#tax planner Houston

[gavtaxservices]

Maximizing Wealth: Tax Planning Tips from Experts in Houston and Austin

In today's dynamic financial landscape, managing taxes is a crucial aspect of wealth management. Whether you're a business owner or an individual investor, strategic tax planning can significantly impact your financial health. In this blog, we'll delve into essential tax planning tips offered by leading accounting firms in Houston and Austin, empowering you to optimize your tax situation and maximize your wealth.

1. Seek Professional Guidance: Tax laws are complex and ever-changing. Partnering with a reputable accounting firm in Houston or Austin ensures you have access to seasoned professionals who stay abreast of the latest regulations and can tailor strategies to your specific needs.

2. Early Planning Yields Benefits: Don't wait until tax season to start thinking about your tax strategy. Effective tax planning is a year-round endeavor. By starting early, you have ample time to implement strategies that can yield substantial savings.

3. Utilize Retirement Accounts: Contributions to retirement accounts such as 401(k)s and IRAs offer immediate tax benefits by reducing your taxable income. Additionally, earnings within these accounts grow tax-deferred, allowing you to compound your wealth more efficiently.

4. Take Advantage of Deductions and Credits: Explore all available deductions and tax credits that you qualify for, such as mortgage interest deductions, charitable contributions, and education expenses. Maximizing these opportunities can significantly lower your tax liability.

5. Consider Tax-Efficient Investments: Certain investments, such as municipal bonds and index funds, offer tax advantages over others. Working with your financial advisor and tax planner in Houston or Austin can help you construct a portfolio that minimizes taxable income and maximizes after-tax returns.

6. Strategize Asset Location: Different types of assets are taxed differently. By strategically placing assets in taxable or tax-advantaged accounts, you can optimize your tax situation. For example, holding high-growth assets in tax-advantaged accounts can defer taxes on capital gains.

7. Stay Informed About Changes: Tax laws undergo revisions, and staying informed about these changes is paramount. Your accounting firm in Houston or Austin should keep you updated on relevant legislative developments and how they impact your tax planning strategy.

8. Plan for Business Taxes: If you're a business owner, tax planning becomes even more intricate. Work closely with your accountant to explore strategies such as entity selection, depreciation, and tax credits to minimize your business tax burden while maximizing profitability.

9. Monitor Estimated Taxes: For self-employed individuals and business owners, staying on top of estimated tax payments is crucial to avoid penalties and interest charges. Regularly review your income projections and adjust estimated tax payments accordingly.

10. Implement Succession Planning: Estate and gift taxes can significantly erode wealth if not managed properly. Develop a comprehensive succession plan with the guidance of your accounting firm to minimize tax liabilities and ensure a smooth transition of assets to future generations.

11. Utilize Tax-Loss Harvesting: During periods of market volatility, tax-loss harvesting can be a valuable strategy to offset capital gains and reduce taxes. Selling investments at a loss and reinvesting in similar assets can help you optimize your tax situation while maintaining your investment strategy.

12. Stay Organized: Proper record-keeping is essential for effective tax planning. Maintain organized financial records throughout the year, including receipts, investment statements, and documentation of deductible expenses, to streamline the tax filing process and minimize errors.

13. Review Withholding and Adjustments: Regularly review your withholding allowances and make adjustments as needed to ensure you're not overpaying or underpaying taxes. Changes in your financial situation, such as marriage, divorce, or the birth of a child, may warrant adjustments to your withholding.

14. Explore Tax-Advantaged Education Savings: Take advantage of tax-advantaged education savings accounts such as 529 plans to save for future education expenses. Contributions to these accounts grow tax-free, and withdrawals for qualified education expenses are also tax-free.

15. Engage in Charitable Giving: Charitable donations not only support worthy causes but also offer tax benefits. Maximize the impact of your charitable giving by leveraging strategies such as donor-advised funds and appreciated asset donations.

By incorporating these tax planning tips into your financial strategy, you can navigate the complexities of the tax code more effectively and position yourself for long-term financial success. Remember, proactive planning and collaboration with trusted professionals are key to optimizing your tax situation and maximizing your wealth. Whether you're in Houston or Austin, partnering with an experienced accounting firm can provide invaluable guidance tailored to your unique circumstances. Take control of your financial future today by prioritizing strategic tax planning.

As you delve deeper into the realm of tax planning, always keep in mind the overarching goal: to preserve and grow your wealth while minimizing tax liabilities. With the guidance of experts from leading accounting firms in Houston and Austin, you can navigate the intricacies of the tax code with confidence, ensuring that your financial decisions align with your long-term objectives.

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[shawntsawyer]

Hire Professional Tax Planner Texas

Entrust your financial well-being to the expertise of Shawn T. Sawyer, a seasoned professional tax planner in Texas. With a proven track record, Sawyer offers unparalleled guidance to individuals and businesses seeking strategic tax solutions. His comprehensive approach involves meticulous analysis of financial portfolios, ensuring tailored strategies to maximize returns and minimize tax burdens. As a dedicated advisor, Shawn T. Sawyer stays abreast of the latest tax laws, providing clients with up-to-date and effective planning services. By choosing Sawyer, clients benefit from a trusted partner committed to optimizing financial outcomes through meticulous tax planning in the dynamic landscape of Texas regulations. https://shawntsawyercpa.com/budgeting-and-money-management-for-houston-business-owners-hire-professional-tax-planner-texas/

#Hire Professional Tax Planner Texas

[severesoulavenue]

Organize Your Finances for a Stress-Free Future

Money plays a significant role in our lives, affecting everything from our daily routines to our long-term goals and dreams. Yet, financial disarray is a common source of stress for many people. You're not alone if you've ever found yourself overwhelmed by bills, debt, or financial uncertainty. The good news is that with careful planning and houston professional organizer, you can regain control of your finances and pave the way for a stress-free future. This article will explore practical steps to help you organize your finances and build a more secure financial future.

