Brian P. Amidei

AIF®, CRPC®
Personal Finance, Retirement, Investing
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“With over two decades of experience in the financial industry, Brian P Amidei is dedicated to creating a roadmap for his clients that aligns important financial decisions with their plans for the future.”
Firm:

Fortem Financial

Job Title:

Chief Executive Officer, Founding Partner

Biography:

Brian P Amidei is the CEO and a Founding Partner of Fortem Financial. With nearly 23 years of experience in the financial industry, he specializes in creating and implementing wealth management strategies with a focus on risk management, insurance planning and estate planning issues.

Previously, Brian was a Managing Director and Partner at HighTower, as well as have spent 13 years as a Senior Vice President and Wealth Management Advisor for Merrill Lynch in Indian Wells, California. At Merrill Lynch, he was a member of the Charles E. Merrill Circle of Excellence, a recognition given to a select group of Financial Advisors for outstanding client service and satisfaction. A native of Chicago, Brian began his career by purchasing a seat on the Chicago Board of Trade. As a member of the exchange, he traded Municipal bond and Treasury bond options and futures for his own account.

Brian was recognized in Barron’s annual rankings of financial advisors as one of the Top 1,000 Advisors in America in 2013 and 2014. He has been featured in various industry publications, including the Wall Street Journal, CNBC.com, Forbes, On Wall Street and InvestmentNews. Brian is the Financial Analyst for the Desert’s KMIR NBC Television and has been featured on CNBC.

Brian is a seven-time, Five Star Professional award winner (2011-2017), awarded by Five Star Professional for service professionals who provide quality services to their clients. Brian is an Accredited Investment Fiduciary® (AIF®) and a graduate of Executive Program for Financial Planning and wealth management at the Wharton School of Business. He is also a Chartered Retirement Planning Counselor (CRPC®), as designated by the College for Financial Planning.

Brian is a Director of Martha’s Village & Kitchen, President emeritus of Legatus Palm Springs, Founding Corporate Sponsor of the Patrick Warburton Golf for Kids Celebrity Tournament benefiting St. Jude Children’s Research Hospital, and an active supporter and member of the finance council of Sacred Heart Church and School in Palm Desert.

CRD Number:

2965820

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    Marriage / Divorce, Estate Planning, Tangible Assets
How can I protect my estate from becoming considered marital property of my beneficiary?
63% of people found this answer helpful

Generally, inheritances are not subject to equitable distribution because, by law, inheritances are not considered marital property. Instead, inheritances are treated as separate property belonging to the person who received the inheritance, and therefore, may not be divided between the parties in a divorce. If you pass on an inheritance to your son and it is cash and he receives the funds and deposit's it into an account held in joint names with his spouse, he will have commingled the inheritance. In community property states where courts divide all marital property 50/50 in a divorce, your sons spouse is now entitled to half of his inheritance.

Laws protect inheritances in all states. This means that if your son receives an inheritance, the law declares that his spouse has no right to it during or after his marriage providing he always keeps the money sole and seperate. However, it is very easy to undo this protection if he does not handle the inheritance properly. Your sons inheritance is his sole and separate property as long as he takes steps to segregate it from his other marital assets. When and if he commingles his inheritance with his marital assets, he will cease to shelter it. Commingling means you’ve put it together with marital money or property. In equitable distribution states, where judges have the right to distribute property in a way they think is fair, your spouse will now receive a portion of his inheritance. Exactly how much would depend on how much a judge feels it is fair to give your sons spouse.

The only time an inheritance must be shared is when a divorce court decides that it was not kept separate from marital property. A spouse who does not wish to share their inheritance may keep it separate by depositing the proceeds into a separate bank or investment account. The accounts should be set up as sole and seperate property and titled that way.  If your son then buys property (stocks, real-estate) with the proceeds of his inheritance. He would title that property in the same sole and seperate property name.  Your son must deal with all the cash and property  (stocks, real-estate)  he inherits in the same manor and retitle the property in his name as sole and seperate property.

Your son also needs to make sure that he does not pay any of his joint bills with any of the funds from the sole and seperate property accounts.  If he does, that may be deemed commingling and would then put a cloud over the whole sole and seperate accounts intentions.  I would recommend consulting your accountant and estate planning attorney for advice as well.

 

 

August 2017
    Investing, Stocks
Why should I invest in private stock with no dividends?
40% of people found this answer helpful
July 2017
    Debt, 401(k), IRAs
Is it wise to roll over my 401(k) to an IRA in an attempt to pay off debt?
20% of people found this answer helpful
July 2017
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If I have supplemental drug coverage and want to enroll in Medicare, should I choose Part D?
0% of people found this answer helpful
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Is it wise to start a Traditional IRA alongside a Roth IRA after I just got out of debt?
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July 2017