Our business is guiding you through to the process of acquiring, managing and preserving your wealth. We will help you structure your financial life so you achieve long-term goals that are important to you and your family.
You already know how to protect yourself from financial loss related to the destruction of your automobile or home. You purchase insurance. We all learned this lesson early in life because we were taught by the lender that we could not have the car or home unless it was insured. One area frequently misunderstood and overlooked is protecting yourself from creditors and from unnecessary income or federal estate taxes. The general rule of asset protection is to self-insure for small potential losses and purchase insurance for potential large devastating losses. Often these potential losses can be addressed by having properly drafted legal documents such as wills, trusts, family limited partnerships, durable power of attorney, etc. We are not attorneys and do not draft these documents but we can explain these issues to you and guide you to legal professionals that are specialists in estate, trust and tax law. DO NOT try to prepare your own legal documents from something you find on the internet. Writing your own legal documents is like do-it-yourself surgery can be done, but potentially deadly. Long-term care insurance can protect your portfolio from being depleted should you require such care. Your car is insured, but a vastly larger potential loss due to long-term care costs probably is not. We sell long-term care insurance and can discuss the issue with you and answer any questions you may have. Another asset protection we can provide is life insurance. This protects surviving family members from income loss, and can be used to pay federal estate taxes. We sell disability insurance to protect your income stream and to pay federal estate taxes. Solving your insurance needs in these areas is part of our comprehensive Financial Life Planning process. Our goal in communicating this information to you is to make sure you never have to tell us I didnt know you did that!
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Many people want to make gifts to their favorite charity or provide educational assistance to children or grandchildren. Such actions should stimulate some of the following questions: Should I give this year or next year? How do I get the most tax benefit? Should I use my regular funds or some of my retirement funds? Can my child or grandchild get the college money and spend it foolishly when they are 18? What if they dont go to college? What is a 529 plan and how does it work?
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Financial matters have a definite impact on all of our lives. Our sense of well being and financial security can be threatened by many factors. Our response and behaviors related to financial matters can spiral out of control and impact our health, relationships, marriage and career. There are solutions and techniques to address the problems and behaviors related to our financial self. We are pleased to offer a five session course to empower people to understand their behaviors related to financial matters and adopt positive methods related to stress management, communication, setting boundaries and choices for financial success. People of all ages can benefit from this course. This is a great learning tool for people approaching financial independence or those who find themselves in financial distress. Employees, students, adult children or anyone who could benefit from being empowered to make sound and responsible financial decisions in the future would be appropriate for this program. We will be happy to discuss this with you.
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T. Jackson and Company, P.C. manages money for a fee, which is a percentage of assets under management. This means your interest and our interest are the same. We both earn more when your portfolio increases in value and we are both disappointed if the market does not perform well. In our fee based accounts we receive no compensation for creating transactions and you approve all changes to your portfolio. Potential investment selection options are in the thousands, so finding an appropriate investment for you is not an issue. We will help you understand and manage your emotions around money and assist you in modifying your behavior relating to wealth and investing. Through our belief system we will guide you through the battle of faith vs. fear regarding your money. We are available anytime you wish to contact us and we will meet with you personally at a minimum of one time per year to review your progress toward goals and assess what actions we should be taking to benefit your future.
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We can assist you in answering the following questions: How much income will I need when I retire? What is the potential amount of my portfolio when I retire and how much income will it provide? Will I run out of money? From which accounts should I take distributions? How will I compute my required minimum distributions? What is a required minimum distribution? When should I start taking social security? Is long-term care appropriate for me? If you are asking yourself these or any other retirement questions, call us, we can help.
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Senior services is an important and timely addition to the T. Jackson and Company, P.C. family. Senior services incorporates financial knowledge with insight into behaviors governing our relationships, communication and stress regarding finances and other life issues. Senior services may address various grief issues, reducing stress and empowerment for ourselves and our families. Additional issues such as dealing with the transition from workforce to retirement, aging parents and understanding between the generations can benefit all concerned. Knowledge related to our behaviors and insight regarding our wealth and security can provide empowerment and peace of mind.
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Because income taxes can range up to 35% of your income and federal estate taxes can reach 46%, taxes should always be considered in managing not only your portfolio but other parts of your financial life. Are you aware that a life insurance policy you own could be part of your taxable estate for federal estate tax purposes? Are you also aware that proper planning could remove the policy death benefit from your estate? Call us if you are concerned about this or any other issue. How your portfolio is structured can have a significant impact on not only your income tax but on the amount of your estate that you can pass to heirs. Estimating your tax liability before year end and implementing action step may help you minimize taxes. If you dont plan your tax return you are simply filing an annual accident report. Calling us before you take action could save you money.
