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Inflation is defined as the soaring of the average prices of goods and services. This generally happens due to changes in the demand and supply for different goods and services on a national or international level. For instance, if there is a boom in a business with low unemployment and an increasing workers’ wages, the customers end up having more income for themselves at their disposal. This increase in the disposable income, leads to an ability to buy more goods and services. Due to an increase in the demand for these goods and services, the average prices are bound to rise. If for example, the economy is in trouble, there will be an increase in the unemployment while the wages would remain constant. In such a scenario, consumers will not be able to buy more goods and services, leading to a reduction in the production. Due to this, there is an increase in the average prices resulting from the reduction in the supply of goods and services. Additionally, inflation also causes currency values to depreciate, in addition to raising the cost of goods and services. As prices rise, your income's purchasing power—dollar for dollar—decreases, requiring more dollars to acquire the same quantity of products and services. In order to stay up with or exceed inflation, your personal savings and investments will have to work harder over time. It's critical to keep inflation in mind while you continue to save for retirement and make large purchases. Reasons for the US Inflation in 2022: If you look at the markets for any decade, on an average, they go up for 7 years and down for the remaining 3 years. For this decade, it feels like the markets are going to get worse, however, they should get better sometime soon. According to the economists, US inflation for the next year should be affected by: The Fed might end up reducing the rates due to a decrease in the consumer expenditure Wages and rents will still increase, however, and there will be a situation of bounded supplies Due to the coronavirus pandemic, people have gotten into the habit of spending more on household items than on travelling and entertainment. Due to the new hybrid work culture, there has been a reduction in using the sources which were being used before the pandemic had hit the world. There's unlikely to be another increase on big-ticket items like there was during the lockdown, which drove up the costs. The Federal Reserve is putting the brakes on monetary policy, and statistical quirks will hopefully bring the inflation down by a few points. According to data produced by industry groups like Zillow and Yardi, the real-estate boom that gathered steam and pushed housing prices to new highs has resulted in a rise in rentals. According to David Wilcox at Bloomberg Economics, the summer of 2022 will see the housing prices to increase to close to about the 6% - 7% range. If this actually occurs, it would be the highest in the past 30 years. Market expectations for US monetary policy are changing dramatically. Several analysts feel that monetary policy is too loose, and that the Federal Reserve will hike interest rates to at least 2.5 percent by mid-2023. If you are concerned about inflation and it's impact on your future plans, speak to one of our financial advisors to find out how they can help you navigate the road ahead. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

If you take care of these 5 things, you might end up saving a lot of money and time. We all make errors, and we learn from them. When it comes to money, though, it is advisable to avoid the trial-and-error method. Perhaps you're making some easy errors that can be corrected with a little effort. Your financial advisor may be able to assist you. Avoid These Five Financial Mistakes Avoiding some of the following financial blunders could save you a lot of money and pain in the long run. 1. Taking money out of a Retirement Account to pay off debt: If you withdraw money from a retirement plan before reaching a particular age, you may face significant income tax penalties. Even if no penalties apply, cashing out a full account at once may place you at a higher tax rate. Early or premature distributions are when money is withdrawn before reaching the age of 59.5. You could face an additional ten percent tax. (As with any rule, there are exceptions, so consult a knowledgeable financial advisor or the Internal Revenue Service.) Many people were obliged to use their retirement funds to pay off rising bills and loans because of the COVID-19 outbreak. This was a last-ditch effort, but the lesson of the story is that if you must take a distribution, you should at the very least be aware of the tax implications and take steps to lessen them. 2. Failure to keep track of retirement account rollover dates: Receiving a check from an eligible retirement account and depositing that money into another qualified retirement account within 60 calendar days allows you to move your wealth around. The IRS counts the sum as a taxable distribution if you miss the deadline. In addition, your 401(k) plan provider deducts 20% of federal income taxes. To avoid any tax penalties, you must add funds from other sources equivalent to the gross pay-out. What is the key takeaway here? When possible, rollover your accounts utilizing a trustee-to-trustee transfer. A direct transfer of funds from your custodian to another custodian may be a preferable approach to performing a rollover. 3. Failing to keep beneficiaries up to date: It's common to forget to delete a former spouse's name from a retirement account or insurance policy's beneficiary list. This could lead to you being unable to provide for your children, a new spouse, or other family members. You must check your beneficiary designations at least once a year and if a major life event occurs, such as a marriage, divorce, or birth. 4. No Will: After your death, your assets are transferred to your beneficiaries according to your will. However, if you pass away without a will, your assets will be inherited according to the law of intestacy. In that case, your assets might not be transferred according to your desire. It is, therefore, advisable to have a will that specifies where you would want to see your money go after you pass. It would be best to review your will every few years or whenever there are any changes in your life. 5. No power of attorney: A power of attorney (POA) is a person whom you choose to make decisions on your behalf, should you be incapacitated to take one. They are generally your spouse or someone whom you trust. This person will then be able to access your bills, finances, and expenses and sign your tax returns for you. In case you do not have a POA, and you are unable to make your decisions, your family will be bound to petition the courts for a conservatorship. This process is undoubtedly, extremely time-consuming and money-drenching. Therefore, it would be best to speak with an attorney and get a POA selected for your account. Your Financial Advisor: Your finances could be the most complicated or the easiest part of your life, it all depends on you having a financial plan and a financial advisor. It would be best to have a financial advisor who knows all about the different retirement accounts and make plans which consider unforeseen circumstances which you might face. Your financial advisor must understand your goals and help you not make decisions after being affected by emotions alone. The smartest way to take care of this is by building a financial plan for yourself with the help of a financial advisor. This would certainly make your life easier and help you have a better and more peaceful life. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

