals who encountered unexpected scenarios with their real estate investments provide valuable insights and lessons for anyone navigating the world of real estate. The first case revolves around a client who initially appeared to be a successful real...

Financial planners frequently meet with folks who want to invest for growth. After all, who doesn’t want to see their portfolio grow? But, growth also means capital gains tax. Are there any investments that encourage portfolio growth but have limited tax liability? On today’s show, Doug answers a listener question about investing for growth. “Jeff” asks if there are investments that encourage portfolio growth, but have little tax liability. While an investment advisor, and not a tax advisor,...

Tips for Managing Your Finances During Divorce for a Smooth Transition Divorce can be a daunting and emotional journey, one that is fraught with legal, emotional, and financial challenges. In this post, we'll explore key takeaways Douglas Goldstein discussed on The Goldstein on Gelt Show and delve deeper into essential financial considerations when navigating divorce. Seeking Professional Assistance One of the most critical pieces of advice is to seek professional help when...

Behavioral finance is a critical area that merges psychology with finance to understand why people make irrational financial decisions. It’s important to note that people’s emotions, cognitive errors, and biases often drive these decisions, leading to poor investment choices. Being happy while dealing with investments is crucial. Let’s examine some of the psychological aspects of investing and how they can be managed to create a better and less stressful investment experience. ...

Doug delves into the topic of retirement planning and financial considerations for Americans moving to Israel. He shares insights on the practical aspects of living in Israel and the financial implications of the move. Retirement is often depicted as a time of relaxation, but as Doug reveals, many retirees find themselves busier than ever, having the time of their lives. For those contemplating a move to Israel, it's essential to have a well-thought-out plan, especially in terms of...

Are you approaching the age of 73 or have inherited an IRA account? If so, understanding Required Minimum Distributions (RMDs) from IRAs is crucial. In a recent episode of The Goldstein On Gelt Show, Douglas Goldstein discussed RMDs in detail and answered a listener letter regarding RMDs for inherited IRAs. Here's a summary of the key points to help you navigate RMDs and avoid potential penalties. What Are RMDs? RMDs are the IRS's way of ensuring that the funds in your IRA, which...

In "The Journey to Expatriation," we delve into the complex world of expatriation, featuring the real-life journey of a couple navigating the process of giving up U.S. citizenship. Join Doug as he uncovers the emotional, legal, and financial considerations behind this significant decision. Discover how this life-altering choice impacts estate planning, tax implications, and even charitable giving from an IRA. If you've ever wondered about the intricacies of expatriation, this...

Taking Control of Your Finances or Partnering Up With Experts? A Critical Decision for U.S. Expats Living in Israel! Are you a DIY investor? Curious about the benefits of working with a financial advisor? Join Doug as he discusses the pros and cons of managing your own portfolio versus seeking professional guidance. Discover the importance of expertise, personalized strategies, portfolio diversification, and ongoing support from a financial advisor. Find out why...

Yosefa Uber, an expert accountant specializing in American taxes for residents of Israel, sits down with Doug to go over:  Qualified Charitable Distributions (QCDs) allow you to donate money from your IRA directly to charity tax-free instead of taking required minimum distributions  To qualify, the money must go directly from your IRA to the 501(c)(3) charity - You can donate up to $100,000 per year per individual this way  Benefits: Helps you meet your required minimum...

Doug discusses what it means to be a good steward of family wealth and how to pass on your financial legacy to future generations. He provides advice for teaching children financial responsibility from a young age and bringing adult children into important financial discussions. Key points: The importance of passing on not just money, but also financial values and responsibility to heirs Pitfalls of relying solely on professional trustees to manage family money long-term  ...

  Are you an American living abroad, specifically in Israel, facing difficulties with US brokerage firms terminating your accounts? Join Doug Goldstein, licensed in both the US and Israel, as he sheds light on this ongoing issue and provides expert advice. Discover why compliance with international regulations poses challenges for these firms, leading to account closures. But fret not! Goldstein recommends specialized companies like Profile Investments to help address your...

