Pamela Anderson needs a budget: napkin on the fridge!

Pamela Anderson, the iconic sex symbol who etched herself into the American psyche by donning the famous red "Baywatch" swimsuit, is slightly underwater when it comes to her finances.

The former Baywatch actress  owes $259,395.75 for unpaid taxes to the IRS in 2011 as well as $112,118.90 for California state taxes, according to TMZ.

She said she has money troubles and is revealing she is paying off her massive tax bill in monthly installments.

Also she is selling her mansion in Malibu. She said part of her financial problems is due to the massive renovation she did in her house in Malibu she is selling now.

And despite being a household name, Anderson is now doing what any other American in her situation must do: downsize!

Besides that, its time for her to figure out her budget and live according to it. It is time to wake up and see she still can live a good life without going overboard. 

And last...Seriously, when you're famous, isn't there this little light bulb that goes off in your head when the cash starts rolling in that makes you say, "Gee, I should probably hire an accountant to keep tabs on my spending  and a financial advisor to teach me how to plan for my future before I wake up one day and realize every last dime is gone and I am dead broke."

Do you need a financial plan? Review your retirement? Get your financial life in order?

Call us at 813-964-7100 or visit our website www.MintcoFinancial.com

Suze Orman and annuities as an income in your retirement plan

 If you are those people that only listen Suze Orman for advice, it is time to figure out your retirement choices. And YES, Suze Orman agrees to have annuities if you are thinking of your retirement income.

Here what Suze Orman says about Annuities and Retirement:

"We have seen how TSAs make sense, and sometimes index annuities, but there is also one other circumstance. If your goal is to have income during retirement years, you do not want to take any risk with this money, you want to avoid paying taxes now, but you are still not currently in a high enough tax bracket to make municipal bonds make sense, and lastly feel that you will be in an even lower tax bracket when you retire, then I do have to say that a single premium deferred annuity is great."

EXAMPLE:
You deposit $25,000 into a SPDA, and over the next 15 years it pays you an average of 5% on your money. Tax deferred, your money will grow to $51,973. Now you need income. Simply start taking the interest from the $51,973. If the interest rate you are offered is 6%, there would be a total of $3118 a year on which you would owe taxes. If instead you had kept that money in a bank's certificate of deposit, and let's say you were in the 15% tax bracket, over the same 15 years, you would only have accumulated $46,675. The income on that 6% interest would only be $2800 on which you would owe taxes. If you put your money in an SPDA, and it performed as it did in our example, this would mean $318 a year difference in income to you. Remember, every penny counts, especially during your retirement years. When you take into account how much money you really did invest and the real rate of return your money earned over the long haul, the difference could be a significant amount.

Mintco Financial Team does specialize in retirement annuities, if you would like to speak to an expert, please let us know a good time and date that is most convenient to schedule a time to call you, and a good number to call. Also, which state do you reside in, as each state's products can vary.

Call us at 813-964-7100 or visit our website www.MintcoFinancial.com

Annuity Quote: http://www.mintcofinancial.com/quotes/annuity-quote/

Michael Minter is a managing partner of Mintco Financial and author of the bestseller financial book I-PLAN.

Life Insurance for Seniors over 70 years old

Life insurance for seniors over 70 is now a possibility for many elderly individuals living in the United States. If you’re old and gray and have not saved much during your younger years, this type of senior insurance coverage is very useful.

Don’t think that this is impossible? It’s very possible and if truth be told, many companies are specializing in the senior life insurance niche nowadays, unlike before when it was next to impossible to find an insurance carrier who would sell you a policy once you’re over the age of 70.

Buying life insurance for seniors over 70 becomes important as your age and health deteriorates and the inevitability of death becomes a grim reality. Most people buy senior life insurance to ensure that their loved ones don’t have to pay money out of their own pockets for your funeral expenses.

Many baby boomers and seniors who are 70 and older can get affordable life insurance coverage. Of course, your health history impacts the bottom line.

If you are in good health, lead an active lifestyle and don’t smoke, you have a better chance of getting affordable life insurance than if not.