The portfolio which you own is probably designed in the best way possible to achieve your financial goals. However, the market is quite volatile and can have a huge impact on your goals. The volatility of the Market: The market is extremely volatile, getting affected by the latest news as well as the smallest event occurring in a different part of the world. Hence, in order to achieve your goals, you should work towards having a financial plan which does not get affected by the market’s volatility. For instance, if someone aged 55 in 2010 planned on retiring by 2020 must have had a great financial plan in place. You could probably aim at earning a return of about 10% per year for the next decade. However, due to the pandemic in 2020, the financial plan would not have worked as expected, in fact, it was highly unlikely to end up with the amount of money you had started with. Building money over time may appear hopeless, but a well-designed financial strategy can assist you in navigating the market's ever-changing ebbs and flows. A Dynamic Financial Plan is the requirement of the hour: A financial plan can help you figure out how to achieve your objectives. Any smart financial strategy is adaptable. People frequently consider their financial plans to be set in stone. You don't want to stray too far from your objectives, yet objectives evolve. As your objectives change, so must your strategy. Changes in your life might have just as much of an impact on your financial goals as market fluctuations. You could start a new career, change your tax bracket, or buy a house. You might have a child or get divorced. You might get a hot stock tip or a stock warning, on which you want to act. You have the option of filing for Social Security at the minimum age or waiting until you reach the maximum age. The truth is that no one can anticipate what asset mix will return 10% per year for the next decade. However, you may devise a strategy that takes into account the various possibilities that life may throw at you. Your plan of action? The first and foremost thing you should do is to be aware of the market trends at the current time. It would be a good practice to use the resources you have. Additionally, it is advisable to stay in touch with your financial advisor. The risk of your financial plan not working as expected can be mitigated by developing a good financial plan with good financial resources. Your emotions drive a lot of your decisions. You should make it a point to not get distracted by emotions and deviate from your financial goals. It is always better to keep your financial plan in your head and make decisions accordingly. A good financial strategy with the correct financial planner would help you think rationally and make good decisions in case of unplanned situations and emergencies. The security of a Financial Plan: Although there is no way to forecast the future, one thing is certain: markets will always be unpredictable. A financial planner's role is to work with you to create a well-thought-out strategy that accounts for any obstacles that can derail your plans. This gives you the confidence to face the inevitable times which you probably wouldn’t have planned for. So, if you have a strategy in place, adhere to it and make sure it's updated when your objectives change. You're missing out on the sense of security that a good financial plan can provide if you don't have one yet and are just focusing on investing advice. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

Every time you think of Financial Planning, there are probably two basics you get into thinking about: 1. Having a Financial Advisor 2. Acting as a self-directed investor However, it is generally not easy to abide by the latter. Consider the fact that we are talking about your financial condition. The majority of us lack the knowledge and experience that a good financial advisor can provide. Financial Advisors also need Financial Advisors: Financial advisors will argue that financial planning and investing are topics about which everyone should be knowledgeable. Financially advising others, on the other hand, is not the same as being your own advisor. If you work in finance, you may have some of the tools you need to be a self-directed investor, but there is a lot you will not be able to anticipate and act on. As a result, financial advisors, like doctors, require primary care physicians' services. Financial Advisors can help in improving your money habits: A large number of surveys have been carried out to understand and have a count of the number of people who work with financial advisors and how many people have long-term financial plans. The results of these surveys are, however, disappointing. According to a Charles Schwab report, about 60% of the Americans live pay check to pay check. Also, only about 25% of the Americans have a financial plan. According to reports from CNBC, 75% of the Americans manage their finances all by themselves, without consulting any financial advisors. People generally are not open to creating a financial plan because they feel they do not have enough money to get invested. Greater fiscal responsibility and improved money habits are encouraged with a good financial advisor and a well drafted written financial plan. Financial Coaching: The sad truth about financial planning is that a very limited number of people are aware about this method of managing your finances. Of course, it is always better to learn and gain more knowledge with regards to wealth management. However, what really is not a good practice is to believe that you can do it all by yourself. A number of people lack the ability to do this as a solo practice. The more you try to understand about your money, the better you get at making decisions about it. Your Financial Advisor can help you in various ways including: College funding Investments tailored to your needs and requirements Managing Portfolios Avoiding scams Investing in Alternatives Understanding 401(k)s Debt management Strategies to maintain/increase income Mutual funds related decisions Private company investments Discussing about your money with your spouse Making decisions not based on emotions Additionally, a good financial advisor can help you identify your risks and areas of concern. Get in touch with our team of experts to see how they can help you manage your finances and attain your goals. -- DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

