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7 Tax Ideas Your CPA Still Hasn’t Mentioned

As many people learned the hard way this year, tax rates have gone up. The American Taxpayer Relief Act was passed in late 2012, and became effective for the 2013 tax year. As a result most people were not aware of how this impacted them until they sat down and reviewed their 2013 tax returns. Now they are painfully aware that tax rates have gone up and they want to know how to reduce their tax bill.

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While this is a question that has to be addressed on a specific client-by-client basis (which of course we are happy to do), here are a few general concepts worth learning about:

Profit Sharing Plans– Line 7 on your tax return shows wages. This number is net of any pre-tax retirement plan through your work such as a 401k or profit sharing plan. If you are a business owner, look into a profit-sharing plan. This is a way to increase your pre-tax savings and thus reduce your taxable income.

Tax-free interest– Line 8a of your tax return shows taxable interest, line 8b shows tax-exempt interest. No real surprise here, tax-exempt is better than taxable! When you think of taxable, think interest on a CD. When you think tax-exempt, think municipal bonds. If interest is a big component of your income, consider shifting from taxable to tax-free investments.

Qualified vs. Ordinary dividends– Ordinary dividends are taxed at your normal tax rate whereas qualified dividends are taxed at a low 15% rate. The rules on what makes a dividend qualified vs. ordinary are beyond the scope of this article, but this is an area where you could make a few changes to your investment mix and reap a tax savings.

Capital Gains– While your specific capital gains tax rate depends on several factors, what is important to note here is that there is some tax planning that can be done to avoid or defer capital gains. Things like Donor Advised Funds (see next item), Charitable Remainder Trusts, 1031 exchanges, and even gifting appreciating assets to heirs in lower tax brackets are all ways to reduce or defer these taxes.

Donor Advised Funds (DAF)– A DAF is a way for an investor to receive an immediate tax benefit from the amount they want to donate, but then dole out those gifts to charity over time. For example, let’s say you normally give $10K/year to your favorite charity. And let’s also say your tax bracket is higher now than it will be in the future. You could set up a DAF, throw $100K in there and get a charitable deduction on the full $100K now. You could then take $10K/yr out of that $100K and send it to your favorite charity. So the timing of the gifts to charity hasn’t changed, but the timing of the tax deduction has. I am simplifying here so make sure to talk to your financial advisor or CPA before setting up a DAF, but simply being aware of their existence is a start as these concepts could really save you on taxes.

Cash Value Life Insurance– Most people know that life insurance provides a tax-free death benefit to heirs, and that’s about all they know when it comes to insurance. Cash value life insurance, when designed properly, can also create a tax-free savings account and isn’t restricted to the same limits on contributions as an IRA or a 401k plan. Next month we will focus exclusively on this subject so for now just keep the idea in mind as something worth knowing about.

Non-Qualified Annuities– Nonqualified annuities grow tax-deferred, which means you won’t receive a 1099 each year showing tax on earnings like you do with a CD or mutual fund. Eventually the tax gets paid but deferring that tax can go a long way in terms of compound growth over time.

These are just 7 ideas but there are many more just like this. Our tax code is complicated and your CPA probably doesn’t spend enough time with you to really understand how each one of these items could benefit you! That is part of the reason that Wealth Managers and Financial Planners exist, because the less you pay to Uncle Sam the more you can save and invest.

To know more about CFP and Tax services please visit our website.

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Financial Planning With Special Needs Considerations

When it comes to financial planning, there are 2 types of special needs we are concerned about.

First, if someone would be eligible for government benefits we want to make sure our planning doesn’t preclude them from eligibility. There are strict rules about how much money one can receive before they lose out on government benefits, and this is a part of where special needs trusts come into play.

Second, some people are just not well equipped to inherit millions of dollars with no oversight. These folks may not qualify for government benefits so their planning is more about protecting them from folks that might prey upon them, or sometimes just protecting them from themselves. This is where lifetime trusts with independent trustees come into play.

One example I can share is a client whose son is bipolar and has a history of making impulsive financial decisions. His parents are not seeking any form of government benefits; they just want to make sure that when he inherits his share of their wealth that he won’t blow it. We have worked closely with their attorney to design their estate plan in a manner that will allow their son to benefit from his inheritance without having the capacity to waste it or lose it to an unscrupulous person. This type of planning will also protect him in the event that he gets married and later divorced.

