A Life Lesson from Joe Biden


A Life Lesson from Joe Biden


I know what you’re thinking, but I’m not going there and neither should you. I’m not here to discuss politics, Democrat or Republican, conservative or liberal views. However, I’m going to highlight a very sensitive life lesson in which we all can learn.


Biden & Obama

I was watching the morning news, and I always enjoy seeing Vice President Biden on TV. He’s always so happy and positive. However, during this interview, he was asked about the death of son, Beau Biden who had been diagnosed with brain cancer. The Vice President shared that he considered selling his personal residence to help his son’s family because there was “nothing for them to fall back on, no salary”. He then continued on to discuss that he shared this with President Obama in one of their meetings.


Life Lesson from Joe Biden

The President told Mr. Biden not to sell his home, and that he, himself, would give him the money he needed. I mean this sincerely – we all need a friend like President Obama. How many of your friends are willing or even financially able to do that? Just give you the money? Chances are we don’t have friends or even family members with buckets of money that just show up to help us out in our time of need. And let’s not forget that once you give someone over $14,000 a year, it’s subject to gift taxes. Yes, there are some strategies around this, but the bottom line is, Beau didn’t have something to fall back on for himself and his family.

Financial Planning in a Difficult Situation

Cancer is all too common these days, and I suspect that you or someone you know has been affected by it. No parent should even have to worry or let alone experience the death of a child. I can’t imagine, and I can’t even relate. I can’t imagine their grief, but I wonder today, as they reflect over the past year or two from when Beau was diagnosed, has this experience changed their views towards how they plan for their financial future? How has the entire Biden family approached financial planning differently today versus yesterday? Have they addressed their gaps? What lessons will they pass or demand from the next generation?

Watch the interview here:



As a parent of a 25 year-old independent adult who believes he has it all together, I’m going to ask, and continue to ask again and again to make sure that he has the proper planning in place.

And I’m going to keep asking. Did I already say that? Yes, I did. I know he thinks and believes he makes up the 80% statistic that nothing negative will happen to him including a sickness or illness. He’s golden and healthy. After all, he is my kid. But, we need to do ourselves and our kids a favor: make sure they have their proper planning in place and don’t take it at face value. Dig deep and confirm! And, while you’re at it, hold that reality mirror up to make sure you’re not kidding yourself either.

A valuable and financially preventable life lesson from Joe Biden’s family that we all learn from.

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Ask yourself- can my portfolio support my lifestyle in my retirement? 

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3 Ways to Charitably Give


3 Ways to Charitably Give


Charitable giving through your estate plan is a wonderful way to leave a meaningful legacy. There are plenty of good ways to leave money to your favorite causes and at the same time provide for your family.


Take a minute to think of all the people, causes, places, communities and organizations that are near and dear to your hearts. Now think about your life without them. Sad and hard to believe, we know! Let’s talk about being charitable.

To help with honoring and supporting your favorite causes through holiday gifting and estate planning, here are three tips and strategies to charitably give.


Last Will & Testament

So without further ado, we present:

Tip #1: Donate Through Your Will

One way to leave a charitable donation is through your will. The amount you give won’t decrease your income taxes, but it could reduce your taxable estate, possibly increasing the amount you’ll be able to leave your heirs.

Tip # 2: Donate Through Retirement Assets

Donate your retirement assets. This can be done by designating a charity as the beneficiary of your account. Charities are exempt from both income and estate taxes so it can receive 100% of the account’s value. You can leave non-retirement assets to your children, which don’t have the same income tax burden.

Tip # 3: Split Interest Gift

Consider a split-interest gift. Often referred to as a gift that gives back, split-interest gifts can be an integral part of your overall financial plan. This is done by donating some assets to a charity at the same time retaining some of the benefits of holding those assets. The donor opens and funds a trust in the charity’s name and receives a charitable income tax deduction at the time of the transfer. Opening a trust allows the donor to retain some rights to the property and also reduces the value of his or her taxable estate.


Upcoming Philanthropy Events:

*Minnesota celebrates Give to the Max Day Thursday, November 13th.  A 24 hour window of opportunity to give to the max to your favorite charities and causes all while cheering on and tracking results!

*Did you know National Philanthropy Day is November 15th? St. Croix Advisors has teamed up with The St. Croix Valley Foundation and the Hudson Community Foundation along with the Hudson Star Observer to celebrate!  Submit your philanthropy story HERE on how you or someone you know has made an impact in the St. Croix Valley community and win prizes!

If you have questions about ways you can be charitable through estate planning, we would be happy to help.  Call us at (651) 337-1919 or email brett@stcroixadvisors.com.

Also, sign up for our eNewsletter blog that includes timely financial matters, news, and planning strategies that you can implement today.

Ask yourself- can my portfolio support my lifestyle in my retirement? 

11 + 8 =