OUR SERVICES
TAX PLANNING
As a part of a comprehensive financial approach, we offer tax strategies and tax bill management to our clients. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.
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Some people are surprised to find that they owe taxes in retirement. Some even pay taxes on Social Security! That’s why tax planning is imperative for the retiree, and at Solve For X, we strive to keep you in the lowest tax bracket possible every year. In order to do that, we have to take a look at what qualifies as “earned income,” and we have to take money out of your nest egg in a tax-advantaged manner.
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When it comes to qualified money, like 401(k)s and traditional IRAs, RMDs (Required Minimum Distributions) come into play at age 72. You have to start taking money out of these accounts following strict guidelines, and that has tax implications. We have specific strategies that we use to help reduce withdrawals and tax liability.
When it comes to tax planning, you can count on Solve For X Financial.
FIXED INDEXED ANNUITIES
A Fixed Indexed Annuity (FIA) combines the traditional value of guarantees, with the opportunity to earn more interest than a traditional deferred annuity. Its main feature guarantees that your money will never be lost, or go down in value, and your gains are locked-in each year. It is sometimes called a “safe money” product because it’s backed by the financial strength of the insurance carrier guaranteeing safety, income, liquidity, and tax advantages.
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The interest earned on an FIA can be substantially higher because it ties the interest (return) to an external market index. In fact, this product was developed as an alternative to traditional savings vehicles because of its ability to provide greater returns. Fixed indexed annuities are useful for those who are adverse to risk in the stock market.
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At Solve For X, we sometimes recommend them as part of a balanced portfolio when it comes to investment management and retirement planning services. However, it’s important to know that a fixed indexed annuity is not an investment, it’s an insurance product. A fixed indexed annuity is a contractually guaranteed transfer-of-risk strategy, and a non-correlated asset.
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Please note: A Fixed Annuity should not be confused with a Variable Annuity. Variable Annuities are securities, sold by prospectus, and you can lose your money because you carry the risk of its performance. A Fixed Indexed Annuity is not a security, and therefore, your principal and earnings are guaranteed to never lose value as long as the insurance carrier is able to pay claims.
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Fixed Indexed Annuity payments and guarantees are dependent upon the claims-paying ability of the insurance carrier.
When it comes to Fixed Indexed Annuities, you can count on Solve for X Financial.
INSURANCE SERVICES
A sound insurance strategy can help protect your family from the financial consequences of challenging life events, and insurance can still provide one of the most tax-advantaged methods to transfer wealth when it comes to estate planning. Our insurance services include personal insurance, liability insurance, and life insurance.
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Insurance has come a long way in the last decade. In addition to traditional life insurance term and permanent policies to protect loved ones against unexpected life loss, there are new products and policies designed to help cover other types of risks in a tax-advantaged manner.
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As a completely independent firm, we have access to nearly every carrier and every kind of insurance, and we compare features and premium prices so that we know we’re making recommendations based on solid numbers. We read the fine print when it comes to policy terms and conditions. So, whether it’s term or permanent, whole or universal, annuity or life, we will do the research to help you manage risk while potentially achieving other financial objectives.
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New insurance policies, annuities and/or riders can create lifetime income in retirement, provide guaranteed* returns, provide for spousal transfer, cover long-term care expenses, protect against disability, allow tax-free wealth distribution to heirs and much more. We’ll do the homework and see what type of insurance may fit into your financial plan.
When it comes to insurance services, you can count on Solve For X Financial.
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*Guarantees are provided based on the financial strength of the insurance company providing the policy. Some insurance companies have been in business and paying claims since the turn of the 20th century.
ESTATE PLANNING
Effective estate planning enables you to manage your affairs during your lifetime and helps ensure your legacy is efficiently passed on to the ones you love. With a legacy plan, you can outline your healthcare wishes and ensure that they’re carried out – even if you are unable to communicate. You can also designate someone to manage your financial affairs should you be unable to do so.
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Solve For X founder Jeff Gaudette has experience in estate planning. We work with fee-based attorneys to help create all the legal documents you need, get them properly filed, and then help you compile a written notebook, including clear directions for each document type so that your loved ones and executors know what to do, as well as what your wishes are.
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We’ll help you understand the differences between wills and trusts. (Trusts can often help you keep your financial affairs private, avoid probate and transfer the maximum amount of wealth to your heirs, and they don’t have to be expensive.) In addition to estate documents, as part of our estate planning service we will help you analyze what insurance may be of benefit to you in transferring wealth with tax-efficiency.
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And remember, estate planning requires ongoing review and updates. We’ll help you get–and keep–your final documents up-to-date through the years in conjunction with attorneys. It’s important to know that your beneficiaries on individual policies and assets take precedence over your trust or will documents, and we will meet with you regularly to help update your estate in its entirety as your family and goals change through time.
When it comes to estate planning, you can count on Solve For X Financial.