If you think your son or daughter could benefit from this type of planning, I have 3 ideas for you to consider:

Take action and be responsible. Whatever the problem is, it’s unlikely that it will go away on its own. As a parent, we have the responsibility to look out for our children until the age at which they can lookout for themselves. If your son or daughter has special needs, that age may not come during your lifetime and you need to plan ahead and protect them while you can.

Be realistic and somewhat conservative about the amount of help your child needs and for how long. Often times special needs planning is for a person’s entire lifetime, but other times it’s just until the age at which their parents feel they should finally be mature enough to make good decisions.

Hire a professional. Sit down with a Certified Financial Planner (CFP®) and discuss your concerns, goals, and financial resources. Most CFP’s will do this on an hourly consultation basis without requiring you to invest your money or buy any insurance from them. From there, your CFP will introduce you to other folks that may need to be a part of your planning team, such as an estate planning attorney and an independent trustee.

If this is something that’s been on your mind and you’ve yet to take action or your plan is stale and needs to be reviewed, send me an email at rob@swrpteam.com or give us a call at 925-927-1900.

To know more about Financial planning and Financial advice  please visit our website.

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Asking for Financial Help

Achieving financial security is a goal most people have and yet few ever accomplish. I would suggest there are several reasons for this, but one of them is simply that people are afraid to ask for help. I don’t mean help in terms of asking for a handout, I mean help in terms of asking someone to help them define what financial security really means, help them develop a plan to get there, and help them implement and monitor that plan. If you’ve never sat down with a Financial Planner, I’ll explain what we do below.

Having never sat with a financial advisor before

The other day I sat down with a very nice couple that recently came into a large sum of money. These folks were in their late 60’s and had never once sat down with a financial planner or investment advisor of any kind. I asked them why not, and they said they weren’t sure they had enough money before this event occurred to really justify needing one.

This is not the first time I’ve heard this from a prospective client and I am sure it won’t be the last. I do understand the rationale because I can relate; I don’t go to the doctor if my throat is a little sore or I have a runny nose. Why not, because I’m not sure I really need a doctor to help me. But at some point, I do get sick enough that I go and see a doctor because I know that my illness is beyond what the over-the-counter aisle at CVS can handle.

I guess for most folks they are making this same sort of calculation in their head. They know their personal finances are not in perfect shape and they use the internet, their co-workers, their friends, etc. as their version of the CVS over-the-counter aisle to get the “help” they think they need.

Here is where the problem lies with this strategy – over time your personal finances tend to get worse, not better if you simply ignore them. Furthermore, the closer you are to retirement age the more urgent the need for a retirement income plan. Even in a town like Danville, there are far too many folks who are earning a great income but not saving enough for their future.

To know more about Financial advisor and Financial planner please visit our website.

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What you own is the equivalent of what you eat

Imagine that two people are trying to lose weight, both using totally different strategies. The first person’s strategy is to eat healthy and every day write down what they eat and when they eat it. The second person’s strategy is to weigh themselves on a daily basis and see how their weight changes. This person is not going to do anything differently except weigh themselves on a daily basis. Which person do you think will have better long-term weight-loss success?

Strategy A vs Strategy B

I am using this as an analogy for investment management, where what you own is the equivalent of what you eat. In my opinion, if you want to get good long-term investment results, your entire focus should be around what you own and when you bought it (or plan to buy it). Whenever we review an investment portfolio, the first thing we look at is what’s in the portfolio. We are looking specifically at these things in this order:

Total asset allocation – what portion is in stocks vs. bonds. Of the stocks, are they all U.S. companies or do they have international and emerging markets countries as well? Of the bonds, are they corporate bonds, municipal bonds, government bonds, etc.?

Concentration– is the portfolio overly concentrated in one area, like technology or financial services? In 2000-2002 the large US stock market suffered severe losses while real estate and bond mutual funds were actually up during those same years.

Timing– When were the investments purchased? Risk can be defined in two ways, volatility (how much the price fluctuates), and loss of principal. We are more concerned with loss of principal than we are with volatility. If you bought an investment at its all-time high and it’s since dropped and has yet to recover, it’s possible you paid too much and it will never be worth what you paid. Conversely, it’s possible that you paid the right price and in the short-term, there is simply a gap between price and value.

