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Anjali is the Founder of FIT Advisors, an RIA based in Torrance, California (but works virtually with clients nationwide) and oversees $65 million in assets under management for 45 client households. My guest on today's podcast is Anjali Jariwala. Read More.
In recent years, financial advisors have increasingly embraced taxplanning as a core element of delivering value to clients. While common wisdom suggests that only CPAs, EAs, or attorneys are authorized to give tax advice, this is only strictly true in limited contexts, such as in promoting abusive tax shelters.
As a result, financial advisors should start honing the services Gen X members will likely benefit from the most, including retirement planning, estate and taxplanning and mortgage refinancing. trillion annually over the next decade as part of the great wealth transfer, a new report finds. trillion annually.
Daniel is the CEO of WMGNA, a hybrid advisory firm based in Farmington, Connecticut, that oversees approximately $270 million in assets under management for 200 client households. My guest on today's podcast is Daniel Friedman.
Welcome to the 432nd episode of the Financial Advisor Success Podcast! Seth is the founder of Heartwood FinancialPlanning, an advisory firm affiliated with PlanMember Securities Corporation that is based in Fresno, California, and oversees approximately $100 million in assets under management for 850 client households.
Griffin is the owner of GK Wealth Management, an RIA based in Reno, Nevada, that oversees $200 million in assets under management for 450 client households.
based accounting firm, is taking a page from large registered investment advisors by bringing together taxes and wealth management. Minopoli, who is also a partner in the new RIA, had previously been the chief investment officer of a team managing a $30 billion portfolio for the Knights of Columbus Asset Advisors.
What Is FinancialPlanning and Why Does It Matter in a Crisis? Financialplanning begins with a thorough analysis of your short- and long-term financial situation, including all sources of income, your current spending patterns and debt, and your plans for the future.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that SIFMA, which represents broker-dealers, investment banks, and asset managers, released a white paper that argues that CFP Board "increasingly functions as a de facto private regulator for CFP certificants" and proposes that CFP (..)
As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end taxplanning can lead to significant savings and set you up for financial success in the new year. Find your next tax advisor at Harness today.
RIA Edge Podcast: Schwab’s Jalina Kerr on How Resilient RIAs Can Turn Market Volatility Into Growth RIA Edge Podcast: Schwab’s Jalina Kerr on How Resilient RIAs Can Turn Market Volatility Into Growth Jalina Kerr of Charles Schwab shares how the most adaptive firms are expanding beyond portfolio management, into areas like estate and taxplanning.
Financialplanning can take your money game up a notch by bringing clarity, strategy, and intention to your financial life. A healthy financialplan gives you the tools to take control of your finances and start living your life with passion, purpose, and freedom. So what’s the value of a financialplan?
Interest rates remain a significant factor in financialplanning, affecting everything from mortgage rates to investment returns. The past few years have taught us valuable lessons about the importance of building resilient financial strategies that can weather various economic conditions.
Resonant Capital Merges with Tax, Accounting Firm QBCo $2.2B is joining the trend toward combining wealth management and taxplanning by merging with Brookfield, Wis.-based Mergers and partnerships between RIAs and tax firms have moved beyond sharing client referrals to bringing the practices into one firm or relationship.
We’ll also explore the role of income tiers, provide real-world case studies, and highlight key considerations when implementing this strategy in your financialplan. This structured method minimizes financial risk and maximizes efficiency by focusing resources on the most critical goals before addressing less pressing needs.
In this detailed guide, we’ll break down what the CFP certification is, its structure, who it’s meant for, the career benefits it offers, and why it can be a game-changer in India’s evolving financial advisory space. The Certified Financial Planner (CFP) certification is widely regarded as the gold standard in personal financialplanning.
High-net-worth individuals are typically categorized as those with over $1 million in liquid assets. million or $750,000 in investable assets to meet certain regulatory definitions. are some high-value assets that can be vulnerable to theft and damage. These structures separate your personal assets from the business.
You pay fewer fees: Hiring a financial advisor can cost you more than self-investing. These professionals may charge a fixed fee or a percentage of your assets under management (AUM). You could be lying in bed at night and suddenly thinking about changing your asset allocation. No problem!
Estate planning is one of the most important steps in securing your financial legacy, but its also among the most complex. Understanding how assets will be distributed, navigating tax implications, and aligning these decisions with your personal goals can feel overwhelming.
Taxplanning serves as the cornerstone of the entire acquisition deal, extending far beyond a simple checkbox. Every element, from structure to price negotiations, hinges on understanding tax implications for all parties involved. Get it right, and you will have set yourself up for a smooth transition and maximized returns.
In this comprehensive guide, we’ll explore proven strategies to help you minimize tax liability while staying compliant with current regulations. From maximizing deductions to managing capital gains, we’ll cover everything you need to know about smart taxplanning.
The key differences between 83(i) and 83(b) elections While both the 83(b) and 83(i) elections are tools for managing tax liabilities on equity compensation, they serve different purposes and have distinct rules. In short, this can mean employees have to pay taxes on gains they never actually received.
