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Company | Your Family Office Today, the typical high net worth individual has 4 or more advisors, including a CPA, estate attorney, investment manager, and insurance agent, to name a few. These advisors usually work within an informational vacuum, providing services without understanding their client's complete financial picture. Overall coordination is left to you, the client, to get your advisors on the same page and working together - something you probably don’t have the time to do. At MHB Financial Group, we have the experience and knowledge to ensure that your financial, legal, and accounting experts work together from a coordinated plan designed to address your entire financial universe, not just a limited area of expertise. Our comprehensive approach enables you to interface with a single service provider, much like a personal CFO, rather than spending your time calling three people every time you need advice. We serve as your overall coordinator of financial services, focused solely on managing and protecting your family's wealth and business interests. As a Registered Investment Advisor we bring a fiduciary level of care to our advice, ensuring that the services you receive are the result of a methodology that is focused on you and not the sale of financial products. Clients receive consolidated reporting, a broad and multi-generational view of wealth management, unbiased tax and investment advice, and coordinated, well-timed service delivery. Our cutting-edge technology enables you to stay informed about your financial situation 24 hours a day, 7 days a week.
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| Executive Biography |
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As Managing Partner of MHB Financial Group, Steve Bloch has advised high net worth individuals and families on personal and business matters for over 15 years. He brings an unmatched wealth of knowledge and experience to his clients. Steve is a graduate of both Harvard College and Fordham University's School of Law, and is a member in good standing of the New Jersey Bar. He is also a Certified Financial PlannerTM professional. Steve spent the first decade of his career as a member of the International Tax Planning Groups at Ernst & Young LLP and Deloitte & Touche LLP, where he had principal responsibility for providing creative income tax planning techniques for public and private companies and their owners. He was also deeply involved in the design and implementation of tax-efficient wealth preservation strategies for ultra-high net worth individuals. Prior to founding MHB Financial Group, Steve was the Managing Partner of both Lexington Financial Management, a Beverly Hills-based business management firm that caters to the entertainment industry, and Atlas Advisory Partners, a boutique tax consulting and compliance firm.
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Articles of Interest
Every month MHB Financial Group publishes timely articles on current issues that affect your financial health and security. To access this month's articles or view archived articles, please click on the link below.
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In the News
Click here for a list of MHB Financial Group's media mentions.
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Important Disclosure
MHB Financial Group, LLC (“Advisor”) is an California-registered investment adviser located in Redondo Beach, California. Advisor and its representatives are in compliance with the current filing requirements imposed upon state registered investment advisers by those states in which Advisor maintains clients. Advisor may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Advisor’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Advisor’s web site on the Internet should not be construed by any consumer and/or prospective client as Advisor’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Advisor with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Advisor, please contact the state securities regulators for those states in which Advisor maintains a notice filing. A copy of Advisor’s current written disclosure statement discussing Advisor’s business operations, services, and fees is available from Advisor upon written request. Advisor does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Advisor’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by Advisor) made reference to directly or indirectly by Advisor in its web site, or indirectly via a link to an unaffiliated third party web site, will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client’s investment portfolio. Historical performance results for investment indices and/or categories generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.
Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Advisor), will be profitable or equal any historical performance level(s).
Certain portions of Advisor’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Advisor’s (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Advisor, or from any other investment professional. Advisor is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.
To the extent that any client or prospective client utilizes any economic calculator or similar device contained within or linked to Advisor’s web site, the client and/or prospective client acknowledges and understands that the information resulting from the use of any such calculator/device, is not, and should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Advisor, or from any other investment professional.
Each client and prospective client agrees, as a condition precedent to his/her/its access to Advisor’s web site, to release and hold harmless Advisor, its officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from Advisor.
Big Windfalls and Structured Settlements – What They Are, and How to Handle Them
If you've received this windfall, it might sound like you're fixed for life. The reality is that your financial life has changed drastically, and you need to plan for it.
A structured settlement is a way of receiving partial payments for a major amount of money you've won or received in a lottery, a court or insurance case. You hear a lot of commercials on the air for getting cash from structured settlements, but it's important to understand what they are and how they should be handled if you're ever the recipient.
A good place to start is with a tax expert like a certified public accountant, a financial planning expert like a CERTIFIED FINANCIAL PLANNERTM professional, or an attorney or structured settlement consultant who has significant experience dealing with these payment structures. When there is big money at stake, it might make sense to consult all three. Some ideas:
First, the definition: A structured settlement is structured like an annuity. It is a contract written by an insurance company that provides periodic payments to a winner in a lottery, a lawsuit or some other settlement arrangement over time. Amounts can be paid out weekly, monthly or yearly.
The benefits: Structured correctly - and with the right oversight going in - a structured settlement annuity provides a payment stream that may be tax-free over a period of time during the winner's lifetime and remaining payments may be bequeathed to his or her survivors after their death.
The pitfalls: One should never accept a structured settlement agreement without vetting it against their own tax situation or estate needs. Also, it helps to have an expert who understands these agreements well enough to know whether certain fees or charges connected with that settlement are appropriate to the overall size of the award. Keep it in mind that the structured settlement must be purchased by the person or company that is at fault or is making the award. This is why it's particularly important to have an expert watching over that selection process from the moment the award is announced.
The lump sum alternative: If a winner chooses a lump sum payment over a periodic payment based on the full amount of the award, that payment will likely be handled with an insurance contract that physically pays the lump sum but at a much heftier chunk of the full total - they get a big payoff for giving you a big one-time payoff. Keep in mind that the lump-sum payoff idea may not be worth pursuing unless it's large enough to throw off substantial investment income in the future and that you have talented management making sure that lump sum makes money over time. This is why it's always a good reason to confer with tax, financial and investment experts on the best way to go with either a lump sum or a periodic payment from the moment you've been informed you won the money.
Keep in mind that others get an advantage too: Many attorneys are also structuring their fees that are taken directly out of a court award. This allows them to postpone receiving their share of an award on a tax-deferred basis so they can build their own retirement funds. There's nothing wrong with this, but it's important to know who else in the process might benefit from any decisions that get made.
February 2009 - This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by Steven J. Bloch, Esq., CFP® , a local member of FPA.
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