Consider These Tax Planning Strategies
While many strategies can help you reduce
your income tax bill, those strategies basically fall into three
main techniques: reduce or eliminate taxes, postpone the payment of taxes until sometime in the future, and shift the tax burden to another individual.
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The Basics of CRTs
A charitable remainder trust (CRT) is an
irrevocable trust set up to benefit a charitable organization.
The trust's term is one lifetime, several lifetimes, or a period
not to exceed 20 years. Basically, you irrevocably gift an asset
to the CRT, usually an asset with a low tax basis that has appreciated
significantly. During the trust's term, you receive a certain
amount of income and/or capital annually (called the retained
interest). At the trust's termination, the charitable organization
receives the remaining assets (called the remainder interest).
CRTs offer several benefits...
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Your Stock Allocation
Your asset allocation mix represents your
personal decisions about how much of your portfolio to allocate
to various investment categories, such as stocks, bonds, and cash.
How much you allocate to each category depends on your financial
objectives and personal circumstances. However, it is a percentage
that is likely to change over time. As your needs for safety of
principal and a steady income stream become more important, the
percentage of stocks you own is likely to decrease.
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How Secure Is Your Financial Identity?
It is estimated that 4.25% of American adults
are subject to identity theft every year (Source: Money,
July 2005). Approximately half involve credit card fraud, where
a thief steals a credit card number and charges items to it. While
an inconvenience, this does not have a lasting impact on a person's
financial identity, and the person does not have to pay the fraudulent
charges. The more significant worry, which occurs
in 25% of identity thefts, is when another individual obtains
sufficient information to borrow money or open accounts in your
name.
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How Will an Aging Population Affect the Economy?
For years, we have heard that aging baby
boomers will place a tremendous strain on our economy after retiring.
However, the problem is not limited to the United States, since
the populations of Japan and western Europe are also aging rapidly.
With much of the world's wealth held by people in the United States,
western Europe, and Japan, there will be a tremendous strain on
savings worldwide due to the fact that retired people typically
save less than younger people.
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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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