If you go to a zero-tax jurisdiction, like Singapore, you dont get the same benefits. tax on their income, making financialplanning even more important. FBAR and FATCA Beyond income tax, expats must also deal with the reporting requirements for foreign assets. In such cases, an expat may owe full U.S.
Related: Planning for Older Clients and Those with Disabilities Many GRATs include a so-called “swap” power in which the grantor is permitted to substitute assets of equivalent value with the GRAT. Prior case law in the Southern District of New York (Morales v. Quintiles Transnational Corp. 2d 369 (S.D. 1998) and Donoghue v.
Individual results will vary based on specific financial circumstances. They’ve built a solid savings habit, but now want to refine how their wealth is structured and protected long term. Consistent Contributions Despite market volatility, contribution rates remained stable among retirement savers.
Whether clients support the policies with cash gifts or split-dollar, the discussion of options will necessarily involve a combination of insurance planning, taxplanning, income and gift tax-oriented wealth transfer planning and investment planning.
Why Philanthropic Planning Matters There are two main reasons for taking the time and effort to make a philanthropic plan. When you have the resources to make an impact, this type of planning helps you pinpoint what you want to accomplish for your family, community, and society. Determine what kind of assets you want to donate.
Despite removing the recharacterization safety net, the Tax Cuts and Jobs Act left intact the fundamental benefits that make Roth conversions attractive: tax-free growth potential, freedom from required minimum distributions, and tax-free qualified withdrawals.
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
What is a capital gains tax? When you sell an asset like a stock or a home, your gain could be taxable. The tax rate will depend on several factors, such as your holding period, type of asset, and your taxable income for the year. What is a capital gains tax? Single and married filing jointly are the most common.
A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. Heres how stepped up cost basis works on stock and other assets at death. Understanding step-up in basis at death If youve received an inheritance you may have questions about the tax treatment of certain assets.
A financial professional can handle the day-to-day tasks of financial management, such as investment research, portfolio rebalancing, and taxplanning, allowing you to enjoy greater efficiency and peace of mind. Comprehensive FinancialPlanning: Financialplanning is a holistic process.
Asset and Liability Matching. Good financialplanning is all about asset and liability matching across time. That means you need to make sure you understand how your income and assets relate to your expenses and liabilities. A financialplan with an asset liability mismatch is likely to fail over time.
Key Considerations Before Making a Move Before you make a tax-free transfer from your IRA, there are a few key points to consider: Why Simplicity Matters The CRT or CGA must be funded exclusively with IRA money. Mixing in other assets can complicate the tax benefits, so it ’ s best to keep it straightforward.
Capital gains tax Capital gains tax is what you pay on the profits you earn from selling your capital assets. These include things like stocks, bonds, mutual funds, and other assets. Now, there are two types of capital gains – short-term and long-term, and they are taxed differently.
For executives and entrepreneurs holding highly appreciated assets, the need for diversification becomes increasingly important. Selling stock outright, however, can incur a sizable tax billmaking it difficult to balance concentration risk with long-term portfolio preservation.
The bucket strategy solves this by dividing your assets based on time horizon: Bucket 1 (0 to 3 years): This is your short-term spending fund. Bucket 3 (10+ years): This is where you keep equities or real estate, assets built for growth. Roth conversion ladder Here’s a tax strategy that many overlook until it’s too late.
Retirement-related behavioral and financial changes raise many taxplanning questions and opportunities. A trusted tax professional can help you implement these and other strategies to help you minimize taxes in retirement, helping your money last longer and you realize your goals.
The MCC Trust agreement included terms about the distribution of trust assets: 3.2. The marital deduction doesn’t eliminate or reduce the tax on the transfer of marital assets out of the marital unit, but instead permits deferral until the death of the surviving spouse. Administration of Trust Estate for Beneficiary.
Resonant Capital Merges with Tax, Accounting Firm QBCo $2.2B Related: Engaging the Rising Gen Many GRATs include a so-called “swap” power in which the grantor is permitted to substitute assets of equivalent value with the GRAT. Prior case law in the Southern District of New York ( Morales v. Quintiles Transnational Corp. ,
Estate planning is not just for the wealthy; it is essential for anyone who wants to ensure their assets are managed and distributed according to their wishes. Whether you own an elaborate portfolio or a single family home, having a comprehensive plan in place can protect your legacy and provide peace of mind for your loved ones.
tax policy are predicting that Congress will inevitably be forced to again increase tax rates in order to raise revenue and balance the national budget – and that the current regime of relatively low tax rates will prove to be a temporary phenomenon. However, with the national debt expanding rapidly, observers of U.S.
Kamila is the CEO and Founder of Collective Wealth Partners, an independent RIA based in Atlanta, Georgia, that oversees nearly $25 million in assets under management for almost 175 client households. My guest on today's podcast is Kamila Elliott.
Welcome back to the 297th episode of the Financial Advisor Success Podcast ! Andy is the owner of Tenon Financial, a virtual independent RIA that oversees $70 million in assets under management for 43 retired client households. My guest on today's podcast is Andy Panko. Read More.
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