What makes the most difference in getting affordable insurance is using an independent agent, who can help you find the right company to get the most best pricing possible.  The independent agent will know which company(s) will underwrite your application most favorably and therefore give you the best rating/pricing.  They should have an in house underwriter to be of assistance in getting you the best rating as well.


Just because you are 70 or older doesn’t mean you can’t get affordable life insurance.  It is especially important to go to the right carrier when you are applying for life insurance and you are 70 or older.

We recommend you to give us a call at 813-964-7100 or visit our website at http://www.mintcofinancial.com/quotes/final-expense-life-insurance-quote/, we are an independent agents who have experience with Baby Boomers and seniors.  We can help you decide what type(s) of life insurance you need as well as help you get the best value for your money.

Mintco Financial Team is an independent financial advisory company. We work for you!

Call us today for a free quote 813-964-7100

We do insure seniors up to 89 years old.

I-Plan by Michael Minter: Get yours Today!

www.MintcoFinancial.com

Mintco Financial: Who We Are

http://www.youtube.com/watch?v=-hP2TObDRfg

Fox News: Michael Minter shares ideas for holiday gifts on a budget

As seen on Fox News Good Day Show, author and financial expert Michael Minter from Mintco Financial shares gift ideas that will fit in everyone's budget this holiday season.

Michael Minter, a financial planner expert located in Tampa Bay, Florida shares ideas in how to save in this holiday season.

He says if it is not in your budget, do not buy it. But he gives holidays ideas that you and your kids can give  with little money or no money.

We could say he gives frugal holidays ideas or holiday ideas on a budget such as giving gift cards where you give something you do best, such as cleaning a garage for parents, baking cookies or bread, making a frame, cooking a nice dinner, cut the grass...

Give it to your parents, grandparents, friends...

You do not need to break your pig bank this holiday season!

Also he talks about his book I-PLAN, a great holiday gift for the whole family.

Check his book at Amazon.com or the website www.MintcoFinancial.com

Watch the video and comment!

Advice to the PowerBall Winner

 

 

What you should do if you are the Powerball Winner?

 

You should get a team of financial advisers and lawyers to help you manage your financial future.

 

"At this point, you can you afford to bring in some people who can provide you with some good advice. Just because somebody says, 'My next door neighbor's brother-in-law is a lawyer you should talk to him.' Make sure you find yourself a good lawyer, good financial analyst and take their advice very early on."

Also, wait to claim your money.

 

"You got to do a couple of things. First thing do you is sign the ticket. ... The reason is it's the ticket that's the winner. You want to make sure that there's no question. There's a lot of people that would love to get their hands on that ticket. Sign it, put it in a safe place. The safe place is not a shoe box in your closet. Get to your local bank. ...Take some time to settle in, get your team in place, make sure you know what's going on here, get the advice. You don't have to run out and tell everybody because what you'll get, everybody in the world will be after you saying, 'Hey why don't you share some of your wealth with us?' Take some time and get things sorted out with the team."

 

Remember your Team will be your financial advisers and your lawyers.

If you are the winner and need a Team of professional Advisers,  visit our website www.MintcoFinancial.com

We are a Team of independent financial advisers with over 32 years of experience combined.

We do have offices in New York and Florida.

Call us at 813-964-7100 

Derek Jeter needs a coach, you need a Financial Advisor

 

 www.MintcoFinancial.com

Even the canniest self-directed investors should consult a financial advisor.

Sure, sure. You steered your own financial course for years, with decent results. You don’t need to pay some character to help you do it, right? Wrong.

Every player needs a coach, whether you’re Derek Jeter or Harry, the slow-pitch softball catcher. Every writer needs an editor, whether you’re William Shakespeare or Joe, the ad-copy scribe. And every person needs a knowledgeable third party to look over her shoulder and opine about her financial arrangements.

When some think of an advisor, they believe they must turn over all their finances, paying around 1% of assets yearly. Or they think of brokers, who charge by the transaction.

But do-it-your-selfers can consult an advisor once a year for a few hundred bucks (standard rate: $500 an hour). Or pay the advisor a few thousand for a complete financial plan (depending upon its complexity, the charge usually ranges from $2,000 to $5,000). Much of that is tax-deductible.

