Tag Archives: Vaughan Scott

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Money Matters | Help Protect Your Finances in a Natural Disaster

This article was written by Wells Fargo Advisors and provided courtesy of Michelle Konkle, CFP®, Financial Consiltant with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN at 812-948-8475.

This article was written by Wells Fargo Advisors and provided courtesy of Michelle Konkle, CFP®, Financial Consiltant with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN at 812-948-8475.

From blazing wildfires and floods to hurricanes and tornadoes, natural disasters make front-page news whenever and wherever they happen. Less headline-worthy are the financial repercussions that follow, which tens of thousands of people are dealing with right now. These types of tragedies are unavoidable — the most you can do is prepare to minimize the time it takes to put the pieces of your life back together.

Creating a plan that addresses your finances and insurance beforehand can make it easier to recover from a devastating event.

  1. Stockpile savings. Maintaining an emergency fund with three to six months’ worth of savings is a key part of any household budget. But it’s also important in an emergency: Funds that you can draw on quickly and easily can be a lifesaver in the wake of a natural disaster. Also consider keeping a few hundred dollars in cash on hand to see you through if your area loses power or banks and ATMs are out of commission.
  2. Gather key documents. Make sure you have important legal and financial documents with you if you have to evacuate. These may include copies of insurance policies and even bank account numbers. Keep these documents easily accessible, as you would flashlights and spare batteries. That way you’re less likely to leave them behind — even if you have to abandon your house quickly.
  3. Protect your credit. Part of protecting your finances involves protecting your credit. Include the contact information for your creditors — such as your mortgage lender, credit card companies and utilities — in your financial preparedness kit. If you have to evacuate, reach out to your creditors as soon as possible to request a temporary reprieve from payments. Make sure you reach out to your employer as well, to provide as much warning as possible if you won’t be able to work in the aftermath of a disaster.
  4. Review your insurance. Your insurance policies can help you recover financially from a disaster, provided you have the right coverage. Review your property, flood, life and disability insurance policies once a year when you receive the new documents from your insurer. And don’t focus only on your deductibles and coverage amounts – pay attention to the riders as well.

For instance, does your property insurance cover temporary food and housing costs if you’ve had to evacuate but your home is undamaged? If you miss work for a week because you’ve had to evacuate, will your disability policy cover your lost income? Talk to your agent about covering any gaps in your policies, and make sure you know whom to contact and what documentation you’ll need to file a claim.

  1. Use a checklist. Include your financial preparations in your overall disaster recovery plan. Review the Wells Fargo Advisors’ “In Case of an Emergency” checklist to make sure you are giving yourself the best chance of recovering from a natural disaster. The list suggests a range of critical first-response tactics, from stockpiling fresh drinking water to recording possessions as proof of ownership. Just remember that the more you prepare now, the less you’ll have to do if disaster strikes.

This article was written by Wells Fargo Advisors and provided courtesy of Michelle Konkle, CFP®, Financial Consiltant with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN at 812-948-8475.

Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

©2018 Wells Fargo Clearing Services, LLC. All rights reserved.   CAR 0118-01444

 

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Money Matters | Retirement Plans Can Be SIMPLE

Sponsored Post by Todd Harrett

If you own a small business (or are self-employed), there are many retirement plan alternatives available to help you and your employees plan your financial future. One popular option for organizations such as sole proprietorship’s, partnerships, corporations, and non-profit organizations to consider is the SIMPLE (Savings Incentive Match Plan for Employees) Individual Retirement Account (IRA).

Unlike some retirement plans, there are specific criteria a business must meet to participate in a SIMPLE IRA plan. Here are the answers to some commonly asked questions about this type of retirement plan:

Can any business establish a SIMPLE IRA plan? Self-employed individuals and employers with fewer than 100 employees may adopt a SIMPLE plan. However, the business must not maintain any other employer-sponsored retirement plan where contributions are made or accrued during the calendar year in which the SIMPLE plan is effective. (This does not apply to plans that cover only union employees who are excluded from the SIMPLE plan.)

What is the deadline for establishing such a plan in order for it to qualify for the 2018 tax year? The IRS deadline for establishing SIMPLE IRA plans for the current year is October 1. After October 1, plans can only be established for the next tax year. An exception to October 1 exists if the business is a newly established company and has never sponsored a SIMPLE IRA plan.