I know many investors pride themselves on the fact that they login every day to their investment account to see what their portfolio is doing. And while I understand the emotional reason for doing so, I would argue that this is akin to weighing yourself every day and thinking it will cause the desired result. If you are going to look at your portfolio – and I certainly encourage you to do this AND get professional help while doing this – focus on what you own and when you bought it.

It’s my opinion that in the long run, a well-diversified* portfolio is a lot like a healthy diet: short-term results may vary but there are potential long-term benefits.

To know more about Tax consultant and Financial planning please visit our website.

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Valley Sentinel – July Issue

Last month I wrote about the potential impact that rising mortgage rates and lower tax deductions could have on local real estate (if you missed that article and would like a copy just send me an email).

This month I would like to provide a similar cautionary guide on what tariffs and interest rates could do to your retirement account.

Let’s start with tariffs and a possible trade war. While economists differ on how much blame the Smoot-Hawley tariffs deserve for the Great Depression, the stock market was clear in its reaction. The Dow Jones Industrial Average was around 340 just before the House passed the bill. In short order the Dow dropped down all the way to around 50 before FDR was elected and stocks started recovering. Now again, we cannot be sure what percentage of this 85% decline in the stock market is attributable to tariffs, but there is reason to believe that the stock market doesn’t like tariffs and if a trade war does take place, it could at least temporarily sink the stock market.

Now let’s talk about interest rates. As you may have discovered, the investment community and the financial media talk a lot about interest rates and for good reason. When the banks make borrowing more expensive, companies tend not to borrow as much and pay higher rates of interest on existing loans (if the rates are variable, which they often are). This means less business spending which in turn means less growth for the company. If this reduction in growth leads to a decrease in profits then the stock price usually takes a hit.

The really bad news here is that rising interest rates are also bad for bonds. The math here is complex but think about it this way, if newly issued bonds are paying 4% interest and the bond you own is paying 3% interest, I would only buy your bond if you discounted the price to make up for the 1% of lower interest I am earning. That discount is reflected immediately in the value of existing bonds. As proof of this concept playing out in real life, just look at the Vanguard Long-Term Treasury Bond Fund (ticker VUSUX) which had two 10%+ declines in the past few years (2009 & 2013).

Every week I talk to investors who are “making no changes” because their portfolios have worked for the past few years and therefore “if it aint broke don’t fix it”. However the environment may change radically in these two areas and all of a sudden what has worked will stop working. After the run up in stocks over these past 9 years it’s easy to forget that between the start of 2000 and the end of 2009 stocks had a rate of return of basically 0%. I am not sure most people’s retirement plans could survive on those types of returns.

If you want a second opinion on your retirement & investment accounts, give us a call at 925-927-1900 or email me at rob@swrpteam.com.

To know more about Tax planning and Tax advisor please visit the website.

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Real Retirement Advice

One of the issues I have with our industry is that most of financial planning advice is either geared towards the very young who are just starting out, or the very wealthy who have already achieved significant financial success. In my experience the folks who can benefit the most from what I call real financial planning is that in-between group. Typically that means folks between the ages 45-75 who have less than $2M saved, excluding the equity in their homes.

To channel my inner David Letterman, here is my top 10 list of issues that we help retirees and near-retirees face when they have less than $2M of investable assets:

1.When & how will I retire? 2.When should I start collecting my social security? 3.How will my portfolio be used to create a paycheck for me in retirement? 4.What should I do as far as Medicare and what choices will I have to make? 5.Will I have to move or otherwise reduce my monthly expenses? And if so, how will I do this? 6.Will I have to tap into the equity in my home to stay in the bay area? And if so, how will I do this? 7.How can I protect myself against financial fraud? (This is especially important for folks who’ve always had a 401K or 403b plan at work and are now considering an IRA). 8.What should I do to prepare for long-term care expenses? 9.How will my plans change if my spouse dies before me? 10.What should I do as far as planning for my kids & grandkids and how to I make sure I can leave them something?

One of the most important things to notice about this list is that it has very little to do with picking stocks or mutual funds. I think it’s also important to notice that these issues are advice driven and not product driven. If you’ve read my articles before, you know this is one of the reasons I think everyone should have an independent Advisor acting as a fiduciary in their best interests, and not a bank or insurance company representative.

