Nearly all financial decisions have tax ramifications. Tax liabilities associated with income, estate, gift and various state, excise and sales taxes can take a real toll on your wealth. We can help coordinate the various aspects of your financial plan to maximize tax-efficient strategies in line with pursuing your overall financial goals.
Risk Management Strategies
Protecting yourself, your loved ones, your home or your business against unexpected events is a fundamental aspect of financial planning. Closing the gap on potential risks can be tricky without a comprehensive plan and process that methodically evaluates all potential risk factors. That’s why risk analysis is an integral part of our ongoing process. We continually identify and analyze all risk factors and make objective recommendations to provide you with the confidence you seek.
Whether you’re paying tuition costs now or saving for a future goal, it’s important to ensure that your education strategy is compatible with working towards your retirement income and related financial objectives. Tax considerations and retirement income needs must be weighed and evaluated before choosing a specific strategy. It’s important to remember that while education expenses can be funded through borrowing, retirement expenses cannot.
Since we’re an independent firm, we’re under no pressure to recommend proprietary education savings programs or investment products. Our only concern is which program best meets your needs. The following are among the most popular education savings plans available today:
- 529 Plans
- Coverdell Education Savings Accounts
- Uniform Gifts to Minors Act
- Uniform Transfers to Minors Act
When planning for long-term healthcare needs, it’s important to keep in mind that:
- Medicare is not nursing home insurance and does not cover long-term care
- Private medical insurance or Medicare supplement plans do not cover maintenance care
Long-term care insurance can help manage healthcare costs and the impact of inflation, while ensuring your healthcare needs, and those of loved ones, are covered well into the future. Adequate financial planning now can help provide strategies that seek to prevent a lifetime of assets from falling short when you need them most.
Preserving wealth from one generation to the next can be complex and time-consuming. Guidance from a competent, experienced advisor can go a long way toward helping make sure your financial success is shared with your family, friends and the charitable organizations you designate, according to your wishes.
We will help you articulate your estate planning goals and we will work closely with your tax and legal advisors to ensure your financial plan reflects your estate planning needs. Or, if you prefer, we can provide our own team of professional advisors* adept at the intricacies of estate and tax planning. Whether you use a trust or another method for accomplishing your long-term estate planning goals, we can assist you in navigating today’s complicated tax and estate laws.
*Legal services are not provided by Hillis Financial Services or LPL Financial.
Legacy Planning and Charitable Giving
Charitable giving can provide tax benefits for you and your heirs. A full assessment of the short- and long-term tax and estate planning implications is conducted to help you pursue your wealth management objectives.