Set Clear Financial Goals

The first step in home organizing services houston finances is establishing clear, achievable financial goals. These goals include paying off debt, building an emergency fund, saving for retirement, or planning major life events like buying a home or sending your kids to college. Specific goals will give you a sense of purpose and direction in your financial journey.

Create a Budget

A budget is your roadmap to financial stability. Track your income and expenses to understand where your money is going. Identify areas where you can cut back and allocate funds towards your financial goals. Numerous budgeting apps and tools are available to simplify this process.

Build an Emergency Fund

Financial emergencies can happen to anyone at any time. An emergency fund with three to six months' living expenses can provide a safety net during unexpected events like medical bills, car repairs, or job loss. Start by setting aside a small portion of your monthly income until you reach your target.

Tackle Debt Strategically

High-interest debt can be a significant source of financial stress. Prioritize paying off high-interest debts like credit card balances and personal loans. Consider debt consolidation or refinancing options to lower interest rates and simplify payments.

Automate Savings and Bill Payments

Set up automatic transfers to your savings accounts and automate bill payments to ensure you get all the due dates. This reduces the stress of managing multiple payments manually and helps you consistently save towards your goals.

Diversify Your Investments

If investing for long-term financial goals like retirement, diversify your investments across different asset classes. Consult a financial advisor to create a well-balanced investment portfolio that aligns with your risk tolerance and objectives.

Review and Adjust Regularly

Your financial situation will evolve. Make it a habit to review your budget, savings, and investment strategies regularly. Adjust your plans as needed to stay on track with your goals.

Build Financial Literacy

Understanding personal finance is essential for making informed decisions. Learn about budgeting, investing, taxes, and other financial topics. Consider attending financial workshops or reading reputable finance books.

Seek Professional Guidance

If your financial situation is complex or you need organizers near me clarification on your financial strategy, consider seeking advice from a certified financial planner or advisor. They can provide personalized guidance to help you achieve your financial objectives.

Conclusion

Organizing your finances is a critical step toward a stress-free future. You can take control of your financial well-being by setting clear goals, creating a budget, building an emergency fund, and strategically managing debt and investments. Remember that financial organization is an ongoing process. With commitment and discipline, you can build a more secure and less stressful financial future, allowing you to focus on enjoying the moments that truly matter in life.

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[irstaxtroublesblog]

A guide to know more about income tax planning for real estate in Houston

Whether you are a residential builder, commercial land developer or a property dealer, understanding the real estate tax law of the US (Houston) makes it easy to lessen the burden. Taxes are considered an effective means in real estate. Income tax planning refers to the process of analysing the financial status of an individual or business regarding tax efficiency. We at Mitchell Tax Law - a tax law firm in Houston evaluate potential land and property acquisition and disposition and assist you in the implication of various methods of financing. You can reduce the payable tax by optimizing the investment deduction. Income tax planning for real estate in Houston highlights the case with real estate rules. Right planning with expert guidance helps you in steady cash flow, great returns, and long-term security. The real estate income tax law enables the development of innovative tax planning strategies. Our experts have helped many real estate professionals thrive. Fill out the contact form and discuss your case with our real estate tax planners.

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Why employing a reliable Event Management Company may be a smart choice for you!

Come Autumn, wedding season and various celebrations start knocking at our doors making winter hip and happening! Planning an event like Wedding, Reception, Get together, House warming, Baby shower, Thread ceremony and other auspicious ceremonies involve a lot of options to ponder and variables to think about, before taking the final plunge. Nevertheless, even a small blunder on your part can turn the entire occasion into a nightmare! You can be a creative thinker, an excellent organizer, hard worker; basically a jack of all trades, but getting a Hire a Reliable Event Management Company help for managing these memorable occasions End2End can make your life a lot easier keeping in mind of today’s hectic and demanding schedule.

What are the risks of a DIY event?

It stresses you out

It’s taxing – not only the preparation but also the end part. Once the party is over, the things which follow next are no less daunting either.

Being the main organizer, invitees hardly get to see you and vice versa

Your chosen vendors might screw up at the zero hour!

It’s your day and you are still undecided or confused about what to wear. Oh no!

Finally, you end up irritated if things don’t fall into place the way you wanted to!

Economical: Sounds too good to be true? Well, let me assure you that an event management company of good repute actually tries their best to organize the entire event within your budget. Not convinced? These professionals have tie-ups with various vendors. They utilize their thorough market knowledge and going rates to fetch you the best negotiated deal, which often ends up with discounts. Amazed? It’s true!

