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A Case Study in Estate Tax Reduction

Posted by Larry Jones on Oct 26, 2021 9:30:00 AM

The Scenario:

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Topics: Case Studies

Case Study: The Zero Estate Tax Strategy

Posted by Larry Jones on Oct 21, 2021 9:30:00 AM

Death and Taxes

Everyone knows that death and taxes are unavoidable. For many, the two go together! If you have been able to accumulate considerable assets in the course of your life, you are probably more aware of this than most. Depending on how much your estate is worth, it's possible that your obligation to the government after you are gone could be quite substantial. 

Stories of celebrity estate taxation are legendary. Some of America's most famous have seen their net-worth reduced by 40-70% because of the federal estate tax. Walt Disney died with a $23 million estate, but paid almost $7 million in taxes. John D. Rockefeller was worth $27 million but ended up paying more than $17 million - a 64% reduction! 

Yet, it doesn't have to end up this way.

A well crafted and properly implemented estate plan can enable you to cut the IRS completely out of your estate.

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Topics: Case Studies

You Can Make College Planning Easy

Posted by Larry Jones on Jun 17, 2021 9:30:00 AM

A Brain is a Terrible Thing to Waste

Should your child go to college?

My parents were part of the "greatest generation." Dad was a veteran of WWII (and not happy about it. He was on the verge of being called up from a minor league baseball team to play in the majors when Uncle Sam summoned him instead...) and came home in 1945 to a world finally at peace. In those days, a college education was considered a sure ticket to success. That's not so much the case today. It really depends on your field of study as to what your opportunities will be, and many college graduates come into the workforce only to discover that it's very difficult to find employment using their particular field of study. Many skilled trades pay as much or more as could be earned with a degree. I'm of the opinion that college isn't for everybody, and many are in college who shouldn't be.

Nevertheless, most parents have the hope that their little angel or angel-ette will one day discover the cure for cancer, bring about world peace, or colonize Mars, and to do that, they're going to need to attend college. 

And so the next question is: how are we going to pay for it?

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Topics: Case Studies, College Planning

Case Study - 81 Year Old Widow

Posted by Larry Jones on Apr 29, 2021 9:30:00 AM

Although the person I'll reference in this study is fictional (I'll call her Mary), her circumstances are certainly not. Let's take a look at Mary's financial situation:

Mary is a widow, and her husband Bud passed away five years ago. Her financial situation is still very similar to what it was before Bud died.

She has $350,000 in a brokerage account, which is an IRA, and another $50,000 in bank CD's. She has an accountant who does her taxes, a financial advisor from her bank, and an attorney who has helped her prepare legal documents, such as her will. She has no trusts. Her sources of income are social security, a survivors pension from Bud, and a 4% drawdown each year from her IRA. 

One afternoon Mary has a stroke. She loses the ability to speak and all mobility.

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Topics: Case Studies

You Can Make College Planning Easy

Posted by Larry Jones on Jan 5, 2021 9:30:00 AM

A Brain is a Terrible Thing to Waste

Should your child go to college?

My parents were part of the "greatest generation." Dad was a veteran of WWII (and not happy about it. He was on the verge of being called up from a minor league baseball team to play in the majors when Uncle Sam summoned him instead...) and came home in 1945 to a world finally at peace. In those days, a college education was considered a sure ticket to success. That's not so much the case today. It really depends on your field of study as to what your opportunities will be, and many college graduates come into the workforce only to discover that it's very difficult to find employment using their particular field of study. Many skilled trades pay as much or more as could be earned with a degree. I'm of the opinion that college isn't for everybody, and many are in college who shouldn't be.

Nevertheless, most parents have the hope that their little angel or angel-ette will one day discover the cure for cancer, bring about world peace, or colonize Mars, and to do that, they're going to need to attend college. 

And so the next question is: how are we going to pay for it?

Read More

Topics: Case Studies, College Planning

Case Study: Can You Reduce Taxes With a Charitable Remainder Trust?

Posted by Larry Jones on Nov 26, 2020 9:30:00 AM

The Scenario

Carl and Joanna are amateur investors who have done very well. They have some growth stocks that have gone from $100,000 just a few years ago to $200,000 today. These are not their only assets, and their estate is fairly large. They have two grown children, and also feel very strongly about leaving a positive legacy behind through some charitable giving. Being alumni of the University of North Carolina at Chapel Hill, they are also rabid basketball fans and have great disdain for Duke University. They'd like to take some income from the growth of these stocks, but there is a tax issue. If Carl were to sell his stock portfolio he'd owe capital gains taxes of 20%, or $20,000. Being a Tarheel, that rubs him the wrong way.

Is there a good way out of this dilemma for Carl?

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Topics: Case Studies

A Case Study in Estate Tax Reduction

Posted by Larry Jones on Oct 27, 2020 9:30:00 AM

The Scenario:

Read More

Topics: Case Studies

Case Study - 81 Year Old Widow

Posted by Larry Jones on Jun 2, 2020 9:30:00 AM

Although the person I'll reference in this study is fictional (I'll call her Mary), her circumstances are certainly not. Let's take a look at Mary's financial situation:

Mary is a widow, and her husband Bud passed away five years ago. Her financial situation is still very similar to what it was before Bud died.

She has $350,000 in a brokerage account, which is an IRA, and another $50,000 in bank CD's. She has an accountant who does her taxes, a financial advisor from her bank, and an attorney who has helped her prepare legal documents, such as her will. She has no trusts. Her sources of income are social security, a survivors pension from Bud, and a 4% drawdown each year from her IRA. 

One afternoon Mary has a stroke. She loses the ability to speak and all mobility.

Read More

Topics: Case Studies

You Can Make College Planning Easy

Posted by Larry Jones on Feb 6, 2020 9:30:00 AM

A Brain is a Terrible Thing to Waste

Should your child go to college?

My parents were part of the "greatest generation." Dad was a veteran of WWII (and not happy about it. He was on the verge of being called up from a minor league baseball team to play in the majors when Uncle Sam summoned him instead...) and came home in 1945 to a world finally at peace. In those days, a college education was considered a sure ticket to success. That's not so much the case today. It really depends on your field of study as to what your opportunities will be, and many college graduates come into the workforce only to discover that it's very difficult to find employment using their particular field of study. Many skilled trades pay as much or more as could be earned with a degree. I'm of the opinion that college isn't for everybody, and many are in college who shouldn't be.

Nevertheless, most parents have the hope that their little angel or angel-ette will one day discover the cure for cancer, bring about world peace, or colonize Mars, and to do that, they're going to need to attend college. 

And so the next question is: how are we going to pay for it?

Read More

Topics: Case Studies, College Planning

Case Study: Can You Reduce Taxes With a Charitable Remainder Trust?

Posted by Larry Jones on Jan 2, 2020 9:30:00 AM

The Scenario

Carl and Joanna are amateur investors who have done very well. They have some growth stocks that have gone from $100,000 just a few years ago to $200,000 today. These are not their only assets, and their estate is fairly large. They have two grown children, and also feel very strongly about leaving a positive legacy behind through some charitable giving. Being alumni of the University of North Carolina at Chapel Hill, they are also rabid basketball fans and have great disdain for Duke University. They'd like to take some income from the growth of these stocks, but there is a tax issue. If Carl were to sell his stock portfolio he'd owe capital gains taxes of 20%, or $20,000. Being a Tarheel, that rubs him the wrong way.

Is there a good way out of this dilemma for Carl?

Read More

Topics: Case Studies

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.

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