Contact us today to learn more about tax-planning products and services that are specifically tailored for your needs.
Charitable Giving
No one likes taxes. But through the advice of a professional financial advisor, you can access products and services that help ease the burden. Charitable contributions, life insurance policies and investment products purchased through RRSPs or RESPs can all be useful tools in an effective tax strategy. Working together, we will consider your personal situation and design a tax plan that fits your needs.
Estate Taxes
Avoiding Probate
Roth IRA
Individual Retirement Accounts (IRA) are tax qualified retirement plans that were established as way for individuals to save for retirement with the benefit of tax favored treatment. The traditional IRA allows for contributions to be made on a tax deductible basis and to accumulate without current taxation of earnings inside the account. Distributions from a traditional IRA are taxable. A Roth IRA is different in that the contributions are not tax deductible, however, the earnings growth is not currently taxable. To qualify for tax-free and penalty-free withdrawals of earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take plance after age 59 ½ or due to death, disability, or a first-time home purchase (up to a $10,000 lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes..
Tax Deductions
Every year a handful of clients ask this question, and the answer is a definitive, “It depends.” Congress has granted a tax deduction for certain investment expenses, but let's take a minute to sift through the fine print.
“Portfolio management is the central work of investment management, and it is only in the context of a particular portfolio - and the realistic objectives of the particular portfolio beneficiary - that individual securities and specific investment decisions can be fully and correctly understood. And it is in the portfolio context that investors have learned to appreciate that their objective is not to manage reward but to control and manage risk.”
Mutual Funds
Any expense incurred in the purchase or sale of a security, such a commission or a sales load on a mutual fund. These expenses are not tax deductible. Rather, they are applied against the cost basis in the purchase or sale of the security. Pretend you buy a stock for $100 with a $5 commission - your cost basis for tax reporting is now $105.
Bonds
Wealth Management
Ben has been with Gore Capital Management for 8 years after beginning his career with Morgan Stanley Wealth Management in Richmond. Recognizing the importance of offering comprehensive financial advice and adhering to high ethical standards of practice, Ben is a CERTIFIED FINANCIAL PLANNER™ Professional and a Chartered Financial Analyst® charterholder. He and his wife Kristen are both alumni of the College of William & Mary and try to attend at least a few Tribe sports events every season. Outside of the office, Ben has served as a volunteer with the Christopher Wren Association, the Osher Life Long Learning Institute, and the Board of Directors for the Heritage Humane Society. In his free time, he enjoys auto racing and spending time with his wife, son, and dog.
Buying a home can be one of the most exciting purchases of your life—but it is also a big decision that will have a major impact on financial planning. Whether you’re looking at a one-bedroom condominium or a five-bedroom house, we will work with you to help plan a mortgage strategy that fits your needs and considers your other financial responsibilities.
Retirement Planning
Planning for the transfer of assets at death is a critical element of retirement planning especially if there are survivors who are dependent upon the assets for their financial security. Planning for estate transfer can be as simple as drafting a will, which is essential to ensure that assets are transferred according to the wishes of the decedent. Larger estates may be confronted with settlement costs and sizable death taxes which could force liquidation if the proper planning is not done.
Long Term Care
Longer life spans can also translate into more health issues that arise in the process of aging. The federal government provides a safety net in the form of Medicare, however, it may not provide the coverage needed especially in chronic illness cases. Planning for long-term care, in the event of a serious disability or chronic illness, is becoming a key element of retirement plans today.
Asset Management
Where do we go from here? The UK is not a major contributor to world GDP, but the EU is. If indeed the Eurozone does crumble, the bloc will face years of uncertain conditions; stocks tend not to fare well in the face of uncertainty. Domestically, though, nothing has changed and fortunately the majority of our holdings are located in the United States. In the words of Dr. David Kelly of JP Morgan Asset Management, “did anything that happened overnight cause US companies to be devalued by 2-3%? No!” (conference call, 6/24/16). For this reason, we are not inclined to take any immediate rash actions today. However, a slew of other conference calls with analysts and thought-leaders today and next week will provide us some clarity to plot a course moving forward, and we will keep you informed of any changes we decide to make.
College Funding
More than just transparent, we also pride ourselves on being accessible. That's why we make ourselves readily available to you. Worried about something? Give us a call. A change in your life? Let us know. Got financial questions, even if they're unrelated to the work we're doing together? Just ask. We've helped clients choose the best auto loan, college savings plan, you name it.