A skillful advisor asks you the questions you may or may not be asking yourself: What is your goal? To retire in 10 years? To buy a second home? To set up a trust for your kids? To pass along assets you have inherited? Even the most studious amateur may not have the answers to these questions.

Take insurance. A good advisor can help you find weaknesses in your coverage. It may be that the company providing your policy has gone bust, or is about to. If you own expensive jewelry, is it covered in the event or fire or theft?

Some don’t realize that they are not covered by disability insurance. Should they be unable to work, their family’s finances could fall apart. Do you know how much disability coverage you should have? A good advisor can tell you.

Asset allocation is a tricky business. The old rule of thumb is that your fixed-income portion should equal your age. So if you are 40, you have 40% in bonds and 60% in stocks. But that is a very simplistic gauge.

 Other factors come into play, such as your health, your kids’ education needs, your risk tolerance and your job stability. An advisor will look at all your records and piece together what your needs are now – and what they likely will be in the future.

An advisor can do something for you called a Monte Carlo simulation. This tests the odds of your assets growing to the point that you can have a comfortable retirement – determining when it’s safe for you to quit working. It can even give you the odds of having something left over to pass on to your loved ones once you die.

More broadly, an advisor can lay out an entire plan that encompasses every bit of your financial needs, from investments to real estate to insurance to inheritances. A financial plan has many moving parts, and one segment of it can affect the others.

Mintco Financial Team custom-tailor plans for people with different goals. Because each person is different and has different goals and dreams.

Visit our website at www.MintcoFinancial.com

Or call us at 813-964-7100. 

We are a boutique Financial Company that takes each client as a unique one.

Estate Planning:Selection of a Trustee

Selection of a Trustee....A Search for Wisdom

by Bill Roberts

We have seen in 30+ years of our practice, clients struggle with the selection of a trustee and successor trustees to oversee the trusts they are creating under their will and trust documents.  Do they select individuals or corporate trustees?  

Should they use their local bank trust department as the trustee?  If selecting individuals, should it be a family member or a trusted friend? 

If using an individual, who will be a back up or successor trustee, should the individual not be able to continue to serve?  Should the successor be a trust department of a bank, or a trust company?  What financial parameters should the selection have to qualify?

Further complicating this decision is a growth in litigation cases between beneficiaries and trustees, making the selection of trustees and the acceptance by the trustee even more thought provoking.

In considering the selection of a trustee, many people turn to family members.  This may be appropriate for a number of reasons, the knowledge of the family by the trustee and the awareness of the assets owned by the family; both are advantages in selecting a family member. 

However, on the other side of the ledger is the potential for family conflict (and possible litigation) because a family member is "in control" of the distributions to other family members.

Since this is often a difficult decision, we thought it would be helpful to think about a checklist of characteristics to consider in your selection.  

1. An early consideration is the amount of time required to handle the duties of the trustee, filing annual tax returns, making sure the records are kept up to date and following the requirements for distributions to beneficiaries as set forth in the trust document. 
2. What remuneration is appropriate for the trustee? 
3.  Expertise – Often individual trustees lean on the family lawyer for the expertise to handle basic administration of the trust.  If that is not available, will the individual trustee have the skills to handle the basic administrative items?  
4. Wisdom – Does the selected trustee(s) have the wisdom to follow the trust provisions, as well as making wise investment decisions with the assets of the trust?  Will the trust assets include stock of the family business?  Does the trustee have the skills and wisdom to make decisions regarding the business?  
5.  Knowledge – Closely aligned with wisdom, does the trustee have the pertinent knowledge to manage the assets in the trust?  Will they make the necessary effort to acquaint themselves with the uniqueness of the trust assets, or to acquire the appropriate advisor(s) to assist them? 
6. Integrity – Trustees are sometimes in a position that can be abused by an unscrupulous investment advisor, a self-centered beneficiary, or the beneficiary’s spouse.  Selecting a person or a corporate trustee who you trust to maintain the integrity of your wishes and direction in the trust is vitally important. 
7. Successor Trustees – Clients often have not put as much thought into the selection of a successor trustee as with the selected trustee.  Obviously a successor trustee may be put in the same position if the original trustee dies, becomes disabled or is incompetent to serve.  You will want to consider this as you design your trustee arrangement and consult your attorney regarding their recommendation.  Often attorneys will suggest a corporate trustee to back up an individual trustee.

