Tax Planning

Savings for the Grandkids’ College Education

Posted by on Jun 9, 2016 in Financial Focus, Tax Planning

According to U.S News and World Report, in a recent survey, more than 50% of grandparents are saving or plan to start saving for grandchildren’s college expenses. Most of them chose to save into a 529 college savings plan that provides tax deferred growth and tax free withdrawal for education purposes. 529 college savings plans are free from federal income taxes until the money is withdrawn for qualified educational spending.

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Tax Savvy Giving

Posted by on Jun 2, 2016 in Estate Planning, Financial Focus, Tax Planning

At First Pacific Financial, we often evaluate these types of strategies for our clients. There can be many factors to consider in your individual situation and these should be carefully understood and evaluated before making this a long term strategy.

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What is a Charitable Remainder Trust and when would I consider using it?

Posted by on Apr 5, 2016 in Estate Planning, Financial Focus, Tax Planning

The first reason you would consider a CRT is because you are charitably inclined. This vehicle can provide a way to give, when you might otherwise be unable to do so. In addition, if you are considering an action that has a significant tax liability and/or you need to generate income, this type of trust can provide certain advantages.

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