Doug discusses the myth that it is illegal for people who move to Israel or inherit money from the U.S. to keep their investments in American accounts. He explains why this myth exists and how it can actually be beneficial to maintain U.S. investments after making Aliyah or receiving an inheritance. A few key points: It is absolutely legal for Israelis to keep money and investments in U.S. accounts like brokerage, bank, IRA, etc. Some big U.S. firms ask Israeli clients to leave...

Financial advisors and investment professionals, As we bid goodbye to 2023, let's take a moment to reflect on the state of our portfolios and plan for the new financial year. 📌 Year-End Portfolio Snapshot Understanding the precise value of your portfolios is essential. An approximate ballpark isn't adequate. Need clarity? Look it up. Update any impending changes that can affect your investments, such as income alterations, revised gifting plans or fluctuating portfolio...

Living in Israel with U.S. investment accounts? Be careful when transferring money overseas! In this insightful recording, Doug Goldstein, CFP®, GFP®, founder of Profile Investment Services, Ltd., unveils essential tips and best practices for successful cross-border investing. From working with reputable financial institutions to maintaining meticulous records, he shares expert advice on navigating the complexities of transferring money overseas. Key pointers from the show: ...

In the world of investing, it's not just about the highs but managing the lows, especially when approaching retirement. Here's why discussing sequence of returns risk is crucial: - 📉 **Volatility Management**: Buying high and selling low is a surefire path to investment failure. It’s important to understand the importance of timing in the withdrawal phase. - 🏦 **Portfolio Diversification**: Balancing your investments with bank deposits, cash, and bonds can help mitigate risks during...

The biggest mistake many investors make is focusing solely on returns without considering why they are investing in the first place. In this insightful recording, Doug shares valuable insights on the importance of understanding the ‘why’ behind your investments. By identifying your financial goals and motivations, you can align your investment strategy to achieve meaningful results. Discover how purpose-driven investing can: Foster family connections Support charitable...

In this insightful recording, Doug sheds light on the critical concept of ‘Sequence of Returns Risk’ and its impact on retirement planning. Discover why timing is everything when it comes to investment returns, especially during the crucial early years of retirement. Doug provides expert advice on diversifying your portfolio and shares valuable tips on safeguarding your wealth by allocating a portion of your investments towards more conservative, more liquid assets such as cash,...

Doug Goldstein is diving into a topic that has been bothering him lately—unrealistic expectations in financial goals. Instead of focusing on sound investment strategies and long-term planning, people are consumed by the desire for quick and massive returns. But is that really the right approach? In this episode, Doug delves into why setting realistic goals is crucial for financial success and how chasing high returns can lead to unnecessary risk. He also shares insights...

How can a lack of estate planning and clear instructions regarding asset distribution lead to family disputes and disagreements? Welcome to another episode of The Goldstein On Gelt Show, where we delve into the world of finance, estate planning, and everything in between. In today's episode, titled "Access Your Money: Lessons from a 5-Year Inheritance Battle," Doug shares a cautionary tale of an individual who faced a frustrating and lengthy ordeal to inherit his mother's assets.  ...

What are some specific challenges that Americans living in Israel face when it comes to managing their US investments? How can a cross-border investment advisor assist in addressing these challenges? Doug addresses the importance of understanding what your advisor truly understands about you when it comes to your finances: Why, as a cross-border financial planner, working with an advisor who understands both your situation in Israel and your investments in the United States is...

How do you think Bill Gates' financial advisor would have advised him regarding the concentration of his wealth in Microsoft stock? Welcome to another episode of The Goldstein On Gelt Show with your host, Douglas Goldstein. In this episode, Doug dives into the topic of over-concentration in investment portfolios. He discusses: The risks and little benefits associated with being heavily invested in one or two positions The importance of diversification and the potential...