One of the most financially significant events in your life is purchasing a home. However, your financial task isn't over even after you've closed. You should take a few additional steps to integrate your home into your overall financial picture. 1. Budget Adjustments Your monthly and annual expenses will vary once you buy a home, especially if you're a first-time homeowner. Even though mortgage payments are often less expensive than rent, homeowners with a mortgage pay an average of $8,609 more per year than renters. It would be best if you could make rapid adjustments to your budget to ensure you stay within your limits. You'll most probably need to budget for your mortgage, property taxes, and homeowner's insurance, as well as utilities and maintenance. Depending on how much your expenses climb, you may need to reduce spending in other areas of your budget, such as dining out and recreational activities. 2. Emergency Fund Rebuild It is extremely common for people to face their savings account being completely drained after paying the down payments, closing costs, mortgage costs and the other expenses. However, building your emergency fund as soon as possible is tremendously important. Despite having a good amount of money as a part of your emergency fund, it is always better to keep increasing your savings. According to experts, an individual must have at least three to six months’ worth of expenses saved in the form of a rain check fund. This obviously considers the more expensive tasks you would have to carry out after moving to a home you own. 3. Insurance Coverage Expansion Your lender will require homeowners' insurance before you can close on your new house. But that is not the end of the insurance changes you would have to make. Homebuyers should review their life and disability insurance policies. If you die, your spouse will be responsible for paying the mortgage and other house-related bills on his or her own. If you're no longer able to work or contribute to home-related bills, changing your coverage will help your family escape an uncomfortable financial position. 4. Tax – Strategy Revisit Once you become a homeowner, a new realm of possible tax deductions is created including deductions associated with mortgage interest, property taxes, mortgage insurance and more. In maximum cases regarding these tax deductions, the advantages are available only if instead of taking the standard deductions, you start itemizing. However, it is not always advisable for you to itemize your expenses. It would be a better idea to consult tax specialists who would be more than happy to help you and give you a tailored solution according to your financial needs. 5. Financial Plan Review You should always keep in mind that after buying the new home, that is not the only priority you have. It is extremely important for you to prioritize your financial planning. This could be related to your child’s education or buying a new car. In such situations, it always advisable to discuss with a financial planner and make decisions accordingly. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

November brings us Thanksgiving – a day for simply giving thanks. The 11th month also brings us Black Friday and Cyber Monday – two days encouraging us to shop. And since 2012, the Tuesday after Thanksgiving also offers us #GivingTuesday, the Tuesday after Thanksgiving where we can come together for one common purpose: to celebrate generosity and to give back. According to GivingTuesday.org, last year saw $2.47 billion donated in twenty-four hours in the U.S. alone, with “13% of the adult population participating by offering gifts of time, voice, skills, goods, and money, as well as countless acts of kindness inspired by the movement.” While the average online gift last year was a little more than $100, there are other vehicles that can help jump-start your generosity, like donor advised funds. Donor Advised Funds Giving frequent donations to charities is not easy. Paperwork headaches, particularly related to taxes, abound. And while writing separate checks may still be the best option for small gifts, a popular alternative may make a lot of sense: the donor advised fund. A donor advised fund is an account, maintained and operated by an umbrella non-profit group, called a 501(c)(3) organization, set up by sponsoring organizations. You can open an account and give it any name you want, such as the “John and Jane Doe Foundation.” You don’t have the expense and hassle of running a real foundation, which is the province of the wealthy anyway. Then, as the donor to the fund, you make contributions into your account. There is often a minimum contribution amount, such as $10,000, along with a minimum balance requirement. But because the Internal Revenue Service does not audit these accounts as it would a private foundation, they don’t have a separate tax ID or requirement to file a Form 990, as is the case with a private foundation. Since your contributions to these vehicles are irrevocable, the sponsoring organization has legal control of the fund. However, with a donor advised fund, you as the donor advise the sponsoring organization on how to distribute the money and how to invest it in the meantime. The sponsoring organization typically invests the donor advised funds in a pool of mutual funds, and sets the investment asset allocations. It also usually charges a low asset-based fee to cover administration costs. As the fund’s advisor, you may direct the sponsoring organization to make specific donations to charities you favour. There is often a minimum donation amount from your fund, but it is reasonable, and can be as low as $250 per grant. In addition, you may also choose successor advisors who make those recommendations when you can’t because of illness, disability or death. This can be a fantastic tool in teaching your children the value of making gifts. From a tax vantage point, you get the same benefits with a donor advised fund as with writing a check. Because your contribution to your donor advised fund is an irrevocable gift to a 501(c)(3) supporting organization, you get full access to the standard charitable tax deduction. The deduction amount that you claim is limited by the type of asset you contribute and your adjusted gross income. And the charitable deduction is earned in the year you make a contribution to your donor advised fund – not when you advise the sponsoring organization to send money to one of your favourite charities. Benefits of Donor Advised Funds There are many benefits to using a donor advised fund over the traditional “check-book charity” approach: You can separate your grant making from the end-of-year deadline for getting a deduction in. For calendar year tax planning, you need only time your contributions into the fund (along with taking your possibly limited charitable deduction). After that, you make grants at your leisure. You no longer have to track your grant donations, because the sponsoring organization will do that for you – and generally make those grant records available online. As part of your grant making, you can specify whether the grant is anonymous or not. Your sponsoring organization will check if the entity you’d like to donate to is eligible. That further simplifies your responsibilities in making charitable donations. If you are the kind of person who recognizes that your accomplishments rest on the good others have done in this world– and you’d like to “give back” in an efficient and practical way – then a donor advised fund might be your ticket. #DAF #DonorAdvisedFund #Charity #EffectiveAltruism #Charity #CharitableGiving DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

