Financial
Services:
Planning
for the Future
Please don't hesitate to call us with any questions on which plan is
right for you.
Traditional
IRA
This is a tax favored account that allows anyone under the ago of 70 to
contribute up to $3,000/year, tax deductible, though earnings are tax-deferred.
Withdrawals are taxable and are required to begin at the age of 70 1/2.
If you withdraw from the account prior to age 59 1/2 a tax penalty may
apply and there are federal restrictions.
Rollover
IRA
Savings are transferred from an existing, retirement
plan to a Traditional IRA, though contributions and withdrawals follow
the guidelines as a Traditional IRA.
Roth
IRA
Anyone,
regardless of age, with earned income from employment to contribute up
to $3,000/year, and is subject to certain income conditions. Contributions
are not tax deductible. Earnings are tax deferred. Withdrawals are tax-free
under certain conditions, but if you withdraw from the account prior to
age 59 1/2, there may be a tax penalty.
Education
IRA
These contributions cannot exceed $2000/child per year. Limitations do
exist on the contribution of any one person.
529
College Savings Plan
This
is a national college savings program authorized and created by the IRS
code that enables individuals to save and invest on a tax deferred basis
to fund college or graduate school expenses. Parents, grandparents and
others are able to contribute up to $10,000/year per beneficiary.
Annuity
This
is a contract with an insurance company where you agree to deposit a set
amount of money. The insurance company agrees to pay a fixed rate of interest
on your funds, as long as the contract exists. The interest you earn accumulates
as tax deferred.
Business
Group Plans
Retirement Plans for Business/Group/Employees
Simplified Employee Pension (SEP) Plan
For
the self-employed and small business owners who want to make tax-deductible
contributions of up to $40,000 or 25% of their income, and that of their
employees.
Simple
IRA Plan
This is for firms of 100 or fewer employees to establish a savings program
for pre-tax contributions of up to $7,000 per year.
Profit
Sharing Plan
For
business owners who wish to make tax-deductible contributions of up to
15% of each participant's pay, and have vesting and loan schedules.
Money
Purchase Pension Plan
For
business owners with steady incomes who wish to make pre-determined tax-deductible
contributions of up to 25% of each Participant's pay.
Age-Weighted
or Comparability Plan
For
business owners who are older and paid more than most of their employees
and wish to allocate contributions under a formula based on both age and
salary.
Defined
Benefit Pension Plan
For
business owners who contribute enough money each year to provide a specific
benefit upon retirement.
401(k)
Plan
For
employers who's employees can make pre-tax contributions through payroll
deductions of up to $11,000 per year or 25% of their pay.
Safe
Harbor or DASH 401(k) Plan
For
those who want to give their employees the advantages of a 401(k) plan,
while maximizing the amount they can put away for themselves.
403(b)
Plan (Tax-Sheltered Account)
For
employees of public schools, non-profit hospitals and other certain tax-exempt
organizations.
Estate
Planning
Having a successful estate plan assures your wishes for your heirs. The
initial planning process includes taking an inventory of your assests,
discussing with trusted advisors, such as attorneys and accountants, your
goals for the future.
Below
is a brief list of items that should be considered to when taking inventory
of your assests:
- Real
Estate (home or other real estate ventures)
- Savings
(bank accounts, CD's or money markets)
- Investments
(stocks, bonds, mutual funds)
- 401(k),
IRA, pension and other retirements accounts
- Life
insurance policies/annuities
- Ownership
in a business(es)
- Motor
vehicles (cars, boats, planes)
- Jewelry
- Other
personal property of worth
The
transferring of your assests will be decided by the laws that govern your
state.
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