Feb
21
Fundamental Financial Planning
Often when I'm at a social event I'm immediately asked what investments I like ­­ more specifically, is there a particular stock I would recommend buying.  While I believe that prudent investing is a very important part of reaching your financial goals, there are other key components to consider when addressing your financial goals and objectives.  Successful planning and wealth management include three primary steps: 1)    Wealth and asset accumulation stage.  Consider your time horizon and risk tolerance. 2)    Asset protection. a.    Once you create wealth, it's vital to imperative that you keep the assets protected.  You can manage your risk by having proper personal and professional insurance, and incorporating your business....
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Feb
21
Preliminary Estate Planning
A properly drafted estate plan directs your financial and healthcare wishes and desires in the event of incapacity, traveling abroad or death.  We recommend that you create the following legal documents prior to having an issue. This is essential because you do not want the courts or outside factors to control your affairs.   The documents that typically encompass an estate plan include: Will (includes financial direction and may include guardian information for minor children).  Revocable Trust, Special Needs Trust and Irrevocable Trust (not all people require Trusts). Durable and Non-Durable Power of Attorney (for financial affairs). Health Care Directive or Health Care Proxy (provides an Agent - a trusted person you select to...
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Feb
21
New Year Planning and Portfolio Management
When planning your financial future it is imperative to construct a financial plan to guide you in addressing your goals while allowing you to experience life's milestones with family and friends.  Whether your aspiration is to purchase your first home, fund your child's college education, have the financial freedom to travel, have a secure retirement, leave a legacy for future generations or plan for each stage of your financial life; obstacles and changes always seem to arise.  For this reason, it's equally important to continue to regularly monitor and make updates to your legal documents and portfolio. The New Year is a perfect time to make an appointment with our office to inform us of any life changes, review your current financial...
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Feb
21
Year End Tax Planning and Tax Preparation
Each year with the changing of Daylight Savings we receive public service announcements to change our smoke detector batteries.  With the same enthusiasm financial professionals encourage their clients to review a checklist of year end planning items.  Below is a summary of financial issues that you should consider reviewing taking action on. Consider any opportunities you have to defer income. For example, you may be able to defer a year-end bonus, or delay the collection of business debts, rents, and payments for services. Doing so may allow you to postpone paying tax on the income until next year. If there's a chance that you'll be in a lower income tax bracket next year, deferring income could mean paying less tax on the income as...
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Feb
21
Prior Year-End Tax Planning
The window of opportunity for many tax-saving moves closes on December 31, so it's important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2015 tax year. Timing is everything: Consider any opportunities you have to defer income to 2016. For example, you may be able to defer a year-end bonus, or delay the collection of business debts, rents, and payments for services. Doing so may allow you to postpone paying tax on the income until next year. If there's a chance that you'll be in a lower income tax bracket next year, deferring income could mean paying less tax on the income as well. Similarly, consider ways to accelerate deductions into 2015. If you itemize deductions, you might...
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Feb
21
New Rates Released for Veterans Pension 2015
The U.S. Department of Veterans Affairs (VA) provides a tax-free, supplemental pension to qualifying wartime veterans and their families. To be eligible, veterans must have limited income and assets, and they generally must have a period of service that includes at least one day on active duty during wartime and 90 days total active duty time. Veterans who entered active duty after September 7, 1980 generally must have served at least 24 months or the full period for which they were called or ordered to active duty. Also, veterans must have been discharged under conditions other than dishonorable. In addition to these basic service requirements, to be eligible, a veteran must be:  Age 65 or older, or  Totally and permanently...
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