Expect unique & memorable event each time

These skilled personnel provide you with out-of-the-box ideas. Their exclusive creative resources are tailor-made for every ceremony that it’ll ultimately wow your guests Big time! Each time you hire these professionals you can easily surprise your attendees with a fresh concept, a better looking venue and a memorable outcome.

Eliminates risks & saves time

In view of today’s context, men and women are equally busy juggling between work and personal commitments. Therefore, handing over the responsibility of organizing an event into the safe hands of a professional event planner gets things on the right track from the start through better resource management!

Minimizes risks

An event planner’s in-depth knowledge of the market, extensive network along with detailed information on what’s trending on various aspects of the event makes the chances to go wrong quite slim. Also, they are well-equipped to mitigate such risks from happening altogether.

You sit back and enjoy

Starting right from the venue selection, marketing, budgeting, coordinating and arranging for accommodations, design & decor to floor management and other features are being carefully handled by these trained professionals. So, what you are left with? Heading up to the venue and sitting and chilling with your guests. Doesn’t that make you a guest at your own event? Truly incredible!

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[poppinpartieshouston-blog]

Stress-Free Party Planning Tips

From a wedding reception with hundreds of guests to a simple birthday party for your son or daughter, the party planning process can range from incredibly fun to very stressful. Getting too stressed out during the planning stages can put a damper on the event itself, which is never good. To get the most out of your time spent planning your next event, take advantage of the following stress-free tips.

One of the best ways you can reduce your stress is by not waiting to the last minute to plan. While you don’t have to start thinking about a party several years in advance, make sure you give yourself enough time to get everything done. An added benefit of this is that you can send invitations earlier and get a better sense of the guest list weeks or even months ahead of time.

In many cases, stressful party planning is due to a lack of organization. Trying to juggle everything that needs to be done in your head can be very mentally taxing. Instead of trying to keep a mental checklist, simply make a physical one! As you go down the list and check things off one by one, you will feel a sense of completion and excitement that the party is coming together.

Finally, don’t be afraid to ask for help. Regardless of the nature of the party, you should reach out to at least one friend or family member and ask if they can take on a few of the responsibilities. Whether you need someone to pick up a cake or contact some vendors, you don’t have to place the burden entirely on yourself.

Event Planners are in their own right magicians in that they will do everything in their power to make a client’s dream a reality to the best of their ability with what they are given. One of the things we love most about working with our clients is helping them transform a space that fits their ideal theme or aesthetic. If a client wants something that at first glance is a tad outside of the set aside budget, we’ll work diligently to get it pretty close to what our clients want.

 In addition to the organizational benefit event planners offer, event planners will have your back with all of the details. The glamours details and the mundane ones.

For more details on our products and services, please feel free to visit us at: Houston Event Planner, Things To Do In Houston, Corporate Event Planners Houston, Top Event Planners Houston & Houston Events.

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New Homes For Sale In San Antonio, Tx By Kb Home

Master is positioned downstairs and has a walk-in closet. Stove and Dishwasher are the appliances included within the purchase. The neighborhood community has a sparkling pool and fun playground for teenagers to enjoy. Whether you are thinking about city or small-town residing, you're assured to search out the proper lifestyle with our stunning San Antonio new homes for sale.

We believe that quality rental housing can unlock life’s potential, and this drives our considering and our actions every single day. Save communities, homes, events, and even site searches to your My Shea Home account so you presumably can easily decide up where you left off. Home Office With French Doors Set At Two-story Entry. Dining Area Opens To Kitchen And Adjacent Two-story Family Room. Kitchen Features Walk-in Pantry And Generous Island With Built-in Seating Space. First-floor Primary Suite Includes Primary Bath With Dual Vanity, Garden Tub, Separate Glass-enclosed Shower And Two Walk-in Closets.

In San Antonio, third-quarter provide topped the statewide average at three months. Statewide home gross sales declined for a second straight quarter, in accordance with a model new report from Texas Realtors, falling 14.eight % over the yr to ninety seven,711 homes bought within the three months via September. The trade organization produced the report in partnership with local Realtor associations and the Texas Real Estate Research Center at Texas A&M University. Utilizing state-of-the-art technologies, building, and materials, our architects, designers, and planners create a method of life that includes that big city perspective into a dazzling urban retreat.

That’s causing many present owners to carry off on listing, which is causing listings of newly-built homes to take up a good larger share of the market. North Port was also hit onerous by Hurricane Ian in late September, and has since seen a large new homes san antonio drop in sales and new listings as a result — intensifying the market slowdown. Newly-built homes have been taking over a rising portion of total housing supply since 2011, when constructing began to rebound after the financial disaster.

Sitterle Homes builds in probably the most fascinating communities within the Austin, Houston and San Antonio space. For details about new development properties for sale in San Antonio, Texas, or to request a exhibiting, click "Schedule a Showing" when viewing any listing new homes san antonio. Monthly payment amount doesn't include property taxes, homeowners insurance or monthly mortgage insurance and therefore shall be greater.

Options that reduce consumption, decrease your month-to-month vitality bills, and help you keep comfy via every season. Enjoy the satisfaction that comes from living in a house designed with you in mind by the house builders at Pulte. At NewHomeSource.com, we update the content on our site on a nightly basis. We seek to make sure that the entire knowledge offered on the site relating to new homes and new home communities is present and accurate. However, we don't assume any liability for inaccuracies.

