Taxes and Estate Planning
No one likes taxes. But through the advice of a professional financial advisor and/or a tax professional (accountant, attorney, etc.), you can access strategies and services that help ease the burden. Charitable contributions, life insurance policies and investments selected through qualified and non-qualified investment programs are useful tools in an effective tax strategy. Working together, Integrated Financial Solutions of Kansas City and you will delve into your personal and/or professional situation and determine a tax strategy that fits your needs.
Choose from a variety of options and services, such as:
- Filing Jointly, Separate, Head-of-Household, etc.
- Charitable donations, which benefits important not-for-profit work and allows donors to maximize tax credits.
- Risk management options that build tax-advantaged capital for retirement.
- Investment vehicles that provide for tax benefits, such as those investments in IRAs, 401ks, TSP, etc.
Contact us today to learn more about tax-planning products and services that are specifically tailored for your needs.
Planning for the transfer of assets at death is a critical element of retirement planning especially if there are survivors who are dependent upon the assets for their financial security. Planning for estate transfer can be as simple as drafting a will, which is essential to ensure that assets are transferred according to the wishes of the decedent. Larger estates may be confronted with settlement costs and sizable death taxes which could force liquidation if the proper planning is not done.
At what age should you plan on your transition FROM life occurring?
Estate Planning and Retirement Planning today have taken on many new dimensions that never had to be considered by earlier generations. For one, people are living longer. A person who turns 65 today could be expected to live as many as 20 or more years in retirement as compared to a retiree in 1950 who lived, on average, an additional 15 years. Couple the shifting of age with the progress of modern medicine, that we don't know what medical advances will be occurring in the future and these areas present a different challenge in looking for a timeframe for which to plan. Integrated Financial Solutions of Kansas City recommends age 100 for ladies and 97 for gentlemen as the reference age and backward plan from there. We will take into consideration family medical history to make a judgment to decrease this reference point. Longer life spans have created a number of new issues and will to be taken into consideration when planning for the future and the events ahead.
Power of A Trust
Who is the colleague we use for preparation of Estate Planning Documents?
John Sanderford, JD is who I used to prepare my legal documents for my family. Please don't think you are required to use Mr. Sanderford or that I will insist you use him. He has been a dear friend for over 10 years and I trust his judgment, recommendations and the process he uses to fully understand your needs.
Please feel free to contact him at Sanderford Law Firm.