- Tax PlanningRising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions.
- Charitable GivingCreating 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.
- Estate Taxes
- Avoiding ProbateThere are many different types of trusts, and they can be complex to set up and execute. However, a trust can be a very flexible and advantageous means to transfer your assets in the future. Most trusts can also provide current benefits, such as tax deferral and deductions. Unlike a will, a trust may help avoid probate upon your death. To learn more about trusts and how they may benefit you, we will be happy to help you consult a qualified estate planning attorney who can assist you with these issues.
- Tax Deductions
- Income TaxInvesting 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.
- Tax Deferral
- Accounting Services
- Financial Planning
- Retirement PlanningToday, the majority of the burden for retirement income seems to have shifted to the individual. For this reason, you may want to consider adding a guaranteed* fixed income component to your retirement strategy. In short, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed.* An annuity is a contract you purchase from an insurance company. For the premium you pay, you receive certain fixed and/or variable interest crediting options able to compound tax deferred until withdrawn. When you are ready to receive income distributions, this vehicle offers a variety of guaranteed* payout options. Most annuities have provisions that allow you to withdraw a percentage of the value of the contract each year up to a certain limit. However, withdrawals will reduce the contract value and the value of any protected benefits. Excess withdrawals above the restricted limit typically incur “surrender charges” within the first five to 15 years of the contract. Because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59 1/2 are subject to a 10 percent penalty fee and all withdrawals may be subject to income taxes.
- AnnuitiesTo develop a financial strategy for your future, it’s important for your financial professional to see a complete, 360-degree view of your financial picture, including how your retirement assets are integrated and work with one another. Our financial strategies use insurance products, such as annuities, to help you meet financial goals. We can work in concert with tax professionals or attorneys in your or our network to advise you on specific aspects of your financial strategy.
- Long Term CareConsidering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.
- Asset ManagementTwenty-first century asset protection calls for more than just strategic asset allocation. Including products like annuities in your retirement income strategy can help protect* your money from declines due to market losses.
- Asset Protection