Clear Solutions
How can Wealth Management CPAs help me?
We can help you restore a measure of peace by simplifying complex financial, tax and legal issues.
What are the final affairs that need to be carried out?
- Get death certificates.
- Probate the estate by first finding the will and trust documents and identifying the decision-making executor. If no will or trust exists, refer to state law providing for lawful division of the estate.
- Transfer trusts to beneficiaries.
- File claims for life insurance policies.
- Transfer vehicle titles.
- Change bank account ownership.
- Close credit card accounts.
- Notify the Social Security office.
- Cancel insurance policies.
- Notify pension funds.
- Transfer retirement accounts to beneficiaries.
- Identify and pay important bills.
- File final tax returns for the individual and trust.
- Rename property deeds.
The list is long, but the worries don’t need to be. Schedule a complimentary consultation for guidance on final affairs.
What will my new financial life look like?
Prepare now for your financial life after the death of a loved one.
Be knowledgeable about your household finances.
Get legal documents in order. Create a “just in case of death” file with estate documents, wills, trust, power of attorney, etc., and make sure a trusted third party has access to it.
As part of your complimentary consultation, we can analyze all of the financial, tax and legal changes that come with the loss of a loved one and provide you with a more secure, accurate outlook for your future.
How do I collect life insurance? What should I do with that money?
File a death claim with your insurance company by submitting a certified copy of the death certificate. Most states allow 30 days for the insurer to review the claim, after which they can deny it, pay it out or ask for more information. A claim rarely takes more than 60 days after death to be paid.
If the claim is straightforward and the paperwork is in order, claims can be paid in about 10 to 14 days. Borrowing money from your policy while living may be tax-free.
In your complimentary consultation, we’ll explain the process of filing life insurance claims and outline investment options to help secure your financial future.
What happens to Social Security and my pension?
If you’re at least 60 years old but not at Social Security’s definition of Full Retirement Age, you still qualify for 77% to 99% of your deceased spouse’s benefits as part of Social Security’s survivor insurance program.
At the death of a loved one, pension benefits are generally paid out based on how you set up your pension at the time of origination. Income taxes are generally owed on any pension payments received.
During your complimentary consultation, we can help you make sure your Social Security and pension funds are notified to prevent repayment obligations, ensure you receive the largest payment from both and limit any tax liability that may occur.
What will happen to our property?
If a loved one dies without a will, it means they have died “intestate” and your property will be distributed according to the laws of the state. This includes bank accounts, property, securities, real estate and any other assets.
In your complimentary consultation, we can check to ensure that your property deeds, vehicle titles, retirement funds and bank accounts are transferred to the name of the beneficiaries.
Will I have enough to live off of?
Analysts recommend a retirement income of 80% of your final employment income. The average retirement household income is about $48,000 before taxes and spends about $46,000 per year. The average Social Security income in retirement is about $40,000 per year.
At our firm, we can help you determine your ideal retirement income based on your specific wants and needs.
After your retirement income is set, we can design a plan to help you to achieve it.
When do I want to start taking Social Security?
You can begin taking Social Security benefits as early as age 62 (or earlier if you’re the survivor of another Social Security claimant or on disability). You can wait until as late as age 70. You only get maximum Social Security payments if you wait until full retirement age (FRA), which varies between age 66 and 67 for people born after 1954. If you begin taking benefits at age 62, your payments will be smaller than if you waited until FRA.
Schedule a complimentary consultation to receive professional advice on which year you should begin taking benefits for the highest payout.
How do I minimize the tax implications of retirement?
Diversify retirement income sources between Social Security, pensions, rentals, brokerage accounts, savings accounts, bonds and more. Reduce your expenses. Pay off your mortgage before retirement. Maximize dividend income and stay below the 15% capital gains tax threshold. Keep IRA and 401(k) withdrawals low.
At our firm, we can discuss how best to structure your retirement plan to help you maximize savings and minimize taxes.
Is my estate in order? (wills, trusts, power of attorney, advance directives)
Update your property title and the beneficiary information for your IRA, retirement plan and insurance policy. Make sure family members know how to access your important paperwork. Gather documentation for your will, trust and power of attorney into a single file.
At our firm, we can go over your estate, review your legal documents and, if you don’t already have estate paperwork in order, we can help you begin the process of creating a will, trust and other important estate documents.
What do I do with my retirement account(s)?
Review your 401(k) payout policy and create an income stream (retirement paycheck) from your savings. Take note of 401(k) fees and consider rolling it over into an IRA. Assess all your retirement income strategies.
