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So, can they do anything for you that Turbotax or some other inexpensive software cannot?
yes , turbo can not give you ideas like buying life insurance with taxable ira money which is leveraged and leaving that tax free insurance money to your spouse instead of a taxable ira.
turbo will not guide you on establishing trusts to escape state estate taxes.
there are ways of manipulating annuities and your own investments for best success rates.
there are loads of things many of us don't know and the closer to the 2nd half of the game or the spending down stage the more critical tax planning becomes.
you have to balance between rmds, getting your ss taxed , the obama surcharges now , windfall profit taxation and a whole host of other things that have to be analyzed including when to take social security.
good planners are not just about putting some allocation together. they can guide you through the maze of college funding and long term care planning as well
I think MathJaks point is that the advisor can help prevent the tax collector from getting 10/20/30 percent etc. might be worth giving up one percent to save twenty.
to many folks just think in terms of buying investments. that is the smallest reason to see an advisor.
we alll think nothing of paying people for legal advice or medical advice but for some reason when it comes to financial matters we think we know everything.
to many times we are so focused on the fact we can buy a bunch of index funds that we have no clue about all the other far more complex matters that will take your money away in taxes or bad choices in other aspects of our lives.
we have a meeting with a finacial planner scheduled in 2 weeks to tie the lose ends together before we retire. we will be looking into some tax saving stratagies as well as options in long term care. we also want to look into a good stratagy for spending down or converting some of our ira money early on to cut future rmds.
by the way ,this planner i am using sells products.... omg he is not fee based only.......
but he is one of the most informed planners i know in our area and while i may not need his products i am smart enough to realize i do need his knowledge.
Last edited by mathjak107; 03-19-2014 at 03:40 AM..
I trust my fin adv who lives and breathes this stuff...he is up on every person and
Nation and company...he has better ideas and outlooks on anything I come up with.
I just went in 2 days ago and dumped stock I never thought I would...bec of the drought...
But it was he who opened my stubborned eyes.
I'm glad.
yes , turbo can not give you ideas like buying life insurance with taxable ira money which is leveraged and leaving that tax free insurance money to your spouse instead of a taxable ira.
turbo will not guide you on establishing trusts to escape state estate taxes.
there are ways of manipulating annuities and your own investments for best success rates.
there are loads of things many of us don't know and the closer to the 2nd half of the game or the spending down stage the more critical tax planning becomes.
you have to balance between rmds, getting your ss taxed , the obama surcharges now , windfall profit taxation and a whole host of other things that have to be analyzed including when to take social security.
good planners are not just about putting some allocation together. they can guide you through the maze of college funding and long term care planning as well
That's interesting. But I have reason to suspect that lower cost alternatives to all those things are available.
Way too many times I've come across people charging thousands of dollars or more for the exact same information/services that you can get elsewhere for a much lower cost or even for free if you know where to look.
yes , turbo can not give you ideas like buying life insurance with taxable ira money which is leveraged and leaving that tax free insurance money to your spouse instead of a taxable ira.
turbo will not guide you on establishing trusts to escape state estate taxes.
there are ways of manipulating annuities and your own investments for best success rates.
there are loads of things many of us don't know and the closer to the 2nd half of the game or the spending down stage the more critical tax planning becomes.
you have to balance between rmds, getting your ss taxed , the obama surcharges now , windfall profit taxation and a whole host of other things that have to be analyzed including when to take social security.
good planners are not just about putting some allocation together. they can guide you through the maze of college funding and long term care planning as well
Move to a state with no estate tax
Why on earth would you continue to keep your primary residence in NY??? If you have 5% of capital gains in a portfolio of 2M that's 100K or 8K in state taxes. Doesn't make much sense if you are worried about taxes.
duh! how about this is where our kids and grandkids live and we are part of their lives. if you own property here your estate could also owe New York estate tax if you’re a nonresident but own real estate in New York, or keep other valuable tangible property here. The $1 million exempt amount is the same.
Last edited by mathjak107; 03-20-2014 at 05:30 PM..
Why on earth would you continue to keep your primary residence in NY??? If you have 5% of capital gains in a portfolio of 2M that's 100K or 8K in state taxes. Doesn't make much sense if you are worried about taxes.
we are talking estate taxes not the states taxes. estate taxes for us if not handled right would run an EXTRA 130k on our estate. we have up to 16% state tax on estates and 3-4% nyc taxes . they can run as high as 40% state tax on 5 million and up . the effective rates may be lower.
WE CAN PASS 2 MILLION IN NEW YORK IF THE RIGHT TOOLS ARE SET UP. if you don't set it up that 2nd million will be taxed. in fact if you have a good advisor and can afford it you can actually pass as much as 3 million estate tax free in ny through gifting and trusts.
that may change and gifting may be taxed if a pending bill passes.
Last edited by mathjak107; 03-20-2014 at 05:52 PM..
Why on earth would you continue to keep your primary residence in NY??? If you have 5% of capital gains in a portfolio of 2M that's 100K or 8K in state taxes. Doesn't make much sense if you are worried about taxes.
Large capital gains can easily trip the amt tax. That can be quite costly. The sale of the lease rights we held and sold last month will cost us an extra 14k in taxes this year on just the federal because it triggers the amt.
Overall from the capital gain we will have a 20% capital gains tax ,13% state and local and a 14k amt penalty on all our earned income over what the regular taxes will be.
Large capital gains can easily trip the amt tax. That can be quite costly. The sale of the lease rights we held and sold last month will cost us an extra 14k in taxes this year on just the federal because it triggers the amt.
Overall from the capital gain we will have a 20% capital gains tax ,13% state and local and a 14k amt penalty on all our earned income over what the regular taxes will be.
The picture you posted has a NY estate tax starting at 1M and having a rate of 16%
There is no estate tax in FL for example. Buy a property there and say you spend >180 days there and have it as your permanenet residence.
You sound like a confused old man.
How is your trust set up? You can use life insurance to fund estate taxes you can set up an endowment.
There arent a whole lot of other ways to avoid estate tax. Living in a state with no estate tax is a lot smarter then spending 5K to set up a complicated plan.
Also think of all the income tax that is going down the tubes.
P.S. capital gains do not trigger the AMT tax. Do your homework please
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