YOU are our PRIORITY. Our company is based on the principle that our complete understanding of YOU and your current financial situation is vital to successfully making prudent decisions concerning your future financial condition.
Annuities: An ANNUITY is a contract between you and an Insurance Company in which you make a lump sum or a series of payments and in return receive disbursements immediately or in the future. There are different types: Immediate, Fixed, Variable and Indexed. They are designed to offer a combination of protection, Tax Deferral and Guaranteed Income. Annuity Income is usually taxable when taking distributions.
How will you pay for the rising costs of a college education? Preparing FAFSA forms right, applying for loans, grants and scholarships can help minimize your out-of-pocket expenses. Tuitions and fees vary from the different types of schools. Among ranked National Universities, the average cost of tuition and fees for the 2019-2020 school years were $41,426 at private colleges, $11,260 for state residents at public colleges and $27,120 for out of state schools according to U.S. News. There are additional costs for housing, food, books and travel expenses when going away. Additional costs when staying home include a car, gas, car insurance and auto repairs.
Planning ahead for medical care and advance directives. A Living Will and Medical Power of Attorney are forms that state in writing who will make medical decisions and gives directives to care givers and doctors as to your medical wishes including organ donations. These are not just for older adults. Unexpected end-of-life situations can happen at any age.
Your Estate is comprised of everything you own and worked so hard for. Stating in writing who receives what when you pass is Estate Planning. Wills and Trusts are imperative, Revocable and Irrevocable Trusts avoid Probate, an Irrevocable Trust helps make you Medicaid Friendly with a 5 year look-back. You will choose Executors and Trustees. Providing for family members with Special Needs, naming guardians for minor children, providing for loved ones who may be irresponsible with money or who may need future protection from creditors or divorce. This also helps to minimize taxes, court costs and legal fees.
LIFE INSURANCE: Term, Universal Whole Life are just some types. We customize insurance to your individual needs and budget. Many of the policies today offer riders for Long Term Care and or Supplemental Retirement Income or pay a Tax Free Death Benefit if paid for with after tax dollars.
RETIREMENT PLANNING: Every stage of Retirement is important and the knowledge of your options is paramount to making beneficial decisions. This includes, but is not limited to: distribution planning, building/preserving client wealth, determining what level of resources will be necessary for your retirement. Different strategies are explored to discover how to maximize the collection of Social Security benefits. We also evaluate different Payout Options if you’re eligible for a pension. Pension Maximization: After a thorough review of your pension payout options, we’ll make recommendations on how to use the pension most effectively.
Social Security Optimization
Social security optimization: an important aspect of your retirement planning. While it may be tempting to accept your Social Security benefits as soon as they’re available to you, that plan may not be the best course of action. If taken at age 62, your full retirement age amount is cut by 30%. Waiting until full retirement age may be more beneficial. We can help you calculate the different amounts depending on the age you decide to begin. How long you wait to claim Social Security can depend on a variety of factors: accumulated retirement funds, life expectancy, cash flow, and spousal age gap. Due to these variables, we’ll help design a strategy that you’re your unique financial situation.
TAX STRATEGIES / PLANNING are very important for our clients. We consider taxes when making all recommendations. We’ll work with your Accountant to strategize deferring income taxes, leveraging gifting tactics and evaluating the post-tax impact of any retirement distribution decisions. Taking your entire financial life plan into account will only benefit you as you move through life. Every case is totally different as is every client.