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Is a corporate trustee the right choice for your estate planning needs? Establishing a trust can help ensure that your assets are put to work according to your wishes, during your lifetime and after you're gone. A trust can also help reduce estate taxes. When you establish a trust, you appoint a trustee – a person or entity that manages the assets within the trust for the benefit of your beneficiaries, which could be individuals, organizations, or both. Whether individual, corporate, or a combination, trustees are responsible for everything in the trust, including income and losses, and must act in the beneficiaries' best interests. While many people choose a family member to serve in this capacity, there are many circumstances where a corporate trustee may be beneficial for you, your heirs, and your estate. Should you keep it in the family or choose a corporate trustee? While keeping it in the family may seem like a good idea, the role of a trustee can be onerous and time consuming. That's especially true for individuals who may not have experience managing finances and investments, real property, or taxes. That can lead to costly mistakes and significant delays, which can adversely impact your beneficiaries. And the more complex the estate, the more difficult it can be for trustees to juggle this fiduciary role on top of their own day-to-day responsibilities and commitments. That's one of the many reasons individuals consider a corporate trustee. It's also important to consider how the role of the trustee may affect family dynamics. Trustees are often required to make tough decisions that might be unpopular with some of your beneficiaries. (Remember, the trustee is carrying out your instructions, not your beneficiaries' wishes.) For a family member who may prefer acting in a manner that avoids hard feelings within the family, this can be a difficult role to fulfill, making a corporate trustee a practical alternative. In addition, few family members have the level of expertise in investment management, taxes, and fiduciary law required to efficiently and effectively manage the various aspects of trust administration. Choosing a corporate trustee ensures access to all of the necessary skills and resources required to manage the trust in a timely, competent, and unbiased manner. While a corporate trustee can help to head off potential family conflicts of interest and relieve family members of responsibilities that they may be unprepared to take on, keep in mind, the family can still appoint a family member to serve as a personal representative for communication and decision-making purposes. 7 benefits of a corporate trustee Besides eliminating potential conflicts of interest between family members, implementing a corporate trustee has additional benefits for both the trust and its beneficiaries, including: 1 Unbiased loyalty and independence to carry out your wishes Knowledgeable management, protection, and defense of trust assets Experienced oversight of the investment process to be carried out by your financial advisor Timely and accurate statements of the account to keep you and all current beneficiaries informed Consistent account reviews Accountable collection and prudent distribution of income and assets Professional tax reporting, filing, and comprehensive regulatory compliance on behalf of the trust Before choosing a corporate trustee, take time to meet with a qualified estate planning attorney and tax professional for advice specific to your situation and goals. For more information about corporate trustees, listen to my latest podcast episode of Frank Wealth Insights, featuring our special guest, Kate Shackleton, Executive Vice President, Trust and Insurance at LPL Financial. At Return on Life® Wealth Partners, our team of wealth planning professionals can help you determine if choosing a corporate trustee is the right move for your estate planning needs and coordinate the advice you receive from all of your professional advisors. To learn how we can help you and your family pursue the Return on Life® you desire, contact us today for a free consultation. About Return on Life® Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994, with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values. With access to its Complete Family Office (CFO)ˢᴹ and Personal CFO™ services, Return on Life® Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. 1 "Why Consider a Corporate Trustee?" https://theprivatetrustcompany.com/family-individuals/why-consider-a-corporate-trustee/ This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific tax or legal issues with your qualified advisors. The opinions expressed and material provided are for general information purposes only. Copyright © 2024 Planned Financial Services. All Rights Reserved. Investment advice offered through Planned Financial Services, LLC, a Registered Investment Advisor.

3 Things to Know Before Buying a Second Home Like many people, you may wonder if owning a second home or vacation property is a good strategy for adding real estate to your investment portfolio. Owning a second home can be an effective way to diversify your assets, generate income, and build equity. However, like any investment, it's not without risk. If you're thinking about buying a vacation property or other real estate, take a few moments to consider the three questions below. 1. Does adding real estate to your investment portfolio align with your financial plan? Adding real estate to your investment portfolio can be a great way to diversify your income sources and assets. However, since different real estate investments provide different benefits and risks, it's important to determine your overall goals before adding real estate to your investment portfolio. Are you seeking additional income, a way to further reduce taxes on current income, a hedge against stock market risk, a retreat to enjoy with family and friends, or a combination of these? You also want to consider whether an active or passive approach to managing real estate assets is right for you. For example, if you're seeking additional tax benefits to offset your income by adding real estate to your investment portfolio, but don't want to take an active role in managing a property, such as a beach or lake house, you may want to consider publicly traded real estate investment trusts (REITs) or funds that invest in real estate. 1 These methods allow you to add real estate to your investment portfolio without having to commit a lot of money upfront or actively manage any properties. 2. What are the potential financial benefits and risks of investing in a second home? Most people buy a vacation home with the expectation that it will appreciate over time and/or provide an income stream as a rental property. While these benefits can prove lucrative, adding real estate to your investment portfolio is never without risk. For example, if real estate prices are high in the location where you intend to buy, you may have to pay top dollar for the property you want. In addition, expenses including mortgage payments, property taxes, insurance, utilities, maintenance costs, and homeowner's association fees can add up quickly. You'll also need to plan for unexpected expenses, such as weather-related events or damage from renters. On the other hand, if you frequently visit the same destination for family vacations, adding real estate to your investment portfolio through ownership of a vacation property may provide a satisfying return on investment vs. renting someone else's property. While potential tax benefits, income generation, and appreciation can make owning a vacation home very attractive, it's important that the downpayment and cost-to-carry a second property don't have an adverse impact on your cash flow but, instead, align with your budget and long-term financial plan. In other words, you don't want to create a situation where adding real estate to your investment portfolio renders you cash poor or jeopardizes your ability to achieve other important lifestyle goals. 