Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Avoiding 60-day Rollover Mistakes in 5 Easy Steps

Avoiding 60-Day IRA Rollover Mistakes in 5-easy steps

Are you considering rolling over your current retirement savings plan to a traditional or Roth IRA this year? With the many benefits that IRAs have to offer, this may seem like a great idea.But, if not done properly, you could be subject to some costly penalties and fees, as well as face the possibility of having to pay taxes on the entire amount this year!

One way to rollover funds to an IRA is through a “60-day rollover,” which is the distribution of funds from a qualifying retirement account to the account owner, who then has 60 days to redeposit the funds into another qualifying retirement account. With this approach to rollovers there is room for a number of errors. Find out how to avoid costly mistakes before you initiate any retirement account moves.  

 
Get “Avoiding 60-Day Rollover Mistakes in 5 Easy Steps” white paper now!  Simply fill out the request form below.

For professional assistance with your IRA rollovers, contact our office at 866-589-9366 to schedule a time to discuss.

Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Advanced High Net Worth Planning

I really like reading other advisor’s posts regarding retirement planning and especially Advanced High Net Worth Planning strategies.

In this article the concept of PFIUL or premium financed indexed universal life insurance is being raised.  This concept is great when working with very high net worth clients.

Advanced High Net Worth Planning

The overall concept is to secure wealth inside of permanent life insurance products.  The reason to do such a thing is the tax advantages.   We are not using life insurance for the death benefit, we are using it for the living benefits.

What is called Cash Value.  Cash Value can be borrowed from a policy – tax free.  Income tax advantages are the reason to use this strategy.

This strategy can work with the average joe.  It can have advantages, yet the approach must be carefully considered.

High net worth clients can consider premium financing.  This means borrowing money to pay for the policy.  At some point the policy pays for the loan.

If you consider this path, you must locate an advisor you trust.  Pay careful attention to the cited interest rates.  Why?  Because ultimately you will be betting on the arbitrage to come out ahead.

Resources

http://financialadvisoriq.com/c/1267313/142143

 

Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Tax Loop Hole closing

Covered California - tax loop hole
Subsidies may have to be paid back

I receive Tax Loop Hole updates from a wide variety of sources.  Sometimes they warrant sharing.  This message affects high net worth clients who have been investing in Alternative Investments.

You may not be affected by this but it is worthy of reading to see what high net worth people are doing to protect and defer income from taxes.

Tax Loop Hole

http://www.thinkadvisor.com/2015/07/13/irs-treasury-close-alt-investment-tax-loophole

Tax Loop Hole

if you are receiving subsidies from Obama care or Covered California you may have to pay them back.  You are required to estimate you income.  If your income exceeds certain limits you can lose your subsidies.  If you received subsidies when you weren’t eligible you will be taxed to recover these monies.

Please call and inquire how we can assist you.

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Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Same-Sex Married Couples Essential Tax and Estate Planning to Protect Assets

Same-Sex Married Couples Essential Tax and Estate PlanningSame-Sex Married Couples Essential Tax and Estate Planning, Same Sex couples need to take important steps to protect assets and assess other potential risks.  Below is a partial list.  Be sure to check with your advisors.

Same-Sex Married Couples

  • Update all key legal documents to identify as a “spouse”
  • Check beneficiary forms on all plans and IRAs – primary and contingent beneficiaries
  • Check beneficiary forms for employer benefits, life insurance, annuities
  • Update wills and trusts – check provisions for children – guardians

Have proper documents for end of life decisions

  • Living Wills and Health Care Proxies
  • HIPAA Authorizations – The Health Insurance Portability and Accountability Act of 1996 (HIPAA) Privacy and Security Rules

Provides access to personal health information
Powers of Attorney should be updated

Beneficiary review is a must – and be sure to know what Per Stirpes and Per Capita mean
Spousal rollovers may be a better option for spouses who inherit after age 59 ½

Update online accounts

  • financial websites
  • email accounts
  • social media accounts
  • storage accounts such as those for documents, music or photos

Same-Sex Married Couples Essential Tax and Estate Planning

When you are ready to confirm you’re all set – consider giving us a call.  Our team will help you and your spouse.

