Learn how to make your charitable giving truly impactful. Start by aligning your donations with your personal values and those of your family. Discover tax-smart strategies, like using IRA contributions, to maximize the financial benefits of your generosity. Explore the advantages of supporting local causes and smaller organizations, where your contributions can create meaningful change. Finally, see how giving can strengthen family bonds and leave a lasting legacy of generosity. Tune in now!
You’ve built the business, signed the deals, and stacked up the wins — but if your wealth is all on paper, you could be one bad break away from stuck. Learn why financial freedom takes more than success, and how smart planning can turn locked-up assets into real opportunity. It’s time to make your money move.
Are You a Musk or a Buffett? Finding Your Investment Style
Do you thrive on big risks like Elon Musk, or prefer a steady approach like Warren Buffett? In this episode of the 4-Minute Money Ideas Podcast, Doug Goldstein explores how your risk tolerance and goals shape your investment strategy. Whether you're new to Israel or just rethinking your portfolio, discover which path might be right for you!
Feeling stuck in a financial situation that doesn’t align with your goals? Discover how a widow navigating cross-border investments simplified her portfolio and regained control after being pushed into risky decisions by her bank. Learn how she balanced her investments across currencies, avoided costly tax traps, and found peace of mind. This story will inspire you to take charge of your financial future. Listen now!
If your investments have you tossing and turning at night, it’s time to face the truth. Keeping all your money in a checking account might feel safe, but inflation is quietly eating away at it. Want peace of mind? A smart, diversified approach can help you outpace inflation and put your money to work—so you can finally get some sleep. Tune in now for actionable tips and strategies!
Do emotions drive your investment decisions? In this episode, we explore four common biases—overconfidence, confirmation bias, loss aversion, and herd mentality—that can derail even the smartest investors. Learn how to recognize these pitfalls and discover simple strategies to stay on track. Set clear goals, diversify your portfolio, and make smarter, more rational financial decisions. Tune in for practical tips and insights to keep your emotions in check and your investments on course!
Worried about running out of money in retirement? In this episode of the 4-Minute Money Ideas Podcast, we break down the basics of dividend ETFs—how they work, their potential for steady income, and why they could be a smart addition to your portfolio. Learn the benefits, risks, and tips for getting started with this flexible investment option. Tune in and learn how to keep your money working for you!
How do you ensure your spouse’s future is secure and protect your children’s inheritance? For blended families, estate planning can feel like a high-wire act.
In this episode, we dive into practical strategies for balancing different family members’ needs, using trusts to safeguard assets, and how clear communication can help prevent family conflicts. Plus, we’ll share real-world examples, like a recent client’s story of creating a trust that supports both his wife and children.
If you’re ready to build a legacy that honors your commitments to each loved one, tune in to get actionable tips on creating a thoughtful, family-centered estate plan.
Imagine this: You’re ready to donate money, but your wealth is stuck in stocks. This was the challenge for one of my clients during the war. He wanted to make a significant donation to help the soldiers, but his assets were stuck in investments that if he sold them, he would owe a large capital gains tax. So, he felt stuck.
Imagine you’re on a long road trip with a buddy. Both drivers need to agree on the destination, determine when they’ll make pit stops, and keep the car running smoothly. The same principle applies to managing your finances. You and your spouse need to agree on your goals, strategies, and tactics. A unified approach strengthens your financial health as well as your relationship.
Imagine receiving a notification that you are named as a beneficiary in a will or trust from a relative abroad. Initially, it seems like a windfall, but what comes next? The intricacies of managing cross-border trusts can turn an expected gain into a complex financial headache.
Are you and your siblings united by the need to manage your aging parents’ finances? Sharing and effective communication are key for adult children helping their senior family members.
Is It Easier to Make Money or Lose Money?
Why is it harder to make money than to lose money? Find out why it’s better to avoid loss in the first place than trying to recoup lost funds.
Avoid These Common Mistakes When You Receive an Inheritance
By Douglas Goldstein, CFP® - helping olim handle U.S., IRA, investment, and brokerage accounts from Israel
A new client recently told me, “My late father left me an inheritance of an IRA (Individual Retirement Account) worth $1.5 million, and I’m the sole beneficiary. What should I do with it? If I bring the money to Israel, I’ll have to sell the stocks and wire the money to my account here. But if I do that, I’ll have to pay tax in the United States and maybe Israel, too.”
Unfortunately, many beneficiaries make costly money mistakes. Read about the mistakes you should avoid if one day you receive an inheritance, and then check out our free interactive tool at www.profile-financial.com/interactive.