3. What are the tax implications of adding real estate to your investment portfolio? In general, you may be able to deduct certain expenses associated with adding real estate to your investment portfolio through ownership of a second home. If the property is considered a personal residence, you may be able to deduct some or all of your mortgage interest for the tax year if you use the home for more than 14 days or 10% of the days that you rent it out, whichever is greater. When you consider adding real estate to your investment portfolio, be aware that if your second home is considered a rental/investment property, you'll need to report any rental income to the IRS if you rent your home for more than 15 days per year and your personal use of the property does not exceed 14 days per year or 10% of the number of days the home was rented. In this case, you can deduct expenses for the rental, including maintenance and utilities. If you own two houses, as a result of adding real estate to your investment portfolio, and both are strictly for personal use, you will likely owe two sets of property taxes. It's important to understand that under the Tax Cuts and Jobs Act of 2017, there's a $10,000 limit ($5,000 if married filing separately) for state and local taxes paid, which includes property taxes. This $10,000 maximum could limit your ability to take a deduction for property taxes on your first and second homes. However, if the second home is considered a rental/investment property, you would have the ability to deduct all or a portion of the property tax without the $10,000 limitation. 2 Another tax issue to know about before adding real estate to your investment portfolio is the ability to deduct mortgage interest. For homes purchased after December 15, 2017, you can deduct the mortgage interest you paid during the tax year on the first $750,000 of your mortgage debt for your primary and/or a second home. (If you are married filing separately, the limit drops to $375,000.) So it's not hard to reach this limit where the combined mortgage debt on your primary and vacation homes exceeds $750,000. There are other criteria that must be met to qualify for the mortgage deduction as well. Before adding real estate to your investment portfolio, keep in mind that tax rules are complicated and may differ depending on your specific situation and the location of your home. Take time to meet with a qualified tax professional well in advance of purchasing a second home. At Return on Life® Wealth Partners, our tax and wealth planning professionals can help you develop a tailored strategy for adding real estate to your investment portfolio. For more on this topic, be sure to listen to my latest podcast episode of Frank Wealth Insights. To learn how we can help you and your family pursue the Return on Life® you desire, contact us today for a free consultation. About Return on Life® Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994, with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values. With access to its Complete Family Office (CFO)ˢᴹ and Personal CFO™ services, Return on Life® Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. 1 Investing in REITs involves a high degree of risk. Some, but not all, of the risks and uncertainties that an investor can expect are risks related to: acquiring, owning and selling real property and real estate investments, including risks related to general economic and real estate market conditions, the risk that the REIT's properties become too concentrated (whether by geography, sector or by tenant mix) and the risk that the sales price of a property might differ from its estimated or appraised value; property valuations, including the fact that the REIT's appraisals are generally obtained on a quarterly basis and there may be periods in between appraisals of a property during which the value attributed to the property for purposes of the REIT's daily accumulation unit value may be more or less than the actual realizable value of the property, etc. This summary of risks does not address all the risks an investor may experience. Additional discussion of the risks can be found in the "Risk Factors" section of the REIT's prospectus. 2 Publication 527: Residential Rental Property, https://www.irs.gov/pub/irs-pdf/p527.pdf This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific tax or legal issues with your qualified advisors. The opinions expressed and material provided are for general information purposes only. Investment advice offered through Planned Financial Services, LLC, a Registered Investment Advisor. Copyright © 2024 Planned Financial Services. All Rights Reserved.

Understand how life insurance needs change over time Many people understand the vital role life insurance plays as a risk management tool. However, life insurance planning can be daunting. That's because each family's needs and situation differ. As a result, your risk management strategy needs to reflect what's unique about your lifestyle, goals, family, and financial circumstances. Life insurance is primarily used to protect loved ones against the loss of income due to the death of a wage earner. That makes life stage an important variable in the life insurance planning process. As discussed below, you can expect your insurance needs to change over time as your life and family evolve. How should you approach life insurance planning if you're young and single? People often assume that they don't need life insurance if they don't have a spouse, children, or other dependents. While the need for life insurance at this stage of life may be minimal, it can still play an important role in paying off your debts and final expenses in the event of an untimely death. To understand your life insurance planning needs, add up any outstanding debts that are not forgiven upon your death, such as loans or credit where another party cosigned to help you secure the loan. You also want to make sure your final expenses are covered for funeral and burial or cremation costs. The good news is that since life insurance premiums are determined in part by your age and health status, life insurance is generally inexpensive when you're young and in good health. How should you approach life insurance planning if you're newly married? Whether your lifestyle is based on one or two incomes, the unexpected death of a spouse could create a significant financial burden for the remaining spouse. When it comes to life insurance planning, consider if your surviving spouse would be able to meet your household's debt obligations and cash flow needs without your income. Both spouses should consider purchasing life insurance in an amount that will pay off all household debts and replace their spouse's income. How should you approach life insurance planning if you're married with children? When adjusted for inflation, the average cost to raise a child is $312,202, and that doesn't include college costs. 