Real financial planning addresses each of these and much more. And then once addressed, this becomes a time specific, dollar specific plan that both the client and their Advisor can work towards, measuring progress and making tweaks along the way. This is the type of work we do at Summit Wealth & Retirement and the type of work our firm has done for over 30 years.

We are proud of the fact that our office in Danville has 3 Certified Financial Planning Professionals on-site and we are here to help families in Danville & Alamo make better financial decisions.

To learn more, visit our website, give us a call at 925-927-1900 or email me at rob@swrpteam.com.

To know more about Financial advisor and Financial planning please visit the website.

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Who Needs a Tax Advisor?

Many people assume that the only people who need tax advisors or tax consultants are the rich. However, almost everyone could benefit from the services a tax advisor offers. Hiring one may cost you a few hundred bucks, but the money you’ll save in return could equal several times that.

The Type Financial Situations that Tax Consultants Deal With

As stated earlier, nearly everyone can benefit from the services of a tax professional. Having said that, there are certain circumstances where a tax advisor is highly beneficial.

A complicated tax life including retirement savings, real estate transactions, trust funds, self-employment income, a home office, rental property income, stock options, etc.

Work and live in different states or countries

Have an active investment life

When you buy, sell, or run your own business

Have major life events such as marriage, divorce, have/adopt children, are financially caring for dependents including parents, receive an inheritance, become widowed, lose/start a job, and buy/sell a home

Hiring a tax advisor isn’t just a good idea during tax season. In fact, a good tax consultant can help you make smart financial decisions all year long. For example, your tax advisor can let you know when it’s the right time to sell certain assets, take advantage of specific deductions and/or credits, and so much more. With a good tax advisor on your team, you’ll never make impulsive financial decisions again.

As you can see, almost everyone can benefit from hiring a tax advisor. This financial professional isn’t just for the highly successful, but rather, they help the average person make smart decisions to lower their tax responsibility and reach their financial goals – both in the short and long-term. If you live in or near Danville, CA, contact Summit Wealth and Retirement to find out how a tax advisor can help you.

For further details about Tax consultant and Tax advisor please visit to website.

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Why Tax Planning is Important

In an ideal world, everyone would do what they want but they would do it in a tax-minded way. Tax planning is a phrase many people have heard of, but not everyone understands what it means. Here’s what you should know.

What is Tax Planning

Tax planning is a financial strategy that essentially postpones or eliminates taxes, so you have more money to save, invest, or spend. 

With good tax planning, you can defer taxes or avoid paying taxes by taking advantage of tax laws, accelerating/increasing tax deductions and credits, and making use of any applicable tax breaks available to you according to the IRS. The federal tax laws are more complex than ever before, so good tax planning is a must.

The Link Between Tax Planning and Financial Planning

Financial planning uses strategies that help you reach your financial goals – both short-term and long-term. Tax planning and financial planning go hand-in-hand because paying taxes is such a big expense for most people. If you find yourself really successful, taxes will likely be the biggest expense you face as you go through life. As such, finding ways to lower your taxes is a critical part of the financial planning process.

People make tax mistakes all the time. For example, selling appreciated securities too soon when holding onto them a little longer would have resulted in lower-tax long-term capital gains. Or, making retirement account withdrawals early and paying a 10-percent penalty tax.

The goal is to avoid making impulsive decisions and plan your transactions with taxes in mind. Seeking professional tax services before making big financial decisions is usually money well-spent. It’s never too late to begin planning a tax-smart financial future, so contact your trusted financial advisor today. In Contra Costa Valley, Summit Wealth and Retirement Partners can help you reach your financial goals.

For further details about Financial planning and Tax planning please visit to website.

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6 Reasons to Consider Financial Planning

Financial planning is a tool designed to help you identify your short and long-term financial goals. A certified financial planner (CFP) then develops a comprehensive plan to ensure you meet those goals.

Here are several reasons you may want to consider acquiring financial planning services to get you where you want to be.

1. Income

Managing your income is easier with a plan. Financial planning helps you figure out what you need for things like your monthly expenditures, tax payments, and savings.

