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NavStar Financial Services

219 Williamson Rd.
Suite 2202
Mooresville, NC 28117

704 663 7482

NavStar Currents

Knowing When to Start Collecting Your Social Security Benefits

Posted by Larry Jones on Dec 13, 2018 9:30:00 AM

Is There An Optimal Age for Turning on Your Social Security Benefits?


Is there a foolproof way to calculate it?


There is no "one best age" for everyone. It's a personal decision. Let's say that you decide to delay taking your benefit until age 70, but you are thrown from a ride at Disney World and killed at age 69. You will have then forfeited 7 years worth of available benefits. On the other hand, suppose you turn on your benefit at age 62 and then live to be 90 years old, you will end up receiving many thousands of dollars less over your lifetime. Since you probably don't know how long you're going to live, how in the world do you decide?

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Topics: social security

Tax Strategies: The RMD/Annuity Rescue Plan

Posted by Larry Jones on Dec 11, 2018 9:30:00 AM

A Good Problem to Have

Steve is a retired Surgeon. He has managed to accumulate more than enough assets over the course of his working years to support he and his family's lifestyle quite comfortably. His estate when he dies will fall under the $10.5 million exemption, and so estate taxes are not an issue. He also manages his current tax situation quite well. 

He does, however have one issue. With two children and six grandchildren, he'd like to be able to leave most of his IRA assets to them when he dies. He simply does not need the money. The government requires him to begin taking required minimum distributions from these accounts at age 70 1/2 which will reduce the amount available to them. To make matters worse, all of his IRA money is in a variable annuity, which is one of the worst places to have money at death (but not during accumulation: see TaxAdvantaged Vehicles), due to the heavy taxation on these type accounts. Presently there is $500,000 in this annuity. After taking RMD's and taxes at his death, easily more than 50% could be drawn away before ever getting to his children. Being an ardent Trump supporter, this makes Steve sick to his stomach.

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4 Good Reasons to Avoid NavStar Financial Services

Posted by Larry Jones on Dec 6, 2018 9:30:00 AM

My Bias is Showing

I'll have to begin this blog by pointing out that if you are looking for a completely unbiased opinion of NavStar, this ain't it. I realize that objectivity is everything these days, and we are constantly told that we should "keep an open mind." After the last election season, I've come to the conclusion (which blows that whole open-mind thing) that some of our minds are so open that the wind blows in one ear and out the other. 

NavStar Financial Services is my baby. I have built it from scratch and not every day has been glorious and fulfilling. There has been a lot of blood, sweat, and tears along the way, and I'm grateful for every client that I have today. So don't expect me to be unbiased about it. And so, keeping that in goes.

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Topics: Financial Services

Asset Protection: Do You Have an Umbrella Plan

Posted by Larry Jones on Dec 4, 2018 9:30:00 AM

A Night to Remember

Ed and June Griswald are fairly affluent. They are conscientious parents of two teenage children, Bianca, age 17 and Carl, 18. One evening, Ed and June come into possession of two tickets to watch Duke and Carolina play a basketball game. The game is two hours from home. They decide to attend, and on a Friday evening, they travel to the stadium to watch the game. It promises to be a great game, and they intend to get a hotel room for the night after the game, and return home the next morning. They have no concerns about their two angelic children. They know that they'll probably watch a movie on TV and go to bed by 10.

Twenty minutes after they leave for the game, the friends of Carl and Bianca begin arriving. There is a well-stocked liquor cabinet at the Griswald home, which the angelic kids soon locate. The next few hours are spent in great fellowship and revelry, and a good time is had by all. 

After the game (where Carolina handily trounced Duke using only their third string players, 105 to 40), Ed decides to cancel the hotel and travel on home. About an hour away, June calls her two little angels just to make sure they aren't worried about them, and tells them they'll be there soon.

Panic ensues at the home of Griswald as the ne're-do-wells leave the scene. Unfortunately, one of the teenage drivers, having had way too much to drink, loses control of his car on the way home, and crashes into a telephone pole. He ends up with a broken spine, and is paralyzed from the neck down. Local attorneys go into a frenzy.

By the time they have finished with the Griswald family, and after their homeowners and car insurance policies have paid off, they are still on the hook for over $1.5 million dollars!

It was a night to remember.

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Topics: asset protection

Three Tax Planning Concepts You Need to Know

Posted by Larry Jones on Nov 28, 2018 9:30:00 AM

We Live in a "Taxing" Environment

My Mom's favorite show to watch on television was "Wheel of Fortune." I'm sure you've seen it. Thousands of dollars in prizes are given away in every episode, and the ecstatic contestants squeal with delight as they are presented with such things as trips to Fiji and new automobiles. Who wouldn't love such a good deal?

But wait a have a "partner" in this transaction - Uncle Sam. Suddenly your great windfall becomes a burden, especially if you are awarded merchandise instead of cash. For example, let's say you just won a new car worth $29,000. The game show will issue you a Form 1099 that shows you have just earned $29,000 in income. Not only might that bump you into a higher tax bracket, but state taxes may also apply. You could find yourself having to come up with an extra $7-9000 just to pay the taxes on your winnings. You might even have to sell the vehicle to do that.

Your government wants it's money (you didn't think it was yours, did you?) and it will get it. Ask any retiree about Required Minimum Distributions and they'll give you a very good answer on how our tax code affects us all. 

