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NavStar Financial Services

219 Williamson Rd.
Suite 2202
Mooresville, NC 28117

704 663 7482

e-mail:larry@navfs.com

NavStar Currents

Larry Jones

Lake Norman Financial Planner, blue water ocean sailor, dangerous golfer, and PADI scuba instructor (in another life)
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Recent Posts

How should your business be organized? Business forms 101

Posted by Larry Jones on Jun 30, 2022 9:30:00 AM
 

Does it make a difference how your business is organized?

It might make a great deal of difference. For some folks being a Sole Proprietor will work just fine, while for others it could lead to financial disaster. How does one decide? First of all you need to know the answer to some basic questions. Here we go:

  • How much do you personally want to be responsible for business debts and liabilities?
  • Which form of ownership will minimize the tax bill?
  • What form will best help me achieve my short and long term goals?
  • How much money have you borrowed on your business and where did it come from?
  • What skills will the business need that you cannot provide?
  • How much personal control do you want over day-to-day decisions?
  • What will happen to the business if you are unable to manage it?

How you choose to answer these questions is the basis for deciding how to organize your firm.

Read More

Topics: Business Organization

3 Tax Planning Concepts You Need to Know

Posted by Larry Jones on Jun 28, 2022 9:30:00 AM

We Live in a "Taxing" Environment

My Mom's favorite show to watch on television was "Wheel of Fortune." I'm sure you've seen it. Thousands of dollars in prizes are given away in every episode, and the ecstatic contestants squeal with delight as they are presented with such things as trips to Fiji and new automobiles. Who wouldn't love such a good deal?

But wait a minute....you have a "partner" in this transaction - Uncle Sam. Suddenly your great windfall becomes a burden, especially if you are awarded merchandise instead of cash. For example, let's say you just won a new car worth $29,000. The game show will issue you a Form 1099 that shows you have just earned $29,000 in income. Not only might that bump you into a higher tax bracket, but state taxes may also apply. You could find yourself having to come up with an extra $7-9000 just to pay the taxes on your winnings. You might even have to sell the vehicle to do that.

Your government wants it's money (you didn't think it was yours, did you?) and it will get it. Ask any retiree about Required Minimum Distributions and they'll give you a very good answer on how our tax code affects us all. 

Read More

4 Good Reasons to Avoid NavStar Financial Services

Posted by Larry Jones on Jun 23, 2022 9:30:00 AM

My Bias is Showing

I'll have to begin this blog by pointing out that if you are looking for a completely unbiased opinion of NavStar, this ain't it. I realize that objectivity is everything these days, and we are constantly told that we should "keep an open mind." After the last election season, I've come to the conclusion (which blows that whole open-mind thing) that some of our minds are so open that the wind blows in one ear and out the other. 

NavStar Financial Services is my baby. I have built it from scratch and not every day has been glorious and fulfilling. There has been a lot of blood, sweat, and tears along the way, and I'm grateful for every client that I have today. So don't expect me to be unbiased about it. And so, keeping that in mind...here goes.

Read More

Topics: Financial Services

4 Great Strategies to Manage Investment Risk

Posted by Larry Jones on Jun 21, 2022 9:30:00 AM

Are you a risk taker?

If you have investments on Wall Street, you are. You might not be a skydiver, scuba diver, or venture capitalist, but you're a risk taker. Your money is at risk of loss. Investors know that the amount of money they are likely to earn on their investment is directly related to the amount of risk they are willing to accept to generate that return.

What continually amazes me, however, is how misinformed most investors have as to the amount of risk they actually have. I'd say that 75% of the folks I interview who tell me they are "very conservative" when it comes to their tolerance for risk, have no idea that their stockbroker has them heavily invested in high to moderate risk funds!

We know that we need to take some risk. What we don't seem to know is this: we should always take the least amount of risk necessary to generate a required return. In other words, if you can earn 8% a year taking a low risk, why on earth would you want to take a moderate risk to get that same 8%?

In a sane world, you wouldn't. Is your broker living in a sane world?

Read More

Topics: Investment Advice

Why Physicians Need Asset Protection?

Posted by Larry Jones on Jun 16, 2022 9:30:00 AM

Is your doctor taking good care of you?

When we visit our doctor, we may literally be placing our very lives in his hand. Is he doing his best to take care of you? Or is he constrained by outside factors over which he has no control? Today's Physician faces challenges to his practice that a doctor 40 years ago could never have imagined. Not only must he be constantly up on all the latest medical advances and treatments, but his administrative burden has increased exponentially, and he is surrounded by a sea of litigators looking to capitalize on his every mistake. It's no wonder that private practices are closing at record rates, and many future Physicians are choosing another career path.

Recently a relative of mine was informed by his doctor that he could no longer prescribe a certain heart medication. His entire practice was moving away from this (very common) medicine because the medical-malpractice insurance company was requiring it. Now, it just so happens that this medicine had been controlling his heart condition for 20 years, and he had been told by another doctor that he should "never, ever let another doctor take you off of this medicine. Nothing else will work as well for you."

