Latest News from The Musuneggi Financial Group

NAIFA-PA Names Christine Pikutis-Musuneggi, CRPC®, CLTC, LACP as 2022 Keystone Award Honoree

NAIFA-PA
The National Association of Insurance and Financial Advisors-Pennsylvania (NAIFA-PA) has named Christine Pikutis-Musuneggi, CRPC®, CLTC, LACP, of Pittsburgh, to receive the NAIFA-PA Keystone Award for 2022. The Keystone Award is NAIFA-PA’s highest award given in recognition of service and dedication to the financial services industry and NAIFA (local, state and national levels).

Christine Pikutis-MusuneggiChristine began her career in the financial services industry in 1998 as a licensed sales assistant, transitioning into operations and leadership while growing a part time practice. To better serve her clients, she moved into private practice in 2009 and relocated to the family firm, The Musuneggi Financial Group ten years ago.

Deeply involved in the industry, she has served in numerous elected positions with the National Association of Insurance and Financial Advisors-Pennsylvania (NAIFA-PA), including state president. Servant leadership has honed her strategic planning, collaboration, and mentorship skills. But the highlight(s) of her involvement includes leadership master classes with (the late) General Colin Powell and Steven Covey along with opportunities to speak with members of Congress on Capitol Hill.

During her twenty-five-year path, she has been recognized by Advisor Today’s “Four Under Forty”, graduated from NAIFA’s ‘Leadership in Life Institute”, and received multiple National Quality Awards. This year will mark her eight consecutive Five Star Wealth Manager award, listed in Pittsburgh Magazine. She achieved Million Dollar Round Table (MDRT) Court of the Table qualification, providing another resource to experience personal and professional growth.

NAIFA-PA AwardA graduate of the University of Pittsburgh, her intention was to pursue a passion for architecture, when firsthand experience sent her down the path of the desire to work with business owners on a successful transition.

If you bump into Christine outside of the office, it’s probably while she’s on a trail. A dedicated runner, Christine loves the challenge of races like the Ragnar Relays…but her greatest challenge to date was the 2015 New York City Marathon. She and her husband Christopher enjoy their time in the Laurel Highlands of PA but make their permanent home south of Pittsburgh in McMurray.

ABOUT NAIFA: Founded in 1890, NAIFA is the oldest, largest and most prestigious association representing the interests of financial services professionals from every Congressional district in the United States. Our mission – to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members – is the reason NAIFA has consistently and resoundingly stood up for financial services professionals and called upon members to grow their knowledge while following the highest ethical standards in the industry.

Securities offered through Grove Point Investments, LLC, member FINRA/SIPC. Investment Advisory Services offered through Grove Point Advisors, LLC. Grove Point Investments, LLC & Grove Point Advisors, LLC are subsidiaries of Grove Point Financial, LLC. The Musuneggi Financial Group, LLC is not affiliated with Grove Point Financial, LLC or its subsidiaries.

Awards or recognition by unaffiliated parties are not indicative of investment success. Awards or recognition do not ensure that a client or prospective client will experience a higher level of performance. For more information on NAIFA-PA Keystone Award visit: https://pa.naifa.org/awards.

1099 Alert!

By Mary Grace Musuneggi

 

“Why are my 1099s late?” They probably aren’t.

For years, we got used to receiving 1099s by early February as the IRS required that they be mailed by end of January. When tax laws changed and made it necessary to get additional information for some calculations, the date for mailing was changed to February 15th.

If you have an IRA, or an investment with a single investment manager, you may receive them shortly after that time (assuming no delays with the mail).

But if you have a brokerage account, or a third-party manager, you may be in an account that requires additional calculations such as capital gains or dividend information. This may be coming to the reporting company from hundreds of companies or multiple managers. So these companies can extend to March 15th for mailing 1099s.

The other reason that your 1099 may come “late” is “qualified dividends”. To be a “qualified dividend” (and therefore eligible for lower tax rates which you will appreciate), the dividend-paying stock or fund must be held for “more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. Since many stocks and funds pay out dividends at the end of the year, that means it takes until mid-to-late February to determine if you held them, and therefore made the dividend qualified. Again, the “delay” may present a tax advantage for you.

Companies don’t want to send out 1099s in January and then possibly have to send out revised versions if you or your investment company decide to sell something that paid a dividend in December that otherwise would have been qualified. If you had filed your return with the first 1099, you would then have had to file an amendment. Neither you, nor your accountant, would like that.

Just a reminder: we do not receive your 1099s. However, we can sometimes retrieve them if they are prepared and get them to you by email. Please reach out to us if you have questions about yours.