1 That makes life insurance planning critical for protecting those who depend on your income to meet their essential expenses and lifestyle needs over a period of 18 years or more. If one parent were to die, the loss of income could significantly alter your family's quality of life, including their ability to remain in their home or attend the college of their choice. A stay-at-home spouse may be forced to seek work outside the home. Single parenthood can also diminish a surviving spouse's future earning power if they have to reduce their hours, cut back on travel, pass up promotions, or delay continuing education opportunities due to obligations at home. To help protect against the potential financial loss associated with the death of a spouse, the life insurance planning process takes your lifestyle, debts, the number and ages of your children, and your estimated K-12 and college education costs into consideration, among other factors. How should you approach life insurance planning if you're an empty nester or retired? As you get older, life insurance planning should reflect your changing financial needs and circumstances. For example, once you retire, there's no longer a need to replace lost wage income. And, if you're an empty nester, adult children have their own careers and are no longer dependent on you to meet their income needs. However, the need for life insurance planning may not go away entirely. That's because life insurance is often used as an important estate and legacy planning tool to help meet certain liquidity needs and assist in the tax-efficient transfer of assets after your death. To learn more about life insurance planning at each stage of your life, including the type of insurance that's right for your family, schedule time to meet with one of our experienced team members who can evaluate your current coverages, and make recommendations based on your needs, goals, and budget. For more on this topic, be sure to listen to my latest podcast episode of Frank Wealth Insights. To learn how we can help you and your family pursue the Return on Life® you desire, contact us today for a free consultation. About Return on Life® Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994, with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values. With access to its Complete Family Office (CFO)ˢᴹ and Personal CFO™ services, Return on Life® Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. 1 WTOP.com, May 2024, https://wtop.com/news/2024/05/how-much-does-it-cost-to-raise-a-child-4/ This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific tax or legal issues with your qualified advisors. The opinions expressed and material provided are for general information purposes only. Investment advice offered through Planned Financial Services, LLC, a Registered Investment Advisor. Copyright © 2024 Planned Financial Services. All Rights Reserved.

Overcoming common misconceptions about managing family wealth Many people are surprised to learn that an estimated 70% of wealthy families will lose their wealth by the second generation and 90% will lose it by the third. 1 While these statistics are eye-opening, there are steps that families can take to help preserve and protect wealth across generations. That begins with understanding some of the common misconceptions about multigenerational wealth management. Myth 1: Multigenerational wealth management is only for the uber wealthy While it's easy to assume that multigenerational wealth management is only for the very rich, that couldn't be further from the truth. Multigenerational wealth management is an aspect of financial planning that seeks to help ensure that a family's wealth and legacy are properly managed and passed from one generation to the next, according to their wishes. Whether you're seeking to pass along tens of millions or tens of thousands of dollars in assets, or a business or vacation home, a multigenerational wealth management plan can outline how those assets will be transferred to your heirs in a tax-efficient manner and how wealth will be preserved for future generations. Myth 2: Generational wealth is easy to maintain Having family wealth and preserving it across generations are two very different things. Preserving wealth requires a highly personalized and tax-smart plan for managing risk through multiple market, business, and economic cycles, and a deep understanding of the investment, tax, and estate planning concepts and techniques that are right for your family. That's why a well-coordinated financial plan and disciplined investment strategy form the core of the multigenerational wealth management process. Your personalized strategy seeks to align the dual objectives of preservation and growth with your family's values, risk tolerance, and the timeframes established for each of your goals. Myth 3: Family dynamics are too complex to navigate Multigenerational wealth management focuses on far more than your family's financial success. It also addresses family dynamics. Wealth advisors experienced in multigenerational wealth management are able to help families resolve existing conflicts and eliminate the potential for future misunderstandings that can threaten wealth and destroy relationships. This includes helping families to articulate and define family values and goals and establish open lines of communication. Your wealth advisor will educate family members on financial management concepts and tools and help set agreed-upon parameters for the use and purpose of your family's wealth. In addition to providing ongoing advice that is personalized, timely, and relevant, your multigenerational wealth management advisor can play a valuable role in coordinating the advice you receive from your professional tax and legal advisors. This will help ensure that all of the advice you receive is fully aligned with your goals and strategy and is implemented in an efficient manner for the benefit of all family members. For more information about how an experienced team of multigenerational wealth management advisors can help you put a strategy in place to preserve and grow your family's wealth for generations to come, listen to my latest podcast episode at Frank Wealth Insights. To learn how we can help you and your family pursue the Return on Life® you desire, contact us today for a free consultation. About Return on Life® Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994, with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values. With access to its Complete Family Office (CFO)ˢᴹ and Personal CFO™ services, Return on Life® Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. 1 "Generational Wealth: Why do 70% of Families Lose Their Wealth in the 2nd Generation?" https://www.nasdaq.com/articles/generational-wealth%3A-why-do-70-of-families-lose-their-wealth-in-the-2nd-generation-2018-10 The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. To learn more about Return on Life's investment business, including our accounts, products and services, as well as our relationship with you, please review our Form CRS. Investment advice offered through Planned Financial Services, LLC, a Registered Investment Advisor. Copyright © 2024 Planned Financial Services. All Rights Reserved.

