By Michael Gold, CFP®, MBA
While many things are happening right now that are out of our control, we focus on what we can control—how we communicate with each other. We want you to know without a doubt in your mind that we are here for you and have the expertise and the experience to manage your financial situation with the level of excellence you expect and deserve.
What are we doing to support you, and what are some potential opportunities for our clients to take advantage of during this period?
We serve clients across the country and are efficient users of Zoom video conferences to communicate with you effectively even without being in person. We are leveraging technology to its full potential and expanding our hours to nights and weekends to be accessible whenever you have a question or concern during this time. We also communicate with a weekly email letter we call “The Week Ahead,” which provides perspective and guidance on what to do and what not to do during tumultuous times.
Amid any crisis, bear market, or panic, behavioral consulting and support are key. Every client receives a call directly from Michael Gold, President and CEO of Gold Family Wealth, LLC, to ensure you have the support you need. All your questions and/or concerns are addressed so that you have the proper guidance to feel confident in your financial plan and how to best ensure your plan stays on track. We understand how investing in the financial markets can often feel like a roller coaster and how after a sharp drop, you want to make sure you land on your feet with everything intact.
Your financial well-being is of the utmost importance. To demonstrate that we are doing everything possible to make sure you are well taken care of, here are a few strategies woven into the DNA of sound portfolio management. These have been implemented to ensure your wealth is in a healthy position once this storm blows over and the financial markets eventually rebound:
Aside from what we are already doing to maximize financial stability and growth for you, here are 3 opportunities we can consider in order to further improve your situation even more:
This is an ideal time to explore a Roth conversion while the values of your account are temporarily lower than they have been. When you convert funds from a traditional IRA or 401(k) to a Roth IRA, all that money in your Roth grows tax-free. Since the values in those accounts are lower now than when you initially invested, your tax exposure on the conversion amount is less than if you did this a month or two ago. Also, when or if you ever decide to take a distribution from your Roth, those withdrawals will not be taxed.
A DAF acts like a philanthropic personal giving account where you can contribute money that is tax-deductible, advise on which charity you want the funds to be given to and all the assets will grow tax-free until it leaves the account. (4)
In a season where there are so many needs and countless nonprofits who need funds, this could be a significant win for you and them.
When you transfer a house, stocks, or other appreciating assets into an irrevocable trust and prices rise after you make the transfer, that appreciation value does not count toward the estate of the person making the transfer. (5) In other words, the person making the transfer doesn’t have to worry about any of the growth of those assets being taxed within their estate.
We are doing everything in our power to affirm that you and your financial situation are a priority. If you have any questions or concerns, or if you would like to explore opportunities mentioned in this article further, please reach out to Gold Family Wealth, LLC at email@example.com or (800) 303-2533.
Michael Gold is the founder, president, and CEO of Gold Family Wealth, an independent wealth management boutique, and named one of the Top 100 People in Finance. Michael has 20 years of experience in the financial industry and has a bachelor’s degree in business and economics from the State University of New York College at Oneonta, an MBA from NYU Stern School of Business, specializing in Quantitative Finance and Leadership, and his CERTIFIED FINANCIAL PLANNER™ (CFP®) credential. He serves business owners and entrepreneurs by stress-testing their financial plan to identify red flags and missed opportunities. Michael strategically outsources professional experts from various fields, such as tax, insurance, retirement and trust, and estate law to collaborate on potential solutions to help position his clients to achieve their desired goals.
Michael currently lives in Westport, CT. When he’s not working, you can find him spending time with his wife, Giselle, their three children, Sebastian, Aria, and Pierce, and their dog, Charly. To learn more about Michael, connect with him on LinkedIn.
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