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    Financial Services

    To develop a financial strategy for your future, it’s important for your financial professional to see a complete, 360-degree view of your financial picture, including how your retirement assets are integrated and work with one another. We can work in concert with tax professionals or attorneys in our network, to advise you on specific aspect of your financial strategy.

    At Burns Estate Planning we offer or can refer you to professionals who provide the following services:

    Retirement Income Strategies

    Retirement income plans are not just for the wealthy. The traditional strategy as retirement nears has been to move growth-seeking products to more conservative, fixed-income products. This may have worked fine back when retirement was expected to last only five to ten years.

    These days, however, people are living longer. Thanks to new prescription drugs and medical technology, it’s not unusual for someone retiring at age 65 to live to age 90 or longer. You may need to plan for your nest egg to potentially last 25 to 30 years.

    One drawback to a longer life is the greater possibility of outliving your savings—creating all the more reason to develop a retirement income strategy designed to last a longer lifetime.

    A significant loss in the years just prior to and/or just after you retire can have a damaging impact on the level of income you receive over the course of your life. In fact, if a loss occurs earlier in life, there is also the chance that you have more time to recover (versus a significant loss occurring later in retirement). Why? Simply because a smaller pool of assets is left to sustain you through your retirement years.

    We can help you design a guaranteed* retirement income strategy which incorporates insurance and annuity vehicles to create opportunities for long-term growth, as well as guarantee income throughout your retirement.

    *Guarantees are backed by the financial strength and claims-paying ability of the issuing company, and may be subject to restrictions, limitations or early withdrawal fees. Annuities are not FDIC insured.


    Asset Protection

    In recent years, we’ve seen that aggressive and conservative products, both domestic and global, can move in tandem with one another. In other words, we have experienced market scenarios in which there is very little safety anywhere—even for diversified portfolios.

    Twenty-first century asset protection calls for more than just strategic asset allocation. Product allocation—buying financial vehicles such as annuities that can help protect your assets from market risk early in retirement—is generally considered a more effective means of protecting assets.

    Diversifying your retirement assets among a variety of vehicles—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you the best chance of meeting your retirement income goals throughout your lifespan.


    Tax Minimization Planning

    Rising taxes are a concern for many individuals approaching retirement. It’s important to incorporate tax planning into your financial decisions.

    Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, free from income taxes, potentially allowing it to earn interest at a faster rate. While very few financial vehicles avoid taxes altogether, insurance products only allow you to defer paying them until retirement—when you may be in a lower tax bracket.

    Please note that withdrawals will reduce the contract value and the value of any protection benefits. Additional withdrawals taken will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to 59 1/2, may be subject to a 10% federal additional tax.


    Long-Term Care Planning

    As the oldest Baby Boomers begin to wind through their 60s, one of the biggest concerns may not be outlivingincome, but outliving good health.

    For seniors, home health care can cost $50,000 or more per year1, and nursing home care can run as high as $80,0002 per year. Does your retirement income plan account for this kind of possibility? Would you be prepared for twice that number as a married couple?

    Considering that you have to exhaust virtually all of your financial means before Medicaid will pay for long-term care, and neither your employer group nor major medical insurance will cover it, it’s critically important to plan ahead in order to plan for these potential expenses.

    We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help insure your financial future.

    Genworth 2012 Cost of Care Survey: Home Care Providers, Adult Day Health Care Facilities, Assisted Living Facilities and Nursing Homes

    MetLife: The 2011 Market Survey of Long-Term Care Costs

    Your insurance professional is not permitted to offer, and no statement contained herein, shall constitute tax, legal or accounting advice. You should consult a legal or tax professional on any such matters. For guidance on your securities holdings, please consult with a broker/dealer representative or registered investment advisor.


    Estate Planning

    Estate planning is simply determining—while you’re still alive—where your assets should go after you die. Without a properly structured estate plan, your wishes may not be fulfilled, and your loved ones could be hurt both emotionally and financially.

    While the concept is simple, the vehicles, planning and implementation process can be rather complex. Because of the estate tax laws and emerging vehicles to help you protect and transfer your assets effectively, it’s important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis. We can refer you to professionals who will help meet your individual needs


    IRA Asset Planning

    IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy to reduce taxes and increase the payout your beneficiaries will receive upon your death.

