September 2011

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In This Issue
Avoiding Family Feuds
Secret to Long Life?
University of Miami
Client Corner
 
 
LPL Financial Research

 
   

 

  

 

 
 
Frye Financial
2011 video

 

 

 

 

 
 
Honors

 

Austin Frye named as one of the top

150 Financial Advisers
in the Nation


 

Click magazine for
award details

 

 
 
 
 
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Avoiding Family Feuds

 

Failing to keep track of and update beneficiary designations (for 401(k)/ IRA's, annuities, insurance policies) is  a mistake that too often negates years of careful financial and estate planning and leaves tragedy in its wake. Local 10 News recently came by to interview me on this topic and I felt compelled to remind you all about this important issue.  

      

One of my most rewarding experiences is watching hard working, employees of client owned restaurants, factories etc., slowly accumulate very hefty 401(k) retirement accounts. For these folks and many other Americans, their 401(k) assets account for the majority of their estates and are the legacy they leave to their descendants after a lifetime of hard work. In fact, IRAs and 401(k)'s now account for roughly 60% of the assets of U.S. households with at least $100,000 to invest.

 

Unfortunately, over the years I have been told many stories about individuals who remarried or divorced and the devastation that resulted when an ex-spouse or other estranged family member received benefits/assets meant to go to a desired loved one.  There were cases in which forgotten, outdated beneficiary designations trumped any updated, contrary language in the Last Will and Testament (beneficiary designations virtually always trump will preferences) and other cases in which federal and state laws trumped current designation forms.

 

One of the most tragic tales was that of a client's sister . Although she struggled with alcoholism, she managed to keep her job as a supermarket cashier throughout her entire life and to accumulate $600,000 in her 401(k) plan.  Please take a moment to read about her life and what happened after she passed away. (The Tragic Life of Katie Maguire) 

 

A recent Wall Street Journal article, Family Feuds, The Battle Over Retirement Accounts, highlights examples of major family problems associated with 401(k)/IRA beneficiary form mistakes and oversights. Managing beneficiary designations  is a complex, difficult planning area and one that is way too important to neglect.

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Secret to Long Life?   


SURPRISE!

In a recent study, researchers at the Albert Einstein College of Medicine of Yeshiva University found that "many very old people - age 95 and older - could be poster children for bad health behavior with their smoking, drinking, poor diet, obesity and lack of exercise."

 

They found that, "The  very old are, in fact, no more virtuous than the general population when it comes to shunning bad health habits."

 

What then is the key to longevity according to this study?  

Read on: http://today.msnbc.msn.com/id/43992058 

 

By the way, if your goal is to be a centenarian one day, don't forget to have a solid financial/income plan in place to help avoid outliving your money!
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Time for Some Hometown Pride! 

 

UM moves up in US News & World Report college rankings

Excerpted from The Sun Sentinel 9/12/11

The University of Miami is continuing its meteoric ascent on the U.S. News & World Report's national college rankings list, leaping nine places this year.

It remains Florida's top school for the second year in a row, good news indeed for Hurricanes chagrined by the football tea
m's troubles.

 

Considered the 38th-best university in the nation, according to the widely read, if hotly-debated annual rankings released Tuesday, the improvement made UM, one of the fastest-rising institutions among national universities and the only college in the top 50 to make such significant advancement over the past year.

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Client Corner


Today's Trivia Question:
Which local company produces the most accurate scale model toy dinosaurs in the world?

 

That would be Frye Financial client,  Safari, Ltd., a leading manufacturer and worldwide distributor of authentic animal replica and action figure collectibles.

 

After collaborating with the paleontologists at the Carnegie Museum of National History, Safari, Ltd, licensed and developed the Carnegie dinosaur collections, which become the most accurate scale model toy dinosaurs in the world.

 

See Safari, Ltd.'s amazing replica collectibles 

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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.  All performance referenced is historical and is no guarantee of future results.  All indices are unmanaged and cannot be invested into directly.