Which employees are eligible to participate in this type of plan? An eligible employee is one who has received at least $5,000 in compensation from the employer during any two prior calendar years (does not need to be consecutive years) and who is reasonably expected to receive at least $5,000 compensation during the current year. In the plan’s initial agreement, the employer is able to reduce the amount of compensation and the number of years required. However, there is no required participation for this plan – eligible employees can choose whether or not they want to participate and contribute.

How much can employees contribute to the plan through salary deferral? The maximum salary deferral limit to a SIMPLE IRA plan for 2018 cannot exceed $12,500. If an employee is age 50 or older before December 31, then an additional catch-up contribution of $3,000 is permitted.

What are the maximum employer contribution limits for a SIMPLE IRA? Each year the employer must decide to do either a matching contribution (the lesser of the employee’s salary deferral or 3% of the employee’s compensation) or non-matching contribution of 2% of an employee’s compensation (limited to $275,000 for 2018). All participants in the plan must be notified of the employer’s decision. 

When must contributions be deposited? Employee deferrals should be deposited as soon as administratively feasible, but no later than 30 days following the last day of the month in which the amounts would otherwise have been payable to the employee. These rules also apply to self-employed individuals. The employer contributions deadline is the due date of the employer’s tax return, including extensions.

Can there be a vesting scheduled with a SIMPLE IRA? There is no vesting schedule with this type of plan – both employer and employee are immediately 100% vested.

How are withdrawals from SIMPLE IRAs taxed? Withdrawals from this type of account are taxed as ordinary income. However, if a participant is younger than age 59½ and makes a withdrawal within the first two years of plan participation, he or she will owe a 25% IRS penalty and ordinary income taxes on the amount withdrawn.  After the initial two years of plan participation, the 25% IRS penalty is reduced to 10% for pre 59½ withdrawals.  Exceptions to the 10% penalty on traditional IRAs are also exceptions to the 25% penalty for SIMPLE IRAs. Direct transfers to another SIMPLE IRA will not be subject to this penalty.

Can the assets in a SIMPLE IRA be rolled over? Participants are able to roll over funds from one SIMPLE plan to another at any time. After two years of participation, employees may roll assets to a traditional or SEP IRA without tax penalties.

As with any investment alternative, you should check with your Financial Advisor to evaluate the best option for your financial situation.

Wells Fargo Advisors does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before taking any action that could have tax or legal consequences. Please keep in mind that transferring or rolling over assets to an IRA is just one of multiple options for your retirement plan. Each option has advantages and disadvantages, including investment options and fees and expenses, which should be understood and carefully considered.

This article was written by/for Wells Fargo Advisors and provided courtesy of Todd Harrett, Financial Advisor with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN at 812-948-8475.

Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

© 2018 Wells Fargo Clearing Services, LLC. All rights reserved.    Car 0118-00640

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Money Matters | Episode 6: What to Do, Before the I Do’s

Are you ready when the wedding bells ring?
The team from Axiom talk about the financial side — and contract side — of what a wedding brings.
So again, I ask you, are you ready when the wedding bells ring?
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This monthly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.
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At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.
Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150
P 812.542.6475 | F 812.948.8732 | www.axiomfsg.com
At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.
The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.

Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.  Insurance products are offered through our affiliated nonbank insurance agencies.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.
Video: CAR# 0817-03149.
Podcast: CAR#  0817-04140
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Money Matters | Episode 5: College Prep 101

Are your (parents) prepared to send your child away to college?  Not so much mentally, but are you fully prepared legally and have you prepared your child financially?
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This monthly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.
**************************************************************************************************************************
At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.
Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150
P 812.542.6475 | F 812.948.8732 | www.axiomfsg.com
At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.
The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

CAR # for the podcast is 0417-02947 | CAR # for the video is 0417-02942

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Money Matters | Episode 4: My First Real Job and What to do with the Money

I have my first real job and my first real paycheck; What to do?  The answer may actually be your first real job.  The gents from Axiom Financial Strategies Group of Wells Fargo Advisors give us the inside track.
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This monthly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.
**************************************************************************************************************************
At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.
Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150
P 812.542.6475 | F 812.948.8732 | www.axiomfsg.com
At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.
The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.
CAR # for the podcast is 0417-02947
CAR # for the video is 0417-02942
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Money Matters: The Podcast | Episode 3: Invest Early and Compounding

A Money Matter’s duo,  Eric Ballenger, Senior Vice President – Investments and Michael Grau, CFP®, RICP®, Vice President – Investment, start with the basics, Investing 101.  Its the moment when you realize that you must invest early, but why?  They explain how compounding works and how easy it is to set it and forget it.