Mary Grace Musuneggi, CLU, ChFC, CFS, RFC
Chairman & CEO
Phone: 412-341-2888
Fax: 412-341-0725

Securities offered through Grove Point Investments, LLC, member FINRA/SIPC. Investment Advisory Services offered through Grove Point Advisors, LLC. Grove Point Investments, LLC & Grove Point Advisors, LLC are subsidiaries of Grove Point Financial, LLC. The Musuneggi Financial Group, LLC is not affiliated with Grove Point Financial, LLC or its subsidiaries. Click here to view Form CRS.

Making The Best of Your 2022 Taxes

By Mary Grace Musuneggi

Income tax season is upon us, and you have a few options as to how to prepare your return. You can employ a tax preparer, a tax accountant, a tax advisor or a CPA. These are each defined by the services they provide and the amount of assistance you need. The other option is to use modern tax preparation software which, compared to a few years ago, can be very sophisticated, yet easy to use.

All of the above are good options. What is not a good option is using someone who just wants to make a few dollars doing your taxes, or your bartender who took a few college courses, or the guy across the street who was a tax preparer 10 years ago and has not done any continuing education, or your brother-in-law who is doing this to pass the time in retirement. Amateur or hobbyist tax preparers have no liability if they make a mistake, putting the burden of error on you. Additionally, tax laws have changed and changed and changed over the years, and these changes are complicated.

There is an old saying that goes “most people cheat on their taxes, a few cheat the government, and many others cheat themselves”. Don’t leave deduction on the table while not getting all that is owed to you.

If you are in need of a professional to help you with your taxes, reach out to us. We are partnered with a number of excellent tax resources that we can refer, or look at our recommended resources by clicking here.

Mary Grace Musuneggi, CLU, ChFC, CFS, RFC
Chairman & CEO
Phone: 412-341-2888
Fax: 412-341-0725

Securities offered through Grove Point Investments, LLC, member FINRA/SIPC. Investment Advisory Services offered through Grove Point Advisors, LLC. Grove Point Investments, LLC & Grove Point Advisors, LLC are subsidiaries of Grove Point Financial, LLC. The Musuneggi Financial Group, LLC is not affiliated with Grove Point Financial, LLC or its subsidiaries. Click here to view Form CRS.

Take the 2023 Challenge

Over the last couple years, we have seen clients deal with serious issues created by incorrect or incomplete Estate Planning Documents, specifically insufficient Powers of Attorney or incorrect beneficiaries, after the loss of a loved one. These situations have caused both emotional and financial distress for family members who are already coping with the grief of loss.

So our 2023 Challenge to you is:

  • Review your Estate Planning documents if they are more than 5 years old or there have been changes to your life situation.
  • Even more important is to create Estate Planning Documents if you do not have them.
  • See that we have a copy of your most recent Financial Power of Attorney, so we can help your loved ones when you cannot help yourself.
  • Get a copy of every beneficiary designation for all of your employee benefits, investments and insurance, retirement plans, 401ks, etc.,. Once you are sure they are correct, keep a copy with your Estate Planning documents.

Besides avoiding the possibility of huge future expenses, accomplishing the above will give you peace of mind and be a blessing to your heirs.

When you have finished all of the above, send us an email with a thumbs up to let us know that you have completed our challenge.

Securities offered through Grove Point Investments, LLC, member FINRA/SIPC. Investment Advisory Services offered through Grove Point Advisors, LLC. Grove Point Investments, LLC & Grove Point Advisors, LLC are subsidiaries of Grove Point Financial, LLC. The Musuneggi Financial Group, LLC is not affiliated with Grove Point Financial, LLC or its subsidiaries. Click here to view Form CRS.

Toys for Tots 2022: Recap

The Musuneggi Financial Group
Throughout this November and December, we invited our friends, families, and clients to join us in our annual Toys for Tots Donation Drive — and join us they did! Gifts came from near, hand-delivered to our office, as well as far, sent with love and care via mail, and together we worked hard to help ensure that no boy or girl, big or small, would go without a gift come Christmas night.

To celebrate the generosity of our community, we gussied up the office and welcomed everyone to attend our Donation Party on Tuesday, December 6th. Early arrivals were greeted with the sounds of the South Fayette Chamber Orchestra as they played a selection of holiday standards in the lobby of Manor Oak Two. Upstairs, they were then treated to a smorgasbord of savory snacks, sweet treats, wine, and a build-your-own hot cocoa bar with plenty of marshmallows and sprinkles to go around.

A Yinzer ChristmasWe asked our guests to take a walk through our office and vote in our annual staff Door Decorating Contest, and the consensus was clear: Advisor Christine Pikutis-Musuneggi’s “A Yinzer Christmas” themed door took home the win — a well deserved victory! We were then joined by students from the South Fayette Student Government who bagged and brought the toys down to a bus, which we almost completely stuffed.

