Nick Scheibner, CFP®, EA
@NickScheibner
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Founder of Supportive Financial, LLC | CERTIFIED FINANCIAL PLANNER™ professional with 10+ years of experience. Estates | Inheritances | Widows | Special Needs
Waldwick, NJ
Joined August 2018
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"I just got my inheritance, what should I do?"
As a CFP® with 10 years of experience, I've seen many mistakes made.
Don't lose money to taxes or missed opportunities by making quick decisions!
Here are the 5 biggest mistakes to avoid when getting an inheritance 🧵:
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@Goodable
God bless the soldiers who lost their lives on those beaches. We owe our freedom today to the brave men and women who made the ultimate sacrifice back then
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Settling an Estate can be so overwhelming!!
One of the services I provide as CFP® specializing in Estates is "Estate Settlement Support"
First thing we do is set up a next step plan and organize by priority!
Here's a screen shot example. A shared Google Drive helps a lot!:
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I constantly feel I’m disappointing my clients.
I don’t know enough
I’m not providing enough value
I’m not pushing it hard enough
How have you dealt with “imposter syndrome “?
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@OhitsBIGRON
From the picture , she looks like she had an incredible smile and was a joy to be around. I’m so sorry for your loss - thank you sharing.
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My vision for the profession of independent financial advisors is that we become a referral network of specialists.
Similar to physicians - bringing in other advisors as “consults” or sending a client away that would be better served with a different specialist advisor
I
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@frank_seravalli
3rd round pick for a pending UFA. Fitz just keeps getting value for the team
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Baked some bread over the weekend. Proud of this one! Haha
Anyone try making their own bread?
Who has a sour dough starter??
#sourdough
#bread
🥪
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Check out Karin's new
#collegeplanning
article: "Will my dad's $100,000 bank account stop me from getting financial aid?"
#college
@KPMueller
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NJ Tax Payers: Make Sure You Claim Your Medical Expenses 🏥 - With many people using the standard deduction for their taxes, NJ tax payers may be missing a big deduction on their state returns.😮
#taxes
#njtaxes
#taxrefund
#deduction
#health
#healthcare
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My first job was at the local grocery store, collecting shopping carts 🛒
My first paycheck - I asked my Grandmother "who is FICA?"
She said... "Me" lol 🧓😂
#socialsecurity
#taxes
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"So what?"
This is such a great question to ask and something special I learned from
@camp_wealth
' s course.
If you are posting any content, put yourself in the client's shoes.
Why should I read this?
You know things, "So What? " Might get it tattooed lol.
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Just got a call from a prospective client who felt very comfortable with my website messaging.
She is by herself, overwhelmed, & looking for guidance.
I designed Supportive with the hope people would feel safe and not alone.
Feels great someone felt that, and reached out!
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My first thread after taking this course got 18,000 impressions, and for me, most importantly... 100 new profile visits...
(I only have 300 ish followers)
I believe the discount ends tomorrow (Friday) night.
Highly recommend!
The social media course for financial advisors is officially here.
Everything you need to know about getting clients from social and building your brand is in this course.
$300 off for the launch!
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I see parents, as they age, add a child onto their checking accounts as joint owner
This can cause estate issues with multiple siblings, since a joint owner can entitle 1 sibling to 50% of the account
A bank Power of Attorney resolves the main goal without added complexities
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@DevilsRedAlert
It seems like V is a very emotionally driven player. When things are going great, he’s going to play and do phenomenally. Once he gets in his head, he has a real hard time. I think the devils revisit at trade deadline.
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Mistake Number 4: Not paying off high interest debt
This could be the perfect time to pay down those high interest credit card bills, personal loans, or car loans.
Look at the interest rate. If it's low, pay it slow. If it's high, say goodbye
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If you are the executor of an estate, don't try to handle everything at once.
Prioritize and set expectations.
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Day one and I feel ignited! 🔥 If you are an advisor looking to build a Social Media presence, this course is a requirement.
I'm about 1/2 way through and feel it has already paid for itself.
Great work by:
@TKopelman
@camp_wealth
@treytondotcom
Today is the day the social media marketing course Rachael Camp, CFP®, Treyton DeVore, and I created launches
We have been working hard on this over the last 6 months
It answers all the big questions we constantly get asked
If you are trying to up your social media game, go
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May 2024 Celebrates my 10th year as a CERTIFIED FINANCIAL PLANNER™ Professional
May 2014, I disappeared for 4 months to study. I remember the final day of testing. It was still pencil and scan-tron back then.
Here's to 30+ more years to come. 🙏
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Mistake Number 5: Not getting a stepped-up cost basis!