Invest in Your Future Today Brochure
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This monthly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.

**************************************************************************************************************************

At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.

Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150

P 812.542.6475 | F 812.948.8732 | www.axiomfsg.com

At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.

The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. CAR 1216-02739

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Podcast Photo:

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Money Matters with Vaughan Scott | Social Responsibility Can Pay Dividends in Many Ways

By Vaughan Scott

Typically when we consider “Money Matters” we think about saving for retirement, saving for college, or other goals that we have set for ourselves or for our families.  However, more and more, we are having conversations with clients about how and what they want to do to “give back”.  And, we are building more philanthropic goals (big and small) into our clients documented plans for the future.

I don’t know about you, but when I hear the word “philanthropic”, I think about families like the Carnegie’s and the Rockefellers, but in reality, most of us are philanthropic in many ways and we don’t even realize it.  Today we tend to think more in terms of our “Social Responsibilities”.  Yes, charitable giving in any form is yet another way to be socially responsible.  Our clients often talk about the charitable giving and the service work that they do as being something they feel “an obligation” to do, “a duty” or “a responsibility” of theirs, but always with very positive, inspirational tone.  These feelings usually are born out of gratefulness for having been given great opportunities in their lives and this typically results in people giving of their time, talents and treasure (money) in traditional ways.

For example, people are often incredibly generous in the ways they give to their church, write checks to organizations that they want to support, work in soup kitchens, help build houses, help build churches, and/or donate gently used goods to Goodwill and other organizations that are funded through the sale of donated goods.  These are all typically very noble and worthy causes.  And, while the economic benefits that one might receive are not typically what motivates people to give, certainly anyone engaging in these types of activities should consult with their tax advisors about the deductibility of both cash and “in kind” gifts to charities.

At the same time, I also encourage individuals and families to expand their thinking about what they can do together to make a difference.  For example, a few years ago, during a particularly cold, harsh, winter, my mother came up with a great idea to buy sleeping bags, pairs of gloves, warm socks, and hats for the homeless in the region for Christmas. My brother and I bought a dozen or so of each and our mother and our children handed them out to homeless people in our region.   This experience was rather rewarding for all of us because, while we had done “Secret Santa” shopping in the past, we typically had fairly clear instructions on what to buy.

In this situation, we had the opportunity to think through the whole process with our children – a great learning experience for them and for us:  What types of sleeping bags did we need to buy that were rated for the temperatures that we were dipping into in the middle of the night?  How can we get enough of them since stores didn’t typically carry more than 3-4 of the kind we needed?

The conversations that we had together as we worked through the whole process were incredibly valuable, but the conversation our children had with the homeless people they met were even more valuable.  Many volunteered their stories about how they had fallen on hard times and everyone expressed their sincere appreciation for the thoughtfulness of the gesture.  Needless to say the goodwill and good feelings that our whole family was able to gain from the experience paid us dividends that had far greater value than any economic benefit that we might have gained from donating indirectly through a charity that served the homeless.   And, the whole process gave us a great opportunity to teach our children about the importance of “Social Responsibility” beyond protecting the climate, recycling, etc.  It also gave us a good reminder that we need to continue coming up with new and unique ways to help others.

In the interest of also trying to spark some interesting conversations around your dinner table, let me leave you with a few questions:

  1. What are the ways that you and your family are socially responsible?
  2. What are the new and unique ways that you and your family could give back or otherwise serve others?

This article was written by and provided courtesy of Vaughan Scott, MBA, CPWA®, Managing Director – Investment Officer with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN.  He can be reached via email at vaughan.scott@wfadvisors or phone at (812) 948-8475.  Visit our website at www.AxiomFSG.com.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC. Member SIPC.’  Wells Fargo Advisors is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.  CAR 0317-03813.

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Our Advertising Partners in the News

German American Bank Announces $20,000 Gift to Community Montessori

German American Bank has given a donation of $20,000 to support Community Montessori Public Charter’s expansion project, “Casa dei Curiosity,” to construct a building addition. The building will allow the school to host large group presentations in a facility designed for this purpose, including theater productions, parent and community education events and other large group gatherings for the school.

Community members interested in the project can visit www.shiningminds.com/donate to view a short video about the project or to give a financial contribution to support this innovative addition. Interested individuals or organizations can also contact Melissa Weissinger, expansion development coordinator, at mweissinger@shiningminds.com or 812.948.1000 ext. 1230.

