Financial planner, family prefer ToledoWritten by Brandi Barhite | Community Ombudsman | firstname.lastname@example.org
Certified financial planner Ed Motley didn’t need a second opinion to know moving back to Toledo was an investment worth making.
“Believe it or not, my kids were very unhappy in California and missed Toledo,” the southern California native said. They first moved to Toledo in 1998 when his wife, Darlene, accepted a residency at what was then the Medical College of Ohio, now the UT College of Medicine. Family issues took them to California from 2002 to 2008, and they returned to Toledo in March of this year.
“We were shoveling snow so the movers could move in our stuff,” Motley said of their Sylvania Township home. Motley’s three sons, Zachary, Isaac and Sam, were very involved in extracurricular activities when they first lived in Toledo, but lost interest when they moved out West. Since their return to Toledo, the boys have once again gotten involved, “as strange as that may seem,” he said.
“My whole family, we really love Toledo,” Motley said. “We like the smaller town. There are a lot of things that are wonderful about Toledo that people growing up in Toledo don’t appreciate. Our neighbors are kind, giving … and there is a wonderful sense of community.”
Even while in California, Motley kept up his financial services. The beauty of his business is that with technology, he can do it from anywhere.
Motley has been in the financial services industry for 18 years and owns Applied Financial Planning, 6635 W. Central Ave.
He graduated from the United States Military Academy at West Point, N.Y., in 1986, where he earned a bachelor’s in engineering with a concentration in foreign area studies. After serving as an infantry officer in the U. S. Army, he entered the financial services industry.
A true financial planner looks at the overall picture, he said. Changes in the law, people’s work situation and their expectations can affect financial plans. It’s not something you do once and forget about it. It’s not just for rich people, either, he said.
Even though many people already have attorneys, insurance agents and accountants, most people have acquired their investments over time, hence the lack of coordination, he said.
Stock brokers never talk with the insurance people who aren’t talking with the attorneys either.
“I can identify missed opportunities,” Motley said.
He can also provide referrals for attorneys and accountants. Everyone deserves financial services, and many professionals will offer discounts or perform pro bono work, he said.
“If you own a home or if you have dependents, you should have legal documents, powers of attorney,” he said. “… If you die without a will, the state of Ohio says, ‘That is OK, we have one for you.’”
While most people understand that life insurance proceeds are usually received income-tax free, such proceeds may not be estate-tax free, he said.
For example, in 2008 there is an estate tax credit of $780,000, which means that anyone worth up to $2 million at his or her death will have no federal estate tax due.
But let’s say a person dies in 2008 with a net worth of $3 million (savings, investments, real estate, personal property), and he or she owns a $1 million life insurance policy on themselves.
For estate tax purposes, that $1 million life insurance policy will be considered part of his or her estate, increasing the net estate value to $4 million. The consequence of this common mistake is a potential estate tax of up to 45 percent of the death benefit.
“Situations like this underscore the value of working with a competent financial planner,” Motley said. “The planner will be able to identify such traps and pitfalls and help you avoid them.”
“Ed’s a West Point graduate and a successful financial planner with clients all around the country,” said Peter Silverman, a partner in the litigation practice group in the Toledo office of Shumaker, Loop & Kendrick. “He could have lived anywhere, but he chose to come back here. That’s great for Toledo.”