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What We're FOllowing Today September 27, 2019

Retirement Account Taxing Laws Can ALWAYS Change

RoseAnne Homola shared this article in the WSJ that calls out how one man’s attempt to leave a legacy for his grandkids could backfire if legislators change laws that allow transfer of wealth through “stretch IRA’s” to be taxed differently.

In this case, the grandfather has already pre-paid taxes on the accounts and was hoping that he could transfer this money to his grandkids in survivorship without the possibility of it being taxed “again.”

This is just a reminder that no law is unchangeable, and that you need to work with your advisors on what are the best alternatives to preserve wealth that can be passed onto survivors.

Millennials Leaving Big Cities

A few years ago man were saying that a Millennial trend was moving to the cities to be closer to amenities and other experiences…fast forward and they are starting to move out…ummm this is why at Gen Bridge we like to look at life stage rather than broad generational labels.

Younger people tend to move to cities where jobs are located, where there are other younger people with interests related to theirs - socially or diversity inspired, etc. But things change with time…as people move into new life stages, they start to make changes to living situations, life situations, etc. As people settle down, they want to have good schools for their kids, and want to have room to raise a family or even return to towns that remind them of their own childhood experiences.

But this isn’t unique to Millennials - it happened with Boomers, Gen X, and will happen with Gen Z too. What is important to understand is “why” people are moving to cities, and “why” people are moving out. Those that stay (and many do), choose to for certain reasons and therefore have unique needs and challenges that need to be met as a result of those decisions. Those that leave, do so for specific reasons and therefore have new challenges to deal with based on those new needs…THIS is the opportunity to connect with the individual. While generational analysis might reveal some trends, true understanding is needed in order to help people deal with their very unique reasons for making life changing decisions; MANY of which haven’t changed over the generations (the reasons I settled in Monroe are very likely similar to many others who settle in Monroe who are younger and likely mirror those of people from Generations past who chose to move to Monroe…)

Some Funny Quotes for a Friday:

Got a few moments to kill? Look at these quotes - there are some good ones. I particularly like organic fruits and veggies that disappointingly become donuts…

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