At our firm, we can help transfer your retirement accounts (401(k), 403(b), TSP) into an IRA. We don’t charge any fees for the service.
What is an IRA?
A 401(k) is an employer-sponsored retirement plan. An IRA is an individual retirement arrangement that allows you to save for retirement in a tax-advantaged way.
Request a complimentary consultation to discuss how to transition your limited-option 401(k) from your former employer to an IRA, allowing you a wider range of investment options.
What are the concerns of leaving my retirement account with my old employer?
When you leave your job, you have several options for your 401(k). You can cash it out, but it will become taxable, and you will have to pay a penalty if you’re under 59½ years old. You can also leave it where it is, consolidate it with the 401(k) at your new employment, or transfer it into an individual retirement arrangement (IRA).
At our complimentary consultation, we’ll help you decide what’s best for your situation and help you transition your 401(k) to an IRA.
Why would I want to transfer my 401(k) to an IRA?
If you have a 401(k), contribute enough money to take advantage of the free money available through the company matching funds. If you’ve maxed out your company’s matching contribution, or don’t have a 401(k), consider an IRA. If you’re self-employed, the owner of a small business, or want to increase your retirement savings, we’ll help you with a retirement plan designed specifically for you.
Are there any taxes, fees or penalties when rolling over a 401(k) to an IRA?
You likely won’t pay any fees or penalties to move your 401(k) into an IRA. To avoid taxes or fees on your rollover, be sure to fill out rollover paperwork and file it properly with your former employer and the new custodian of your IRA. Improperly filed rollover paperwork will prevent you from accessing up to 20% of your retirement savings until tax refunds are posted by the IRS. There is a chance the IRS may not refund that money. During our complimentary consultation, we can begin the rollover process.
How do I sell my business or asset?
Determine the value of your business or asset. Put your financial statements in order. Boost your sales. Pre-qualify your buyers. Get business contracts in order.
At our firm, we can advise you on how these important variables will help you take advantage of tax savings when selling your business and how to go about investing the profits.
Is the sale of my business or property enough to allow me to retire?
Develop an exit plan. Create a personal financial plan. Formalize a buy-sell succession plan.
At our firm, we analyze these and other important variables that will help you determine the available funds for your retirement income needs.
How should I structure an inheritance to optimize tax savings?
Consider using the alternate valuation date six months after the death of the person giving the inheritance in cases where that will reduce your tax liability. If you’re anticipating an inheritance from a family member, consider placing it in a trust prior to death to limit tax liability or even confiscation by the government in some cases. Minimize distributions to lower tax liability. Consider donating some of the inheritance to lower your tax burden.
At our firm, we can discuss and advise on tax-saving options based on your asset sale or inheritance.
What financial choices can I make now to ensure a bright future later?
Create a legal document to ensure the payment of debt by the buyer. Determine needs versus wants. Keep a personal financial balance sheet. Start an emergency or rainy-day savings fund.
At our firm, we can discuss and advise on these and other options, based on your specific situation.
What are the options on where to put my money?
Open a bank account. Invest in stocks or bonds. Create a personal pension fund. Buy an annuity. Buy a life insurance policy to “pay it forward” to your beneficiaries.
At our firm, we assess factors like inflation, market risks and lifestyle needs that will help you determine where to best put your money.
Why should I get a financial analysis of the divorce decree?
Divorce attorneys are not accountants nor wealth advisors. Schedule a complimentary consultation, and we’ll help make sure your divorce decree includes tax savings and investment potential to protect your long-term interests.
How does ownership of assets get transferred?
Some property is considered jointly owned while other property, like an inheritance given to one spouse, may be separately owned.
In your complimentary consultation, we can list the ownership of your assets and discuss how to best execute and protect any transfer.
What happens to retirement accounts and pensions?
A pension earned during a marriage is considered a joint asset that can be divided at the time of a divorce.
Schedule a complimentary consultation, and we’ll dive into your retirement accounts and pensions to help determine the best options for your situation.
How does the advice of an accountant benefit me during a divorce?
Your marital status at the end of the year determines how you file your taxes.
If you’re the custodial parent for your children, you may qualify for the favorable head of household tax status.
At our firm, we can help you cover these and many other significant tax opportunities that are often overlooked in divorce.
How can I make sure that my financial future is secure moving forward?
Get financial advice from professionals. Close joint accounts. Stay focused on finances. Keep track of income and expenses. Open a separate checking account. Create a budget. Update your records. Begin establishing your own credit. Decide if you’re going to change your name.
Schedule a complimentary consultation, and we’ll go over these points and numerous others to help you plan and see your financial future.