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Tax Planning Strategy

I became a Financial Advisor in 1997. My target market was individuals considering retiring from the Proctor & Gamble Mehoopany Plant. I was meeting numerous individuals looking at retiring from P&G. At that time, every individual I was meeting was being presented with a plan of rolling all their retirement assets into one main IRA with some additional funds either into one or two other IRAs. None of the Individuals I met considering retiring had ever seen a strategy using the cost basis of their P&G stock. I like to think outside the box for tax planning strategies.

I was also able to show P&G retirees from the Mehoopany plant an innovative new way to structure their retirement. The new structure gave them more flexibility with their distributions while also simultaneously saving them on taxes. The concept is known as NUA-Net Unrealized Appreciation of Employer Stock. I utilized this strategy for their Preferred P&G Shares which had an extremely low-cost basis relative to its market value. By implementing this strategy, I was able to convert some ordinary income taxed at higher tax rate to long-term capital gains which is taxed at a lower rate thus saving them significant taxes.

This strategy also allowed for a more flexible distribution if someone was under 59 ½. You have to follow certain rules for taking out money before 59 ½ from IRAs otherwise there is additional 10% tax penalty. Please see a tax and/or financial advisor if this strategy is right for you and be very careful that you implement this strategy correctly. Many advisors have copied this portion of my strategy. However, the tax code is always changing, and I am always researching new tax planning strategies to implement when appropriate.

Investment Strategy

In 2002 I started Straightforward Wealth Management. To start investing in all potential opportunities, investors need two things: an understanding of which investment products and strategies are most appropriate for their situation and a relationship with a trustworthy representative who has a clear understanding of their needs. Straightforward Wealth Management takes pride in helping our clients understand their financial plan and investments so they can pursue their goals. We seek to build long-lasting relationships with our clients and help them plan for the many financial milestones throughout life.

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