IRA Strategies Your Mother Never Told You – Part I

  • ira strategies

    IRA Strategies Your Mother Never Told You – Part I

    by Randy A. Fox

    Advisors often find themselves in situations where they are asked for advice regarding efficient uses of IRAs or other qualified plans. There are a number of creative solutions that advisors may deploy depending on what the client is trying to accomplish now and in the future. This series of posts will explore […]

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  • silk purses and sow's ears

    Silk Purses and Sow’s Ears: Creating Cash Flow

    by Randy A. Fox

    That very old expression, “you can’t make a silk purse out of a sow’s ear” seems sensible at first. Something from nothing is impossible alchemy. At least, that’s what we’ve been told. There are some circumstances, though, where it is possible to defy conventional wisdom and create something from almost nothing.

    In […]

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  • 1031 and Done

    One little discussed change in the new tax law are the broad changes to code section 1031 and the impact it will have on your clients who own collectibles.. The provision that allows like kind exchanges for similar types of property has been amended to eliminate exchanges for anything other than real property. This will present many opportunities for the giving of tangible and intangible personal property for those the CPA that becomes familiar with the new rules. Yet another for you to differentiate yourself from your competition!

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  • Time to Revisit Your Bequest Program

    One of the many ways to explore the charitable leanings of a client is to find out what they care about in the world. An easy entry into the conversation is to ask where they volunteer their time. True that parents often volunteer to coach their kids’ teams or serve on the PTA at their schools but above and beyond that, there is likely to emerge a pattern of giving time that will lead to a larger pattern of giving money and can open the conversation about more substantial gifts.

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  • The Charitable Deduction Did Not Go Away–It Just Moved Next Door

    For many Americans the new tax act, now known as TCJA 2017, means they will no longer itemize their tax deductions. While this may make their tax filing simpler, it also means that giving money to charity will no longer be tax deductible. And, while surveys indicate that we Americans don’t give because of the tax savings, there is a consensus that giving will drop precipitously. Some estimates I’ve seen suggest that annual giving will drop by $30 Billion. With 1.5 Million charities fighting for every donation possible, this could mark a tremendous upheaval in the non-profit world. While it should take one or two tax years before anyone really knows what the impact is and how the giving populous has adjusted, charities and advisors ought to be prepared with solutions to help their donors regain the confidence to keep giving and to save taxes, if possible.

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  • SHHHHH–Don’t Tell Anyone

    ….but the best kept secret in planning has only been around since 1969. Best kept secret? What do you mean? How about a strategy that completely eliminates capital gains tax, provides a gigantic income tax deduction, distributes all its income (maybe for three generations) and is completely legal. And, by the way, if you’re the advisor managing the family’s money, you get to keep doing that. Sounds too good to be true. Why haven’t I heard about this before? What the heck is it and how do I find out more?

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  • Opportunity under your nose

    One of the many ways to explore the charitable leanings of a client is to find out what they care about in the world. An easy entry into the conversation is to ask where they volunteer their time. True that parents often volunteer to coach their kids’ teams or serve on the PTA at their schools but above and beyond that, there is likely to emerge a pattern of giving time that will lead to a larger pattern of giving money and can open the conversation about more substantial gifts.

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  • Identity Crisis

    While it may seem obvious when looking for planned gifts, who you’re talking to is really important. That is, the client’s age and their sex should help you craft your conversation for a number of reasons. Women are different than men in their giving and younger people are different than older people in how they approach their giving. It is important to create a different message depending on who you’re talking to about giving. Much has been written about how Millennials are re-shaping giving and, as advisors, we should be paying close attention to our approach to different populations.

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  • Collecting Opportunities

    It is estimated that 30% of families with a net worth exceeding $10 million collect something – be it art, antiques, or classic cars. Often referred to as “passionate assets”, they represent both a challenge and an opportunity for advisors and their clients.

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