- Tax PlanningOur partners have compiled a variety of complex legal documents also addressing tax planning at a competitive price point because of efficient practices. Most of our clients pay half of what other lawyers charge for less comprehensive documents.
- Estate Taxes
- Avoiding ProbateListeners can learn about avoiding probate and estate taxes, finding safe retirement plans, reducing or eliminating income tax, retirement income and asset protection strategies and 401(k), IRA and pension plan rollover options.
- Roth IRAWith all the uncertainty in the world today, there’s one thing we know for sure: taxes are increasing in 2013. However, with effective tax planning, there is no need to despair. It is possible to limit the effects of increased tax rates and even secure a better financial position than before.Let’s begin with a simple observation: there is very little time between now and the end of the year for proper tax planning. Congress has yet to determine tax rates on a variety of assets. It’s possible that an agreement on total tax reform may be reached, but it is more realistic to assume that numerous tax breaks will expire, leaving your assets vulnerable and taxable.Some expected changes on the horizon include: increases in tax brackets by several percentage points depending on income; increases in capital gains taxes as well as increases in FICA and Medicare taxes. Qualified dividends will be treated as ordinary income, which is a significant change.Life insurance is considered part of an individual or family estate, making the reduced $1 million exemption mark much easier for many to hit. Estates with a balance in excess of $1 million will be taxed at a rate of 55 percent, a change that will affect many families.The solution? Work with a qualified financial planner before December 31! If your tax professional only completes forms, stop working with him or her. Work with an advisor capable of performing a comprehensive tax review that includes your income and assets – one who will deliver a plan with new tax-savings strategies. Trust planning, Roth IRA conversions and capturing lower gains are all areas that should be considered.You do not have to be a victim; be proactive! Demand more from your financial team. If you don’t have one, now is the time to get one. With the right plans in place, you can thrive financially in 2013.
- Income Tax
- Capital Gains TaxesBy Amber PittmanNo matter what happens to the fiscal cliff, Newton County residents can expect a tax increase next year, according to Brian Byars of Advanced Retirement Planners.The key to making sure you’re prepared is to have a plan, because taxes will increase in the coming year.”Right now, there’s a lot of uncertainty of what’s going to happen to the tax code, but it is pretty obvious that taxes are going to increase. Without a doubt in 2013, you will be paying more for taxes, just how much we don’t know,” said Byars.Byars said a way to combat that – or to at least get a handle on it – is by sitting down with a professional, not going to a place that simply fills out taxes for you, because then you will end up paying more.”Plan to pay more unless you work with a professional,” he said.With estate taxes, a new estate tax exclusion is set to reduce from a $5.2 million exemption for a married couple, to $1 million. And while that may sound high for most, Byars said that most people don’t realize how quickly they can hit that mark if they have things like life insurance and retirement accounts.”If you take a middle income family that has a mom and a dad working and they have $200,000 each saved up in a retirement account and a $200,000 Covington home and life insurance on each other for $500,000 – if both of them pass away, under the new state tax provision, you’re looking at an estate of $1.6 million, and you will be getting a bill from the IRS for $330,000, due within nine months of death… Unless people do something, that could affect a lot of people.”In addition to personal and estate taxes, capital gains taxes will also increase and dividend interest will be treated as ordinary income, which could affect many retirees. People are scheduled to pay more for Social Security and Medicaid, payroll taxes, and for those receiving a child tax credit, it could from $1,000 to $500.Byars stressed that none of these anticipated changes are set in stone and they are constantly changing, but the one thing that remains, expect to pay more in 2013.
- Financial PlanningAfter 17 years in the financial planning industry, Byars has learned that an unwavering commitment to the core values of service and compassion sets ARP apart from its competition: “Our goal is to operate at a level of customer service and value that the competition doesn’t even know exists,” said Byars.
- Retirement PlanningBrian and I have a shared value system: to help clients make informed decisions while employing great customer service. As a result, I consistently refer clients to Advanced Retirement Planning. The ARP team is timely with communication and always treats my clients with the respect and service they deserve. Brian’s advisors take special care to help them clearly understand their options. The level of integrity that Brian personally brings to the financial profession is remarkable.
- Long Term CareOur clients are living longer lives: this requires careful asset planning. The costs of independent and assisted living, skilled caregivers and healthcare are increasing. To ensure that quality elder care is available when needed, we work to maximize our clients’ financial resources, allowing them to age comfortably with security. Our advisors understand how to utilize Medicaid, Medicare, Private Insurance and Veterans Benefits to ensure you have medical care options when needed to protect your family from financial ruin.
- Asset ProtectionOur experts will create custom-tailored plans that are designed specifically for each client, and do not engage in any “cookie-cutter” work of any type. You worked hard for your assets and we’ll work hard to protect them.