Don’t take money out of the IRA
If a beneficiary withdraws the funds from the IRA, he’ll lose a fantastic American tax benefit. People with regular IRAs only pay tax on the money they withdraw. Any money remaining in the account can continue to grow untaxed. An inheritor can transfer the original IRA into a “beneficiary IRA” (a.k.a. “stretch IRA”) and this maintains the tax-deferred status of the account until the money is eventually withdrawn.
No U.S. capital gains tax on sales inside an IRA
According to IRS rules, U.S. citizens holding IRAs don’t pay capital gains tax (or tax on interest and dividends) when they sell stocks for a profit inside their account. This is a huge benefit when compounded over many years.
Probably no estate tax
U.S. citizens who leave their estates to their American-citizen spouses or children don’t have to pay estate tax as long as they don’t exceed the “federal estate tax exemption,” which is $5.45 million (as of 2016). (Be sure to consult with a qualified tax advisor in case there’s any state or local estate tax.)
As I don’t give tax advice to clients, I always tell beneficiaries of an inheritance to consult tax professionals. I often work directly with clients and their accountants to make sure that their investments and tax obligations are handled properly.
If you’re getting an inheritance and you live in Israel, make sure to check out www.profile-financial.com/interactive.
Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
A Guide to the Tax Implications of a Legal Settlement
By Douglas Goldstein, CFP® - helping olim handle U.S., IRA, investment, and brokerage accounts from Israel
This is a two-part article addressing questions that arise when people receive lump sums. For the entire article, go to: www.profile-financial.com/settlement.
I recently helped a number of people who are in the midst of receiving a cash settlement from a lawsuit, and had to point out that winning a lawsuit is not “free money.” In addition to having survived personal injury and a long-drawn out legal case, there may be tax implications to a legal settlement.
Lost wages or profits
If you are unfairly dismissed from employment, you may receive a settlement for lost wages, benefits, severance, back pay, or other income. According to the IRS, this settlement is considered regular income, even though severance pay is often tax free in Israel. This kind of settlement is also subject to the Social Security wage base table and Medicare tax rates for the year in which you were paid. Reporting legal compensation for lost wages is similar to reporting income for regular pay when you were employed.
Interest payments
Interest on any settlement, as with any income, is taxable and should be reported as “interest income.”
Punitive damages
Punitive damages are taxable and therefore must be reported, even if received in a settlement for personal or physical illness or injuries.
Estimate tax
Make estimated tax payments early if you know you’re going to owe at least $1,000 in income tax from having to report receipt of a legal settlement amount.
Taxation on settlements is complicated. Remember to speak with a qualified tax advisor to get advice since this article is just for general information. We help people manage their U.S. investment account, not file their tax returns.
Free information
To get this complete article along with the IRS’s information about what you need to report to the IRS regarding a legal settlement, go to: www.profile-financial.com/settlement
Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
A Guide to the Tax Implications of a Legal Settlement
By Douglas Goldstein, CFP® - helping olim handle U.S., IRA, investment, and brokerage accounts from Israel
This is a two-part article addressing questions that arise when people receive lump sums. For the entire article, go to: www.profile-financial.com/settlement.
I recently helped a number of people who are in the midst of receiving a cash settlement from a lawsuit, and had to point out that winning a lawsuit is not “free money.” In addition to having survived personal injury and a long-drawn out legal case, there may be tax implications to a legal settlement.
Lost wages or profits
If you are unfairly dismissed from employment, you may receive a settlement for lost wages, benefits, severance, back pay, or other income. According to the IRS, this settlement is considered regular income, even though severance pay is often tax free in Israel. This kind of settlement is also subject to the Social Security wage base table and Medicare tax rates for the year in which you were paid. Reporting legal compensation for lost wages is similar to reporting income for regular pay when you were employed.
Interest payments
Interest on any settlement, as with any income, is taxable and should be reported as “interest income.”
Punitive damages
Punitive damages are taxable and therefore must be reported, even if received in a settlement for personal or physical illness or injuries.
Estimate tax
Make estimated tax payments early if you know you’re going to owe at least $1,000 in income tax from having to report receipt of a legal settlement amount.
Taxation on settlements is complicated. Remember to speak with a qualified tax advisor to get advice since this article is just for general information. We help people manage their U.S. investment account, not file their tax returns.
Free information
To get this complete article along with the IRS’s information about what you need to report to the IRS regarding a legal settlement, go to: www.profile-financial.com/settlement
Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.