February 2021
to stay up to date on LPL Financial's Market Insight!
The Importance of Estate Planning
Do your loved ones know what legacy you'd like to leave behind when you pass away? Do they know where to locate your financial information and whom they should reach out to? One of the most important financial tasks that any individual, regardless of age, should tackle is their estate plan. Having the proper documents in place for your future can save your loved ones a great deal of stress at an already difficult time. 

While this isn't exactly a fun process to go through or conversation to have, fewer surprises will make estate administration much easier to handle when the time comes. Consider drafting a letter of instruction to your children and fiduciaries. Be sure to include an inventory of assets, along with detailed information for managing your financial affairs. Don't forget to regularly update the information, as family and financial circumstances are bound to change over time.

T. Rowe Price has put together an extremely thorough workbook that you can utilize to start getting your estate plan organized. You can access the document by clicking here, or if you'd like a physical copy, please call our office at (518) 584-2555 and we will gladly mail one out to you. In the meantime, if you have questions about planning for your future, please don't hesitate to give us a call.
Did You Know?
When asked to identify the biggest benefits of having one's affairs in order, such as creating a will or keeping documents organized, the following percentages of surveyed adults age 55 and older said:
  • 43% - Relieving the burden on my loved ones
  • 19% - Having some control over medical interventions
  • 15% - Being the one to decide what happens to my belongings
  • 14% - Being sure that my financial situation is managed properly
  • 9% - Having some control over my end of life and legacy

Source: The Wall Street Journal, 2020
We're Social!
Social media is increasingly becoming an important platform Americans use to connect with one another, engage with news content, share information and entertain themselves. In fact, today more than seven in ten Americans use social media, and while young adults were among the earliest adopters, usage by older adults has increased most dramatically in recent years.

You can find Saratoga Financial Services on Facebook and LinkedIn! This is a great way for us to communicate to you without filling up your email inbox. We encourage you to "like" or "follow" us on these pages for weekly updates, articles, photos and more!

Organizing Your Financial Records
 This is a great time of year to get organized. It can seem like a daunting task but it will also be rewarding. There are a few questions to ask yourself. What records should I keep? How long should I keep everything? Where should I keep my records? How can I make it easy for someone to access my records in the case of an emergency? Click here for an article from MFS Investment Management that can be used as a great tool to help you get on track! 
Robert Schermerhorn, CFP® 
Jamie Usas, CFP®,
Operations Manager
Amanda Friedman,
Wealth Consultant
Andrew Chapman, CFP®,
Operations Research Associate
Lindsay Duma,
 Office Coordinator

Logo barsSaratoga Financial Services
18 Division Street, Suite 305
Saratoga Springs, NY 12866
Phone: 518-584-2555

Stay Connected!


 Like us on Facebook


  View our profile on LinkedIn
2020 RMD Repayments
For those that repaid their 2020 RMDs, you will receive a 1099R in February showing the total IRA distribution for 2020.  Your repayment will be reported on the 5498, which is not received until June.
You must report the repayment when filing your 2020 return.
We will be reaching out to clients that repaid their 2020 RMDs to ensure they have the correct information when filing.
In the meantime, feel free to reach out with any questions.

Planning Tip
Review automatic payment subscriptions and renewals.

The start of a new year is a great time to review the various automatic payments and subscriptions you've set up in the past. Some expenses, such as streaming services, gym memberships or magazine subscriptions may no longer fit into your budget or lifestyle for the new year.

It's also important to be on the lookout for surprise auto-renewal payments. 35% of Americans have unintentionally enrolled in an automatic-payment plan for a good or service, and 57% have made an unexpected automatic payment after starting a free trial. Be sure to read the fine print when signing up for a new subscription or service, otherwise these unplanned recurring payments can wreak havoc on your budget.

Source: creditcards.com
Securities & advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Saratoga Financial Services and LPL Financial do not provide legal advice or services. Please consult your legal advisor regarding your specific situation.