Tax Deferral Should be Top of Mind

Back on my tax kick. I have listened to two presentations this week discussing proposed changes to estate taxes and they are big. You cannot plan for something you don’t know will happen but we can plan for what we do know. First taxes will most likely go up. We also do know that when money grows tax deferred it grows faster, period. Another fact is life insurance money is not taxable to the beneficiary. Okay lets take these facts we know and plan. If you do anything moving towards building financial confidence, it will be taking full advantage of any means you have to grow pools of tax deferred assets. This means max out your 401K, contribute to a ROTH IRA or regular IRA, start 529 plans for your kids, and consider life insurance products in your retirement planning. I am talking here to all ages, I just set up a ROTH IRA for my son with $500. Many insurance products offer an income stream payout at retirement or lump sum payment to your family(tax free) if something should happen to you. I am happy to discuss any/all of these solutions with you. I do not sell any of these products but happy to discuss pros/cons of each and possible solutions and point you in the right direction. Let me know [email protected]