Setting the foundation for a lifetime of fiscal responsibility While parenting styles and methods may differ, most parents share a common goal: to raise children to be healthy, happy, and independent adults. Preparing children for financial independence by instilling healthy habits and attitudes about money can go a long way toward achieving these goals. Fortunately, you don't need special training or a degree to equip them with the right tools. Teaching kids about the value of money starts at home with the behaviors you model every day, from the importance you place on budgeting and keeping spending in check, to what you choose to splurge on, and your family's values around charitable giving and multigenerational wealth. To get started preparing your children for financial independence, consider the four tips below. 1. Begin teaching them when they're young The earlier children learn about the important role money plays in life, the more likely they will develop a positive relationship with it. Even very young children can master three basic principles: saving, giving, and spending. To help them understand these principles, consider the "bucket" method when preparing children for financial independence. Set up three containers. When young children receive money for completing chores or from grandparents, allow them to make decisions about how much they will save, give to others, and spend on themselves. You can reward behaviors you want to foster by adding a small matching contribution to that bucket. This method of preparing children for financial independence is something kids can easily carry forward as they grow and begin earning money of their own as teenagers and young adults. 2. Don't be afraid to talk about money An effective way to begin preparing children for financial independence is by sharing your own experiences with money. For example, explain how saving money helped you buy a car, pay for college, purchase a home, or plan a recent family vacation. Talk about your values around spending and debt, why you choose to contribute money to certain causes or charitable organizations, and your thoughts about preserving wealth for future generations. The more you communicate, the greater the opportunity to prepare children for financial independence while instilling important family values about wealth. 3. Encourage participation in family finances Consider including kids in family discussions about budgeting and spending, as appropriate, to help them understand that everyone has a role to play in keeping household finances on track. Encourage them to ask questions and share their thoughts and ideas. Participation in family finances can help prepare children for financial independence while developing greater respect for how money is earned and used within your household. It can also provide valuable lessons about saving, goal setting, and trade-offs. As kids approach adulthood, their financial education may expand to include participation in family legacy and charitable planning decisions. Consider ways they can participate in decision-making if your family operates a charitable foundation or trust, or uses Donor-Advised Funds to make charitable contributions. 4. Embrace technology Preparing children for financial independence doesn't have to be all work and no play. Thanks to a broad range of age-appropriate technology tools, such as websites and mobile apps, children of all age groups can improve their financial literacy through interactive games and tutorials that teach important skills, such as saving, budgeting, and even investing basics. This can be a fun and informative way to get started preparing children for financial independence and set the stage for fiscal responsibility in adulthood. For more information about preparing children for financial independence and ways to help preserve family wealth through multigenerational planning, listen to my latest podcast episode at Frank Wealth Insights. To learn how we can help you and your family pursue the Return on Life® you desire, contact us today for a free consultation. About Return on Life Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994, with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values to help achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. Investment advice offered through Planned Financial Services, LLC, a Registered Investment Advisor. Copyright © 2024 Planned Financial Services. All Rights Reserved.

Tax-advantaged 529 education savings plans have long been a popular way for families to set money aside for education expenses. Now they're even more flexible, thanks to a provision under the SECURE 2.0 Act of 2022 that allows for a 529 plan rollover of unused assets to a Roth IRA, when certain restrictions are met. How 529 plans work A 529 plan allows individuals to contribute funds that can grow tax-free and be withdrawn without incurring state or federal taxes when used for a broad range of qualified expenses. These include up to $10,000 per year in K-12 tuition; college tuition, fees, books, and certain room and board costs; as well as ongoing education and professional certifications obtained through qualified institutions. With all these advantages, how does a 529 plan rollover help? Funds used for nonqualified purposes are generally subject to a 10% penalty in addition to state and federal income taxes on any gains in the amounts withdrawn. That can be a problem if you're sitting on a plan with excess savings and there is no need to transfer the excess savings to another beneficiary. What is a 529 plan rollover? Starting in 2024, account beneficiaries can roll over a lifetime limit of $35,000 from a 529 account in their name to a Roth IRA. For account owners and their beneficiaries, a 529 plan rollover provides a penalty-free option for transferring unused plan savings to the named beneficiary. However, 529 plan rollovers are subject to certain restrictions. The 529 account must be open for at least 15 years before funds can be rolled into a Roth IRA 529 contributions made within the preceding five years cannot be rolled over If the 529 beneficiary is different from the 529 account owner, the Roth IRA must be in the beneficiary's name The lifetime maximum that can be rolled over is $35,000 Rollover amounts are subject to annual Roth IRA contribution limits. The limit for tax-year 2024 is $7,000 with a $1,000 catch-up contribution for those age 50 and older. Assuming the 529 plan rollover amount is $7,000 ($8,000 for those 50 or over), the beneficiary would not be able to make any IRA contributions for the year. Should you consider a 529 plan rollover? A 529 plan rollover is one of several options available to account owners with unused plan assets. Account owners also have the ability to switch beneficiaries to another child or family member and continue using the account for educational expenses. In the event a beneficiary earns a tax-free scholarship, the account owner can take an equivalent amount out of the 529 plan without incurring the 10% penalty (though the earnings portion of the distributions will be taxable). In addition, a lifetime limit of up to $10,000 per beneficiary may be used to pay off qualifying student loans. It's important to keep in mind that a 529 plan rollover of unused assets into a Roth IRA at a later date is not a reason to overfund a 529 plan. Drawbacks include the long waiting period until assets are eligible to be rolled over, as well as strict limitations on amounts that can be rolled over annually. To learn more about 529 plan rollovers, and the role that 529 plans can play in helping you pursue specific education, tax, and legacy planning goals, listen to my latest podcast episode at Frank Wealth Insights. If you'd like to learn more about how we can help you pursue the Return on Life® you desire, contact us today for a free consultation. About Return on Life Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994, with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values to help achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. Investment advice offered through Planned Financial Services, a Registered Investment Advisor. Pursuant to Section 529(b)(1)(A)(ii) of the Internal Revenue Code, 529 plans are known as Qualified Tuition Plans. There are two types of 529 plans: savings plans and prepaid tuition plans. Both are generally sponsored by states or state agencies. Each plan has its own eligibility requirements, so please consult your Financial Advisor or the plan offering documents for more information. A comprehensive list of disclosure matters are addressed in connection with the Savings Plans in order to fulfill the responsibilities of state issuers to account owners. These disclosures are intended to present information in a clear manner and do not overlap with the disclosure obligations of broker-dealers or investment managers who are involved with Savings Plans. Understanding the differences between plan types and state-specific state tax benefits is important. Return on Life Wealth Partners suggests you consult with your individual tax or legal advisor. Copyright © 2024 Planned Financial Services. All Rights Reserved.