Investing in US compliant securities and funds is almost always going to be the better option over exotic alternatives, not to mention the lower costs. US expats will want to carefully weigh up their options to see if they are making the right choice. What are PFICs and should I invest in them? Broadly and simply speaking, a Passive Foreign Investment Company (PFIC) is a mutual fund registered outside of the US (1). It can contain mutual or hedge funds, foreign ETFs as well as insurance products. PFICs are disadvantageous to American investors as they can be taxed anywhere between 37% or over 50% dependent on when the investment was declared. In addition, once an investment is classified as a PFIC, it becomes extremely difficult to bring it into a lower tax bracket. As such, it is best for US-based investors to avoid investing in PFICs. Is it worth investing in PFICs and using various techniques to pay less tax? One way to reduce the heavy tax that comes with investing in PFICs is to file under a Qualified Electing Fund (QEF) tax regime. A QEF election will generally bring the PFIC investment into the same tax bracket as American investments. The exception to this being the dividends, which continue to be taxed at a higher rate. If using this method, it is advised to take a QEF election the same year the related investment was made, otherwise it becomes more difficult to take the election. While it may seem like a good option, the reality is that opting for a QEF regime also brings complex tax filings. Form 8621 is mandatory for every asset. This form is considered to be extremely complex, with seasoned tax accountants requiring at least 24 hours of work to complete properly. Consider the additional accounting costs when considering PFICs and QEFs. Another strategy is called Mark-to-Market. This is an even more difficult strategy, as the asset has to be valued in line with current market conditions using complex calculations. It is a lengthy process that can quickly become expensive. In certain jurisdictions, it is also the only option as the QEF election is not available. What about a portfolio without PFICs? Avoiding PFICs altogether is a common approach used by financial planners for American expats. This is also the approach adopted at Dunhill Financial. By avoiding PFICs completely, investors are able to realize gains without having to fall under any such onerous tax regimes. This also aids in simplifying tax filings and removes the need to file complex forms such as 8621. This does not mean that investors are no longer able to invest in European funds. Instead, one can invest in American funds that invest in European funds - thereby holding the same investments but avoiding the PFIC rules. Is a QEF Election or Mark-to-Market approach worth it? It is important to note that, in the table above, not all of the costs are factored in. Filing the necessary forms for a QEF election is very costly and has to be done every year for every asset. Prices for filling this form can vary greatly with more affordable specialists charging $150 USD per form/asset. As such, a QEF can also exacerbate losses by adding extra administrative fees. In addition, a delay in opting for a QEF regime can quickly become costly. The same goes for Mark-to-Market, the expenses incurred by this can quickly go up. The process for it can quickly become extremely complex, with even the IRS occasionally struggling to properly value an asset. Not having any PFICs in a portfolio therefore provides a more accurate figure for returns after tax, requires less paperwork and provides more security in case of error. (1) A mutual fund can also be a company. It is important to note that once an investment is classified as a PFIC, it will nearly always be considered a PFIC. #PFICs #AmericaExpatInvesting #QEF #FinancialPlanning #Investing DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2022 Dunhill Financial. All rights reserved.

Just like any other piece of your financial jigsaw, periodic monitoring of your Life Insurance policy is essential to ensure it will achieve your desired objectives. When reviewing your policy annually, here are a few questions to ask yourself. Is my Coverage Up-to-Date? A good place to start is to consider whether the original reasons for purchasing the policy are still applicable and if there are any additional needs e.g. a growing family, a bigger mortgage or future college expenses. If your existing policy is term insurance, you may want to consider converting it to a permanent contract. Permanent insurance contains a cash value component that offers the potential for tax deferred accumulation, as well as the same death benefit features of term insurance. In the future, the cash value could be accessed to help supplement retirement income needs. It is however important to bear in mind that withdrawals and loans taken against a policy’s cash value could reduce the death benefit, increase the likelihood that the policy will lapse, and may have tax consequences. Have my beneficiaries changed? As a single person or couple with no children, you may have chosen some other family member as a beneficiary, however, now your circumstances have changed it might be more appropriate for the beneficiaries to be your partner or children. Additionally, if you eventually set up a living trust, a legal professional may suggest naming the trust as the policy’s beneficiary. Has my Estate grown? Regardless of the type of life insurance and the beneficiaries chosen, the proceeds from a claim on death will be included in the deceased person’s estate. So as the asset base increases in value, the family may want to periodically monitor and update their estate planning strategies to help minimize the effect of estate taxation. Life insurance may play a significant role in protecting and preserving a family’s wealth. But as with all financial matters, life insurance policies should be reviewed on a regular basis. Be sure to consult a financial advisor to help you evaluate your present situation and determine an appropriate course of action. Am I covered if I move country? If you purchased the policy before you had any intentions of moving overseas, and the policy is still in force, it is likely to remain valid as long as you continue to pay the premium. Practically, unless the policy is paid up, you may need to maintain a US bank account for the insurance company to draw the premium from. Should you pass away while overseas, the insurance company will pay out to your beneficiary as long as the legal death certificate is presented. Whilst it is likely they will only issue a check that is drawn on a US banking institution, if your beneficiary does not have any financial ties to the US, it may take an intermediary step to send the proceeds overseas. As some policies may explicitly exclude acts of war, if you are moving to a country with high risks of war you should check the policy contract to see whether certain events or countries are excluded. If they are you may want to look for a new policy. Life insurance may play a significant role in protecting and preserving a family’s wealth. But as with all financial matters, life insurance policies should be reviewed on a regular basis. Be sure to consult a financial advisor to help you evaluate your present situation and determine an appropriate course of action. #InsurancePlanning #Insurnace #FinancialPlanning #AmericanExpats #Investing #Retirement DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2023 Dunhill Financial. All rights reserved.

