Four Ways the Recently Passed Secure Act Will Impact Individual Investors
What’s in the Secure Act? Financial advisor Cary Stamp addresses the four primary ways the recently passed Secure Act will affect individuals and families, most notably on Individual Retirement Accounts (IRAs) and 529 Education Plans. TRANSCRIPT: What’s in the Secure Act? I’m Cary Stamp. This is a principled wealth moment. Welcome to the end of 2019 and I hope everyone has a fantastic holiday season. Something that you need to know about is the Secure Act, that…
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Save on Taxes with Bunched Charitable Contributions to Donor Advised Funds
Leading financial advisor Cary Stamp, CFP® discusses the tax efficiency benefits of Donor Advised Fund bunching deductions. TRANSCRIPT: Today I’d like to talk about how we can make the world a better place, and get some tax deductions all at the same time. And it’s by using a strategy that we call “Bunching Deductions.” So what happened in 2017, at the end of the year when we passed the tax cuts and jobs act, is that we all got…
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Financial Thoughts from a New Grandfather
I was given a new nickname this week. “Pops!” I became a grandfather. In response, I immediately let my imagination run wild and scoured the web for “tiny baseball mitts” and “really small golf clubs,” but my practical side reappeared and I thought: “what would be the most prudent action for a grandfather to take now that this little guy has entered the world?” While not a complete list, here are a few things to consider with your advisor. WILLS…
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Important Year-End Tax Planning Ideas for Individuals and Businesses
Leading financial advisor Cary Stamp, CFP® provides five year-end tax planning ideas: three for individuals, and two for businesses. Ideas include tax loss selling, avoiding high mutual fund capital gains, bunching deductions on Donor Advised Funds, end of year equipment or vehicle purchases, and maximizing retirement plan contributions. TRANSCRIPT: I’m Cary Stamp and this is a Principled Wealth Moment. Today I’d like to share a little bit about what we’re sharing with our clients about year- end tax…
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Estate Planning 101: A Beginner’s Guide to Estate Planning Basics
An Introduction to Estate Planning Strategies Do you have a will or estate plan? Many individuals and families overlook the need for estate planning in the belief that if they don’t possess significant wealth or a complicated situation, a plan is not required. At Cary Stamp & Co., we believe every individual and family should establish some level of “estate plan,” whether simple or sophisticated. Wills Ever heard the saying, “He’s going to try to control the money from his…
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Launch a Legacy of Tax-Efficient Giving with a Donor Advised Fund
Considering charitable giving on a larger scale? A Donor Advised Fund is your simplest, least expensive, and most tax-efficient option. In brief, a Donor Advised Fund serves as your own tax-advantaged, donor-controlled philanthropic fund. The fund can be established easily through a broker-dealer, your financial advisor, or if you have a specific charity in mind, you may establish the fund directly with a 501(c)(3) tax-exempt charity, or charitable foundation. All it takes is an initial minimum contribution of $5,000 in…
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Thanksgiving is About Family
We established a tradition that ensures we enjoy both sides of our family at Thanksgiving. A few years ago, I began a tradition with my family of celebrating Thanksgiving two to three weeks before the actual holiday. This wasn’t an original idea, as another family that I knew also had been participating in this tradition for many years. I loved the idea. We often had trouble getting the entire family together for a holiday. A big challenge for married people…
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MEET THE TEAM:
Patrick Thompson
Chief Operating Officer
Duty, Faith, and Family “In my teenage years, as I was heading out of the house for the evening, my Dad would say ‘Patrick, don’t forget you’re representing our family. Act accordingly.’ It was an upbringing steeped in faith and responsibility, and I’m glad it was. It seems to have turned out well.” Born in West Palm Beach, FL and raised in Fort Worth, TX, Patrick Thompson’s life has been all about the importance of family, the grounding nature of…
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Using 529 Plans to Maximize Education Savings and Minimize Taxes
The cost of college tuition continues to increase every year with most college planning experts projecting a 6% annual increase each year. One might ask, “How do I save for my child’s college education if I cannot even afford the costs now, let alone in the future when my child enters college?” In previous generations, if your family was fortunate enough to save for college, they simply put money in a savings account (or a mattress). Today, the government has…
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Must Read if You Own Company Stock in a 401(k) or other Corporate Retirement Plan
The Net Unrealized Appreciation (NUA) Tax Strategy: If you work for a corporation that offers company stock inside a 401(k), ESOP, or profit sharing plan, the Net Unrealized Appreciation tax planning strategy (described below) can produce substantial tax savings. This is especially true for long-time employees possessing stock that has appreciated significantly. Net Unrealized Appreciation (NUA) is defined as the difference between the original cost basis of the company shares (the amount you invested) and the current market value. It…