Because of a fear of litigation, a doctor is taking my relative off of an effective medicine that has kept him alive for over 20 years.

My first thought was that this doctor needs a good asset protection plan for his practice. Then he'd be free to practice good medicine, and put his patient's best interests first.

Read More

Some Critical Estate Planning Mistakes

Posted by Larry Jones on Jun 14, 2022 9:30:00 AM

 

Your Legacy: Does it matter to you?

I'd like to take a minute to discuss how your estate plan and your legacy are tied together. How will you be remembered by your children and your community? 

If you're a high-income earner, the way that you arrange your affairs for the day when you are no longer in the picture may make a great deal of difference to those that you leave behind. 

You have worked hard all of your life. It was you that studied for exams, rose at the crack of dawn, and sacrificed your time and energy to accumulate the assets that you have today. You are where you are today because you've worked very hard to be. 

Don't let a government that doesn't even know you or care about your family take 40-60% of your assets from your family when you die.

Proper estate planning will ensure that your positive image survives intact. Here are 5 absolutely essential steps you should take to protect your legacy.

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Topics: Estate Planning

Retirement Income: why do stockbrokers hate annuities?

Posted by Larry Jones on Jun 9, 2022 9:30:00 AM

Those evil annuities!

If you have spent any amount of time in internet-ville you've probably seen those "free reports" describing the pitfalls of using annuities to grow your nest-egg. The implication is that shady insurance agents are out there pushing these highly questionable financial vehicles, without telling clients the whole truth about them.

Well, as a fiduciary, how would I rate these things? Would I recommend an annuity for one of my clients? For myself? My Mom?

I'd like to take a few minutes to discuss some of the chief objections to annuities, and then my thoughts on those objections, followed by a summary. So here goes...

 

Read More

Topics: Retirement Income: Why do brokers hate annuities?

Tax Strategies: The Kiddie Tax?

Posted by Larry Jones on Jun 7, 2022 9:30:00 AM

A Tax on Kids?!

"Wait a minute, Larry. I just put one child in college, braces on another one, and these happy meals are killing me. Now you're telling me there's a tax on my children?"

Well, not directly, but Uncle Sam may have his eye on them. Why?

One of the more popular tax planning ideas is the shifting of income to a taxpayer who is in a lower tax bracket. Parents generally have a higher income than their kids, and so investment assets are often transferred to young children, through the use of trusts or custodial accounts, thus taking advantage of lower rates.

Is this a good idea? Does this lower the amount of taxes you'll have to pay?

Well..... no.

There's not much that the average taxpayer hasn't thought of that the IRS hasn't also considered. Families are today prevented from shifting large amounts of unearned income to children in order to shield the funds from taxation. The provision that limits this income shifting is known as the kiddie tax.

Read More

4 Good Reasons to Avoid NavStar Financial Services

Posted by Larry Jones on Jun 2, 2022 9:30:00 AM

My Bias is Showing

I'll have to begin this blog by pointing out that if you are looking for a completely unbiased opinion of NavStar, this ain't it. I realize that objectivity is everything these days, and we are constantly told that we should "keep an open mind." After the last election season, I've come to the conclusion (which blows that whole open-mind thing) that some of our minds are so open that the wind blows in one ear and out the other. 

NavStar Financial Services is my baby. I have built it from scratch and not every day has been glorious and fulfilling. There has been a lot of blood, sweat, and tears along the way, and I'm grateful for every client that I have today. So don't expect me to be unbiased about it. And so, keeping that in mind...here goes.

Read More

Topics: Financial Services

Financial Plans and Divorce

Posted by Larry Jones on May 31, 2022 9:30:00 AM

The End of the World

There are few experiences in life, when it comes to pain and suffering, that compare with divorce. Two people who once were partners in everything, who may be parents together, and who know every intimate detail of each other's lives, have now become adversaries. It has been compared to death, but many feel it's worse. At least with death, when someone close to you dies, the funeral begins the healing process. That's not so with divorce, especially when there are children involved. The emotional pain can go on for a long time.

Divorce can be hard on your financial plan. In fact, it may completely wreck it. According to statistics over half of the marriages in our country will end in divorce. Statistically, it's more likely that one of my clients will get divorced in the next five years than that they will die.

What do you need to know in these situations, from a financial planning point of view?

Read More

Topics: Divorce

What you don't know can hurt you!

As a fiduciary I am required to always act in your best interests, and as a professional planner, it's my job to be familiar with all types of possible solutions and financial vehicles. In short, I have no interest in selling any particular product or any affiliation with a particular company. I work for my clients.

Are you:

  • concerned that your tax bill is too high?
  • tired of watching your nest egg decline by significant amounts every 5-7 years?
  • wishing you could find more free time?
  • looking for ways to help protect yourself against litigation that could destroy all you have worked for?
  • worried that Uncle Sam is going to enjoy your retirement more than you are?

If any of the above describes you and you'd like to get a question answered then just click the button below and we'll be in touch.

Let's Meet!

p.s. we have the ability to meet virtually regardless of your location! Give us a shout!

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