Rounding out the top 10 are North Port-Sarasota, Fla. (35%); San Antonio, Texas (33%); Greenville, S.C. Twenty-nine p.c of U.S. single-family homes on the market within the third quarter were new construction – the very best share of any third quarter on report, in accordance with Redfin. Redfin () is a technology-powered actual new homes san antonio estate firm. We assist folks discover a place to live with brokerage, immediate home-buying , leases, lending, title insurance coverage, and renovations services. We promote homes for extra money and cost half the fee.

Much can change, particularly with financial headwinds on the horizon, however all of them agreed that the market is cooling fast. Home costs are going to drop, just to not the extent some consumers have hoped for. Sellers are going to need to work for his or her closings again. And renters might lastly get a reprieve from surging prices, even as prices stay well above prepandemic ranges.

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Financial Advisor Houston

At Oak Harvest Financial Advisor, Houston, collaborates with other professionals to develop and implement financial, investment, and retirement strategies and plans that are personalised to your needs. We begin with a no-cost consultation. Call 281-822-1350 or go to our website to get yours.

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[andrewjoseph007-blog]

ABOUT US

Our Philosophy

The professionals at our financial planning firm are dedicated to helping clients define and create a plan to reach their financial goals. We pride ourselves on delivering objective, strategic, and prudent advice designed to help our clients accumulate, retain, protect and transfer wealth.

Our History

Insight Wealth Strategies was founded in 2002 by David Chazin, the CEO and a fee-based financial planner. Over the period of 17 years, we have expanded our presence through San Francisco Bay Area and Texas with offices in: San Ramon, Livermore, Point Richmond, CA and Houston, TX.

Our Expertise

Our professional team of financial planners has experience in comprehensive financial planning including, retirement planning, investment planning, estate planning, tax reduction strategies, business succession planning, college funding, employee stock options.

[bryanfaganlaw]

Retirement should be high on your list of priorities during your divorce

If you have need a best suitable service your Child Law experience, Retirement should be high on your list of priorities during your divorce with the great process!

Family Law Attorneys Houston: Of all the things for you to worry about as a result of your divorce case you may not feel that your retirement is all that important compared to issues regarding your children, your home and other more immediate considerations. After all- it’s understandable to be concerned with just making it out of the case alive and in one piece. Having concerns about something that could be decades down the road is a little too far fetched, it could be argued.

From my experiences as a family law attorney who has helped many, many people achieve successful divorce outcomes I would caution you before you allow your mind to drift to this sort of thinking. The reality is that your retirement is a lot closer than you think, no matter what your age is.

If you are an older person you may be in great health with a great job where you plan to work for many more years. And you may do so. However, this doesn’t cause time to stop progressing towards an end point where you will no longer want to work. Thinking that you can make up for lost time in regard to your retirement ignores the benefit to allowing your money to grow with interest.

On the other hand, if you are a younger person the easy opinion to hold is that your retirement is so long away, you can afford to make mistakes because time will allow you to patch over those holes and move forward as a success. This, too, would be a thought conceived in folly. The fact is that while you are further away than many divorced persons from retirement, there is no reason why you should not be aggressive and intelligent about making it through your divorce with as much of your retirement intact as possible. Just trying to get by is not the attitude that I would take in your position.

Today’s blog post from the attorneys with the Law Office of Bryan Fagan, PLLC will detail retirement savings and their role in your divorce case. We want you to be able to walk away from your divorce in a strong position as it relates to retirement. What I am not advocating for is taking your spouse for all their worth and leaving him or her a shell of a person. You should assert your rights and petition for what is fairly yours under the circumstances of your case and the laws of the State of Texas.

Retirement Savings as Community Property

Monies invested into retirement accounts during the course of your marriage are considered to be part of the community estate. If you and your spouse have been married for fifteen or twenty years then there is likely a substantial amount of money in that 401(k) or IRA, assuming that you and your spouse have invested with any regularity. Understand also that dividing a 401(k), IRA or pension in a divorce differs because both state and federal law are applicable to each of those type of accounts. You should consult with your attorney on the consequences that each type of account could have on your case.

Qualified Domestic Relations Order (QDRO)

Houston Family Law Lawyers: When your divorce has completed, if you are entitled to a portion of any of your spouse’s retirement accounts then a Qualified Domestic Relations Order (QDRO) must be drafted. A QDRO allows whatever portion of the retirement account that was ordered to go to you in the divorce to be divided up without incurring any penalties or taxes. The plan administrator for the 401(k), pension plan or other retirement account will have to “OK” the language in the order that will allow for its division. Also, a judge will need to approve the order and sign on it for it to have any legal force.

Do not wait for your divorce to be completed for the QDRO to be drawn up. Your attorney should contact the plan administrator and learn what language needs to be included in the order for easy and quick approval. Then, when your Final Decree of Divorce is submitted to the judge a request to have the judge sign and enter the QDRO should be submitted as well. This allows you to get both documents signed at the same time.

A QDRO identifies the person whose retirement benefits are subject to division and names you as the person who receive those payments. A specific dollar amount (or percentage of the total funds available) will be specified as well. While you should consult with a financial planner on these issues, from my experience as an attorney you can roll these proceeds directly into an IRA or into your 401(k) if your plan allows for that to occur. An immediate withdrawal of these proceeds is possible, and because you are doing it in the context of a divorce QDRO there will not be a penalty assessed against you.

