You’ve entered your 40s and 50s and retirement no longer feels like a pipe dream. It’s far enough away that you can’t quite visualize it, but it’s close enough around the corner to have you thinking about taking your retirement plan more seriously. Maybe you have an average 401(k) balance for a 40-49 year-old of $100,300, or maybe you have the median 401(k) balance in a 401(k) for a 50-59...
There are five estate planning documents you may need, regardless of your age, health, or wealth: Durable power of attorney Advance medical directives Will Letter of instruction Living trust The last document, a living trust, isn't always necessary, but it's included here because it's a vital component of many estate plans. Durable Power of Attorney A durable power of attorney (DPOA) can help...
Caring for your aging parents is something you hope you can handle when the time comes, but it's the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier. Some people live their entire lives with little or no assistance from family and friends, but today Americans are living longer...
When it comes to effective estate planning and wealth transfer strategies, Grantor Retained Annuity Trusts (GRATs) stand out as one of the best tools. They were popularized by the Walton family (best known for founding the retailers Walmart and Sam's Club) as a way to get around owing the IRS millions in taxes. This strategy has been used by many other notable individuals like Phil Knight, the...
A trust is a fiduciary arrangement that allows a third party or trustee to execute fiduciary functions on behalf of the beneficiaries. Under the traditional trust model, a trust names one trustee (or co-trustees) to oversee the investment management, coordinate trust distributions and perform all administrative responsibilities of the trust. In this model, nearly all decisions surrounding the...
By: Henry VanBuskirk, CFP®, Wealth Manager (This is part 4 of a four-part estate planning series) In the previous posting, we discussed how Mark Zuckerberg of Meta Platforms, Inc. had the same strategies available, that you have available in order to reduce or possibly eliminate your estate tax bill. In this final part of the estate planning series, we would like to review how gifting...
By: Henry VanBuskirk, CFP®, Wealth Manager (This is part 3 of a four-part estate planning series) In part 2 of this series, we discussed strategic ways that you can get assets out of your estate. In this post, we would like to go over how you can capitalize on minimizing your estate tax, while your heirs enjoy the appreciated value of your asset, and how you are able to have some benefits...
By: Henry VanBuskirk, CFP®, Wealth Manager (This is part 2 of a four-part estate planning series) In our previous installment in this series, we discussed what Estate and Gift Taxes are and why they exist. In this installment, we will discuss strategies that can help reduce your overall income tax burden from the estate tax. The most logical way to lower your taxable estate is to get...
We concluded our Summer Webinar Series in August of 2022. We had a great turnout and thank you to our clients and friends that joined us live. The educational series covered great topics such as planning for loved ones, retirement plan basics, behavioral investing, Social Security and Medicare. We hope you learned something new to help you achieve your retirement goals. For those that were...
By: Henry VanBuskirk, CFP®, Wealth Manager Our team at BFSG has done extensive research on the impact on the average American’s psyche when filing their income tax return and the results of our study concluded that there are two groups of people that don’t like paying taxes…Men and Women. This article will discuss tax planning from a federal estate and gift tax perspective and in future...
What are the key estate planning documents? Who should have an estate plan? What are the differences between a will and a trust? Why do you want to avoid probate? This quick 3-minute video with BFSG's Senior Financial Planner, Paul Horn, CFP®, CPWA®, breaks down the basics of estate planning. Watch here for more. Disclosure: BFSG does not make any representations or warranties as to the...
This white paper discusses tax planning from a federal estate and gift tax perspective for 2022 and many of the techniques discussed could reduce your overall income tax burden. * In the white paper we discuss: Making gifts to children and grandchildren while incurring little or no gift tax;Avoiding gift tax reporting by making direct tuition payments for any individual;Excluding from gift taxes...
In case you missed this week’s BFSG’s Fall Webinar Series, “Estate Planning: Secure Your Legacy”, you can now watch the replay by clicking here. Our guest estate planning attorney, Tamsen Reinheimer, reviewed what are the biggest mistakes people make with their estate plan (hint: doing nothing!) and what new laws may affect your estate plan. Be sure to register for Week 3, Tax Planning:...
By: Michael Allbee, CFP®, Senior Portfolio Manager The most popular estate plan is doing nothing. In fact, according to USA Today, 55% of Americans with children die without a will (known as dying “intestate”). However, if you have not done your own estate plan, the probate code has one for you. Probate is a court-supervised process with the courts following state statutes at death to...
“Our nation owes a debt to its fallen heroes that we can never fully repay.” – President Barack Obama Thank you to the brave men and women who have made the ultimate sacrifice for our freedom and join us as we remember and honor our nation’s heroes on Memorial Day. Today reminds us that legacies matter. Not only to our friends and our families, but also our communities and society writ large....
Tailor portfolios to your needs and goals.
Investing and saving wisely is vital to success in retirement.
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Help to increase the amount you “take home”.
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