Falcon Financial of Oklahoma, LLC
Christi is the founder and owner of Falcon Financial of Oklahoma, LLC.
CERTIFIED FINANCIAL PLANNER (CFP) since 2007. Her B.S. is in Dental Hygiene, which she practiced for 20 years in four states. Sh also serves on the Board of Directors of Washita Capital, a private equity firm in Dallas, TX.
Prior to founding Falcon Financial, Christi was a junior planner at Comprehensive Financial Planning, Inc in Oklahoma City. She also served as Director of Christian Education at First United Methodist Church in Oklahoma City.
Christi is active in volunteering. She is the current President of the FPA of Central Oklahoma and has been the Treasurer of the Chapter for several years. She also volunteers with BetterInvesting, a non-profit dedicated to educating and empowering individual investors and clubs to be successful long-term investors. She serves as one of their instructors for local, regional and national events.
In her free time, Christi likes to travel, read, drink coffee with friends and play with her grandchildren.
BS, Dental Hygiene, University of Oklahoma
Assets Under Management:
No individualized financial planning advice is being offered through Investopedia. No securities are being offered through this venue.
Congratulations on getting your son through college. Although you are late in 'beginning' you should absolutely start saving for retirement. What kind of account you use partly depends on your current tax bracket.
First, if your employer has a company retirement plan, you should max that out to get the employer matching contributions. Now that you are over 50 years old, you can defer up to $24,500 into employer provided 401k, 403b, 457b and Roth 401k plan. That includes a solo 401k if you are self-employed.
If your employer does not offer a company plan, use a traditional IRA or Roth IRA depending on your tax bracket. The higher brackets means you are able to lower your current income by the amount of the contribution (up to $6,500/year for ages over 50). More information would help with that decision.
If only one of your is employed, you may make an equal 'spousal' contribution to a spousal IRA or Roth as long as you make at least $13,000 in earned income.
If your cash flow allows, you also need a taxable brokerage account for savings over the IRA contribution limits. Since you are late to the game, you need to sock away as much as possible. In a taxable account you invest with tax consequences in mind. Meaning you use long-term equity investments (over 365 days), tax-free investments (municipal bonds) and qualified dividend paying equity investments.
If those terms are Greek to you I suggest you find a CERTIFIED FINANCIAL PLANNER (TM) to help you. You can also learn on Investopedia. I also recommend BetterInvesting, a non-profit organization that teaches people how to research companies and maintain a portfolio. See www.betterinvesting.com for a free trial.
Until you have a overall picture of your financial situation I would not make any recommendations on your life insurance. You need to have your options analyzed to see if that would help you.
Keep learning and investing,
Christi Powell, CFP, RICP
My condolances for your loss. You are fortunate to have a mother who was able to leave you a legacy.
Non-qualified assets (i.e. not retirement accounts) have a step-up in basis as of date of death or 6 months after date of death. The choice is made on all assets. You cannot cherry pick some for DOD valuation and some for 6 months later.
If they were in investment accounts they will have that DOD value for you. Other assets such as real estate need some sort of appraisal for fair value. Small estates may not need formal appraisals. You will need some sort of proof of original cost basis + adjustments for improvements.
I suggest you start with the most time sensitive assets. For instance, retirement accounts that have required minimum distributions that had not been taken prior to death need to do that first. Then, if appropriate, you need to split up the retirement accounts according to the beneficiary designations. Annuities and life insurance also need timely attention.
Finally you can move on to real estate and real property.
Make a list of all the assets and notations about time sensitive decisions. Then tackle them one at a time.
Christi Powell, CFP