If your divorce decree orders that a portion of your spouse’s IRA be sent to you then you can simply do a direct transfer from their IRA to yours. There are no taxes or penalties for doing so keeping in mind that your divorce decree must mandate this transfer.

What to know about social security and divorce

Family Law Lawyer Houston: One of the important concepts that is relevant for people like you who are going through a divorce has to do with social security. Specifically you are entitled to one-half of your ex-spouse’s social security retirement benefits when you retire. This is a great benefit that is available to you as an ex-spouse that I always encourage our clients to consider while negotiations.

This rule applies if your marriage lasted ten years or more and you are sixty two or older at the time you attempt to cash in on the social security benefits. In the interim period between your divorce and that point you could not have re-married. If you have been married and divorced more than once, you are not able to receive this benefit from both ex-spouses. The government would pay you benefits based on the amount from either spouse that would be greater.

College Savings Accounts

There are many ways to save for your child’s college education. Perhaps the most common is the “529” college savings account. The money saved in these type of accounts can be used to pay for room and board, books, tuition and other school supplies. The beauty of the money saved in these accounts is that it is all after tax, meaning that since you have already paid tax on the principal amounts all of the growth is tax free. If one child decides not to go to child their money can be transferred to another family member.

How you should invest in college educations is completely up to you. Family law attorneys are typically not able to provide specific advice to you, but from my perspective it makes sense to be in control of the money that you invest by being able to choose your investments rather than by having them selected by the broker or 529 plan administrator.

Tomorrow’s blog topic from the Law Office of Bryan Fagan, PLLC will be on college savings. We will go into greater detail on this subject than we were able to do today. If you have kids then you will certainly want to return to our website. Learn about this subject now rather than waiting to do so after your divorce when it may be too late to make decisions that can positively impact your child.

Check in with us tomorrow to continue learning about retirement and divorce

Kingwood Divorce Attorney: Questions about retirement and college savings as they relate to your divorce? Contact the Law Office of Bryan Fagan, PLLC to learn more about these important subjects. Our licensed family law attorneys offer free of charge consultations six days a week here in our office.

We represent clients across southeast Texas- from Beaumont to Katy and all points in between. It is an honor to be able to represent these folks and their family during difficult times in their lives. We are just a phone call away and eagerly await the opportunity to sit with you and discuss your life and divorce ... Continue Reading

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What Is a Wealth Manager?

A wealth manager is a subset of financial advisor that primarily serves high-net-worth and ultra-high-net-worth individuals - in other words, people with wealth that needs managing. A wealth manager's role is far more comprehensive than just offering a client investment advice. These financial professionals provide a holistic suite of services that encompasses all parts of a person's financial life, including both investment management and financial planning, as well as accounting and tax services, retirement planning, estate planning and more.

What Is Wealth Management?

As you may have guessed, wealth managers are in the business of wealth management. Wealth management is a discipline that combines several areas of financial services and rolls them into a single comprehensive package that’s designed to address the entirety of an individual’s financial life. Wealth management focuses on the management of relationships between an individual’s many advisors, including lawyers, accountants and insurance agents. The overall goal of wealth management is to grow and preserve wealth over the long term.

You can find wealth management services at big banks and at independent financial advisor firms. For instance, many of the top 10 financial advisor firms in Houston offer wealth management services. In 2017, Barron's ranked Bank of America Global Wealth & Investment Management, Morgan Stanley Wealth Management, J.P. Morgan Private Bank  and UBS Wealth Management as among the top wealth management firms in the nation.

What Services Can a Wealth Manager Provide?

In the introduction, we ticked off a short list of everything a wealth manager can do for you. But that's just a sampling of the services these professionals can provide. Wealth managers’ services are personalized according to your individual goals and situation, and range from helping you determine whether you're ready for retirement to minimizing your taxes. Wealth managers may offer the following:

- Investment advice - Financial planning - Estate planning - Trust services - Tax strategies - Family legacy planning - Philanthropic planning - Risk management - Retirement planning - Legal planning - Banking services

On top of all of the above, a wealth manager may serve as the central point of contact, coordinating communications and relationships with financial experts and a client’s other advisors, such as an attorney or an accountant.

Who Do Wealth Managers Serve?

As mentioned before, wealth managers primarily serve the affluent. Wealth managers serve high-net-worth and ultra-high-net-worth individuals, as well as families and foundations. For reference, the U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management. However, in recent years, wealth management has also become available to those with net worths below the $750,000 threshold.

The term private wealth management is sometimes used to differentiate services that are geared specifically toward high-net-worth and ultra-high-net-worth individuals.

Wealth managers typically require you to have a certain amount of investable assets before they’ll agree to take you on as a client. Account minimums vary widely from wealth manager to wealth manager. Merrill Lynch Wealth Management, for instance, requires its clients to have at least $250,000 in investable assets, while Silvercrest Asset Management, the first firm on our list of the top 10 New York financial advisor firms, requires a $10 million account minimum.

What Fees Do Wealth Managers Charge?