Call our toll-free line and mention this posting – 866-589-9366.

Read more about us at OnestaWealth.com

 

Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Gearing up for summer – offers included

Time for some fundamental changes to our office

Time to reflect and build out our plans for the remainder of 2015 and gearing up for summer. The year is almost 50% of the year done.  We continue to review what we are committed to and how to grow the business and take care of our clients.

We have committed to adding some new faces to the office this year.  We are currently training a new attorney to work with our niche, IRA accounts.  You may have heard of IRA Beneficiary Trusts in a previous message from me.  We are homing in on being able to provide the very best IRA beneficiary trust.  An IRA Beneficiary trust is not needed in all situations.  It is likely that your family will benefit from one of these.  It is now actually a rare case where an IRA beneficiary trust is warranted.

Better Rate of return
Would you like to earn 1.65% or better on your savings? Click on the picture for more information.

We are also actively looking for additional advisers who align with our fiduciary model – the client first or client centered model.  Shockingly, this is not an industry mandated model.  Stock Brokers and Broker Dealers generally speaking do not care for this model.  If you know of an advisor what would fit with our values feel free to make the introduction.

To further this project I will be creating and heading up a best practices study group.  The groups mission is to define how to best serve clients and teach other advisers our client care system.

We have been providing financial planning to our clients and prospective clients for several years.  As we continue to evaluate our processes and look where we can make improvements we see a huge opportunity.  The opportunity is to enhance our financial plans and offer, for an annual fee, revisions to the plans.  NOTE: Reviewing investment progress is a given.

Reviewing that your retirement plan is still on track is priceless.  This is not a fit for all clients.  Call to see if this something you should consider.

We are also reviewing our planning model and pricing.  We will be raising the pricing for financial plans and review of current holdings, those held away from Onesta and Calrima.  We do invest a large amount of time working with prospective clients.  We believe the new pricing will make sense to those who are appropriate to work with us.  We are very excited about how our new program is shaping up.

Here is an offer: IRA Beneficiary review – we have yet to see a beneficiary statement that is setup the way the owner *thinks* it is setup.  Why does this matter?  You worked for the money in your retirement accounts.  Would you like to exercise control over what happens when you pass away?  Would you want your grandchildren to inherit some of the money?  What happens if your heirs die before you die or at the same time?  We can provide this service, usually $195 per account for free for one account.  I’m a betting person – I’ll bet you $50 that I can expose issues about your retirement accounts that you are not currently aware of.  I have only ever had one person who knew about this issue – and she had personally experienced it.

We continue to be committed to our fans (clients).

How are you gearing up for summer?

Make 2015 the year of the hug!

Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Spring Cleaning 2015 – offers included

This year, 2015, brings some fundamental changes to our office

It is that time of the year.  Time to reflect and build out our plans for the remainder of 2015. Hard to comprehend that almost 25% of the year has passed.  We are doing our spring cleaning in the office, the business plans, the client plans, etc.

We have committed to adding some new faces to the office this year.  We are currently training a new attorney to work with our niche, IRA accounts.  You may have heard of IRA Beneficiary Trusts in a previous message from me.  We are homing in on being able to provide the very best IRA beneficiary trust.  An IRA Beneficiary trust is not needed in all situations.  Let’s meet in late April to discuss if your family needs one.

We are also actively looking for additional advisers who align with our fiduciary model – the client first or client centered model.  Shockingly, this is not an industry mandated model.  Stock Brokers and Broker Dealers generally speaking do not care for this model.Better Rate of return

To further this project I will be creating and heading up a best practices study group.  The groups mission is to define how to best serve clients and teach other advisers our client care system.

