- Tax PlanningIncome tax brackets are also uncertain. Income tax planning includes watching Washington and acting strategically before and after the November 2022 election results are decided. With the long-term federal, as a percentage of gross domestic product, expected to soar in the next decade, pressure is building for a tax-rate increase.
- Estate Taxes
- Tax Services
- Roth IRAIRAs are more important than ever in creating a strategic financial plan because that is where Americans save for retirement. After retiring, assets in 401(k) accounts can be managed by you in IRAs. For income tax purposes, they are treated the same as 401(k), 403(b) and other federally-qualified retirement accounts. They grow tax-free only until you withdraw money and withdrawals are taxed at your ordinary income tax rate. However, Roth IRAs are totally tax-free. Even withdrawals are tax-free. Converting a 401(k) to an IRA, converting a traditional IRA to a Roth IRA, and planning how your IRA accounts will be distributed to loved ones or charity upon your demise requires understanding the federal laws on qualified retirement accounts and knowledge of financial economics. The tax advantage of Roth IRAs must be calculated based on your current income, life expectancy, and other factors, and individuals must weight the cost of paying taxes on withdrawal from a traditional IRA or 401(k) to place assets in a Roth IRA and get tax-free income for life as well as estate tax benefits to heirs.
- Income TaxThe Internet and media makes financial information much more readily available today. The downside is determining which information is accurate and which information is right for your situation. In addition, turbulent market conditions, complex income tax and estate planning laws, retirement rules and regulations, along with the overall challenge of managing your money, can make it too much to handle alone. There is tremendous value in working with a professional who can readily inform you of all the strategies, complex products and tax laws that apply to your individual situation. This saves time and helps drastically minimize decisions that can lead to ineffective results.
- Mutual FundsPresident, and founder of Morgan Kenwood Advisors, LLC, has been teaching individuals for his entire career. He graduated from the University of Wisconsin Milwaukee and then worked seven years as an educator with Milwaukee Public School System. Due to his early interest in real estate investments, Lee worked as a Realtor while teaching. He also taught in the real estate field. Diversifying his own personal investments to stocks and mutual funds led to a career change. In 1982 Lee became a financial planner. He reached a strategic crossroad when he recognized the conflict facing many investors under the old investment centered paradigm.
- Wealth ManagementSlick TV ads often make financial planning and wealth management sound simple, but it’s usually not. Managing wealth requires knowing a lot about highly technical topics, like taxes, government regulations, and finance as well as history, psychology and how to communicate with loved ones about sensitive issues. This article highlights some of the knowledge needed to manage wealth and why it’s often so daunting without the help of an independent personal financial advisor who is familiar with your situation.
- Accounting Services
- Payroll Services
- Financial PlanningMorgan Kenwood is a full service financial planning and advisory services firm focused on helping individuals and families actualize their dreams and goals. It is a growing firm with a current team of associates comprised of planners and client services experts. Lee Barczak, President, provides the vision and direction to ensure high quality service. He personally educates his team on proven strategies and investments so clients’ plans and portfolios are tailored to their needs.
- Retirement PlanningMorgan Kenwood Advisors, LLC helps individuals, families and small business owners with unbiased, fee-based financial planning and advisory services. A company derived from Morgan Kenwood, Ltd., originally founded in 1985, Morgan Kenwood Advisors has emerged as a leader in investments and retirement planning, wealth building and asset preservation. We proudly serve those with a vision for their future.
- Long Term Care
- Asset Management
- College Funding