Tax Minimization Strategies
Rising taxes may be a concern for many individuals approaching retirement. It may be important to incorporate tax planning into your financial decisions.
Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, deferring income taxes income taxes and providing the potential 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.
Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to 59½, may be subject to a 10 percent federal additional tax.
Creating a charitable gift giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets and reduced or eliminated estate taxes on the charitable contribution upon your death.
With the increasing tax environment, there may be compelling reasons to integrate philanthropy into your financial and estate planning.
We can help you find a qualified professional to assist you with this.
IRA Legacy Planning
IRA accounts have become one of the largest types of assets inherited by beneficiaries. 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.
A properly structured IRA may provide your beneficiary(ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime.
We can help you evaluate your financial situation to determine if IRA legacy planning could help you meet your goal of structuring a long-lasting inheritance for your heirs.
Your investment advisor is not permitted to offer, and no statement contained herein, shall constitute tax, legal or accounting advice. You should consult a legal or tax professional on any such matters.
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Accurate Advisory Group can be that professional you trust. We are dedicated, experienced and understand your need for integrity.