Each client presents a unique set of circumstances, so our first priority is to establish a professional relationship based on mutual respect and trust. We listen carefully to gain an understanding of the client’s concerns, preferences, and objectives so we can provide advice and guidance that is tailored to their individual situation. Together, we explore the goals, risk tolerance, objectives, and current financial position of the client. We then co
“Philanthropy” is defined as the act of making gifts of personal resources to charities. These resources can include donations of one’s time, energy, money and property. Millions of Americans perform simple acts of philanthropy, such as donating clothing to homeless shelters. This article focuses on how individuals can plan philanthropic activities so that they can help their favorite charities, while maximizing the advantages of their philanthropy – from an estate- and tax-planning perspective – for themselves.
If you are a mutual fund investor, it’s hard to resist peeking at those performance reviews published every year — the ones that list the top-performing funds. Perhaps you’re hoping that your fund will be among them, or you may be seeking new investment ideas. In either case, mutual fund performance statistics can be useful.
We’ve all heard the warnings about “putting all your eggs in one basket.” When it comes to diversifying your investments, that adage is not only relevant: It could mean the difference between financial success and failure.
The affluent have always had access to strategies designed to help them pass money to their heirs with minimal tax obligations. One of the most common estate tax planning strategies is an Irrevocable Life Insurance Trust (ILIT). An ILIT is easy to understand, relatively easy to implement, and in many situations, avoids the need to incorporate other wealth transfer or estate tax reduction techniques.
“Philanthropy” is defined as the act of making gifts of personal resources to charities. These resources can include donations of one’s time, energy, money and property. Millions of Americans perform simple acts of philanthropy, such as donating clothing to homeless shelters. This article focuses on how individuals can plan philanthropic activities so that they can help their favorite charities, while maximizing the advantages of their philanthropy – from an estate- and tax-planning perspective – for themselves.
Saving for retirement: It used to be something you could count on your employer to do for you. But not anymore. Thanks to the increasing use of 401(k) and other types of contributory retirement plans over the past 30 years, the percentage of private-sector workers who qualify for the guaranteed retirement income provided by an employer-sponsored pension plan has dropped dramatically.
College costs continue to skyrocket – at a pace that far exceeds the rate of inflation. But there is a bright side to planning for college expenses, and it’s getting a little brighter all the time – thanks to federal tax breaks that can make paying for college more affordable. The key point to remember is that you can create a college funding plan brick by brick, by combining a variety of investment accounts, tax benefits and financial aid sources. Here is a quick guide to get you going:
Although Roth IRAs (Individual Retirement Accounts) have been around for years, they initially were not available to many higher-income individuals due to restrictions imposed by Congress, which limited those of high net worth from contributing to these accounts. Under the Tax Increase Prevention and Reconciliation Act, Roth IRA conversions became available for everyone starting in 2010. This change in the law created a significant planning opportunity for many high-income retirees.
Most people know they need to insure their life, their car, and their home or condo. But they often overlook insuring their most important asset — their ability to earn an income. Your income is the primary source of funding for a lifetime of things, from basic necessities to the hopes and dreams you have for yourself and those you love. The $3-9 million or more you'll likely earn over the course of your business career is surely an asset worth insuring.
One of the most important financial decisions that many people make involves the distribution of money from one or more retirement plans. When the time comes to begin making withdrawals, many plan participants are not prepared to make the decisions that may be right for them. Often, they don’t understand the choices available, or they may not anticipate the deadlines for their decisions – so they fail to seek the professional help they need before these deadlines occur.
Once you’ve decided to get serious about financial planning or investing, one of your next steps may be to seek professional help. Perhaps relatives or friends are recommending financial professionals to you. Maybe you know some financial professionals yourself. What is the smart way to choose financial planning advice and service? Consider these 10 ideas:
The title of the Beatles’ song “The Long and Winding Road” could apply to the journey toward a comfortable retirement. For those who have the foresight to start preparing in their 20s, the journey could take 40 years or more. Even those who procrastinate might have 20 or 30 years to prepare.
Retirement income is one of the most important aspects of a successful retirement and the type of life-style one can enjoy throughout retirement. One of the cornerstones for income during retirement is Social Security which, on average, amounts to about 40% of the total retirement income. Structuring the highest legal benefits available from Social Security can be important to promoting higher retirement income, especially for a surviving spouse.
With the holiday season upon us, I expect most people are caught up in the rush and excitement leading up to Christmas. But if you can set aside an hour or two, this is an ideal time to conduct your own year-end financial review. This is a great way to determine exactly how your year went, take stock of your current status, review your goals, and consider whether any changes are advisable. Putting your plans into place now allows you to benefit from the changes and improvements throughout the entire year of 2015.
When it comes to Retirement Readiness, we’re facing a crisis of epic proportion.
Many Americans have no idea how far behind the Retirement Planning 8 Ball they really are.
Whether you’re retired or very close to it, whether you’ve accumulated a couple hundred thousand dollars or several million, planning for your retirement is more challenging today than ever.
Imagine a 55-year-old dentist with a flourishing practice who is planning to retire in 10 years. Despite his success, he has encountered a number of financial obligations through the years, which caused him to put off retirement planning.
You made it! After years of hard work, you’ve reached retirement with some money set aside to provide a steady income now that you’re no longer working. Time to sit back, put your feet up, and enjoy the fruits of your labor! Right?
Each client presents a unique set of circumstances, so our first priority is to establish a professional relationship based on mutual respect and trust. We listen carefully to gain an understanding of the client’s concerns, preferences, and objectives so we can provide advice and guidance that is tailored to their individual situation. Together, we explore the goals, risk tolerance, objectives, and current financial position of the client. We then co
