Assisting clients with income or estate tax reduction may seem like a small task in comparison to the vast amount of financial planning work advisors do yearly. However, if you can help your client find extra and unexpected funds in their tax returns, you can use those funds to set the client’s foundation for a lifetime of long-term success. Tax reduction techniques New tax reform laws in 2018 created significant tax liabilities to many consumer’s income and estate taxes. Most individual … [Read more...]
Tax Strategies to Ease Client Retirement Preparation
Taxes play an important role at every stage of life and are a crucial aspect of financial plans for advisors to discuss with clients. Clients should regularly monitor how taxes will affect assets over the course of their financial plans and prepare for multiple outcomes. Advisors can help clients take steps earlier in life to mitigate their tax obligations and maximize savings for retirement. Clients can build flexibility into their plans and may choose in some situations to pay taxes during … [Read more...]
Social Security Risk: Connecting with Clients during Tax Season is a Must
Retirement is all about taking the key risks off the table. Taxes are one risk that with proper education and homework, can be minimized dramatically. Lifetime income annuities are great products for your clients to decrease their risk of overpaying Uncle Sam and can provide guaranteed lifetime income for the entirety of their retirement. While tax season is in full swing, connect with your clients by discussing their retirement taxation plan and you will be amazed at where the conversation will … [Read more...]
3 Overlooked Tools to Assist Clients With Their Retirement Planning
As we venture into the end of 2015, we wanted to reiterate a few opportunities to assist clients with their retirement planning that often get overlooked. Some agents have taken advantage of the QLAC (Qualified Life Annuity Contract.) This nifty tool arose as a result of the U.S. Treasury’s removal of certain restrictions to annuities and similar retirement savings arrangements. The QLAC allows implementation of efforts that help balance the use of annuities and other investments in their … [Read more...]
#9 of the Top 10 IRA Mistakes
Mistake #9 – Too Many Retirement Accounts (Best used by having your clients or prospects read) 9th of 10 from the Book “Top 10 IRA Mistakes and How to avoid IRS Tax Traps” Stay tuned for “Mistake 10” People saving for their retirement years commonly find themselves with more accounts than they know what to do with. How does this happen? Throughout our working years, we have sporadic opportunities to save for retirement and we are told diversification is the key to retirement … [Read more...]
#8 of the Top 10 IRA Mistakes
Mistake #8 - Not Rolling 401(k) TSP or 403(b) Plans to an IRA (Best used by having your clients or prospects read) 8th of 10 from the Book “Top 10 IRA Mistakes and How to avoid IRS Tax Traps” Stay tuned for “Mistake 9” Participating in a company-sponsored 401(k) or 403(b) plan has long been viewed as the best game in town for two reasons: 1. Contributions were not taxed and are deducted directly from your paycheck, so you hardly miss the money. 2. Most plans offer … [Read more...]