When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes. A few words about transfer taxes The federal government taxes transfers of wealth you make to others, both during your life and at your death. In 2020, generally, the federal gift and estate tax is imposed on...
What if there was a year that started with the market hitting new highs after a prolonged bull market and the economy seemed to re-accelerate? What if there was a virus that came from the East and spread to the rest of the world? What if governments around the world closed their economies by imposing a lockdown and all citizens had to shelter-in-place? What if the stock market then dropped 34% and entered into the...
Many of you already have estate documents, probably executed many years ago. You need an estate attorney to look over your documents every 10 years or so. Here are a dozen points to review. 1. Do you have a will and powers of attorney for health care and property? These are part of every complete estate plan. With health-care power, you choose an agent to act on your behalf if you become unable to make...
If you're a CPA or a lawyer, you have extensive personal knowledge about taxes or the legal system, but at the same time, you may be running your own firm and dealing with unique financial situations. To ensure you're increasing your investment and savings efforts, you may want to consult with a financial planner. Here are some tips to help you work with these professionals. 1. Don't Mix Business and Personal In many cases, there...
Tax aware investing focuses on increasing your returns by reducing your tax liability as much as possible. In theory, this investment strategy has the potential to help you earn more money on your investments, but you need to be aware of some potential pitfalls. When getting started with tax-aware investing, you may want to avoid the following practices. 1. Don't Exclusively Let Taxes Drive Decisions With tax-aware investing, you always need to keep the tax...
Ultimately, the goal of investing is to try to make as much money as possible, and of course, you don't want to let taxes eat into your gains. Tax aware investing helps you minimize the effect of taxes on your investment portfolio. Wondering how to get started with tax-aware investing? Take a look at these tips. 1. Consult With a Tax Professional Tax professionals have the knowledge and experience to answer your questions about the...
As you get older and closer to retirement, your financial practices need to shift slightly as you transition from working and saving to relying on your nest egg. As you approach this stage of your life, you need to take steps to preserve your wealth. Keep these tips in mind. Shift Toward More Conservative Investments As a general rule of thumb, you can tolerate a higher level of risk when you are younger than when...
When it comes to retirement savings, the goal is quite simple for most. To accumulate as much wealth as possible so that they are able to retire in comfort and style, while they enjoy the fruits of years of labor. For those with a high-net-worth, being able to maintain their lifestyle into retirement might require a little more skill when it comes to saving. To help maintain a high-net retirement savings, below are a few...
Why should you partner with Maheras Wealth Management, Inc.? MIA ZOI are two Greek words which simply translated mean “one life”, my guiding inspiration for developing a financial and investment process which allows our clients to work towards living the best life they can. My role is to help improve my client’s individual financial situation by crafting a comprehensive financial plan to find an approach to complex problems utilizing my analytical skills. I focus on...
Saving for a high-net-worth retirement is not always an easy process, but necessary if an investor with a high-net-worth wishes to enjoy the same lifestyle they were accustomed to while they were working. So how does one maintain their wealth so that they might live the life they desire once they hit retirement age? A few simple steps may help make the process a little easier. Know the Things That Are Not Controllable, and the...
Most of us go to see professionals when we’re in trouble or during times of crisis. Think about it. We go to the doctor when we’re sick. We go see a lawyer when we have a pending legal matter. We go see a counselor when we’re feeling depressed. As a financial advisor, unfortunately, I often hear from clients after something has happened – and sometimes I’m limited in how I can help. Sure, I can...
Is Your Portfolio Out of Balance? How would you rate your current portfolio? In an “up” economy, if you are like many investors, you’d probably have a hard time coming up with any negative adjectives. After all, when there’s significant growth in the stock market, many investors may find themselves smiling. But, even when it’s easy to give your current portfolio a big “thumbs up,” it is also possible that your portfolio’s composition may be...