Like most financial advisors, wealth managers charge clients on a set fee schedule. Most commonly, wealth managers charge a percentage of assets under management. On average, it’s around 1% of assets annually, but clients with more assets under management may be charged a lesser percentage.

Other wealth managers may charge fixed annual fees or hourly fees. It’s common for wealth managers to charge a combination of the above fees. However, even if your wealth manager charges just a percentage of assets under management, you may be paying more than just that. Percentage fees don't account for the underlying expenses charged by mutual funds and exchange-traded funds, or for the costs charged by outside professionals.

According to Glassdoor, the average base pay for a wealth manager is around $94,000 a year.

How Should You Choose a Wealth Manager?

Choosing a wealth manager is a similar process to choosing a financial advisor. One of the first things to take note of is a wealth manager's account minimum, which is an indication of whether or not you're eligible to become a client. You should also ask wealth managers about their typical client base, as this can shed light on which types of investors a wealth manager has the most experience working with. A wealth manager's advanced certifications can also demonstrate experience in a certain area.

You'll also want to take a look at a wealth manager's fees, so you have a sense of how much you'll be paying. Also note whether a wealth manager sells any products, and if he or she is a fiduciary. A good resource is the Form ADV, paperwork that all financial advisors and financial advisor firms registered with the U.S. Securities and Exchange Commission (SEC) must file. Notably, all SEC-registered firms are bound by fiduciary duty to act in clients' best interests at all times. The Form ADV will also provide information on any past disciplinary issues a firm or advisor may have on record.

What's the Difference Between a Wealth Manager, a Financial Planner and an Investment Advisor?

Investment advisors and financial planners focus on a specific piece of your financial situation. Wealth managers look at the full picture and manage the various parts of it. Like a financial planner, a wealth manager can help clients identify their objectives and map out a financial plan to achieve them. Unlike wealth managers, who typically help wealthy clients manage a more complex financial situation, financial planners serve many types of investors who wants help drawing up a budget and a long-term road map.

Like investment advisors, wealth managers can help clients select strategic, long-term investments for their portfolios within appropriate asset allocations. While investment advisors zero in on this particular aspect, wealth managers are also looking at a client’s overall financial life and providing services like financial planning and relationship management.

Tips for Finding the Right Financial Advisor

Do your research. The Form ADV, mentioned above, is a great place to start as it can provide you an overview of a firm's size, any past disclosures and services available. It's also important to look at a firm's fees, so you know how much a financial planner costs before you begin working with one and whether an advisor is fee-based or fee-only.

Consider what purpose you'd like your financial advisor to serve. If you need help figuring out how much you'll need to save for retirement, for instance, you'll want to look for an advisor who has experience in that area or a relevant certification.

Look for fiduciaries. Fiduciary financial advisors are bound by fiduciary duty, requiring them to put their clients' best interests ahead of their own. To help you find a fiduciary financial advisor near you, we created a simple financial advisor matching tool. Here's how it works:

Answer these few easy questions about your current financial situation.

Our SmartAdvisor tool matches you with up to three advisors who can provide expert advice based on your specific goals. You don’t have to spend hours interviewing dozens of people and firms.

Check out the advisors' profiles, interview them on the phone or in person and choose who to work with in the future.

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[thefinancialpyramid]

Short on Cash? Be Careful About Borrowing Against Your Whole Life Insurance Policy.

If you carry whole life insurance and have a bank account that’s been hard-hit by the coronavirus pandemic, you might consider borrowing against your policy. Tap your insurance in the wrong way, though, and you could create as many financial problems as you solve.

Unlike a term life policy, which has no value other than what it pays when you die, whole-life insurance has a cash value independent of the death benefit. You can borrow against that value as needed, as I did when I tapped my own policy for $500 decades ago. Given to me as a child by my mother’s father, and with a modest death benefit, the plan was to make sure that I would always have insurance, and to give me an asset that I could borrow against if need be.

Taking a loan from a whole life insurance policy might get you urgently needed money at a favorable interest rate. Handle the loan poorly, however, and you can sabotage your reasons for having the policy in the first place, lose the policy, or create an income tax bill that you can’t afford to pay.

Here’s a rundown of how to raid a whole life policy, along with advice on the wisdom of doing so compared with other potential options.

How whole life insurance works

Unlike term coverage, which protects for a stated period of time — twenty years is typical — whole life insurance stays in effect for as long as the policy is funded.

At the beginning of the policy and for some years, you fund the policy by paying level, annual premiums. Over time, with many policies, you receive dividends based on the insurance company’s financial performance, which you can use to offset premiums. Cash value also accumulates inside your policy, and you can borrow against that cash value.

The case for a loan

Borrowing against a policy’s cash value is a sweet deal in multiple ways. First, the insurance company can’t turn down your application for this loan. If there’s money available to borrow inside your policy, it’s yours to borrow, regardless of your current income or credit report. “They can’t turn you down for a loan unless you’ve already borrowed all the cash value,” says Chapel Hill, North Carolina-based financial planner Michael Whitman.

If you do tap the policy, the insurance company will probably charge you a favorable interest rate. “The better whole life policies have a low rate of interest for borrowing against the cash value,” says Michelle Gessner, a financial advisor in Houston, Texas. “Many of the good life insurance policies are charging less than 5 percent interest. Some policies have a zero cost loan if you’ve held the policy for ten years or more.”