If you are a US citizen or US expat, the sheer number of retirement and savings options out there can be overwhelming at times. With members of the public vying for each side as the one stop solution. However as we discuss below, each of these retirement vehicles have their own benefits and drawbacks associated and sometimes may not be the best options available. What is a 401(k)? A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren’t paid until the money is withdrawn from the account. While a 401(k)can help you save, it has plenty of restrictions and caveats. In most cases, you can’t tap into your employer’s contributions immediately. Vesting is the amount of time you must work for your company before gaining access to its payments to your 401(k). (Your payments, on the other hand, vest immediately.) It is an insurance against employees leaving early. On top of that, there are complex rules about when you can withdraw your money and costly penalties for pulling funds out before retirement age. Who is eligible for a 401(k)? You must be 21 years of age You must be a full-time employee, who has served up to a year of service. If you meet this criteria, your employer must allow you to participate in a company-matching qualified retirement plan. Not all employers make employees wait a full year before enrolling (the longest allowable time by law). What are 401(k) contribution limits? 401(k) contributions offer more fiscal freedom than an IRA. The IRS updated the contribution limits for 401(k) plans in 2024, increasing the employee contribution from $22,500 to $23,000. Other important increases that went into effect for 2024: The catch-up contribution rose to $7,500. 401(k) distributions tax Contributions to a 401(k) are pre-tax, which means you don't pay taxes until you withdraw money from the plan. This may be attractive for those who expect to be in a lower tax bracket during retirement than during their working years. In addition, your contributions have the potential to grow on a tax-deferred basis. As with IRAs, non qualified withdrawals from a 401(k) before the age of 59½ are subject to a 10% Federal income tax penalty, unless a qualified exception applies. Some employers may also offer a Roth 401(k) option, which allows workers to make Roth IRA-type contributions to their 401(k) plan without the income restrictions and lower contribution limits that apply to Roth IRAs. The contribution limits are the same as for traditional 401(k)s, but salary deferrals to Roth 401(k)s are not tax deductible. Qualified distributions are tax free. -- DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN.

When it comes to IRAs, knowing the right vehicle for your situation can make a world of difference. That's why we've put together a few tips to help you on your journey with DF-Direct. Contributions Perhaps the biggest difference between Ttraditional IRAs and Roth IRAs is how and when taxes apply to the contributions and earnings. Contributions to traditional IRAs can be pre-tax (deductible on the taxpayer’s income tax return). Although contributions and earnings accumulate on a tax-deferred basis, income taxes are due when IRA distributions are taken. On the other hand, contributions to Roth IRAs are made with after-tax dollars, and contributions and earnings accumulate tax free. No income tax is due when distributions are taken from a Roth IRA. For tax year 2024, the maximum contribution to either a traditional IRA or Roth IRA is $7,000 ($8,000 for individuals age 50 or older). Age Restrictions Required minimum distributions (RMDs) from Traditional IRAs must begin by April 1 of the year after an individual reaches age 73 (if reached after December 31st, 2022) or a considerable tax penalty may apply. In contrast, Roth IRAs have no minimum distribution requirements. However, both traditional and Roth IRAs have a minimum age for distributions: 59½. Distributions taken prior to age 59½ may be subject to a 10% Federal income tax penalty. Certain situations qualify as exemptions, such as distributions to pay first-time-home buyer expenses or qualified education expenses. Furthermore, before tax-free distributions can be received from a Roth IRA, the account must be five years old. Income Eligibility Limits Spending on your tax-filing status, your income, and whether or not you participate in a qualified employer-sponsored retirement plan, you may be eligible to take an income tax deduction for contributions to a traditional IRA. If you are a single taxpayer, it is often not worthwhile to participate in a qualified employer-sponsored plan, and earn a minimum of $7,000, contributions are deductible regardless of your adjusted gross income (AGI). However, if you do participate in an employer-sponsored 401(k) retirement plan, income limits apply to contributions to your IRA. Deductions in 2024 phase out for single filers with modified AGIs (MAGIs) between $77,000 and $87,000, and for married couple joint filers with MAGIs between $123,000 and $143,000. Requirements are different for Roth IRAs. If you participate in a qualified employer-sponsored retirement plan, you may contribute to a Roth IRA; however, if you are also contributing to a traditional IRA, your contributions may not exceed the annual contribution limits. You are eligible to make a full contribution to a Roth IRA if your MAGI in 2024 does not exceed $161,000 for single filers or $240,000 for married joint filers (contributions phase out for single filers with MAGIs between $146,000 and $161,000, and for married joint filers with MAGIs between $230,000 and $240,000). For a married individual filing separately who participates in a workplace retirement plan, the phase-out range is $1 to $10,000. A Roth IRA is often a favoured choice for those who participate in a qualified employer-sponsored retirement plan and exceed the income limits for a deductible IRA, but who meet the income eligibility requirements for a Roth IRA. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN.