2. Budgeting

Keeping track of your cash flow will help you keep more of it in the bank. Budgeting, tax planning, and careful spending are all part of the plan.

3. Investing

By increasing the amount of money you save through careful budgeting, you free up money for potential investing. A CFP can help you decide which investments are right for you.

4. Financial Security

Creating a secure financial future helps you feel better about caring for your family. Financial planning includes making sure you have the proper insurance policies in place to protect you, your home, your belongings, and your loved ones.

5. Emergencies

Life happens and it’s not always good. A job loss, medical bills, or some other difficult financial situation can leave you devastated if not prepared. Your CFP can help you build an emergency fund that allows you to keep to the standard of living you’re accustomed to during times of hardship.

6. Customized Ongoing Advice and Support

Once you’ve established a relationship with your CFP, he or she will continue to provide advice and support as your financial situation evolves. You’re never on your own to make life-altering financial decisions when your CFP professional is on the job.

If you aren’t sure you need financial planning, schedule an appointment with a reputable CFP to discuss your options.

To know more about Financial planning and Financial planner Please visit our website.

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Do You Need a Certified Financial Planner?

Many people make the mistake of thinking that all financial planners are certified. This simply isn’t true. Anyone can claim to be a financial planner, but it’s only those who complete the CFP Board’s requirements that can claim the title of “Certified Financial Planner” or CFP.

CFP professionals are held to a high ethical standard to ensure financial planning is right for you. Financial planning is an ever-changing process. As your life progresses, your financial standing changes. You may come into an inheritance or win the lottery. Career changes, marriage, children, buying a house, etc. all play a part in how your financial situation evolves over time. As you try to figure out how to manage it all for your best financial future, you can rest easy knowing that a CFP has your best interests at heart.

What a CFP Can Do for You

No matter what stage of life you are in, a Certified Financial Planner knows what you need to do to reach your financial goals. Whether it’s saving for your children’s college education or saving for retirement, CFPs are trained to assist you in developing a comprehensive plan to meet your short and long-term goals.

How to Get Started with a CFP

Financial planning can seem overwhelming for many people, but it’s really easier than you think. Here’s how you can get started.

1.Schedule an appointment with a CFP and be prepared to spend a good amount of time discussing your situation.

2.Prioritize your short and long-term goals to help your CFP better understand what you hope to accomplish.

3.Be open to your CFP’s suggestions.

4.Work through the details of your financial plan and ask questions.

Many people think financial planning isn’t for them, but if you have any plans for a secure financial future, finding a certified financial planner may be just what you need.

To know more about Certified financial planner and CFP Please visit our website.

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Last month I wrote about the potential impact that rising mortgage rates and lower tax deductions could have on local real estate (if you missed that article and would like a copy just send me an email).

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Last month I wrote about the potential impact that rising mortgage rates and lower tax deductions could have on local real estate (if you missed that article and would like a copy just send me an email).

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If you're looking for Summit Wealth & Retirement Partners' contact info, our address or simply want to send us a quick email, this is exactly the place to do that. Come on in. We'd love to hear from you.

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Summit Wealth & Retirement Partners provides financial planning services to our clients. With two Certified Financial Planners (CFPs), a Chartered Financial Analyst (CFA), and an MBA on board, we have more than 60 years combined advanced experience in the financial planning industry

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Each one of our clients' financial ecosystem is different, but they all shared many of the same questions and concerns before working with us. Let us give you a quick snapshot of some of the questions you should be asking when choosing a financial advisor - whether that's us or whoever else you decide to work with.

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Why Meeting with a Financial Advisor is Scary

Four weeks ago I received a call from one of my client’s closest friends. She wanted to interview me and see if I could help her in the same way that I’ve helped her friend over the years. I agreed to meet with her and asked her to bring in her tax returns and copies of any recent investment or retirement account statements she had received.

Two weeks later when we met I was shocked to find out that this person owned 11 annuities and 6 non-publicly traded REITs (Real estate investment trusts). I asked her how it came to be that she had invested such a large percentage of her net worth in these illiquid products and she said her financial advisor of 20+ years had recommended them. This woman knew that she had a financial advisor who focused on product and not planning and that’s why she made the appointment with me in the 1st place, but she truly had no idea just how bad the advice she’d received over the years had been. In fact, she was ready to admit that though she signed reams of paper before investing in each of these, she never really understood what they were or how they worked, but she trusted her advisor.

