Do you know exactly where your money goes each month? Are you in control? Are your dollars working hard for you? All these questions are answered in the affirmative when you use a monthly spending plan. In this package we’ll work with you to: • List all expenses • List income sources • Develop a spending plan that balances income, expenses, savings, and your personal priorities
Carrying a load of debt is exhausting! We love to see people live debt-free. Although it may take some time to accomplish that goal, just having a plan removes all the anxiety. In this offering we’ll: • Set up a working budget (above) • Create payoff schedule for all your obligations • Look particularly at student loans. Is consolidation an option? • Tax consequences of Federal loan forgiveness • Look at other options for debt repayment
Qualifying for a mortgage takes a lot of legwork. In this package we’ll work with you to trade your rent payment for a mortgage payment. • Begins with budgeting to identify available cash flow for mortgage, taxes, insurance, and common fees • Looks at credit history and credit score and how they affect qualification • Works backward from the available monthly payment to nail down the maximum amount that you can borrow responsibly
What would happen, financially, to your loved ones if you dropped dead today? In this offering we’ll help you answer these questions for yourself: • How much do I need? and for how long ? • Should I buy term insurance or insurance that will last my whole life? • What are the other uses of permanent insurance? • Who should be the beneficiary – my spouse, child, or trust?
There are various savings plans available to you through your small business. Some favor employers with few employees and have little to no cost to set up. Others do have set-up costs and make sense with a larger payroll. In this offering we’ll go through the differences, and help you chose the right retirement savings vehicle for your business – to save money, save taxes, and retain employees. We’ll look at these: • SIMPLE IRA • SEP IRA • Solo 401K • 401K
If you want to fund Harvard for your newborn, assuming a 5% inflation rate and an earnings rate of 9%, you’d have to save on the order of $1000 per month. Think that’s a little steep? Apart from your bright shining star getting scholarships, there are great tax-advantaged savings for post-secondary education. In this offering we discuss these options, and which may best suit your needs and budget: • Florida Pre-paid • 529 savings plans
IRAs are complex and powerful at the same time. They get really interesting when you consider taxes: can you suffer a little pain now (Roth IRA) in exchange for tax-free distributions in retirement? Who can NOT contribute to a Roth? What are conversion rules? What does a smart beneficiary do with an inherited IRA? We go into it all in this package. • Differences between Traditional and Roth IRAs • Roth conversions • Beneficiary IRAs
We’re not traders. Our point of view is that an investment account has a job to do for you. What is that job? Provide down payment savings? Educate your children? Fund retirement? Each of these goals may require a different type of investment. In this offering we talk about the best uses of various investments and which may be best for you. • Gauging your risk tolerance • Stocks, bonds, ETFs, or mutual funds? • Tax implication of investment accounts
The statistic is that by age 75, 75% of us will need help in performing the activities of daily living. The risk is that the long illness of one spouse may leave the surviving spouse impoverished. What are the other options? • Insurance sources of funding o LTC insurance o Life insurance with riders • Sale/leaseback of home to children • Veterans Aid & Attendance benefit • Medicaid trusts
Giving strategies for income? You read right. Wouldn’t life be great if you could (a) make a charitable contribution, (b) get a large tax deduction, and (c) receive an income at the same time? Well, you CAN do this, and several vehicles are available to you to do so. In this offering we’ll go over the various ways you can give charitably and receive an income at the same time. • Charitable remainder annuity and unitrusts • Donor advised funds • Charitable gift annuities
We get asked all the time: are annuities bad? They are designed to be used in certain ways. Nothing bad about them – but are they the right tool for your job? That’s what we’ll get into in this offering. • Annuities as accumulation vehicles: fixed, indexed, and variable • Annuities as distribution vehicles: income for life • Tax consequences of annuities upon distribution of gain and at death
In this offering we’re giving you the lay of the land of what happens to your assets at your death. What rights does your spouse have? Should you have a will? What are living trusts for? What is the probate process? We’ll pull it all together for you here. • How assets pass: by operation of contract or by will • The spouse’s right to elect against the will • Uses of living trusts • What is the probate process? • When do I pay estate and gift taxes? We’re not attorneys, so we don’t give legal advice.