Economics PhD, CFP, President of Lyon Financial Planning, Jay Abolofia shows you how to do estate planning using MaxiFi Planner's new spending cap and other unique features. If you're a MaxiFi Planner user, you already know and trust Jay. Jay provides bi-monthly MaxiFi office hours and uses MaxiFi in his own financial planning practice. Jay also provides a terrific co-piloting service for MaxiFi users who like to have a true expert review their use of the tool.
Jay is one of the best teachers I've yet encountered and I've met thousands. This podcast is typical of his ability to convey important information in clear, concise, and actionable terms. Please listen/watch Jay and I discuss MaxiFi's new estate planning capacities. This discussion is NOT about trust, wills, probate, living wills, powers of attorney, or any of other legal estate issues. Nor are we focused on reducing federal or state estate taxes.
This podcast is about what we all do -- rich or poor, namely plan, either explicitly or by default, to leave assets to our heirs. Whether you have a billion dollars or are living on the margin, you have assets, be it just a house, a car, or furniture that you'll be passing on if you pass. MaxiFi shows you your contingent estates -- what you'll bequeath depending on when you die.
Many MaxiFi users have significant means -- so many resources that they aren't able or interested in spending everything they spend on a safe basis. MaxiFi's new spending limit lets them tell the program not to spend beyond what they wish in any future year. By setting the spending cap or using other features in the tool that Jay describes, well-off and, indeed, all users can see the trade off between spending more on themselves and leaving more for their heirs.
Jay’s Bio…
I grew up in the Pacific Northwest and completed my undergraduate work at the University of Washington in economics. My love of learning and interest in microeconomic research led me to the University of California, Davis where I completed my PhD in Applied Economics. I found great success in my research, but it was the teaching I found most fulfilling. Explaining difficult concepts in a clear and concise manner is one of my greatest passions. Helping others find solutions to challenging problems is incredibly rewarding.
With the birth of our first daughter, we moved to Massachusetts to be near family. After working as an economic consultant, providing support to expert witnesses in matters of high stakes litigation, I decided to change careers in order to work more directly with people. I spent the next three years at a prestigious fee-only financial planning and wealth management firm. During that time, I completed my coursework in financial planning at Boston University and became a Certified Financial Planner® professional.
Starting Lyon Financial Planning in 2019 was a natural next step in my career. Being a fee-only, fiduciary and independent advisor, working on a straightforward fixed fee basis, allows me to remove major conflicts of interest and provide truly objective and personalized advice to my clients.
Economic Matters - The podcast is hosted by Laurence Kotlikoff, a Boston University Economist, a NY Times Best Selling Author, President of maxifi.com, and Author of Money Magic.
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