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Charitable Giving and Philanthropy Through Donor Advised Funds
TRANSCRIPT of Charitable Giving and Philanthropy: I’m Cary Stamp and this is a Principled Wealth Moment. Most of the families that we work with are charitably-inclined. One of the things that a lot of people don’t realize is, with the new tax laws, there are some ways that you should be making your charitable contributions that are far more effective for you from a tax perspective and can also add some significant value to your family. Often, we…
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Buy-Sell Agreements: What Every Business Owner Should Know
As a business owner, your focus is on daily operations and growing the business. Consequently it can be difficult to carve out time to consider long-term issues and contingency planning such as ensuring the continuity of the business should anything happen to you or a partner. For most business owners, such planning requires establishing a Buy-Sell Agreement. To help you determine if such an agreement is right for your business, it’s important to understand what it is, how it works,…
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Protect Your Business with Key Man Life Insurance and Deferred Compensation Plans
TRANSCRIPT: I’d like to discuss how providing for your employees can be great for your company. I like to talk with our business owner clients about what would happen to your business if for some reason one of your key employees died or became disabled. And unfortunately, this touches all too close to home. One of our clients owns a construction business and recently, they lost their senior vice president of operations—just a very unfortunate situation, totally unexpected. This…
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Rob Taylor, CFP® CLU® Accepted into Leadership Palm Beach County Engage Program
Taylor one of 56 professionals selected for esteemed program *** OFFICIAL RELEASE *** (WEST PALM BEACH, FL) July 20, 2019 – Financial advisor Rob Taylor, CFP®, CLU®, of Cary Stamp & Co. has been accepted into the 2019-20 Leadership Palm Beach County (LPBC) Engage program. The Leadership Engage program is a highly competitive 10-month program which offers participants a powerful new network and a transformative learning experience, with the intent to better Palm Beach County. Participants, who come from diverse industries…
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Your Financial Advisor Should Be Collaborating with Your Accountant and Estate Attorney
If you have somebody who understands the big picture and is bringing your financial/accounting/legal advisors together, you will achieve far better outcomes for your family’s financial and estate planning. TRANSCRIPT: Today’s subject is the concept of collaboration. I firmly believe that as a financial advisor and CERTIFIED FINANCIAL PLANNER that I should be in contact with the attorneys and accountants that also represent my clients. If we put together a team for the families that we work with, we can…
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Cary’s Mid-Year Report & Outlook
My mission is to help successful families live lives of abundance, possibility, and adventure. The first half of 2019 has been fantastic for CS&C, my family, and the clients we serve. I was fortunate to begin the year with an overdue trip to Machu Picchu with my father. In May, Sharon and I spent time in Italy and France, and I recently returned from a trip to Scotland to play golf with good friends. While this may sound excessive,…
READ MORE ⟶Crypto-Currency, the Blockchain and Your Portfolio
I am attending the Barron’s Independent Summit in Salt Lake City for the next few days. Ric Edelman, a well-regarded advisory firm founder, author and entrepreneur has assembled a group of experts to discuss the future of digital currencies. I admit that I have been a skeptic, so I wanted to understand what the proponents and futurists had to say on the topic. A couple of years ago I received frequent questions about Bitcoin, Etherium and other types of crypto…
READ MORE ⟶Why You Should Talk to Your Kids About Your Wealth
If you were born during the baby-boom generation, then it is not very likely that your parents shared information with you about their finances. Perhaps, in their final years or when one parent passed away, they might ask for help but the prior generation was fairly tight-lipped about money. That generation lived through the depression, saw what real hard times looked like and knew the importance of having a rainy-day fund. They probably frequently said “we cannot afford that” whether…
READ MORE ⟶Make Tax Time less taxing (Next Year)
As we prepare for tax season, it is a good idea to start thinking about how we can structure our finances, investments and charitable planning to give us a better outcome a year from now. The following are a few ideas we are discussing with our clients; Bunch your charitable giving. With a standard deduction for a couple at $24,000 and a state and local tax deduction limited to $10,000, many people will no longer be able to itemize.…
READ MORE ⟶Tips for Parents of Millennials—How to be a Financial Role Model for your Kids
Few children come by wealth management naturally. For most young children, money just buys stuff. As they age, they think philanthropy sounds good, but it competes with immediate gratification. Real estate and taxes are complicated. Securities and the markets in which they trade are mostly intangible. Despite the barriers, you can teach your adult children wealth management skills and values, and you’re not alone. You can use your financial advisor to assume a coaching and teaching role. Think of your…
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