"Old World Values Mixed With New World Ideas"

Lombardi's Planning Corner

Want To Feel Good?

Consider A Qualified Charitable Distribution

Our planning discussions revolve around devising strategies to meet a client’s Required Minimum Distributions (RMDs). One such strategy we often assist clients with involves the utilization of a Qualified Charitable Distribution (QCD).

A QCD empowers individuals aged 70 ½ or older to donate directly to one or more charities from a taxable IRA, bypassing the need to take their required minimum distribution.

But why might this approach be advantageous?

1. Tax Savings: Channeling funds directly to the charity of your choice through a Qualified Charitable Distribution has the potential to reduce your overall tax liability, as the donated amount does not contribute to your taxable income for the year.
2. Fulfilling Required Minimum Distribution:

• Supporting Worthy Causes/Charities: QCDs enable you to contribute to charities close to your heart, offering a deeply rewarding experience supporting meaningful causes.
• Estate Planning: Decreasing your IRA balance through a QCD also diminishes the size of your retirement assets, which can benefit your heirs regarding estate planning.

Fraud and cyberattacks pose increasingly challenging detection hurdles as scammers adeptly exploit advanced technologies. Forbes reports that the age bracket experiencing the highest fraud losses was 60-69, totaling $234 million. Surprisingly, typically overlooked, the 30-39 age group suffered losses nearing $200 million.

Fraud Protection Tools To Consider:

1. LifeLock
2. Experian
3. Aura
4. EverSafe

What I Learned This Quarter

In this section, Mike Durso will highlight what he learned from this previous quarter, books he's read, and podcasts he's listened to. If you have any suggestions for podcasts or books, please message us.

Books:

Chaos Kings by Scott Patterson

• For fans of The Black Swan, written by a veteran Wall Street Journal reporter, this is a fascinating deep dive into the world of billion-dollar traders and high-stakes crisis predictors who strive to turn extreme events into financial windfalls.

Into Thin Air by Jon Krakauer

• A Personal Account of the Mt. Everest Disaster is a 1997 bestselling nonfiction book by Jon Krakauer.

Hidden Potential by Adam Grant

• Hidden Potential offers a new framework for raising aspirations and exceeding expectations. Adam Grant weaves together groundbreaking evidence, surprising insights, and vivid storytelling that takes us from the classroom to the boardroom, the playground to the Olympics, and underground to outer space. He shows that progress depends less on how hard you work than how well you learn.

Shows:

3 Body Problem on Netflix (Series)

• An American science fiction television series created by David Benioff, D. B. Weiss, and Alexander Woo, based on the Hugo Award-winning Chinese novel The Three-Body Problem by Liu Cixin

Article:

The Benefits of Cold Plunge from the Mayo Clinic

One Shining Moment

Our Second Annual NCAA Bracket Challenge proved to be immensely successful! We received numerous entries, all vying for the chance to win funds for charity. With UConn emerging victorious over Purdue in the National Championship, we identified one undisputed winner and two individuals tied for second place. Regrettably, a tiebreaker was necessary to determine the final rankings.

Here are our fortunate winners and the charitable organizations to which we will be contributing funds:

1. Stephen - Alzheimer's Association: NJ Chapter
2. Bob - Kathy's Kids Foundation
3. Tom - Wounded Warriors Project

Mike Durso has been featured in several news outlets. Here are the links to those sites below:

2023

• Forbes: When Should You Hire An Advisor?
• Forbes: Getting Divorced? 13 Financial Considerations...
• Next Gen to CEO Podcast
• Around the Track with Shirl Penney

2024

• Bloomberg: How To Invest A Million Dollars Today

A Bridge To A Better Retirement with John Lyons:

• Discuss Pontera's technology that benefits advisors and their clients
• ShoreHaven's process uses that technology to manage retirement accounts like 401(k) 's.
• Replay: Shorehaven x Pontera

ShoreHaven was built by leveraging great partners and technology to help deliver extraordinary outcomes for our clients.

• Learn about our partnership with Opto Investing:
• Why ShoreHaven Chose to Partner with Opto

We have created our Second Opinion Service for new relationships that may have questions or concerns about their current financial situation.

Please contact us if you have had any changes in your investment objectives or financial circumstances or wish to add or modify any reasonable investment restrictions on your account. Any changes could impact how we manage your portfolio and will become part of your client record. Please contact us any time during the year if your investment goals or financial circumstances change. As always, we are more than happy to discuss this in further detail.

This newsletter is for informational purposes and is not soliciting to purchase or sell securities, advisory products, or services. The opinions stated are those of the authors and are subject to change. 

ShoreHaven Wealth Partners is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. ShoreHaven Wealth Partners only transacts business in states where it is appropriately registered, excluded, or exempted from registration. A copy of our current written disclosure brochure filed with the SEC, which discusses, among other things, ShoreHaven's business practices, services, and fees, is available through the SEC's website at: www.adviserinfo.sec.gov.