This year marks our 30 th anniversary as an independent wealth management firm. As I reflect on this milestone, the word "gratitude" repeatedly comes to mind. Building and growing a sustainable wealth management firm within a highly competitive industry requires the commitment of a dedicated and experienced team, well-vetted professional partners, and most of all, our clients who have embraced our vision and placed their trust and confidence in our team. Building a wealth management firm from the ground up Before I started our independent wealth management firm in January 1994, I'd been in public accounting for more than a decade. I realized I wanted to do more to help families and business owners connect the dots between their tax and wealth planning, since the two are inextricably linked. I began exploring relationships with some of the big name wirehouses and insurance companies, but I couldn't find the right fit. At that time, wealth management and financial planning were largely reserved for ultra-high net worth investors. Even as these services became more mainstream in the early 90s, in my opinion, most companies were just paying lip service to planning. I wanted it to be the central focus of my practice. So I decided to start my own wealth management firm. I initially focused on tax planning services as a way to get people to come in and have broader conversations about their taxes, insurance, investments, retirement, and estate planning. Many of those early engagements grew into valued long-term relationships and cherished friendships that now span multiple generations of our clients' families. Strengthening the foundation It's really gratifying to look back on the many opportunities we've had to help couples, families, and businesses develop financial foundations they could build upon over time. As a wealth management firm focused on business owners, we've also helped to design and implement complex business continuity, exit planning, executive compensation, and corporate retirement plan solutions for businesses of all sizes, across multiple industries. Over the course of three decades, we completed a successful acquisition, changed our business structure to a Registered Investment Advisor (RIA), and continued to expand our service offering. Most notably, we built a team of wealth advisors and associates bringing diverse perspectives and experience across multiple financial disciplines. I'm proud to share that we were recently named a 2024 Forbes Best-in-State Wealth Management Team.* Like any business, we've also encountered our share of challenges, navigating through multiple business and economic cycles, sweeping industry changes, and technological innovations that have fundamentally changed the way wealth management firms do business. Throughout, we have remained steadfast as we strive to help our clients define and follow a clear path toward their goals, free from the noise and distractions of daily news cycles, day-to-day market fluctuations, and ever-changing economic winds. Designing a framework for the future As a wealth management firm, our approach has always centered on getting to know and understand our clients, their families, and businesses, and how they define meaning and purpose in their lives. That's really the origin story for our Return on Life® mantra. I've always believed that wealth is only one determinant of success. Happiness and fulfillment are dependent on many variables that must come together to achieve each individual's personal definition of success. It became increasingly important to me that the name of our wealth management firm accurately reflected the principles that truly differentiate our brand. So in October 2023, we made the decision to change our firm name from Planned Financial Services to Return on Life Wealth Partners. Our new name emphasizes our core commitment to look well beyond financial returns to help our clients use their wealth as a tool to pursue a life well lived – something you can't put a dollar amount or price tag on. As we look toward the future, we are grateful for the trust our clients place in us every day and remain inspired to continue to earn your confidence for decades to come. You can listen for more about our first 30 years as I speak with a special guest about how our independent wealth management firm has grown and evolved on a podcast episode of Frank Wealth Insights. If you'd like to learn more about how we can help you pursue the Return on Life® you desire, contact us today for a free consultation. About Return on Life Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994, with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values. With access to its Personal CFO™ services, Return on Life Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. *Return on Life Wealth Partners ranked number 95 out of 167 for the state of Ohio. The Forbes Best-in-State Wealth Management Teams ranking was developed by SHOOK Research and is based on in-person, virtual and telephone due diligence meetings and a ranking algorithm that includes: a measure of each team's best practices, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. SHOOK's research and rankings provide opinions intended to help investors choose the right financial advisor and team, and are not indicative of future performance or representative of any one client's experience. Neither Forbes nor SHOOK Research receive compensation in exchange for placement on the ranking. Neither Return on Life Wealth Partners nor any of its financial advisors or RIA firm pay a fee in exchange for this award/rating. To view the full list, please visit https://www.forbes.com/lists/wealth-management-teams-best-in-state/?sh=abb8e6776f26. Forbes, SHOOK Research, and Return on Life Wealth Partners/Planned Financial Services are separate, unaffiliated entities. Investment advice offered through Planned Financial Services, a Registered Investment Advisor. Copyright © 2024 Planned Financial Services. All Rights Reserved.