Not updating inherited stocks/funds in a brokerage account to the date of death value.
The financial institution most likely will not do this automatically.
You or your advisor need to request it!
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The
#1
Mistake I see people make with Social Security is they do not withhold taxes!
I've helped many people file for Social Security - but when you apply, there is nowhere to select tax withholding!
Here's how to request taxes withheld, so you don't owe a big tax bill🧵 :
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@NJDevils
I could see him doing really well here. He’s not going to have the Press pressure like he had in Toronto. Welcome to Jersey !!
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@T_Gatzemeier
I hear ya - but some of these E-Verifications are getting wild.
“what street did your uncle have a lemonade stand when he was 13 years old?”
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@markcecchini
For compliance, taking something down you're not comfortable with is best! You can always say, "I took immediate corrective action".
Also - You have 1000X more supporters than haters!
The supporters usually just mind their own business haha
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@thehannahjmoore
Learned great techniques from Chris Voss “art of negotiation”. 1) mirroring- “they say “why the hell would I do that?” U say “right, why the hell would you do that … welll here’s why “ shows your listening . 2) soft radio voice 3) labeling - sounds like you think “this is nuts”
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@tallycpa
I used Gleim. It worked well for me, because it had so many ways to learn.
Videos, Text, Flash Cards, and the best was the customized adaptive practice tests.
No matter what system you use, give yourself a strict deadline for each Part.
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If your parent passed away this year, and you inherited their IRA, do these three things:
1) Check if a Required Minimum Distribution was required and not taken.
2) Determine if it was a Traditional or Roth IRA.
3) Consider increasing your 401(k) contributions.
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Never underestimate how much better tidying up your workspace can make you feel
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@PierreVLeBrun
I would say Pass. Keefe is a good guy but he couldn't win with Matthews, Marner, and Tavares? No thanks.
I'd much prefer Sullivan is available.
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Social Security Question? I got you.
Exercising ISOs to stay under AMT? … talk to a specialist like Matt
Everyone warns against exercising ISOs because of the Alternative Minimum Tax.
This is true, but if you plan correctly, you can determine the right amount to exercise while staying below the AMT threshold and avoiding ordinary income tax.
This is the value of advice.
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@ryannovo62
If you listen to it - when they first asked the question Nico asked “what does high maintenance mean?” and they said “give the most attention to”. Nico said Blackwood because he talks to him the most as a friend
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The
#1
reason people reach out to me is that they want to do the right thing
All of my clients are intelligent & capable of doing a lot of things on their own. However, they want feel validated they are not doing something wrong
Especially when it comes to investing and taxes!
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These Inherited Accounts have MAJOR strategy differences!
When I am looking at planning strategies for “Traditional” Inherited IRAs vs. “Roth” Inherited IRAs, the opportunities can feel completely backwards!
This is what you need to think about 🧵:
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Starting my first full week working on my own. Feels good to know membership team
@XYPlanning
has my back. Thank you!
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@forecaster25
This would be amazing to see. But super scary if you had no idea it was coming haha!
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Amazon Smile is a great way to help your local charities. If you do not have a charity in mind, Autism New Jersey
@AutismNJ
is a great advocate for the Special Needs community in New Jersey
#specialneeds
@amazon
#amazonsmile
#giving
#charity
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I work with many families who have differences about their loved one's wishes.
This is why Estate Planning is so important!
Set everything up ahead of time to avoid conflicts during a difficult time.
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@DoombergT
Click the mouse pin wheel when hovering over a tab. You'll be closing tabs like a champ.
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Great reminder from
@Daniellemiula
for caregivers to not only care for the emotional side of caring for a loved one, but the financial side to.
Caring for a parent on your own might feel like the natural and convenient choice, but it can swiftly become financially overwhelming.
Before deciding to be a family caregiver, it's crucial to grasp the financial challenges involved, particularly those unforeseen costs.
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Got my first real phone call on my work phone today... is it weird to be excited about this? lol
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Today I founded Supportive Financial, LLC. Special thanks to
@Matthew_Garasic
&
@jeremywalter
for being Supportive! via
@YouTube
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Loved this episode of the "Becoming Work Optional" podcast by
@camp_wealth
@Matthew_Garasic
talking about the mental side of Entrepreneurship.
Really validated a lot of feelings and was helpful to hear others have gone through the same experiences.
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I have a baker’s dilemma…
How do you cut carbs ?
And make homemade bread ?! 🥖
#sourdough
#bread
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Does anyone else listen to advanced estate planning podcasts while mowing the lawn?