The selection of a trustee is often difficult and requires a great deal of thought.  A poor choice could have significant impact on your beneficiaries.  A discussion with your attorney and other estate planning advisors will help guide you to a wise decision.

Need an Estate Planning financial advisor ? Call us at 716-565-1300

Email: anecamara@mintcofinancial.com

www.MintcoFinancial.com 

Mike Tyson, Michael Vick and Maradona: What do they have in common?

The salaries paid to professional athletes are sometimes impossible for the average fan to comprehend. A $100 million here, a $100 million there and pretty soon it adds up to real money, to borrow loosely from an esteemed politician of the past.

Despite the crazy salaries, the sad (or satisfying, depending on your viewpoint) fact is that many professional athletes burn through their hordes of cash, often before hitting retirement.

What Maradona, Michael Vick and Mike Tyson have in common?

MARADONA, soccer: $26 million Lost

 

Diego Maradona is arguably the greatest soccer player who ever lived. His feats on the pitch for Argentina in the World Cup, Barcelona, Sevilla and Napoli among others made him a one-name legend. But the legend had a darker side, too. 

The Italian stop may  have been his Waterloo. There was the 1991 suspension for failing a cocaine test. That lasted 15 months.

Maradona’s troubles didn’t end with retirement. The Italian years caught up with him in 2009 when Italian tax authorities ruled he owed 37 million euros ($26 million at the time) in back taxes, penalties and interests. Having only paid a fraction of the bill (reportedly 42,000 euros, two wristwatches and some earrings), Maradona’s salary as head coach of Argentina’s national team was being garnished before he was dismissed from that post following a lackluster performance by Argentina in the 2010 World Cup. 

Now, however, he has scored a lucrative coaching gig with Al Wasl FC in the United Arab Emirates league. Hopefully, someone helps him start practice on time. 

MICHAEL VICK, football: At Least $50 Million Lost

 

The story of Michael Vick’s spectacular fall from grace has been well documented. The dynamic quarterback who led a woeful franchise, the Atlanta Falcons, to Super Bowl contention tossed it all away by investing in dog fighting. Then came prison and bankruptcy. Back in the NFL with the Philadelphia Eagles, Vick last month signed his second $100 million contract ($40 million guaranteed). 

The happiest people might be his creditors, who stand to see much more of the $20 million they were owed than they might have expected. 

MIKE TYSON, boxing: $400 Million Lost

 

Mike Tyson was on top of the world: Heavyweight champ, career earnings of about $400 million and all the adult toys anyone could want. But outrageous spending ($173,000 for a gold and diamond necklace, a pricey divorce, fancy cars and two Las Vegas mansions) and big tax bills (nearly $14 million owed in the U.S. and Britain) helped lead Tyson to bankruptcy court. There he declared debts of more than $27 million, to a former trainer, a former financial manager and even a music producer, among others. By that time Tyson’s $30 million paydays were a distant memory.

But he has gotten a measure of redemption, appearing in parts 1 and 2 of the hit comedy film, "The Hangover," and being inducted into the Boxing Hall of Fame this year.

These superstars blew through their hoards of cash long before retirement, which means they could've used some good financial advice.

Looking for an independent financial advisor? Do you need to review your retirement plan? Life Insurance?

Contact us at anecamara@mintcofinancial.com

Visit our website: www.MintcoFinancial.com

Call us: 716-565-1300

Find out if your financial advisor is a "Fiduciary"

Recently at a party, I was speaking to a lady about what she was planning to do as she retired, and she said, first find an financial adviser who is a "Fiduciary".  She went on to say how she almost lost a lot of money because she was told to purchase a variable annuity. I was thinking, so what? Variable annuities are very good vehicles when put in the right situation.  She explained that in 2008 when the stock market was looking like the brink of disaster, she decided she was going to cash out to save what little she had left and was surprised to learn if she did she would have to pay a "surrender" fee - in addition - she would have also owed the IRS, around 20%.

