10 Tax Strategies to Consider
Review your tax situation now. This gives you time to consider various tax planning strategies and ensure you have adequate time to implement them before year-end. If you're looking for ways to reduce your
income tax bill, consider the following strategies.
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Estate Planning for Combined Families
The most common estate plan is to leave
everything to your spouse, who then leaves everything to your
children after his/her death. However, if this is other than a
first marriage, you and your spouse may also have children from
prior marriages. Then, you need to make fundamental decisions
about how to treat assets each spouse brings to the marriage,
how to distribute assets acquired after marriage, and how to provide
for children from prior marriages.
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Selling Your Home
When selling your principal residence, the
basic tax rule is that you can exclude gains of up to $250,000
if you are a single taxpayer and $500,000 if you are a married
taxpayer filing jointly, provided the home was your primary residence
in at least two of the preceding five years. This exclusion can
be used once every two years. While this rule seems fairly straightforward,
there are a number of special situations to keep in mind
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Investing in Foreign Stocks at Home
Looking for a way to invest in specific
foreign companies without learning all the intricacies of other
countries' stock markets? You may want to consider American depositary
receipts (ADRs). ADRs are the form in which foreign stocks
trade on U.S. stock exchanges. An ADR is a negotiable certificate
issued by a U.S. bank (the depositary), representing shares of
a foreign stock. The original foreign stock certificates are owned
by the bank and held in the issuer's country.
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Budgeting and Your College Student
Many students will first handle money without
parental supervision during college. To help keep costs down and
avoid conflicts, you may want to develop a budget to guide your
child's spending. As you go through the process, consider the
following
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David K. Sebastian, CFP®, and his team of experts at The Physicians Wealth Management Group specialize in working with individual physicians and group medical practices. David is considered to be one of the top financial advisors in the country with more than twenty five years of Wall Street experience as a chief investment officer, portfolio manager, institutional bond trader, and estate planning, benefits planning and retirement consultant.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600
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