Tax Planning

Rising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions. We can work directly with your CPA to help organize your retirement portfolio in the most tax efficient manner possible. 

Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. Few financial vehicles avoid taxes altogether. Insurance products allow you to defer paying them until retirement — when you may be in a lower tax bracket.

Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10 percent additional federal tax.

IRA Legacy Planning

IRA accounts have become one of the largest types of assets inherited by beneficiaries. The purpose of legacy planning is to assist in securing a process to pass along these retirement savings to your loved ones, with the lowest tax liability possible. If you do not anticipate needing your IRA money in retirement, we can assist you in implementing a legacy planning strategy that will pass along these critical retirement accounts to your loved ones in the most tax proficient manner.

Estate Planning

Estate planning is a critical component to help ensure that your assets are going to be passed along to your loved ones in the way that you intended. This means that while you’re still alive you need to have a properly structured estate plan to help prevent any inadvertent consequences for your loved ones.

With the estate tax laws and emerging vehicles to help you protect and transfer your assets effectively, it’s important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis. We can work directly with estate planning attorney’s to help provide you with the most effective and current strategies, that meet your long-term goals and can safeguard your desired assets for your loved ones.

Life Insurance

Life Insurance

Life Insurance is a vehicle that can be added to your estate portfolio that will provide your family with the financial security they will need in the event of your or your spouse’s passing. A life insurance policy can help to cover any of your end of life expenses and debt, as well as be an additional source of income for your loved ones.

Trusts

Trusts

A trust is a great avenue to use to hold assets for you and for the benefit of others. Trusts are highly flexible and can provide for a combination of needs, circumstances, and objectives. Setting up a trust specifies how your assets should be managed, as well as how, when and to whom your assets will be passed to. A trust may help your heirs avoid probate upon your death, and help ensure the orderly and private transfer of your assets. We will be happy to help you consult a qualified estate planning attorney that can assist you with these issues.

Probate

Probate

Probate is the legal process that takes place after your death. If you do not create a will or set up a trust to transfer your property when you die, state law will determine what happens to your estate. Without a will or some other form of legal estate planning, there is the chance that more of your property may not go where you want it to. We can refer you to a qualified estate planning attorney that can assist you in these matters.

Charitable Giving

Charitable Giving

Creating a charitable gift giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets and the reduction or elimination of estate taxes on the charitable contribution upon your death.

With changes in the tax environment, there may be compelling reasons to integrate philanthropy into your financial and estate planning.

We can refer you to a qualified professional to help you decide if this is a good option for you.