Prince and Heath Ledger didn't have their affairs in order, but you should. Following his death in 2016, Prince made headlines when it was discovered he died intestate – without a will or other estate planning documents governing the disposition of his $156 million estate, which included $6 million in cash, his Minnesota Paisley Park estate, and the rights to his music. Because of this oversight, Prince's assets were the subject of a six-year court battle between his siblings, Primary Wave (a private equity group), and countless other claimants. However, estate planning professionals know having a valid will is not enough to overcome inadequate planning. That was the case with the late actor Heath Ledger who never updated his will after his daughter, Matilda, was born. When he suddenly passed away in 2008, his $20 million estate passed to the named beneficiaries in his will, his parents and siblings. While Matilda was luckier than most, as the family chose to make her the sole beneficiary of her father's estate, doing so can involve significant legal costs and potential tax consequences. The lesson here is that having wealth and access to resources like estate planning professionals is not enough to prevent costly estate planning mistakes, not to mention potential harm to family relationships. That's why it's important to put a plan in place and review it regularly as federal and state tax laws, and your personal goals and life circumstances change over time. Below are four important things to keep in mind when it comes to estate planning. 1. Make sure to fund your revocable trust Due to the significant flexibility and protection they offer, revocable, or "living," trusts are often advised by estate planning professionals and can play an important role in fulfilling your family's goals. A revokable trust can be altered as often, and at any point during the trustee's lifetime. However, the trust becomes irrevocable upon the death of the trustee(s). A revocable trust provides for the organization and management of your assets during your lifetime, including any periods of incapacity. They also offer privacy, continuity of asset management, and certain tax advantages for you and your heirs. Estate planning professionals know one of the most important benefits of a trust is the ability to avoid the court-supervised probate process that your estate would otherwise be subject to if you only have a will (or no will) at the time of your death. However, trusts are only beneficial if they're funded. Unfortunately, many people forget to retitle or transfer assets to fund the trust. While estate planning professionals, including your legal, tax and financial advisors, may assist you with the initial titling of assets, it's important to remember to title any new assets or accounts you acquire to the trust. With certain exceptions, assets titled outside of the trust can be subject to probate following the owner's death, or if they contain beneficiary designations, those designations may not be in line with the terms of your trust. 2. Consider a transfer-on-death designation Estate planning professionals may recommend transfer-on-death (TOD) and payable-on-death (POD) designations that allow certain property (TOD) and financial accounts (POD) to immediately transfer to the named beneficiary without the need for probate court approval, regardless of whether or not you have a will. These designations are limited to certain types of assets, such as boats and automobiles in some states, and bank savings, brokerage accounts, and certificates of deposit (CDs). Best of all, you can set up a TOD or POD beneficiary yourself, without the assistance of an estate planning attorney or other estate planning professionals. Keep in mind, the beneficiary that you name has no rights to the property as long as you are alive. You are free to change beneficiaries as often as you like. 3. Create contingency plans for beneficiaries Much like your will is a contingency plan for death, your will should also have its own contingency plan with the help of your estate planning professionals. For example, let's say you intend to transfer estate assets in equal portions among your three children (referred to as "per stirpes" in legal terms). If one of your children were to predecease you without this designation or contingent beneficiaries named, such as their spouse or children, the assets would instead be redistributed among the remaining two siblings, rather than pass to the deceased's heirs. So without estate planning professionals, these missing details can have significant consequences. In the event of a dispute, the disposition of assets like insurance policies, retirement accounts, and land could be subject to the state court's decision-making authority, instead of being distributed according to your wishes. 4. Understand the pitfalls of joint ownership Certain assets, like real estate and personal or business bank and investment accounts are often held jointly between spouses, a parent and their adult child, or business partners. These assets are full of complex layers that your estate planning professionals can help you navigate. When assets are titled as joint tenancy with rights of survivorship (JTWROS), each owner has a co-equal and undivided share of the property or assets (which is different from joint tenancy in common where each person has a divided interest in their share). As a result, upon the death of one owner, the assets automatically pass to the co-owner, without the need for a trust or probate proceedings. While that's a pretty seamless way to transfer assets upon the death of one owner, there are additional factors estate planning professionals will ask you to consider when titling assets in this manner. For example, shared ownership exposes an asset to any claims from the co-owner's creditors and could inadvertently open access to some of personal assets held in your name, like bank or brokerage accounts. Owners also have the ability to access or sell certain jointly held assets without the consent of the other party, such as money held jointly in a bank savings or checking account. Holding property jointly, as an estate planning professional knows, can also prohibit you from completing certain types of transactions, such as selling a home or vehicle, or using the asset as collateral, without written consent from the co-owner. And without adequate planning, joint ownership can have consequences where estate, gift, and income taxes are concerned. When a non-spouse is named in JTWROS, an intended gift is also made which could lead to gift and estate implications. How Return on Life Wealth Partners can help you get started At Return on Life Wealth Partners, our experienced wealth advisors will work directly with your tax and legal professionals to coordinate and implement your tax, wealth and estate planning strategies. Our team of estate planning professionals, which includes a Certified Exit Planning Advisor (CEPA), has the experience and expertise to help you create a customized plan aligned with your estate, tax, philanthropic, retirement, and business exit planning needs. At Return on Life Wealth Partners, we believe it's your money, your life, your way. That's why our approach is exclusively focused on helping you achieve a life well lived on your terms. Start the new year on the right financial footing. Find out how we can help you avoid costly mistakes as your estate planning professionals and put a plan in place to help protect and grow your wealth for generations to come. Contact us today for a free consultation. About Return on Life Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) founded in 1994 with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values. With access to its Complete Family Office (CFO)ˢᴹ and Personal CFO™ services, Return on Life Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity.® This article is meant for informational purposes only and is not intended to serve as a recommendation or substitute for specific individualized advice. We suggest that you discuss your specific tax and/or legal issues with a qualified advisor. Investment advice offered through Planned Financial Services, a Registered Investment Advisor. Copyright © 2023 Planned Financial Services, LLC. All Rights Reserved

