Todd Parker,ChFC,CLTC,CLU’s Post

I am humbled to be recognized by Forbes as Top Financial Security Professionals Best-In-State. Special thank you to my Lenox team and clients for your continued trust and confidence. https://lnkd.in/eNZM3MTp

People who are approaching retirement and have a 401(k) plan that contains significant holdings in appreciated employer stock may be able to minimize taxes on that stock. The strategy takes advantage of the net unrealized appreciation rules. This short article explains how it works.

🌟 Think twice before dipping into your retirement savings for gifts! It could lead to immediate taxes and penalties, impacting your long-term financial growth. Consider the tax implications carefully. 💸

The forecast is strong: record sales in 2023 showed that the annuity game is fruitful. Let’s go over your annuity game plan.

You probably know that the Section 529 plan is a powerful college savings tool, but its benefits go beyond education costs. 🎓 Did you know you can also use it for elementary and secondary school expenses? ✏️ And there are unique estate planning advantages too! 💼 Exciting news: with the SECURE 2.0 Act, if your plan is overfunded, you can roll over unused funds into a Roth IRA. 💰

When it comes to estate planning, the core principles remain steadfast, yet in the 21st century, new assets demand attention. 💼💻 Wills, trusts, and legal documents safeguard assets, but now digital assets like passwords, social media accounts, and cryptocurrencies require careful consideration. 🗝️💰 Don't overlook these modern assets in your estate plan to ensure your legacy is carried out as intended. 🏛️

Unmarried couples should have a financial plan in place to ensure that their wishes are carried out, as state law cannot provide the same protection as it does for married couples.

Inheritances can be a welcome addition to your retirement fund, but it may make more financial sense to dispose of them or even turn them down. Find out why…

Are you worried about having a reliable income in retirement? Current market instability can wreak havoc on your retirement income. If you have an annuity, now may be the time consider adding more funds or to put one in place.

If you employ house workers directly, make sure you understand your tax obligations. Here’s a quick overview of what household help employers need to withhold and  file with the IRS.