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…
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…
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,…
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…
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…
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…
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,…
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…
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…
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.…
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…
The New Year Brings New Opportunities to Fulfill My Mission (APA)
Each year at this time, I reflect on the year past and create my vision for the next revolution around the sun. Usually, I am having this conversation with myself at the conclusion of our year-end travels and I have some quiet time to think. This year, I am doing my thinking in Lima, Peru. A few years ago, I asked myself some fairly tough questions—like what do you want from life? Why do you do what you do? What…
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