Moving to Italy is the dream of a lifetime. From the dolce vita  to the incredible food, culture, and history, it's an unparalleled adventure. But for an American family planning a permanent or long-term move, that adventure may come with a critical "to-do" list. Right at the top, alongside your permesso di soggiorno  and finding the right school, should be understanding Italy's estate planning system. Why? Because Italy operates on a civil law system, which is fundamentally different from the common law system you're used to in the United States. When it comes to your assets, your family, and your legacy, "what you don't know" can have significant and costly consequences. Navigating this new system can be complex, but it's built on a few core concepts. Here are the four fundamental pillars every American family must understand. Pillar 1: "Il Patrimonio" — Understanding Your Net Worth, Italian Style In the U.S., "net worth" is a financial snapshot. In Italy, il patrimonio  is a foundational legal concept. It represents the entirety  of your assets (both movable and immovable) and your liabilities. The Italian legal system views this differently depending on its context. Family Net Worth and Italian Succession Law  The Italian legal system often considers a family's overall net worth, or patrimonio (nucleo familiare), as a single, holistic entity for succession and tax purposes. This comprehensive view can encompass not only Italian assets—such as real estate, bank accounts, investments, art, and personal belongings—but also worldwide assets, including those held in the U.S. For individuals who become residents of Italy, the country's law can take these worldwide assets into account for succession and taxation. However, the specific rules and application are highly dependent on the individual's unique circumstances and the relevant applicable regulations. Business Net Worth:  If you are an entrepreneur, the distinction becomes important. The patrimonio  of your business (e.g., an S.r.l. , or limited liability company) is generally legally distinct from your personal patrimonio . This creates a liability shield, similar to an LLC in the U.S., helping to protect your family's personal assets from business creditors. Planning for the succession of a business may require a special tool, the patti di famiglia , which we'll see in the next pillar. Pillar 2: Planning Your Legacy — Instruments for Transferring Wealth The Italian system provides several tools for planning the transfer of your patrimonio . Some are used to transfer assets inter vivos  (while you are alive), while others plan for the transfer of assets  mortis causa  (after death). Successione Mortis Causa (After-Death Succession):  This is the default process. When a person dies, their patrimonio  may pass to their heirs either according to a will or, if there is no will, by the rules of "intestate succession" (see Pillar 3). The specific outcomes depend on the individual’s circumstances and applicable law. Donazione Diretta e Indiretta (Direct & Indirect Gifts):  These are the two most common  ways to transfer assets while alive. Direct:  A formal gift, such as deeding a house to a child or a large bank transfer. This typically requires a formal act before a Notaio  (notary). Indirect:  A more subtle gift, such as paying for a child's apartment or forgiving a large debt. Italian tax authorities mayview these as taxable gifts. Patti di Famiglia (Family Pact):  A useful tool for business owners. Governed by Article 768-bis of the Civil Code, this allows an entrepreneur to transfer the family business (or shares in it) to one or more descendants while alive. The recipients must, in turn, compensate the other potential "forced heirs" (see Pillar 3) who are not receiving interests in the business. This is a limited exception to Italy's broader restrictions on inheritance agreements. Trust (Il Trust):  As Americans, you are very familiar with trusts. Italy, as a civil law country, does not have trusts as a native legal instrument. However, thanks to The Hague Convention, Italy recognizes   trusts created under foreign law (like a U.S. trust). This can be used as a tool for asset protection and complex family planning, but it requires expert, cross-border legal structuring. Polizza Vita con Beneficiario (Life Insurance Policy):  This is often considered a compelling tool in Italy. The proceeds of a life insurance policy paid to a designated beneficiary are considered to be outside the deceased's patrimonio . This means they are usually not subject to the forced heirship rules (Pillar 3) and, in most cases, are exempt from inheritance tax. Testamento (Will):  This is the central planning tool, which we will cover in detail in Pillar 4. Pillar 3: The Family Tree and "Forced Heirship" In the U.S. (outside Louisiana), you have "testamentary freedom"—you can leave your assets to whomever you wish (your children, your friend, a charity). Italy does not have this.  Instead, it has "Forced Heirship." The Italian Civil Code defines two types of heirs: Eredi Legittimi (Intestate Heirs):  These are the relatives who inherit your assets if you die without a will. The law (starting from Art. 565 C.C.) dictates a strict "waterfall" based on your grado di parentela  (degree of kinship)—spouse, children, parents, siblings, etc. Eredi Legittimari (Forced Heirs):  These are specific, close family members who are legally entitled to a fixed portion of your estate, known as the quota di legittima  or "reserved share." These heirs are your spouse, your children, and (if you have no children) your parents. This is what a family tree would look like for a family all the way to the 6th degree of kinship.  The determination of reserved shares, and consequently available shares (calculated as 1 minus reserved shares), hinges on the degree of kinship. This calculation would vary depending on whether the deceased ( de cuius ) is survived by a spouse or not.  