Mid-Quarter Newsletter & Reporting Update – March 2020

Morton Capital Reporting Update

As part of our efforts to provide you with up-to-date information in a secure and efficient manner, beginning in March 2020 Morton Capital will no longer automatically send out quarterly reports.  Clients will still be able to receive reports upon request.

We are making this change because our clients now have on-demand access to current account information, including performance and portfolio balances, via our online portal. We have had widespread adoption of the portal and received positive feedback as to its ease of use and timeliness of information.  In addition to being environmentally friendly, the portal also has important security features such as dual-factor authentication that make it more secure than email or mailed reports.

Please contact your advisory team if you need assistance in setting up or accessing your client portal.


VIDEO: Top Considerations When Selling Your Business

Business owners are often faced with numerous questions: What will become of my business after I retire? Am I financially prepared to retire? Will I be able to protect the financial future of my family during retirement? With roughly 4 million businesses owned by the baby boomer generation and nearly $10 trillion of wealth tied up in those businesses, it’s important to consider an exit planning strategy to help lead to your retirement goals.

Watch our Wealth Advisor and Senior Vice President, Joe Seetoo, as he touches on the first steps business owners should take in order to develop an exit planning strategy. Please click the image below or the following link: https://vimeo.com/395538551


Does the Secure Act Impact Your Financial Plan?

While the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, includes many updates to retirement account rules starting in 2020, we’ve highlighted a few below that could impact your financial plan:

  • Delayed Required Minimum Distributions (RMDs) – Mandatory distributions from your pre-tax retirement accounts are now required at age 72, increased from age 70½. (This only applies to individuals turning 70½ after January 1, 2020.)
  • No Age Limit on IRA Contributions – You can now contribute to your IRA after age 70½ (as long as you’re earning income).
  • Elimination of “Stretch” Provisions for Non-Spouse Beneficiaries – Previously, non-spouse beneficiaries could take distributions from inherited IRAs over their lifetimes; the SECURE Act now requires non-spouse beneficiaries (with some exceptions) to fully empty the inherited IRA within 10 years of inheritance. Since this change will impact your kids’ inheritance, you may have to consider other ways to maximize tax efficiency, such as using your IRA assets to give to charity.
  • Exceptions to this rule include minor children (until they reach adulthood), the disabled or chronically ill, or individuals no more than 10 years younger than the decedent. If you have beneficiaries with special needs, it’s important to revisit your estate plan to make sure these beneficiaries qualify for this exception.

Welcome Edward and Chris

Edward Garcia

Paraplanner

Edward Garcia joined Morton Capital in July 2019 after a career as an educator in both public and private education. In his role as a Paraplanner on the Financial Planning Team, he now collaborates with the advisory team to analyze and help prepare financial plans. He earned his Bachelor of Arts degree in English with an option in writing from California State University, Northridge, and a master’s in education with a specialization in cross-cultural education from National University in San Diego. Currently, Edward is in the process of earning his CERTIFIED FINANCIAL PLANNERTM certification from the University of California, Los Angeles. He resides in Oak Park with his wife and their two daughters, and enjoys traveling, adventures in the great outdoors, and a good book.

Chris Wahl

Client Service Administrator

Chris Wahl joined Morton Capital as a Client Service Administrator in August 2019. With more than six years of experience helping high-net-worth and institutional clients in the financial services industry, he has held various roles in operations, regulatory compliance, and consulting and has extensive trading experience. He uses the skills he has gained to provide excellent service and ensure client needs are met in a timely and efficient manner. Chris earned his Bachelor of Arts degree in marketing communication from California Lutheran University. He has passed the Series 7 and 63 securities exams, and is currently studying for the CERTIFIED FINANCIAL PLANNERTM designation. Outside of work, he enjoys cycling, yoga, and being outdoors with family.


The Great Race of Agoura Hills

We’re very excited to participate as a team in the 35th annual Great Race of Agoura Hills on Saturday, March 28. The Great Race has continuously been a popular family-friendly event in the local community since 1986. Interested in joining our team on race day? To learn more and reserve your spot, visit their website at greatrace.run. Choose from one of their featured race options: Old Agoura 10K, Deena Kastor 5K, Kids 1 Mile (ages 6-12) or Family Fun Run (all ages and strollers too) and don’t forget to select us, Morton Capital, as your team. Once you sign up, we’ll coordinate the race details with you directly and include an MC team shirt for you to wear on race day. We hope that you join us for this fun event!


Financial Bites Lunch Series

Our seventh and final event of our popular Financial Bites lunch series will take place on Friday, March 20, from 12 pm to 1 pm. This session will cover personal lines insurance, where we’ll be breaking down policies that deal with accidents and liabilities to help you understand how you’re covered.
You can RSVP to our last session by visiting mortoncapital.com/financialbites.

Last month, Kevin Rex and Patrice Bening, members of our advisory team, presented on life insurance and long-term care.

Watch the video below by clicking the image or following the link and learn the “when and when not to” rules on buying life and long-term care insurance policies.

Videos to all of our previous sessions are now available to watch on our website. Check out our Insights page to view the presentations or click the following link: https://mortoncapital.com/insights/

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