Retirement Planning

We will do our best to make sure that you have the resources to retire comfortably for as long as you live. Social Security isn’t enough on its own and pensions aren’t what they used to be. We will use financial instruments such as annuities, 401ks, IRAs, Roth IRAs, etc., to make sure you’re on track to retire at 65.

401ks are employer sponsored retirement plans. Employers get a tax deduction for matching part of or all the contribution the employee makes to the account. It grows tax deferred and the contribution limit is higher. Roth IRAs and IRAs have pros and cons, so we’ll advise you on which to pick based on your circumstances. Roth IRA contributions are after tax dollars, but the withdrawals are tax free.

Education Funding

With the importance of college, as well as its tuition, rising year by year, it is more important than ever to start planning for college early. We will maximize your financial aid eligibility while increasing your ability to pay. We want to ensure you have the financial stability to send your kids off to college with little extra effort.

Financial aid is equal to tuition and room and board minus expected family contribution. Some assets are included in the calculation of what the university thinks your family can afford, and some aren’t. We want to reduce the included assets in order to increase your eligibility for financial aid.

Long Term Care

Most long term care insurance policies start paying when the insured cannot complete two of six activities of daily living. 70% of people will require long term care after turning 65. People receive long term care in their homes, nursing homes, or assisted living facilities, depending on the level of care required. Government programs like Medicaid and Medicare don’t necessarily cover these expenses. You have to meet income and asset qualifications in order to be eligible for Medicaid. Medicare only provides skilled nursing for 100 days if certain qualifications are met, it really isn’t a long term solution.

Annuities

Annuities are contracts where you pay a set amount of money today, or in regular intervals, in exchange for a lump sum, or stream of payments in the future. If the you die before you start collecting payments, the beneficiary will receive a death benefit. The money also grows tax deferred. Annuities should only be used for long term goals, such as retirement, early withdrawals carry penalties and other expenses. There are 3 types of annuities, basic, variable, and indexed.

Estate/Trust Planning

We will help you ensure that your estate is properly managed to the benefit of your heirs. We will help set up trusts to hold your assets for your beneficiaries, they also avoid probate, which is a huge advantage over wills. There are 4 types of trust: living, irrevocable, revocable, and testamentary, there are further subcategories with different benefits. Life insurance benefits aren’t considered taxable income, so it is another useful vehicle to pass on wealth.

Tax Planning

We will maximize refunds and discounts to minimize your annual tax expense. Our experts will do their best to ensure you pay only what you are legally required to pay.