Most importantly of all, together, we collected 4,522 toys for Toys for Tots — the third highest total in program history! We couldn’t have done it without the support of our friends, families, and clients. Thank you to all who contributed — we’ll see you in November for the 2023 event!

To view our photo gallery from this event, click here!

The Story of the Iced Tea Man

By Mary Grace Musuneggi

 

Recently, my significant other, Tom, spent time at a local Senior Care Facility.  Each time I visited him, I noticed a very elderly man in a wheelchair in the lobby, attached to oxygen.  He was always alone, with no companions. 

In the lobby was a refrigerated case with drinks and fruit. 

As I was signing in one day, the elderly man called out to the receptionist and asked if he could have an iced tea from the case.  She said it would cost a dollar, and did he have a dollar?  He said “no”, and she said he could not have one.  As he began to turn away, I said, “Sir, I have a dollar.  Let me buy you a drink.”  The receptionist said, “Oh, you don’t have to do that.”  And I replied, “actually, I do”.  So I gave her the dollar and gave him the iced tea. 

He was very grateful, but he asked me why I would do that.  I told him it wasn’t like I was giving him a kidney, it was a bottle of iced tea, and like most things in life, what we give is what we get. So someone in the universe owes me a drink.  We laughed and off I went.

Now honestly, he may be a millionaire and just had his money all tied up in the stock market and had no cash on hand.  He may have lots of friends and family that all came to visit him after I left.  The receptionist may have been told to discourage residents not paying because it could be an issue with other residents.  But I really didn’t care, nor did I have the time to “interview” all involved.  But what I did realize is that no matter what, I don’t want to be that very elderly person sitting in a lobby of a long-term care facility, all alone, without a dollar to buy iced tea.

There have been many times in my life when I have enjoyed the kindness of strangers, but I don’t want that to be a lifestyle, or a requirement.  It made me assess my situation, as well as once again plan on reaching out and stressing for our clients that they make the necessary plans to be sure that when the time comes, all will be well — and they can buy iced tea.

At The Musuneggi Financial Group we “lecture” often on the need for you to do estate planning, to create Powers of Attorney, to have a family meeting to let your family know your wishes, to explore Long Term Care (LTC) planning, to review your beneficiaries and the titling of all of your accounts.  To understand your income needs.  To make good financial decisions on where your money goes, how you use it, who you give it to.

If we have not recently had these discussions, if your estate planning documents are more than 5 years old, or if there have been significant changes to your health, retirement needs, or long-term planning goals… let’s talk.  Let’s make this a goal to reach in the last quarter of 2022 and as we enter 2023.  Let’s plan for all good things.  And if you come into the office, we will be happy to buy you an iced tea.

The Musuneggi Financial Group
1910 Cochran Road
Manor Oak Two, Suite 520
Pittsburgh, PA 15220
(412) 341-2888, option 2

“Planning for Health Care in Retirement” Webinar

Presented by Christopher Musuneggi and Fidelity Investments

Did you miss our “Planning for Health Care in Retirement” webinar, presented by Christopher Musuneggi and Fidelity Investments, on October 3rd? Not a problem! View a recording of the webinar at your own pace by clicking through the video below.

If you have any questions, or wish to set up an appointment with Mike Lauro, Medicare professional and our trusted resource partner, give us a call. 

 

The Musuneggi Financial Group
Phone: (412) 341-2888
Email: info@mfgplanners.com

Fidelity Institutional® provides investment products through Fidelity Distributors Company LLC; clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC (Members NYSE, SIPC). Securities offered through Grove Point Investments, LLC, member FINRA/SIPC. Investment Advisory Services offered through Grove Point Advisors, LLC. Grove Point Investments, LLC & Grove Point Advisors LLC are subsidiaries of Grove Point Financial, LLC. The Musuneggi Financial Group is not affiliated with Grove Point Financial, LLC or its subsidiaries. Click here to view Form CRS.

Estate Planning: A Critical Part of Your Successful Financial Plan

By Mary Grace Musuneggi

 

Due to the state of the current economy, we all might feel that the most important piece of a good financial plan is rate of returns. But markets go up and go down, interest rates go up and go down, inflation pulls prices up, and poor economic conditions can exist. But these same circumstances will probably exist many times while you are building your wealth — and even more times while you are living in retirement and spending your wealth.

A good, structured financial plan leaves room for adapting to a changing economy. But the one critical part of your planning that always needs addressed in all economic climates is estate planning. Most of the major issues that we have had to address for our clients, that cause us and them the greatest stress, is an improper estate plan.

