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David Holland, CPA, CFP®, hosts PlanStrongerTV™, a financial variety program featuring fascinating guests and a wide array of topics – from the psychology of money to retirement planning to estate planning. Make David Holland your source for interesting information that affects your pocketbook and helps you PlanStronger™ for your financial future.
Watch a promo for an upcoming episode below or click on More PlanStrongerTV™ to explore more previews and guest interviews from episodes of PlanStrongerTV™.
David Holland is an author and a financial columnist.
David Holland writes a weekly column on personal finance. You can read his latest column, or peruse the Archives, at www.HollandColumn.com. David has written columns on a wide variety of topics related to retirement planning and managing your personal finances. In the Archives, you will find valuable information (in plain English!) on retirement income planning, investing, life insurance, long-term care, and many more financial topics. These are issues that affect almost everyone.
Aside from their homes, Individual Retirement Accounts (IRAs) are some of the largest assets people own. So, how are these funds passed on at death? Normally, when filling out the paperwork for an IRA, an individual person is designated as the beneficiary. Often, however, a sole beneficiary isn’t the best choice. What happens if a wife is the beneficiary to her husband’s IRA and, although they have no children together,they each have children from a prior marriage? The husband might want to provide for his current wife, but worked his whole life to leave a legacy to his own children. If the IRA becomes the wife’s property at her husband’s death, she will have complete control of it. She may leave the money to her children (from her previous marriage) and exclude his children, altogether!
An IRA Trust (also called a Retirement Benefits Trust) could provide a solution. With an IRA Trust, a person can designate who gets his/her IRA, how it is distributed, and when. This is not just a problem-solver when there are children from prior marriages. Consider the dilemma of adult children who are unable to handle large amounts of money (or have spouses who are irresponsible with money). What if the child is in a bad marriage that may end in divorce? What if he/she has an alcohol or drug addiction, or has special needs? Is leaving a large, lump sum IRA to any of these individuals a good idea? Probably not.
David has also written two books in his Confessions of a Financial Planner series: Secrets to a Secure Retirement and How to Get Great Advice & Avoid Financial Scams. The mission of this series is to provide easily accessible information on a wide variety of topics concerning personal finance. Everyone is affected by money issues and, yet, there are few resources available to answer even the most basic of questions in Plain English. It is David's goal to write books that anyone, from any walk of life, can pick up and relate to. He keeps it simple and doesn't use industry jargon to talk over the reader's head.
Holland Financial can help you review your options. Don't let a simple mistake prevent you from receiving all the benefits you've earned. Call 386-671-PLAN(7526) for your one-on-one appointment. We can do a personalized analysis for you.
Planning is part of your everyday life. Vacations, weddings, parties – all are events you’ve taken time and effort to prepare for and organize. Your retirement should be no different … so, take just one hour to PlanStronger™. Learn more about our planning process....
Holland Financial will prepare an objective review of your current investments and financial position. Our analysis examines each component of your current portfolio to determine if improvements can be made. If everything is fine as it is, we will tell you so. Learn more about how we can help you to PlanStronger™.