Joe Jaspers's Loose Change Newsletter

Joe Jaspers, CFP^®

Vice President, Wealth Management

Carolinas Telco Capital Advisors

Located at Carolinas Telco FCU

9813 South Blvd, Suite 101

Charlotte, NC 28273

Phone: 704-391-5600

Toll Free: 800-622-5305, ext. 2608

Fax: 704-556-1652

Email: joe.jaspers@lpl.com

January/February 2024

High Earners: Pay Attention to Your Financial Well-being

Everyone should closely monitor their finances, but higher-income individuals may need to take extra measures to keep more of their money. While goals should be the driving force behind financial decisions, your tax and financial professional can provide options for preserving income.

Weigh in on the Barbell Strategy

You don't have to be a fitness buff to know that a barbell is a long bar with weights at either end that's used for strength training. But what do barbells have to do with investing?

Replacing Income if You Can't Work

Short-term disability insurance replaces a portion of your income if you have a temporary disability, such as an illness, injury, or pregnancy, that prevents you from working.

Retirement Plan Options for Small Businesses

As a small business owner, you recognize the need to recruit and retain talent. While competitive wages and health insurance typically are the most important benefits for workers, more business owners are recognizing the importance of offering a retirement plan in their benefits package.

Digital-only Banks: Yay or Nay?

Digital-only banks — banks that have no physical locations but exist only online — are making some inroads into the banking industry. A recent Harris Poll found that 39% of respondents had opened a bank account with an online-only institution.

Cashless Payments on the Rise

Cash is out. Peer-to-peer (P2P) payments are in. P2P services allow an individual to send money to another person’s bank account through a third-party website or mobile app after linking a bank account or credit/debit card. Since contactless transactions became popular during the pandemic, consumers have begun using P2P systems instead of cash or cards, and many small businesses, nonprofit organizations, and vendors offer that option.

Irrevocable Trust: You Can't Take It Back

By transferring assets into an irrevocable trust, you permanently give up control and ownership of those assets. The trust owns the assets for the benefit of the beneficiaries you have named. There are two main types of irrevocable trusts. A living trust is established and funded during your lifetime. A testamentary trust is created after your death and funded from your estate according to the terms of your will.

Tax-favored Savings for a Disabled Family Member

Achieving a Better Life (ABLE) accounts are tax-advantaged savings accounts for individuals with disabilities and their families. Funds in the account can be used to pay for various qualified expenses without losing eligibility for government benefits, such as Supplemental Security Income (SSI) and Medicaid

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