Most business owners don't consider succession planning until about three to five years before exiting. But if you want the best outcome for your personal life and your business, succession planning advisors know it shouldn't just be an end-of-your-career consideration. Exit planning is business planning. It's no secret that business owners are usually consumed with managing and growing the business rather than planning for its end. However, as your largest asset, your business has the greatest bearing on life now and in the future. That's why succession planning advisors believe that thoughtful preparation over the life of the business gives you the best chance for maximizing your business's value when you are ready to step down or sell. For many business owners, that requires a shift in mindset from viewing an exit plan as an end-of-business strategy to seeing it as a continuous business strategy. This is important because a well-conceived exit strategy will not only help drive business value, but ensure you have a plan in place to manage risk factors outside of your control, such as death, disability, divorce, disagreement, and distress, referred to as the 5 Ds. The 5 Ds. Ideally, you want to exit the business on your terms. However, unexpected events can quickly jeopardize your plans and put your business at risk. An exit strategy addresses five of the most common risks business owners face, which can help protect business value now and in the future. Death Planning for the premature death of the owner or key employees ensures your business partners, employees, and family are not left with the unexpected pressure of handling the business. Your succession planning advisor can help you develop a detailed plan outlining expected leadership roles and responsibilities in your absence, creating a smoother transition for your business, and guaranteeing optimal operation for your employees and clients. Disability Preparing for disability, whether for weeks, months, or an indefinite period, can help prevent additional chaos at an already disruptive time. Disability contingency plans address how the business will continue until your return or prepare the business in the event you cannot resume your role. Fortunately, there are ways to help protect your income and your business in the event of a disability, which may include personal disability insurance, business overhead expense (BOE) disability insurance, and other strategies. Divorce While no one wants to anticipate divorce, it's a contingency that can massively impact your business. Spouses are entitled to 50% of your business's value when deemed as a marital asset. Planning helps to manage expectations about how the business would be handled in the event of a divorce. Developing a plan with your succession planning advisors before a divorce occurs gives you more control and helps to avoid situations that could lead to a forced sale or even bankruptcy. Disagreement No business partners are completely exempt from disagreement. Though you may work very well together right now, there's always the chance for future disagreement. Succession planning advisors can help you navigate the type of questions you should consider. What if you have different goals for the business? How do you handle one partner who wishes to leave? Having answers to these questions protects you and your business with a clear path when things get complicated. Distress Distress is the final contingency in your succession plan. Distress encompasses every other external threat that could hit your business, from shifts in the market, economic downturns, property damage, debts, and other general risks. Taking the time to consider your response to these events with your succession planning advisors gives you an advantage navigating complex circumstances that may occur. Start your succession plan with a buy-sell agreement. A buy-sell agreement establishes agreed upon terms for how each of these risks should be handled. By addressing the contingencies of death, disability, divorce, disagreement, and distress, it helps to protect the business and its owners when faced with future uncertainty. It can also help your business today. Having a buy-sell agreement in place provides vendors, banks, insurance companies, and clients with added confidence that the business is positioned to withstand potential disruptions or challenges. Let the financial professionals at Return on Life Wealth Partners help you begin your succession planning strategy. Contact us today to set up a no-obligation first meeting. About Return on Life Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values. With access to its Complete Family Office (CFO)ˢᴹ and Personal CFO™ services, Return on Life Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. Investment advice offered through Planned Financial Services, a Registered Investment Advisor. Copyright © 2023 Planned Financial Services. All Rights Reserved.

On Monday, October 2, we announced that after 29 years, we made the decision to change our name from Planned Financial Services to Return on Life Wealth Partners. Our name change emerged after evaluating what we stand for as a wealth management firm. What changed? When our founder Frank Fantozzi started the company in 1994, we selected a purely functional name, so we could jump right into helping clients. However, as our firm grew and developed, the heart of our organization became more apparent to our leadership, team members, and clients alike. The essence of our firm is easily summed up by our Return on Life® mantra. We define Return on Life®, now our namesake, as managing your wealth in a way that will allow you to pursue a life well-lived. How to define your Return on Life® We believe that a life well-lived is not defined by physical wealth, but as a measure of happiness and fulfillment. This encompasses everything from your business and career achievement to family harmony and well-being, personal goals and accomplishments, civic and charitable endeavors, and more. The catch, however, is that there's no perfect formula for attaining happiness and fulfillment; it's a metric entirely personal to you. The things you may find priceless in your life may be entirely meaningless to someone else. Nonetheless, it's our responsibility as your wealth management firm to strive toward your greatest Return on Life — a goal where we bring deep experience and passion. Managing your wealth with the Return on Life® approach One of the primary stressors for our clients, like you, when it comes to wealth management is the shear amount of information available. From navigating changing market and economic conditions, to finding the best advice, you're faced with so many options and opinions. At Return on Life Wealth Partners, we know that reaching your personal goals requires a tailored approach. When you work with us, we recognize this is "Your life. Your money. Your way," meaning we know the most important opinion is yours. By putting your interests first, we cut through the complex to provide what you need rather than what you may want to hear. Our level of honesty and sincerity builds a personal relationship founded on trust. At the end of the day, we're a wealth management firm that knows you're a human being whose life can't be boiled down to lines on an Excel spreadsheet or a rate of return. We seek to bring everything and more. At Return on Life Wealth Partners, we're a full-service wealth management firm providing advice in numerous areas — from estate, retirement, investment, tax, and risk planning. We bring diverse perspectives and experience across multiple financial disciplines while striving to help you achieve the return on life you seek. Our name change does not signify a change in our wealth management approach. Instead, it recognizes how we differentiate ourselves from our peers. As Planned Financial Services, and now as Return on Life Wealth Partners, we have always distinguished ourselves by our personal approach to working with clients, like you, and always placing your needs first. You can listen for more about our name change from our president and founder Frank on his debut podcast episode of Frank Wealth Insights or read about it in our recent press release. If you'd like to learn more about how we can help you pursue the Return on Life® you desire, contact us today to set up a no-obligation meeting through our website or by calling us at 440.740.0130. About Return on Life Wealth Partners Return on Life Wealth Partners is an independent Registered Investment Advisor (RIA) with headquarters in Cleveland. The team provides comprehensive wealth planning services to individuals, families, and business owners. By examining clients' lives before their money, Return on Life® aligns its advice with clients' values. With access to its Complete Family Office (CFO)ˢᴹ and Personal CFO™ services, Return on Life Wealth Partners aims to help clients achieve the milestones that matter most to them. This personalized approach also extends to the institutional and corporate retirement plan services available through 401(k) Prosperity®. Investment advice offered through Planned Financial Services, a Registered Investment Advisor. Copyright © 2023 Planned Financial Services. All Rights Reserved.

