Taxes

• Tax Planning
• Charitable Giving
  A trust established for the benefit of a charitable organization under which the trustor receives income from an asset for a set number of years or for the trustor's lifetime. Upon the termination of the trust, the asset reverts to the charitable organization. The trustor receives a charitable contribution deduction in the year in which the trust is established, and the assets placed in the trust are exempt from capital gains tax.
• Estate Taxes
• Tax Services
• Roth IRA
  A nondeductible IRA that allows tax-free withdrawals when certain conditions are met. Income and contribution limits apply.
• Tax Deductions
  Tax credits, the most appealing type of tax deductions, are subtracted directly, dollar for dollar, from your income tax bill.
• Income Tax
  A method of calculating income tax that disallows certain deductions, credits, and exclusions. This was intended to ensure that individuals, trusts, and estates that benefit from tax preferences do not escape all federal income tax liability. People must calculate their taxes both ways and pay the greater of the two.
• Tax Deferral
  First of all, you don't have to. You can buy mutual funds and have your gains taxed at your ordinary income tax rate. But as an alternative, if you are risk-aversive you can buy similar funds within an annuity and use its tax deferral feature to increase yield and its insurance feature to enhance safety.
• Capital Gains Taxes
  ... is an excellent tool for those with large equity in their property to convert it into income-producing assets without paying capital gains taxes. First, your Attorney creates an Irrevocable Trust whose beneficiary is your charity. Second, you transfer your assets into this Trust but retain an income interest in them for the remainder of your (and/or your spouses') life. This income is generally taxable.

Investment

• Mutual Funds
  Our fees are coming from various sources depending of the service we provide. It could come from an Investment firm, Annuity or Insurance Company, Mutual Fund, Cambridge Investment Research Inc., etc. You never write any checks directly to Future Legacy or to Marika Somorjai but rather to one of those companies and we receive our check from them.
• Bonds

Accounting

• Accounting Services
• Bookkeeping Services

Planning

• Financial Planning
  Most people believe that the job of a Financial Planner is to help them invest their money. In fact, there are three equally important phases of Future Legacy's financial planning process. To better understand them, Marika has developed the "Circle of Financial Health" for Future Legacy's proprietary use.
• Retirement Planning
  Retirement Planning is an ongoing process that begins during the productive years of your life when you start putting money into your IRA, 401k and other retirement accounts. We deal with those issues under Companies and under Circle of Financial Health > Protect. There are two points, however, that need to be made here...
• Annuities
  Among the tools we use to reduce investment risk and gain certain guarantees are the Annuities. The basis for the guarantees is low-cost life insurance products – an integral feature of Annuities. For example...
• Long Term Care
  What do you know about Social Security issues? Long-term Care? Mortgages? Life Insurances? Medi-Cal? Medicare? Trusts? Estates? Inheritance?
• Asset Management
  (Note: The illustration below represents a hypothetical situation and is for informational use only. Some products may not be appropriate for your situation and others we did not list may be. In order to comply with industry regulations and for the lack of space we can't provide you with lengthy explanations of the products we mention on this site. We, however, will explain all those to you and provide you with the appropriate prospectus and disclosure so that you can make an informed decision before using any of those products. Diversification and asset allocation strategies do not assure profit or protect against loss).
• Living Trusts
  A popular estate planning tool is a Living Trust also referred to as Family Trust. Most people use it to reduce estate taxes, to avoid costly and time consuming probate and to protect themselves in case they became incapacitated.
• Charitable Remainder Trusts
• Charitable Lead Trusts
  A trust established for the benefit of a charitable organization under which the charitable organization receives income from an asset for a set number of years or for the trustor's lifetime. Upon the termination of the trust, the asset reverts to the trustor or to his or her designated heirs. This type of trust can reduce estate taxes and allows the trustor's heirs to retain control of the assets.
• College Funding
  There are several financial vehicles that allow you to save money for education in a tax-advantaged manner. The most popular ones are 529 College Savings Plan, the Coverdell Education Savings Account (ESA), and the UTMA (Uniform Transfers to Minors Act).
• Asset Protection
  This is a type of long-term care insurance policy that offers asset protection if the cost of care exceeds the total amount of coverage. A California Partnership Plan protects in assets what was paid out in benefits, allowing the policyholder to qualify for Medi-Cal while preserving the estate.