Table of Contents
Financial
What tax benefits are available with these products?
Products such as IRAs and education savings plans offer significant tax advantages to help your savings grow.
Can I combine products to create a more complete financial plan?
Yes, many clients pair solutions like life insurance and annuities to balance protection and growth.
How do I choose the best financial product for my goals?
Our advisors work closely with you to understand your priorities and recommend the right solutions.
Life Insurance
How much coverage do I need?
This depends on your income, financial obligations, and goals. Our advisors can help you determine the ideal amount.
How do I decide between term and whole coverage?
Term offers temporary protection, while whole provides lifelong coverage with cash value growth.
What is life insurance?
It is a contract that provides financial support to your beneficiaries in the event of your passing.
Annuities
What are MYGAs, and how do they differ?
MYGAs guarantee a fixed interest rate for a specified period, offering predictability and protection from market volatility.
Are annuities a good investment for me?
Annuities are ideal for individuals who value stability, predictable income, and tax advantages in their retirement plans.
How does a deferred annuity work?
Deferred annuities allow your investment to grow over time. Payouts begin at a future date, such as retirement, ensuring long-term income security.
What is an annuity?
An annuity is a contract that provides regular income in exchange for a lump sum or series of payments. It is a tool for retirement planning, offering tax-deferred growth and guaranteed payouts.
IRAs
Can I have both a Traditional and Roth IRA?
Yes, but the total contributions across both accounts cannot exceed the annual limit set by the IRS.
How much can I contribute to an IRA?
For 2025, you can contribute up to $7,000 annually if you are under 50, and $8,000 annually if you are 50 or older. Income limits may apply for Roth IRAs.
What is the difference between Traditional and Roth IRAs?
- Traditional IRAs offer tax-deferred growth, with contributions potentially deductible from your taxable income.
- Roth IRAs provide tax-free withdrawals in retirement but require contributions to be made with after-tax dollars.
What is an IRA?
An Individual Retirement Account (IRA) is a savings plan designed to help you build a secure retirement through tax advantages and flexible contributions.
ESAs
What happens if the funds are not used by age 30?
Any unused funds must be distributed, and taxes or penalties may apply. Exceptions exist for special needs beneficiaries.
What expenses qualify for tax-free withdrawals?
Qualified expenses include tuition, books, supplies, tutoring, and room and board for eligible students.
How much can I contribute to an ESA each year?
You can contribute up to $2,000 per year per beneficiary, regardless of how many ESAs are set up for them.
What is an ESA?
It is a tax-advantaged savings account designed to help families pay for qualified educational expenses, from K-12 to college.