We have had to watch those with incomplete planning, have no one to address their finances when they are disabled because they did not have Powers of Attorney. We have seen business owners watch their businesses fail while there is no plan for handling operational issues when they cannot. This is due to lack of proper business operation documents or adequate business Powers of Attorney. We have watched the families of clients, clients who did not want to spend the attorney fees to do the proper documents, lose half or more of their estates in taxes, litigation and attorney fees. Clearly a cheap Estate Plan can be worse than no plan at all.

Another issue we see is those clients who get the documents, but never share them with those who would be their Powers, or Executors, or Guardians. On top of that, there are those documents that are never reviewed and years later these people have moved, died, or can’t act. Or, the documents are hidden away giving no one an idea of where to find them when they are needed. We have seen clients pay for very expensive trusts only to find out that they have nothing to put in the trust. Or they have never updated their assets to reflect the trust. A huge waste of time and money.

Other common mistakes:

  • Leaving assets to children under 18
  • Leaving everything to one child to share with the other children
  • Selecting a Health Care Power of Attorney who is living out of state/Not having an alternate
  • Having one Power of Attorney that covers Health and Financial
  • Thinking that personal documents are the complete planning if you own a business
  • Not having a succession plan if you own a business
  • Improper titling of accounts when a Power of Attorney would be a better option
  • Not maintaining hard copies of all beneficiary arrangements/Not having contingent beneficiaries
  • Not completing final expense planning

I recently read a study that indicated that only 33% of Americans have wills, which is down from 51% in 2005. One thing is for sure, the 67% are going to die just like the 33%. And they will leave behind something that someone else has to deal with. The stress of having to deal with something for someone can easily be avoided by doing a good Estate Plan now when it is not needed; instead of at a time of crisis when it is.

If you are a client of The Musuneggi Financial Group, you are required to have a Financial Power of Attorney on file. That way we are sure we have someone to work with if a time comes when you are not able to handle things for yourself. We always want to be able to help and not have the lack of a piece of paper stand in the way. During an emergency we never want to have to say, “We are unable to help.”

If we do not have your most recent Financial Power of Attorney, please forward it to us. If you need an attorney to help you get your documents in order, or review your current ones, we can help. If you don’t have copies of your beneficiaries, contact the companies holding your insurances, investments, employee benefits, and company retirement plans. And please reach out to us at 412-341-2888 to discuss this further.

Mary Grace Musuneggi, CLU, ChFC, CFS, RFC
Chairman & CEO
Phone: 412-341-2888
Fax: 412-341-0725

Planning for Life’s Big Moments Webinars

Presented by The Musuneggi Financial Group and Fidelity Investments

It’s life’s big moments that move us into action, and we know those moments can have a significant impact on your finances, health, stress levels, and overall wellness. Together, we will discuss how thinking ahead can help provide peace of mind should you face a health concern, have a change in marital status, lose a loved one, navigate an unexpected job loss or retirement, or other big life moment.

Join The Musuneggi Financial Group and Fidelity Investments as we discuss how common life events can affect your financial plan. We will be hosting the webinar, “Planning for Life’s Big Moments”, via Zoom on April 27th and May 10th, 2022. 

After registering, you will receive a confirmation email containing information about joining the webinar.

The Financial Literacy Crisis

Presented by Christopher Musuneggi

Scared DriverImagine driving a car without a basic understanding of the rules of the road or even how to operate it. Scary thought.

Here’s another scary circumstance – one that is all too real. Many Americans are making financial decisions with minimal financial knowledge of investing, budgeting, and credit. The TIAA Institute conducted a survey on U.S. financial literacy, asking 28 basic questions about retirement saving, debt management, budgeting, and other financial matters. The average respondent answered only about half of the questions correctly.1

Another study, conducted by Pew Research, found that one in four Americans say that they won’t be able to pay their bills on time this month.2

It has been said that knowledge is power, and if that’s true, then too many Americans lack the power to control their financial futures. Financial success rarely happens by accident; it is typically the outcome of a journey that starts with education.

One of the obstacles to greater financial literacy is the so-called “Lake Wobegon effect.” In other words, we all consider ourselves above average, and based on that belief, it only follows that our financial understanding is above average. Unfortunately, this assumption has a flaw: it may discourage us from learning as much as we need in order to continue adapting to an ever-changing financial landscape.

The more informed we are, the more informed our financial decisions may become. Fortunately, we can consult a wide range of resources in pursuit of greater financial knowledge.

If you are committed to increasing your financial literacy, think about turning to financial professionals with your questions or visit a U.S. Treasury-sponsored website, mymoney.gov, which was created for that very purpose.3

1.TIAAInstitute.org, 2020
2. PewResearch,org, 2020
3. MyMoney.gov, 2021

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.