You cannot disinherit them. Even if you write a will leaving 100% of your assets to, for example, a charity, your eredi legittimari  can sue the estate and "claw back" their legally reserved portion. The "American Escape Hatch" for Forced Heirship While this situation might initially cause concern, a robust solution exists for non-Italian citizens. This is the EU Succession Regulation (No 650/2012), commonly referred to as "Brussels IV," which offers a transformative option. This regulation allows an individual to elect the law of their nationality to govern their succession. This means a U.S. citizen living in Italy can include a professio juris  (profession of law) clause in their will, formally declaring that they want the law of their U.S. state of nationality (e.g., "the laws of the State of New York") to govern their entire estate. When properly executed, this may allow the individual to avoid the application of Italian forced heirship rules and restore the testamentary freedom you are accustomed to, allowing you to distribute your assets as you see fit. Pillar 4: Making It Official — The Types of Wills in Italy To make that all-important election of U.S. law, you need a valid Italian will. Italy recognizes three primary forms: Testamento Olografo (Holographic Will - Art. 602 C.C.): How it works:  This is the "DIY" will. To be valid, it must be entirely handwritten by you (no computer, no typewriter), dated, and signed by you. Pros:  It's free, completely private, and simple. Cons:  It can be easily lost, destroyed, or challenged (e.g., claims of forgery or incapacity). It is also easy to make a legal error (like forgetting the date) that invalidates it. Testamento Pubblico (Public Will - Art. 603 C.C.): How it works:  You go to a Notaio  and, in the presence of two witnesses, you state your wishes. The Notaio  transcribes your wishes into a formal legal document, reads it aloud, and you, the witnesses, and the Notaio  all sign it. Pros:  It is legally ironclad. The Notaio  ensures all legal requirements are met (including a professio juris  clause). It is registered in a central registry and cannot be "lost." Cons:  It costs money (for the notary's services) and is not private (the notary and witnesses will know its contents). Testamento Segreto (Secret Will - Art. 604 C.C.): How it works:  A hybrid model. You write (or type) the will yourself and seal it in an envelope. You then bring it to a Notaio , who, in front of witnesses, drafts a formal "deed of receipt" that is attached to the envelope. The Notaio  does not know the contents. Pros:  It combines the privacy of the holographic will with the official registration and security of the public will. Cons:  It is less common and still has a formal process. For an American expatriate, the Testamento Pubblico  is almost always the recommended path. The cost is a small price to pay to ensure your election of U.S. law is drafted correctly and your will is legally unassailable. A Practical Example: The High Cost of "No Will" in Italy Let's tie all these pillars together with a real-world scenario. The Scenario: A young American couple (let's call them John and Jane) move to Italy. They have no children. John's parents and his two brothers all live in the United States. The Balance Sheet (Pillar 1) : John and Jane's joint net worth in Italy is as follows. We assume they own everything in a 50/50 joint capacity. Assets: Italian Apartment: €300,000 Investment Portfolio (Bonds): €100,000 Joint Bank Account: €40,000 Total Assets: €440,000 Liabilities: Mortgage Balance: €120,000 Total Liabilities: €120,000 Total Joint Net Worth : €320,000 John's Estate (His 50% Share): €160,000 The Event : John tragically passes away without a will (known as dying "intestate"). Jane assumes she will inherit his 50% share, giving her the full €320,000. She is wrong. The Outcome (Pillar 3) : Because John died intestate, Italy's "Intestate Heirs" rules apply (Art. 582 of the Civil Code). The law dictates who inherits his €160,000 estate. The heirs ( eredi legittimi ) in this case are his wife, his parents, and his siblings. The distribution is not 100% to the wife. Based on this specific family tree (spouse, ascendants, and siblings), the law splits the estate as follows: To Jane (Spouse): 2/3 of the estate = €106,667 (approx.) To John's Family: 1/3 of the estate = €53,333 (approx.) This 1/3 share is then further divided by law (Art. 571 C.C.), which guarantees the parents (ascendants) a minimum portion. To John's Parents (in the U.S.): 1/4 of the total estate = €40,000 To John's 2 Brothers (in the U.S.) : The remaining 1/12 of the total estate = €13,333 The Shock : Jane now legally owes €53,333 to her in-laws. This is not her "family money" anymore. She must find a way to pay them, which might mean selling the investment portfolio or even the apartment she lives in. How to Fix This (Pillars 3 & 4) : This entire nightmare scenario is avoidable. If John had a Will... : What if John had a will leaving 100% to Jane? His parents (as eredi legittimari, or forced heirs) would still be legally entitled to their 1/4 reserved share (€40,000). His brothers would get nothing (as they are not forced heirs), but Jane would still owe €40,000 to her in-laws. The Correct Solution : John should have gone to a Notaio and created a Testamento Pubblico (Public Will). In that will, he would make the "American Escape Hatch" election (Pillar 3), stating his estate should be governed by the laws of his U.S. home state. This U.S. law allows him to leave 100% to his wife. This simple declaration, embedded in a valid will, would have protected Jane completely and nullified the forced heirship claims of his parents. Conclusion: Don't Do It Alone This is a brief overview of a deeply complex legal field. The most important takeaway is that Italian law is not "better" or "worse" than U.S. law—it is simply different . As an American family, your estate plan must be a "hybrid" that is valid in both countries and addresses complex cross-border tax implications. This is not a DIY project. Seek out qualified, bilingual legal and financial professionals who specialize in both U.S. and Italian law to guide you. Benvenuti in Italia! DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2025 Dunhill Financial. All rights reserved.

