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Window of Opportunity is Closing Fast!
This is one of the most important tax years in a very long time for those interested in passing a good portion of their lifetime earnings to children, grandchildren, foundations and charities.
“Lots of people know how to make money but not how to keep it,” stated Mr. Rao Garuda in a recent interview with OTN. Mr. Garuda is considered to be one of the top people in the fields of high deduction tax planning and zero deduction estate planning. Lack of good planning can result in the loss of 80% of a person’s accumulated wealth to income and estate taxes. Helping people with strategies for keeping what they have earned is the prime objective for Rao Garuda and local partner John M. Morgan. You really have three choices for your estate: passing it along to family, to a family foundation or losing it to the IRS.
The work of Garuda and Morgan at JM Morgan Financial Partners, LLC focuses on three specialties:
One very high impact change coming at the end of the year is the elimination of the ten million dollar gift exemption. The taxes incurred for conversion of traditional IRA’s to Roth IRA’s are at a very low rate currently and are not likely to be this low ever again. Taxes for dividends, capital gains and regular tax rates are likely to go up as well. This is a crucial time for estate planning if you are interested in passing as much of your personal assets to your family as possible and supporting your favorite causes instead of having unnecessarily large amounts going to the IRS be default.
In the OTN interview with John Morgan he stated, “We need to educate families on how to leave more to the people and places that are most important to them, while avoiding as much unnecessary taxation as possible. I am very appreciative of this chance to get the message out to readers of Our Town News and we would like to invite interested individuals to join us at one of the events we will be hosting over the next several weeks. During those meetings we will be able to discuss key strategies for protecting personal wealth from unnecessarily high taxation.
Invitations to the JM Morgan Financial Partners financial strategy session events will be limited. Call 954-607-3717 today to request an invitation to one of the upcoming local area luncheon or dinner events.