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Estate & Tax Planning

Estate planning is simply determining where your assets should go after you die, but without proper structure, your wishes may not be fulfilled. While the concept is simple, the vehicles and implementation can be complex, which is why it’s crucial to work with experienced professionals who stay current on estate tax laws and emerging asset protection strategies.

Complete Estate Planning Foundation

Every adult needs essential documents, and we make sure you have what you need. We work with an estate planning attorney who meets with clients on a weekly basis right here in our office. This means you get streamlined access to experienced professionals who understand your complete financial picture.

Your estate planning essentials may include:

    • Will that clearly directs asset distribution
    • Durable power of attorney for financial decisions
    • Health care proxy for medical decisions
    • Advanced trust strategies when appropriate
    • IRA legacy planning for maximum beneficiary value
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IRA Asset Planning

If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy that potentially reduces taxes and potentially increases the payout your beneficiaries will receive upon your death.

We can refer you to professionals who can help you evaluate your financial situation to determine if IRA legacy planning could help you achieve your goal of structuring a long-lasting inheritance for your beneficiaries.

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Trust Strategies

There are many different types of trusts, and they can be complex to set up and execute. However, a trust can be a very flexible and advantageous means to transfer your assets in the future. Most trusts can also provide current benefits, such as tax deferral and deductions. Unlike a will, a trust may help avoid probate upon your death.

To learn more about trusts and how they may benefit you, we will be happy to help you consult a qualified estate planning attorney who can assist you with these issues.

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Who Needs an Estate Plan?

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Tax Planning

Rising taxes don't have to derail your retirement dreams. Our tax-planning strategies help you keep more of what you've earned while positioning your assets for maximum growth and minimum tax burden.

Tax-Deferred Vehicles

Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. Few financial vehicles avoid taxes altogether. Insurance products only allow you to defer paying them until retirement, when you may be in a lower tax bracket.

Tax Considerations for Retirement Plans

Tax considerations are also of particular concern when making a decision about what to do with assets in an employer-sponsored retirement plan when you change jobs or retire. There are generally four things you can do with such assets:

        • Leave the money where it is
        • Take the cash (and pay income taxes and perhaps a 10 percent additional federal tax if you are younger than age 59½)
        • Transfer the money to another employer plan (if the new plan allows)
        • Roll the money over into an IRA

        Rolling over these assets to another qualified plan allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you.

    Ready to optimize your tax strategy? Let us connect you with experienced tax professionals who specialize in retirement planning and can help you navigate these important decisions.

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    Join our Free Retirement Workshop

    We host live retirement classes twice a year, once in the Spring and again in the Fall. Each class runs over two evenings and covers the most important parts of planning for retirement, including:

    • Taxes in retirement
    • Healthcare and Medicare
    • Estate planning
    • Investments
    • Income planning

    Whether you’re just getting started or already in retirement, these sessions are packed with helpful info to give you more clarity and confidence about what’s next.

    Ready to secure your spot? Call our Sidney office at (937) 498-1128 or send us a message for upcoming dates and registration.