The interest rate you pay to borrow is specified in the policy. What’s more, says Whitman, “the company might even pay the interest into your policy’s cash value.” In other words, you’ll essentially be reimbursed, albeit indirectly, for the cost of borrowing.

Once you’ve taken the loan, there’s no particular repayment schedule. You pay it back if and when you want to. That sounds like a helpful feature, and it can be. Yet it can also turn into a substantial disadvantage.

Repay the principal or reduce your policy benefits

No one will chase you down and insist that you repay the loan from your policy. But if you don’t, you could find yourself with at least one unpleasant surprise.

For one, you could capsize the reason that you bought the policy in the first place. “Whole life policies can grow tax-free, so people use them as retirement supplements,” Gessner says. “If you take a loan when you’re already in retirement, there’s no need to pay it back.” The loan is fulfilling your goal to provide retirement income. “But if you’re not in or close to retirement,” Gessner adds,”you’ll want to pay it back.” Otherwise, the money won’t be there to serve its original purpose.

People also buy whole life policies because their families plan to use the death benefit to care for loved ones or pay estate taxes. You’ll want to fully repay the loan if your heirs need the death benefit. If you die before full repayment, the outstanding balance will be deducted from your death benefit, just like any other loan.

Ignoring interest can collapse the policy

No one will make you pay the interest on your loan, either, and that could become an even bigger problem. “Say you borrow $10,000 from your contract at 5 percent interest,” Whitman says. “Every year, that 5 percent has to be paid back, or the interest will be added to the loan and capitalized.” If you don’t make interest payments, you’ll owe $10,500 by the end of the first year and $11,025 at the end of the second.

The insurance company will credit your dividend against your annual premium, interest, and principal. If the loan is small enough, the dividend might even repay it. That’s what happened with the $500 loan I took out against my policy.

For a bigger loan, though, the dividend will eventually be no match for the power of compound interest. Dividend payments won’t be enough to keep the policy afloat. If you’re not able to pay into the policy, the company will cancel it.

The taxman could cometh

As if cancellation of the policy for non-payment isn’t bad enough, you’ll also owe income taxes on the difference between what you paid into the policy and the loan and interest payments you took out. “This is a trap for the unwary,” says New York-based financial advisor David Mendels. “The insurance company is happy to let you treat each unpaid interest payment as effectively a new loan. There’s no tax due until you either decide to or are forced to cancel the policy.”

At that point, all those interest payments and loan principal, minus premiums paid, become taxable as ordinary income. “It’s tough enough to pay taxes on income that you do get,” Mendels says. “It’s really hard to pay taxes on money that you didn’t get.”

You can take a loan and let the policy lapse on purpose, as long as you plan for the tax bill. That’s what Peter Lazaroff, a financial planner in St. Louis, Missouri, did when he bought his first house. He borrowed $30,000 against a whole life policy his parents bought when he was a baby. Three years later, the policy lapsed and Lazaroff paid taxes on about $15,000 — the difference between the premiums paid on the policy and Lazaroff’s loan principal and interest.

If you’re taking a loan because you’re short on funds, you would likely find it difficult to pay extra income tax. But if you know you can pay or offset the taxes — by taking a loss on a different investment, for instance — this strategy might work. Call your insurance company and ask for an in-force illustration to find out how much you can borrow and how long your dividend payments can keep the loan and policy afloat.

Overall, though, you should probably approach borrowing against a whole life policy with caution. “I wouldn’t rule it out, but it wouldn’t be my first choice,” financial advisor Mendels says. “Better choices might include a zero percentage credit card offer, a home equity line of credit, or an emergency fund.” Tapping retirement funds, he says, is a worse choice.

Credits: Ingrid Case Date: Oct 9, 2020 Source: https://money.com/borrowing-from-a-whole-life-insurance-policy/  

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[danielrest8]

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Accounts payable refers to all of the short-term debts or commitments which embody trade payables. Whereas, commerce payables are the cash your organization owes to its vendors for inventory-related items like business inventory or supplies. On the opposite hand, accounts receivable (A/R) is listed in the present belongings part because it refers again to the cash funds that a company expects to receive from prospects. Skilled Business Accounting Providers If you earn more than the typical on your state in addition to household size, or you might have a home you intend to save from repossession, you might have to file for Phase thirteen bankruptcy as a substitute. There is a maximum amount of debt, however, typically, we advise and present shoppers how to repay the debt on their own if that amount is beneath $1,000. However, only go together with them should you consider you'll have the ability to pay what you owe inside that time frame. This post is for use for informational functions only and does not represent authorized, business, or tax advice. Each person ought to seek the assistance of his or her own lawyer, business advisor, or tax advisor with respect to matters referenced on this submit. Bench assumes no liability for actions taken in reliance upon the data contained herein. It becomes a burden only when earnings drops and we are unable to keep the debt underneath management. There are two primary types of debt reduction and counseling programs that can lead to debt elimination. Consumer credit score counseling is one possibility, and debt settlement is one other. It is possible for individuals with bad credit to take part in many of these services as they're designed to supply debt reduction companies and even debt elimination for those experiencing financial difficulties. Check out a number of the debt elimination programs and debt reduction options that you may have the ability to profit from beneath. A successful DMP requires you to make regular, well timed payments; it might take 48 months or extra to complete your DMP. Ask the credit counselor to estimate how lengthy it's going to take so that you can full the plan. You may have to agree not to apply for — or use — any additional credit whereas you’re participating in the plan. A DMP can allow you to completely pay off unsecured financial debts, often with a decreased rate of interest or with fees waived, however not a discount in the complete debt owed. The company should inform you how much money or what share of each excellent debt you have to save earlier than it'll make a proposal to each creditor in your behalf. The firm should tell you how lengthy it's going to take to get results — how many months or years earlier than it'll make a proposal to each creditor for a settlement. Not all money owed may be decreased through bankruptcy – It can not forgive tax debt or debt from youngster help obligations.