We have been providing financial planning to our clients and prospective clients for a few years.  As we continue to evaluate our processes and look where we can make improvements we see a huge opportunity.  The opportunity is to enhance our financial plans and offer, for an annual fee, revisions to the plans.  NOTE: Reviewing investment progress is a given.

Reviewing that your retirement plan is still on track is priceless.  This is not a fit for all clients.  Call to see if this something you should consider.

We are also reviewing our planning model and pricing.  We will be raising the pricing for financial plans and review of current holdings, those held away from Onesta and Calrima.  We do invest a large amount of time working with prospective clients.  We believe the new pricing will make sense to those who are appropriate to work with us.

We continue to be committed to our fans (clients).

Make 2015 the year of the hug!

Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Medicare Open Enrollment 2014 started

OPEN ENROLLMENT FOR MEDICARE & INDIVIDUALS

Recent research by Insurance Business Review proves that more than 60% of people have difficulty understanding their health insurance plan.  Nearly 40% feel they picked the wrong plan. To bring transparency and simplicity to the changing health insurance market, we have geared up our office for walk-in, call-in, and online enrollment.

Our company helps you decipher between all the available plan benefits. We break plans down to a simple language so you can feel confident about the plan you choose.  And best of all, as a Certified Insurance Agent with the State of California, our service is FREE to you! We will help you walk through the plan selection and enrollment process.

 Take the next step — Two ways to set your appointment:

Some important date and information you will need to know for 2015.

Medicare Open Enrollment Dates – October 15, 2014 to December 7, 2014

Read about other important updates regarding health insurance on our main Insurance website – Calrima.com

http://calrima.com/open-enrollment-medicare-individuals-small-businesses/ – Health insurance updates on our main inurance website

Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Guaranteed retirement income plan – Money back 2nd opinion offer

Holy cow – Guaranteed Retirement Income Plan!

We have an amazing offer!  What our experience shows is that people who locate this offer and take us up on it are committed to having a retirement solution.  A solution that meets their needs often with a Guaranteed Retirement Income Plan.  A solution that is tailored specifically to what they need and have.  Here is a rhetorical question for you – do you want a doctor to write your treatment plan before you enter their office?  Do you want an adviser who writes the plan before they have met you?  (hmm… do they do that…).

Here is what we are offering:

  • Comprehensive review of your current retirement income strategy (including fees you may not know you’re paying)
  • Custom-tailored quote/proposal, based on your situation

We will offer a clear and simple-to-follow plan to get you started, along with strategies designed to provide you with the best rates for the benefits received and the highest contractual income.

Our second opinion service – for more information

Or is you know you want to jump on this opportunity, please call our office now 408-459-8383 or toll-free at 866-589-9366

Guaranteed Retirement Income Plan – usually includes the use of fixed or fixed indexed annuities.  Annuities are the most misunderstood product in financial services.  People who aren’t licensed to sell them of course poo-poo them.  Then there are the miscreants who sell Variable Annuities (well, that was surely harsh).  You may have heard, “I hate annuities and so should you!”  The person missed the word Variable!

If you happen to own a variable annuity we will review it with you as our apology.  Call and ask for our complementary Variable Annuity review – don’t worry, we don’t sell them so you will be receiving objective information.

I ask a very loaded question, if you were to find out that you have been paying $3,000-5,000 per year in hidden annuity fees would you be upset?  This is a typical result per $100,000 variable annuity.

Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Estate Planning Strategies for High Net Worth – Irrevocable Trusts

Annuity quotes online - are part exclusive five key elements

Today we look at estate planning strategies for high net worth.  As you likely have heard, if you have money, you can make money.  Well, once you have made it now what?  How do you plan for your future?  How do you protect your estate from taxation, rather protect your estate from estate taxes.

There certainly are strategies out there.  I recently read an article that triggered me to start sharing ideas in this forum. It is an article about the CEO of a Broker Dealer.  He is moving about $14 million dollars into an irrevocable trust.

