Managing Wealth

• Do you know what tax bracket you are in?
• Should you consider a Roth Conversion?
• Should you write a check OR give stock to your favorite charity?
• Will you be subject to AMT tax this year? What’s AMT?

Taxes reduce cash flow and diminish investment returns, thus, income tax planning is critical to any well designed financial plan. Through Income Tax Planning & Strategies we proactively look for opportunities to reduce your tax burden. In addition, we strive to coordinate a client’s investment portfolio with their financial plan to maximize tax efficiency. We welcome an open dialogue with your CPA to ensure that you are proactively prepared for each unique tax year.

• When was your Will last updated?
• Should you create a Revocable Living Trust?
• Do your accounts have current beneficiary designations?
• Do your loved ones know how to access your documents and accounts?

Estate and Trust decisions tend to be overlooked because they often involve someone looking beyond their own life. Proper Estate and Trust planning is critical to ensure that assets pass to heirs as intended and unnecessary taxes are avoided. Federal and State laws change from time to time so it is critical that your documents stay current as well. We can provide you with an objective view of your current documents and help you think through the various Estate and Trust options available.

• Do you know how much you spend each month or each year?
• Do you know how much you should be saving to reach your financial goals?
• Are you funding lifestyle expenses from your investment accounts in the most efficient way?
• Does an inheritance impact your spending?

For most people, growing their investments is necessary to provide them cash flow later in life. We believe that cash flow is the most important component of a financial plan and the one that clients typically have the most control over. Every client’s spending habits and goals are different. Let us help you create a customized spending and savings plan based on your financial needs and resources.

• Do you have enough life insurance coverage or too much?
• Is Whole Life or Term more appropriate to own?
• Are you considering purchasing an Annuity?

In many cases, people are sold policies that require large premiums, limit flexibility and contain high internal costs. We are completely objective to our client’s insurance needs because we do not sell insurance products or receive commissions. If we think you need more insurance we will make recommendations on what type of product to buy, and how much coverage you may need. We also review client’s disability insurance, auto insurance, home insurance, umbrella coverage and health insurance.

We can analyze the right type of coverage for you, and connect you with trusted external insurance agents to fulfill your insurance needs.

• Do you know how much you need to save each year for retirement?
• Should you invest, pay down debt, renovate your home or save for college with any surplus cash?
• How much should you contribute to your 401(k) and/or Deferred Compensation Plan?
• When is the best time to exercise your stock options?

Received a bonus payout. Stock Options vested. Big promotion with higher salary. We often meet with people during their prime earning years who are now able to grow their wealth but may not be confident that they will make the right decision. We provide guidance as to the best use of your excess cash flow in accordance with your financial plan; this could mean paying down debt, maximizing savings, or making major purchases.

• Have you saved enough for retirement? When can you retire?
• What payout election should you make on your company pension?
• What withdrawal rate can your portfolio support?
• You just sold your business, now what?

Your retirement plan is unique to YOU. There are several variables that influence YOUR financial plan such as retirement age, spending, level of investment risk and any desired amount left to heirs. Retirement is the “big day” for your financial plan. The employment income source is turned off and your assets and other retirement income sources are turned on. You move from the “Accumulation” phase to the “Distribution” phase.

WHEN to retire might be younger or older than you think. We provide you with several different “paths” for retirement, discuss the pros and cons of each and allow you to choose the path that is best aligned with your goals and values.

• How much do you need to save each year to pay for college?
• Should you open a 529 Plan or a Custodial account for your child?
• Should family members fund or open an Education Account for your child?

Saving for college is both a top worry and top priority for many families. The cost of college has skyrocketed over the past few decades. Fortunately, there are tax advantaged ways to save and pay for college that could also be shared amongst family members such as grandparents, aunts/uncles, etc.

We can customize your financial plan to answer the “how?”, “when?” and “how much?” questions related to college saving. Student loans can be utilized if needed to transfer some of the financial obligations from parents to adult children. Further, the rise of online and vocational schools have provided many people with added flexibility when it comes to the financial hurdle of paying for college.

• Should you take Social Security at age 62, full retirement age or delay until age 70?
• What is a Delayed Retirement Credit?
• Do you or your spouse qualify to file a Restricted Application?

Social Security income usually is a significant portion of a retiree’s cash flow. Making an informed decision on when to receive this benefit can protect a person or family from “leaving money on the table”. Many people elect Social Security at an age earlier than full retirement age, thus, receiving a permanent reduced benefit for themselves AND potentially their surviving spouse. We help you analyze the various Social Security options available to maximize your benefits.