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[barrybulakites]

Starting Pay for Financial Planners - Junior or Entry-Level

According to Barry Bulakites, the average yearly income for a financial advisor is $51,000. That works up to around $24 an hour. The national average is 26% lower than this. CIGNA employs the highest-paid planners, while Northwestern College employs the lowest-paid planners. Besides education and experience, salaries are also influenced by these aspects. However, many of these programs demand at least three to four years of work experience in order to qualify for the certificates they provide. Financial advisors may also make extra commissions by selling specific financial products, such as mutual funds and insurance.

A financial planner's hours are flexible. If you don't need a lot of work, a part-time job may be a better option than a full-time one, which requires more time for research and analysis. They can also have to work on the weekends and at night. A financial planner's income relies on their ability to keep up with the latest advancements in the business. Indeed, LinkedIn, and CareerBuilder are just a few of the web resources where you may find job openings. Classified advertisements and private recruitment agencies are other sources of job leads for job searchers.

Your earnings are also influenced by where you reside. Financial planners in San Jose, California earn 36% more than their national counterparts, who get an average compensation of $14,900. 8 percent less than the national average is paid in Houston, TX, and Atlanta, GA. Before deciding on a job, research the cost of living in the location where you want to work. If you're coming from a place with a high cost of living, these cities' financial planner salaries can help you succeed financially.

A financial advisor must have a thorough understanding of numerous investment options. Moreover, they must be aware of tax and insurance restrictions. As a consequence, financial planners must be able to decipher complicated financial paperwork and communicate effectively with the people they serve. As experts in the fields of insurance, estate planning, and taxes, clients rely on the guidance of financial planners. As a result, financial planners' salaries are determined by their level of expertise, experience, and education. It's probable that when they expand, they'll make more money.

Even though financial counselors make a good living, the field's future success is uncertain. Financial advisors are becoming more popular. As a result, they demand a wage that is on par with their stature. In spite of this, financial advisors are still a feasible career choice for many people. They may make up to $100,000 a year, which is a good salary for someone in their position. A career as a financial planner may take numerous forms, and as a result, many opportunities for growth exist.

Barry Bulakites pointed out that, the cost of living varies greatly from one region to the next. Job opportunities abound in New York City. New York's annual median household income is $68,486. Nearly $5K more than the national average, which is the case here. In addition, rents in New York City tend to be significantly higher than in other major cities, making it even more attractive to work as a financial advisor in the Big Apple. As a result, there are a lot of jobs in finance available in New York City.

Financial planners often work for investment firms, banks, insurance companies, and other financial organizations after obtaining a certification in financial planning. Most financial planners are hired by financial services companies, although others are self-employed. The vast majority of CFPs operate during regular business hours. Some people may put in greater hours. The average annual income of a financial planner is $90,000, yet this is only the tip of the iceberg. Anyone contemplating a career in financial planning should give this compensation a serious look.

A bachelor's degree in a relevant discipline is required before beginning a career as a financial planner. In most cases, a bachelor's degree in one of business, economics, finance, or economics is required, while additional training might help you stand out from the competition. The ability to plan and invest in stocks and real estate, for example, may be useful. However, you'll need a solid grasp of arithmetic. Another advantage is the ability to work with an accounting system.

When it comes to a financial planner's remuneration, the range is normally between six and seven figures each year. Based on the amount of money the customer invests with them, an independent financial planner may charge a flat fee. Supplemental pay are not uncommon for employees of insurance companies, brokerage firms, and other financial organizations. However, in 2004, the median annual wage for financial planners was $62,700, which was still less than the average annual salary for accountants or lawyers. Inexperienced financial planners, however, may be able to increase this amount by more than 10%.

Barry Bulakites's opinion, an additional service that financial planners provide to their customers is information regarding the advantages and disadvantages of various financial options. As a result, they may assist clients in developing spending plans or establishing savings objectives in preparation for important life events. An effective financial plan considers factors such as inflation, investment returns, and usual spending habits. With this in mind, they will collaborate with a number of investment businesses and mutual fund providers to assist their customers reach their financial objectives.

[oakharvestfinancialgroup]

Certified Tax Specialist (CTS™)

We have Certified Tax Specialists (CTS™) and Certified Financial Planner™ professionals in Houston that help high- and ultra-high-net-worth clients with their retirement. Your Oak Harvest professionals guide and coordinate other professionals to design and execute tax, financial, investment and retirement strategies fit to your needs. We begin with a free consultation. Contact us for yours at: 281-822-1350, or reach out on our website.

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