For kids, teens, and college students, summer break often represents freedom from schedules, responsibilities, and all those other drains on your time. Retirement actually can provide a similar level of freedom, but only if you've adequately prepared, planned, and saved. Below, we discuss three ways that planning ahead for your retirement can be like scheduling your summer. Deciding What to Do After spending decades at a 9-to-5, you may struggle to find ways to fill your time after retirement. Just like summer break, a couple of weeks of well-deserved decompression may turn into boredom. It's important to have a plan to transition into retirement. Whether this means having a list of vacation destinations, a hobby to turn to, or an organization to volunteer with, giving yourself some options can help you remain active and engaged instead of simply vegetating. Deciding Where to Go Many new retirees spend a lot of time traveling now that they no longer need to worry about coming back to a pile of work or rationing a limited number of vacation days. As you spend time traveling during your working years, take note of the destinations you'd like to return to. Planning for retirement in general can look a lot like planning a vacation: you'll need a budget, a destination, a timeline, and a Plan B. More than just longer vacations, retirement may also mean traveling to a new home – whether downsizing, moving closer to family, or even heading to a senior living community. When considering next steps, especially if debating an interstate move, take into account factors like: The way your state treats and taxes retirement income Whether the setup of your home allows you to "age in place" Access to amenities Access to necessities (like grocery stores and hospitals) Transportation options Cost of living By keeping these factors in mind, you'll be able to find the best fit for your lifestyle now and in the future. Deciding How to Pay For It How do you afford your current lifestyle? What expenses do you expect to lose in retirement – and which ones might you gain? Just like planning a vacation, planning how you'll fund your retirement can be an intricate process with many moving parts. Having the team at Planned Financial Services at your side can help streamline matters. The Planned Financial Services Team will probably help you work backward to create your retirement financial plan. This planning can begin by evaluating how much your retirement lifestyle will cost, then figuring out how much income you'll need to afford it. By looking at sources such as 401(k), IRA savings, a pension, Social Security, and taxable savings, your financial professional will scour all your potential areas of income and help you figure out the most tax-efficient way to fund your retirement. Retirement planning can take time and effort – but just as you wouldn't embark on the vacation of a lifetime without doing a bit of preliminary research, you also don't want to leap into retirement without a plan. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. This article was prepared by WriterAccess. Tracking # 1-05370306

Estate planning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estate planning does not have to be overly complicated. With the proper planning, you may find yourself resting a little easier knowing you have an estate plan in place. While an estate plan is personalized to the wants and needs of each person, here are a few tips to help anyone get started. 1. Create an Inventory of Physical Assets One of the first steps in creating an estate plan is knowing what you have, so you may list the items to include in the estate. For many people, working from the inside of the home is easiest. Start by assessing the items in your home that are valuable. These valuable items may include collectibles, jewelry, artwork, antiques, electronics, and power tools. This list may take some time to build, so creating it at a comfortable pace over multiple sessions might be appropriate. 1 2. Take Stock of Your Non-Physical Assets You may also need to inventory your non-physical assets. These non-physical assets might include life insurance, long-term care, and health insurance policies. They also may include money sources, such as 401(k)s, IRAs, investments, and bank accounts. You want to include in your inventory the account numbers and documentation for these accounts. 1 3. Document Your Obligations Your debts, such as loans and credit cards, should be itemized with account numbers, contact information, and where you keep your documentation on these debts. This strategy helps ensure that the estate pays off any required debt obligations, which the estate must pay from estate funds. 1 4. Consider Transfer-on-Death Assignments With some assets, it is possible to bypass probate for those items, even if you pass away intestate (without a will), by creating a transfer-on-death designation for those assets. When these transfer documents are on file with certain accounts, the beneficiary might be able to receive the funds without having to wait for the completion of probate. Some of these types of accounts, which may have the option of a transfer-on-death designation, include savings accounts, brokerage accounts, and certificates of deposit (CDs). 2 5. Make a Will Your will serves as the instructions about how you wish to distribute your assets. This document helps ensure that your heirs know what you wish to happen with your estate. Having a will may reduce infighting among heirs. Your will designates who your beneficiaries are and what they get. It may cover custody of minor children and any charitable contributions you wish to make. You need to sign your will in front of witnesses. Be certain that its location is known to the executor of your estate to prevent delays in the will's execution. 2 Estate planning does not have to be a headache. Following these simple tips and taking the time to document your assets properly may make estate planning more manageable. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. Tracking # 1-05370306 Footnotes 1 Estate Planning: 16 Things to Do Before You Die https://www.investopedia.com/article/10/estate-planning-checklist.asp 2 Estate Planning Basics https://www.forbes.com/advisor/retirement/estate-planning/