Unfortunately these stories are all too common in a world where financial advice is often “free” as long as the person giving it can get paid by the company whose product they are pushing. While I do not in any way blame this woman for not knowing, I asked her how much do you pay your advisor every year and she said “I don’t, I assume he gets paid by the insurance company but I have no idea how much.”

Given that this happens all too often, I can completely understand why people are so reluctant to meet with a financial advisor for the 1st time. It’s the same reason I hate going to the car dealership.

The good news here is that this story has a happy ending and it’s emblematic of the changes that are occurring in our industry today. The #1 question prospective clients ask me has changed over the years. It used to be “what’s your minimum” or “how do you invest client money”, now it’s pretty consistently “are you a fiduciary”. I am proud to be able to answer this in the affirmative and hopefully start every relationship on a solid foundation.

Today this client and I and are working with the insurance companies whose products she owns to figure out how/if we can unwind some of the ones that she never should have bought in the 1st place.

If you have a bunch of accounts/products you’ve bought over the years and want a second opinion, or have been too scared to meet with a financial advisor (and justifiably so), give me a call or send me an email: 925-927-1900 or rob@swrpteam.com

Robert Cucchiaro is a Certified Financial Planner and owner of Summit Wealth & Retirement, a financial planning firm that has been serving Danville for over 30 years. Rob specializes in retirement, investment, tax, and estate planning. www.summitwealthandretirement.com

For further details about Financial advisor and Financial advice please visit to website.

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Tariffs, Interest Rates & Your Retirement Account

For further details about CFP and Certified financial planner please visit to website.Last month I wrote about the potential impact that rising mortgage rates and lower tax deductions could have on local real estate (if you missed that article and would like a copy just send me an email).

This month I would like to provide a similar cautionary guide on what tariffs and interest rates could do to your retirement account.

Let’s start with tariffs and a possible trade war. While economists differ on how much blame the Smoot-Hawley tariffs deserve for the Great Depression, the stock market was clear in its reaction. The Dow Jones Industrial Average was around 340 just before the House passed the bill. In short order the Dow dropped down all the way to around 50 before FDR was elected and stocks started recovering. Now again, we cannot be sure what percentage of this 85% decline in the stock market is attributable to tariffs, but there is reason to believe that the stock market doesn’t like tariffs and if a trade war does take place, it could at least temporarily sink the stock market.

Now let’s talk about interest rates. As you may have discovered, the investment community and the financial media talk a lot about interest rates and for good reason. When the banks make borrowing more expensive, companies tend not to borrow as much and pay higher rates of interest on existing loans (if the rates are variable, which they often are). This means less business spending which in turn means less growth for the company. If this reduction in growth leads to a decrease in profits then the stock price usually takes a hit.

The really bad news here is that rising interest rates are also bad for bonds. The math here is complex but think about it this way, if newly issued bonds are paying 4% interest and the bond you own is paying 3% interest, I would only buy your bond if you discounted the price to make up for the 1% of lower interest I am earning. That discount is reflected immediately in the value of existing bonds. As proof of this concept playing out in real life, just look at the Vanguard Long-Term Treasury Bond Fund (ticker VUSUX) which had two 10%+ declines in the past few years (2009 & 2013).

Every week I talk to investors who are “making no changes” because their portfolios have worked for the past few years and therefore “if it aint broke don’t fix it”. However the environment may change radically in these two areas and all of a sudden what has worked will stop working. After the run up in stocks over these past 9 years it’s easy to forget that between the start of 2000 and the end of 2009 stocks had a rate of return of basically 0%. I am not sure most people’s retirement plans could survive on those types of returns.

If you want a second opinion on your retirement & investment accounts, give us a call at 925-927-1900 or email me at rob@swrpteam.com.

Robert Cucchiaro is a Certified Financial Planner and owner of Summit Wealth & Retirement, a financial planning firm that has been serving Danville for over 30 years. Summit Wealth has 3 Certified Financial Planners (CFP®), a Chartered Financial Analyst (CFA), an MBA and a Tax Director (EA) all on staff and in Danville. Visit us at www.summitwealthandretirement.com

For further details about CFP and Certified financial planner please visit to website.