    You may want to use some of the value in your IRA to provide your beneficiary(ies) a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime. We can help you evaluate your financial situation to determine if IRA legacy planning may be the best means for ensuring a long-lasting inheritance for your heirs.


    Trusts

    There are many different types of trusts, and they can be complex to set up and execute. However, a trust can be a very flexible and advantageous means to transfer your assets in the future. Most trusts can also provide current benefits, such as tax deferral and deductions. Unlike a will, a trust may help avoid probate upon your death. To learn more about trusts and how they may benefit you, we will be happy to help you consult a qualified estate planning attorney who can assist you with these issues.


    Annuities

    In the past, retirees could typically count on three sources of retirement income that divided roughly into thirds. The three sources of income have traditionally been government-funded Social Security, employer-sponsored components, and individual savings. With this traditional scenario, both the government and employer-sponsored components of the plan were considered predictable—reliable  income sources that may also be adjusted for inflation. Only one-third of the plan, individual savings, was the responsibility of the individual. Today, however, due to employer-sponsored plans evolving from guaranteed pension payouts to more defined benefit contribution plans, which generally result in a payout at retirement based upon level of individual participation, the majority of the burden for retirement income seems to have shifted to the individual. For this reason, you may want to consider a guaranteed* fixed income component to your retirement strategy. In short, adding an annuity may be an opportunity to help ensure a portion of your retirement income will be guaranteed*.

    An annuity is a contract you purchase from an insurance company. For the premium you pay, you receive certain fixed and/or variable interest crediting options able to compound tax deferred until withdrawn. When you are ready to receive income distributions, this vehicle offers a variety of guaranteed* payout options. Most annuities have provisions that allow you to withdraw a percentage of the value of the contract each year, up to a certain limit. However, withdrawals can reduce the value of the death benefit and excess withdrawals above the restricted limit typically incur surrender charges within the first five to fifteen years of the contract. Withdrawals will reduce the contract value and the value of any protection benefits, and because they are designed as a long-term retirement income vehicle, annuity withdrawals made before age 59½ are subject to a 10% penalty fee, and all withdrawals may be subject to income taxes.

    * Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurance company. Annuities are insurance products that may be subject to fees, surrender charges and holding periods which vary by carrier. Annuities are NOT FDIC insured.


    Life Insurance

    Life insurance isn’t for those who have died—it’s for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you should seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: Term and Permanent.

    Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiary only if you die within that time period. In a level premium term policy you pay the same amount of premium from the first day of the policy until the term ends.

    A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.


    Probate

    Probate is the potentially lengthy and costly legal process that oversees the transfer of your assets upon your death. If you do not create a will or set up a trust to transfer your property when you die, state law will determine what happens to your estate. This is called intestate. Without a will or some other form of legal estate planning, there is the chance that more of your property may not go where you want it to. We can refer you to a qualified estate planning attorney that can assist you in these matters.


    Charitable Giving

    Creating a charitable gift giving plan may provide you with multiple tax breaks: an income tax deduction, the avoidance of capital gains on highly appreciated assets, and no estate taxes on the charitable contribution upon your death.

    With the increasing tax environment we expect in the U.S. in coming years, there may be compelling reasons to integrate philanthropy into your financial and estate planning.

    We can refer you to a qualified professional to help you decide if this is a good option for you.


    IRA & 401(K) Assets

    When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan:

    Rolling over from one qualified plan to another allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you.

    If you determine to cash out of an IRA, we can help you find suitable vehicles to help you reach your retirement income goals.

    For guidance on your securities holdings, please consult with your own broker/dealer representative or registered investment advisor.

    By attending an event or meeting, you may be offered insurance products for sale.


    To schedule a time to discuss your financial future contact us at emburns@burnsestateplanning.com or call us at 1.800.308.4416 today!

    By contacting us you may be offered insurance products for sale

    Your insurance professional is not permitted to offer, and no statement contained herein, shall constitute tax, legal or accounting advice. You should consult a legal or tax professional on any such matters. For guidance on your securities holdings, please consult with a broker/dealer representative or registered investment advisor.

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    Investment advisory services offered through AE Wealth Management, LLC, an SEC Registered Investment Advisor.

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