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A Lot to Like About Life Insurance

Posted by Larry Jones on Nov 15, 2018 9:30:00 AM

Perception isn't everything 

A while back I wrote a piece entitled "In Defense of the Used Car Salesman." It was meant to be tongue-in-cheek, and was really designed to point out the contrasts between the car salesman and the stockbroker. The typical stereotype of a car salesman is that he doesn't care about his customers at all, and that he has no problem with costing you thousands of dollars by putting you in a piece of junk, all the while smiling and slapping you on the back. The stockbroker, on the other hand, enjoys a stellar reputation and immediately has the complete trust of his client, why I don't know, other than that he has passed some sort of test, therefore he must be honest and trustworthy. In many cases that stereotype is wrong, just as it's wrong many times for the car salesman. There's one other fellow out there who finds that he needs to battle a very negative sterotypical impression: the life insurance agent.

"He only wants to sell me something," many will say. Well, that's right. The life insurance agent definitely wants to sell you something. Perhaps if he were more honorable, instead of working hard at his profession and putting up with lots of discouragement and abuse every day to make the lives of others better, he would just give up and take unemployment, and let you support him anyway. Get my point? He's trying to earn an honest living. By the way, trying to improve the financial position of complete strangers is a noble profession. Maybe we should cut him a little slack.

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Is Now a Good Time For Tactical Investing?

Posted by Larry Jones on Nov 13, 2018 9:30:00 AM

All Good Things Must Come to an End

The statement above does not, however. apply to our latest political season. Most Americans would agree that the last election was, in fact, been quite ugly, no matter which side of the fence you were slinging mud from. I learned one very important lesson through it all....if even half of what the campaign ads proclaimed is to be believed, THERE WAS NOBODY WORTHY OF BEING ELECTED TO ANYTHING!

But that's beside the point. This is a financial blog, and you're probably saying something to yourself like, "get to the point, Larry, or I'm going back to watch Cramer on MSNBC." So here goes...

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Topics: Investment Advice

Four of the Biggest Financial Planning Mistakes

Posted by Larry Jones on Nov 8, 2018 9:30:00 AM

Early to rise...

It's 6 AM and John is unlocking the door at McDonalds. None of the other employees have arrived but he's not surprised. Kids today just don't have the same work ethic that his generation did. John, you see is 73 years old. He sometimes wonders why he still has to do this at his age. There just seems to too much month left at the end of his money. Lately his left knee has been bothering him, and he worries about what he'll do when he can't work anymore.

John's story isn't unusual. We've all seen John, or someone just like him, plugging along when others his age are happily retired. What happened? How did John end up here?

The choices we all make when we're young many times will follow us for as long as we live. I have written a book entitled "The Road to Wealth" that is designed to guide the conscientious person to financial independence. I believe that the principles found in this book are designed to help take you to a successful retirement.

Conversely, there are many things that you can do that will all but guarantee financial hardship down the road. Here's my top 4.

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Here we go again! How to Survive Medicare Season

Posted by Larry Jones on Nov 6, 2018 9:30:00 AM

Open Season on Seniors

It's that time of year again. I call it "Medicare Season." I apologize to all the hunters out there, but the analogy is quite appropriate. Medicare open enrollment has come around again. The season begins October 15th and runs until December 7th, and the insurance agents will be loaded for bear....uh, actually, loaded for seniors, and out in force.

Every year during this season I begin to get phone calls from alarmed clients asking for advice on their health insurance. Some of them are more than alarmed...some are very near panic.

What's going on?

Here's a typical call: "Mr. Jones, I need to talk to you. I'm afraid that my health insurance is no good (or about to be taken away, or has cancelled, etc.) and I don't know what to do! Can you help me?"

I wish I could say that every insurance agent out there has your best interests in mind, but it's simply not true. Don't get me wrong, there are a lot of fine, principled, insurance agents who have integrity out there. But there are also a lot of desperate, uneducated, bottom-feeders who must meet a company imposed quota or be fired, who will say anything to make the sale.

Here are some things to help you survive the annual open enrollment dog-and-pony show.

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Physician: Will asset protection really increase the quality of your care?

Posted by Larry Jones on Nov 1, 2018 9:30:00 AM

Litigation vs Healthcare

America has become, perhaps, the most lawsut happy nation in the history of the world. Nobody is more aware of that fact than a physician. The cost of becoming a doctor is high from a financial point of view. After an undergraduate education, post-grad, medical school, internships and residencies, the typical medical graduate begins his or her career in a deep hole. But after that, it's easy street for them, right?

Well, maybe not. After all, with five attorneys chasing every ambulance, running class-action lawsuits against pharmaceutical companies and medical practices, even years after the procedure was done, it's not inconceivable that a physician could build a successful practice and then see it destroyed in a courtroom. I myself once sat on a jury where damages were being sought against an OB-GYN physician years after the baby was born. Every day for three weeks that doctor sat in the courtroom, and eventually was acquitted. Do you think the quality of care she delivered during that three-week period suffered? Of course it did.

The point I'm trying to make is that the threat of being sued is one of the largest concerns that a physician has. They are keenly aware that one mistake can erase everything they've ever worked for? How would you like that deal in your career?


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Topics: asset protection

What you don't know can hurt you!

As a fiduciary I am required to always act in your best interests, and as a professional planner, it's my job to be familiar with all types of possible solutions and financial vehicles. In short, I have no interest in selling any particular product or any affiliation with a particular company. I work for my clients.

Are you:

  • concerned that your tax bill is too high?
  • tired of watching your nest egg decline by significant amounts every 5-7 years?
  • wishing you could find more free time?
  • looking for ways to help protect yourself against litigation that could destroy all you have worked for?
  • worried that Uncle Sam is going to enjoy your retirement more than you are?

If any of the above describes you and you'd like to get a question answered then just click the button below and we'll be in touch.

Let's Meet!

p.s. we have the ability to meet virtually regardless of your location! Give us a shout!


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