Estate size

Estates of this size certainly need some careful planning.  There are many variables and options to consider.  Estate taxes, planning for charities, planning for retirement, planning for college, planning for future generations and even planning for your legacy.

When I look at legacy planning I think of the surviving spouse first, then about what mark I wish to leave behind.

All too often there is an issue when the first spouse passes.  The expense don’t drop too much, however the income is cut by the lower Social Security benefit.  It is also possible that any pension could be cut or disappear.

What is next

Getting in action, determining for yourself that this is a priority.  However being a priority without the action – well, that doesn’t work.

Medicare open enrollment begins
October 15, 2017

Changes during this time take effect
January 1, 2018.

Open enrollment concludes
December 7, 2017.

Phone Scam Warning from IRS

IRS Repeats Warning about Phone Scams

WASHINGTON — The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS.

Based on the 90,000 complaints that TIGTA has received through its telephone hotline, to date, TIGTA has identified approximately 1,100 victims who have lost an estimated $5 million from these scams.

“There are clear warning signs about these scams, which continue at high levels throughout the nation,” said IRS Commissioner John Koskinen. “Taxpayers should remember their first contact with the IRS will not be a call from out of the blue, but through official correspondence sent through the mail. A big red flag for these scams are angry, threatening calls from people who say they are from the IRS and urging immediate payment. This is not how we operate. People should hang up immediately and contact TIGTA or the IRS.”

Additionally, it is important for taxpayers to know that the IRS:

  • Never asks for credit card, debit card or prepaid card information over the telephone.
  • Never insists that taxpayers use a specific payment method to pay tax obligations
  • Never requests immediate payment over the telephone and will not take enforcement action immediately following a phone conversation. Taxpayers usually receive prior notification of IRS enforcement action involving IRS tax liens or levies.

Potential phone scam victims may be told that they owe money that must be paid immediately to the IRS or they are entitled to big refunds. When unsuccessful the first time, sometimes phone scammers call back trying a new strategy.

Other characteristics of these scams include:

  • Scammers use fake names and IRS badge numbers. They generally use common names and surnames to identify themselves.
  • Scammers may be able to recite the last four digits of a victim’s Social Security number.
  • Scammers spoof the IRS toll-free number on caller ID to make it appear that it’s the IRS calling.
  • Scammers sometimes send bogus IRS emails to some victims to support their bogus calls.
  • Victims hear background noise of other calls being conducted to mimic a call site.
  • After threatening victims with jail time or driver’s license revocation, scammers hang up and others soon call back pretending to be from the local police or DMV, and the caller ID supports their claim.

If you get a phone call from someone claiming to be from the IRS, here’s what you should do:

  • If you know you owe taxes or you think you might owe taxes, call the IRS at 1.800.829.1040. The IRS employees at that line can help you with a payment issue, if there really is such an issue.
  • If you know you don’t owe taxes or have no reason to think that you owe any taxes (for example, you’ve never received a bill or the caller made some bogus threats as described above), then call and report the incident to TIGTA at 1.800.366.4484.
  • If you’ve been targeted by this scam, you should also contact the Federal Trade Commission and use their “FTC Complaint Assistant” at FTC.gov. Please add “IRS Telephone Scam” to the comments of your complaint.

Taxpayers should be aware that there are other unrelated scams (such as a lottery sweepstakes) and solicitations (such as debt relief) that fraudulently claim to be from the IRS.

The IRS encourages taxpayers to be vigilant against phone and email scams that use the IRS as a lure. The IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. The IRS also does not ask for PINs, passwords or similar confidential access information for credit card, bank or other financial accounts. Recipients should not open any attachments or click on any links contained in the message. Instead, forward the e-mail to phishing@irs.gov.

For more information or to report a scam, go to www.irs.gov and type “scam” in the search box.

More information on how to report phishing scams involving the IRS is available on the genuine IRS website, IRS.gov.

You can reblog the IRS tax scam alert via Tumblr.