Axiom’s Vaughan Scott Recognized for Outstanding Achievement

Vaughan Scott of Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany has been awarded the FFI GEN (Global Educational Network) Advanced Certificate in Family Business Advising (ACFBA) by the Family Firm Institute. The certificate is presented to individuals who have achieved comprehensive professional knowledge and gained significant expertise that can be used as value to family business owners and family wealth clients.

“Through completion of the certificate program, Vaughan has gained a deeper understanding of the needs of family-owned enterprises and the many roles family business and non-family members play, “ said Judy Green, president of the Family Firm Institute. Participants have access to cutting edge information and resources for exploring the core disciplines — behavioral science, finance, law and management science — and steps for forming collaborative teams. FFI provides multidisciplinary educational programs to advance family enterprises worldwide by enabling collaboration between family enterprise practitioners and academics, creating a global network of professionals.

Lisa Newbanks of  Rodefer Moss Promotednewbanks

Rodefer Moss & Co, PLLC promoted Lisa Newbanks to principal on Jan. 1. Lisa works in the firm’s New Albany and Louisville offices, and was previously a senior manager in the firm’s audit practice.

“What clients experience when they work with Lisa is a personification of Rodefer Moss’ service philosophy of listening better, trying harder, and caring more,” said Doug York, Rodefer Moss president. “Lisa’s promotion to principal is well-earned, and we congratulate her on what she has accomplished.”

Newbanks earned her Bachelor of Science degree in accounting from Indiana University Southeast. A professional accountant for 17 years, she specializes in audits of not-for-profit organizations, employee benefit plans, Housing and Urban Development (HUD) projects, governmental entities, and small businesses.

Licensed to practice as a CPA in Kentucky and Indiana, Newbanks is a member of the Indiana CPA Society; the Kentucky Society of the Certified Public Accountants, the AICPA, and currently serves as a committee member of the INCPAS Peer Review Program. She is also active with Junior Achievement.

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PRESS RELEASE FFI Gen Faculty

Date: February 6, 2017

Contact: Vaughan Scott

Vaughan Scott Appointed Faculty Member in the Family Firm Institute (FFI) Global Education Network (GEN) Certificate Program

 Vaughan Scott, MBA, CPWA® has been appointed as a new faculty member in the FFI GEN Certificate Program.  Faculty are selected for their level of professional and academic expertise, knowledge of the unique needs of family owned enterprise, and their global perspectives on the field.

Vaughan Scott holds an MBA in Global Management from the Thunderbird School of Global Management, he is a Certified Private Wealth Advisor®, is a Fellow of the Family Firm Institute (FFI) and a Faculty Member for the FFI’S Global Education Network (FFI-GEN).  Vaughan specializes in strategic, transition, and succession planning for small and medium enterprises (SMEs) and in helping families and enterprises to pass their values and their wealth on to future generations.  In addition to advising entrepreneurs and family businesses, he has owned and overseen businesses in the software, fitness, rehabilitation and restaurant industries. This affords him a clear understanding of the complexities facing businesses and the families that own them.

About the FFI GEN program:

The Family Firm Institute Global Education Network (FFI GEN) provides online education and professional designation in family business and family wealth advising for consultants, advisors and family enterprise members around the world. Built for busy professionals, FFI GEN delivers world-class curriculum, unparalleled access to prestigious faculty and thought leaders, and connections to a global network of specialists in the field. To learn more about the FFI GEN Certificate Program please visit www.ffigen.org or call 617-482-3045 or email rachel@ffi.org.

About FFI:

The Family Firm Institute (www.ffi.org), an international professional membership organization of more than 1800 individuals and organizations across 88 countries. Its mission is to be the most influential global network of thought-leaders in the field of family enterprise. We provide research-based learning and relevant tools for advisors and consultants, academics and family enterprise members to drive success. For further information call 617-482-3045 or email dan@ffi.org

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Money Matters: the Podcast | Episode 2: The Year End

A Money Matter’s Trio, Vaughan Scott, MBA, CPWA® Managing Director, Eric Ballenger, Senior Vice President – Investments and Michael Grau, CFP®, RICP®, Vice President – Investment, comes to the table and discusses the end of 2016, what the new President may or may not cause, along with a local look-in.
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This quarterly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.

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At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.

Michelle Floyd, CFP®  | Financial Consultant

Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150

P 812.542.6475 | F 812.948.8732 | Michelle.Floyd@wellsfargoadvisors.comwww.axiomfsg.com

At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.

The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. CAR 1216-02739