🤔
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Mistake Number 3: Paying off low interest debt
Paying down a mortgage with an inheritance can be tempting, but if your rate is lower than CDs, Money Markets, or Savings accounts, you’ll lose liquidity and higher returns.
Pay it off later if rates change!
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I am so grateful to live in this country.
Let us always remember the men and women who lost their lives so that we can have true freedom.
#memorialday
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💐Happy Mother's Day to all the amazing moms out there!
Moms come in all forms-from biological and adoptive moms to stepmoms, foster moms, grandmothers, aunts, sisters, and friends.
You are all so deeply appreciated! 🌷
#MotherDay
#moms
#MothersDay
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Social Security will not pay both your surviving spouse benefits and your own retirement benefits at the same time.
Depending on your age, you may be able to start receiving your own retirement benefits first, then switch to survivor benefits later (or vice versa).
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I was reminded today why I started Supportive Financial after spending the full day helping my mom:
We filed her 2023 return (her husband/my father had passed away).
Added Social Security withholding to her survivor benefits.
Was on hold with New Jersey DDD to get the
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@rionabuthello
Love these! My first thought was the left, but the right one reminds me of being in the backseat of the car and looking out when it's raining. I'm going
#2
!
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@SamanthaTwenty
Samantha, I'm thankful for all of the stories and insights you've been sharing about your family. You are making a real difference in the perspective of all of our lives.
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@olsonplanner
The best definition I’ve heard for a financial planner is that they are someone who gives advice while considering “everything.”
A doctor gives advice based on health
An accountant gives advice based on taxes
An attorney gives advice based on the law
A financial planner
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@zachary_ashburn
My 2 year old capsized her cereal bowl this morning.... I'm with you my friend haha
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@jayhenrybiz480
I feel like if I don’t comment on this post after reading it I would have missed the whole point
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Twitter is a funny thing. My best interaction so far has been commenting how good
@jerseymikes
subs are. I mean... I did have one for lunch today 🥪
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@SamanthaTwenty
Sam, thank you for sharing - Ryan looks to have had so much fun and energy. I'm sure a wonderful father!
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@barronsadvisor
This can be the problem with having your advisor tied to the financial custodian.
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Can you transfer an Inherited IRA?
Yes! You 1st need to open a new Inherited IRA at the institution you prefer, get a new account number, and transfer the funds from the old account into the the new one.
Happy Friday!
#FridayFeeling
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Just helped a client call a huge insurance company to request beneficiary forms.
Called 4 phones numbers, 2 different departments, and went through 9 rounds of Robot Automation.
Independent Advisors are not going anywhere...
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Check out this “mortgage recast“ summary from
@TKopelman
. If you make a lump sum payment towards principal with the recast - also review if you’re still paying PMI from a lower down payment when you first bought.
Request a PMI removal from your lender if your home has
Mortgage rates have gone up over 133% in the past 2 years
This has led many to start paying off their mortgage faster
But... most aren't doing it correctly
Here's everything you need to know about recasting your mortgage (and dropping your monthly payment):
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@thehannahjmoore
Keep those funds in a separate account. Run the plan with and without those funds. If the plan succeeds without the funds, it's fine - those funds are extra. If the plan fails without those funds, show the client the importance of those funds, and let them ultimately decide.
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@TKopelman
Depends how much cash they have on hand and how much they save each year. If they're low on savings but cash flow positive while renting, stay where they are and build up.
If they have plenty of cash already saved, consider going for the "forever home".
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Check out my latest article: 10 Issues to consider before closing the estate via
@LinkedIn
The key is to prioritize, and develop a time frame for each item:
1) Right Away 2) This Month 3) This Year
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@MichaelJDidion
Fortunately no - too many people would opt out, and the government would be required to step up down the road when those same people became disabled or retired.
The system already has a shortfall
If you mean well off people could opt out of “receiving” benefits… I’m sure
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@hardingwealth
Great point - that would also start the clock early on the 15 year rule for Roth IRA transfers down the road.
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@ryannovo62
If he doesn’t sign - he’s still an RFA. Devils can trade in off season to recoup . This is phenomenal
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@MagisterTax
@T_Gatzemeier
It sounds like the clients may just want to pick who has the lowest marginal tax bracket. After the distribution, 1 beneficiary will have more money than the other. I'm sure if they want to even things out, they're thinking of just writing a check to other to make up the diff.
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Rolling over 401k funds from a deceased worker should not be this hard!
I've been "pickleballed" all day between Merrill and my father's 401k HR department at work.
Talk to Merrill -> No Talk to HR -> No its Merrill -> No its HR.
Someone make this easier.
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