I went on to learn more, asking how she would owe the IRS 20% if her account was down? I was thinking maybe it was down from the highest point, because she would only pay income tax on the gain, if it wasn't inside a qualified retirement plan.  Its pretty funny how most articles/media when I read put so much fear into owning annuites. The reality is annuities are like pensions and obligations are backed by the insurance company, but yet most articles/experts had no clue what they were even talking about.  When came across a well-known attorney who worked for the SEC and teaches about mutual funds and annuities to advisers, he explained most misconceptions or problems with annuities are just the lack of education amongst the adviser and or client, and especially the so-called financial experts in the media, many of which are not even licensed or regulated.  So the easiest thing to do is say how bad annuities, but yet never talk about how bad pensions are (aren't they the same thing? guess big bad annuities sounds far better for ratings/audience purposes.)
 
Anyways, the lady and I spoke more, as she explained that she purchased her annuity from her insurance agent who also offered "financial planning." The agent "recommended" that she take her money out of her 401k and put it in the annuity as it would offer greater protection upon retirement.  Well that made sense, why would you cash in your IRA/401k, of course you are going to pay taxes, no matter what vehicle you are in.

Well, she then explained that taking advantage of the annuity wasn't the mistake per se (although her CPA thought otherwise, most likely he wasn't well versed to understand what an annuity means either) - but it was not knowing that her insurance agent / "financial planner" wasn't a fiduciary.

Fiduciaries adhere to certain professional & ethical standards, simply put they must put your interests first.

Most investors don't know: a fiduciary operates under SEC regulations and must put your financial interests ahead of his/her own. This means a fiduciary cannot give you financial advice or sell you financial products if the advice / products are not in your best interest.

Who is a fiduciary and who is not? CPAs, attorneys and registered investment advisers (RIA) are all fiduciaries.

Certified financial planners, financial planners, insurance agents and stock brokers are not.

An insurance agent or financial planner can sell you a high-load mutual fund or an expensive variable annuity in order to receive a commission. In other words, Are they operating in their best interest, or yours?

An attorney, CPA, or RIA are obligated to adhere to a Fiduciary Standard and work with you to determine whether compensation and fees are in your best financial interest or not.  Let's face it, sometimes you pay for what you get, so don't let fees be the driving force to your decision making process with your adviser.

SEC is working to change this "The recently passed financial reform bill allows the SEC to end this confusion and require all professionals who provide investment advice, whether they are brokers, financial advisers, or investment advisers, to meet the same standard of investor protection. But before the SEC can adopt these new rules, the law requires the agency to conduct [a] study. Those not currently subject to a fiduciary duty have made a concerted effort to submit their comments. Unfortunately, most investors appear to know nothing about this proposed change."

Well needless to say the lady at the party that I was speaking with, learned all this information on her own, and actually said the variable annuity once meeting with a financial adviser who did adhere to a "Fiduciary Standard", eased her mind and actually said the annuity she had was not all that bad.  She explained some of the advantages/benefits it was providing her from a protection standpoint, however, they also reviewed others that could provide her more specific benefits to her goals, needs, and wants.  The adviser she said explained the advantages of staying where she was vs. the small cost "surrender fee" in which she had never paid upfront.  From the sounds of it, I think she just kept it where it was and their plan was to move it in time when things looked brighter in the market, or who knows maybe that plan was not so bad after all.  My guess is, when she decides on her new Financial Advisor abiding by a "Fiduciary", he/she will make sure they avoid any taxation with a simple tax qualified rollover, but I would be curious what vehicle they went with, I wonder if it was a variable annuity...

Ask your financial adviser tough questions:
* Ask your adviser if he/she is legally obligated to act in your best interest and if the answer is "yes," to get it in writing.
** Ask if he / she is earning commissions on any products sold to you and how these commissions are paid. Also ask how commissions affect the price of the financial product being recommended to you.
*** If you don't understand a particular financial product that is being recommended, speak up and question your adviser, it's important that he/she and you, know the fine print and understand that with any financial product there will always be advantages and disadvantages, there is never a one size fits all.

**** MOST IMPORTANTLY, you have the right to fire your adviser, and when working with any professional (accountant, attorney, doctor, contractor) interview a few, and after reading this blog, ask the simple question next time you meet with someone who sells financial products,  "Are you a "Fiduciary"?