Many of our clients have aging parents abroad.  Dealing with their affairs from afar can be challenging.  You are not nearby to monitor daily activities and ensure their safety.  However, from afar, you can still serve as an advisor, whether financial or personal, and if you structure your advice, you can help them enjoy their golden years. Keeping Track of Daily Expenses & Monitoring Care Needs It is very important to be aware of your parents’ finances, especially if you are not located nearby to monitor their activities.  Help your parents to set up auto payments  of their utility bills, mortgage payments, homeowners association payments, and tax payments so they do not miss important deadlines.  The last thing you want to encounter when you come home for a visit is a drawer full of unpaid bills.  Try to avoid this by setting up auto payments, and then you can monitor everything online from abroad. Monitoring your parents’ everyday expenses  is essential to ensure they are not spending unusual amounts on frivolous purchases.  You may not have the same priorities or spend as much on golf or gardening, but these are normal expenses to keep them busy with their hobbies.  What you want to look out for is large amounts spent at a department store or given to a charity.  This may be a sign that they are not spending wisely and may be a victim of aggressive sales tactics. You also want to monitor the accounts for fraud . Be on the lookout for large amounts being given to people your parents employ or to charities that seem suspicious.  If your parents donate to numerous organizations that sponsor the same kind of activity, you may want to inquire to see if they are aware of the donations.   You will want to ask about any long-term care insurance  that your loved ones may have.  These policies offer numerous benefits and should be utilized when necessary.  Usually, the insured must be unable to do two activities of everyday living (Bathing, Eating, Dressing, Toileting, Transferring). Check the benefits of the policy.  Do not let the policy lapse, which typically occurs due to non-payment of premiums.  These policies are very expensive now and generally impossible to replace.  Many policies offer benefits for assisted living facilities, nursing homes, and home care.  They typically have a maximum benefit and a length of time that the policy will cover. If your parents have these policies, they can save hundreds of thousands of dollars in healthcare expenses.   If you have family members  who live closer to your loved ones, you may want to ask for their help with monitoring and checking on your parents' daily activities.  They do not have to be involved in caring for your aging parents, but it is important that they monitor the staff that is caring for them.  If you do not have a family member nearby, there are many agencies that can provide services to elderly clients.  These include Medicare Advantage plans that reimburse for nursing service for a few hours per week.  If more is needed and no family members live nearby, there are private agencies that can help.  If you come to a point where  institutional care  is needed for your parents, try to find a facility near to a family member, if possible.  People have busy lives.  If your elderly parent needs institutional care, it is important that they are close enough that family members can visit. Estate Planning It is simple to ask your loved ones to add you as a trusted contact  or to add you as a joint owner or give you power of attorney  (POA) over their investment and bank accounts.  Each institution will have their own set of forms but once in place, you will be able to help them with their accounts.  As a joint owner or POA of the account, you can monitor the cash flow and assure that they are safe from scams and financial predators. Be sure you have access to your loved one’s estate planning documents .  These include wills, health care proxies and powers of attorney.  These documents should not be locked in a safe deposit box that no one can open. Be sure your name is on the title of the safe deposit box and you have a key.  If your loved one does not want to share the documents with you, be sure that you know where they are or the name of the attorney that has a copy.    Be sure that the executors, trustees  or other people that are named in the will and other documents are still able to serve.  Many documents get old and the primary or contingent trustees named in the documents are gone or unable to serve. Estate planning documents should be reviewed every five years to be sure everything is still current. Living abroad poses other problems when you are named as trustee or executor of an estate.  Review the documents with an attorney in your current jurisdiction to be sure that no foreign estate taxes  or inheritance taxes are triggered by your inheritance of the “foreign” assets.  Many countries have restrictions on foreign trusts.  In the US, trusts are much more common so be sure that your loved one’s documents have flexibility in them so that any undue circumstances will not be triggered. Provisions for moving abroad If you do not have immediate family living close to your aging parents, find out what options you have if you wish to or need to relocate  them  to your country of residence.  Research visa types in your country of residence and whether your parents might qualify for the various categories.  An Adult Dependent Relative (ADR) Visa in the UK allows an elderly parent to come to the UK if they require long-term care that is not available or affordable in their home country, and there is no one else who can reasonably provide it.  Many other countries offer the same.  Check with the authorities in your country and, if necessary, consult with an immigration attorney. Lastly, of course, check with your loved ones to see if relocation would be agreeable to them.  Many people want to stay in their homes and familiar surroundings so uprooting them would not be a good idea.  Others welcome the adventure. Every family is unique and you will need to work through difficult circumstances, but by taking some preventive steps and keeping the dialogue open you will be able to keep your elderly loved ones happy and healthy for years to come. DUNHILL FINANCIAL, LLC IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN. Copyright © 2025 Dunhill Financial. All rights reserved.