Taxes

• Tax Planning
  We understand the complexities and decisions you face regarding your equity compensation. Our mission is to provide the necessary guidance and instill confidence as we navigate this intricate process together. With customized strategies tailored to your unique goals, we address various factors involved in equity compensation that include reviewing and strategizing the types of equity compensation you have, planning for your current holdings and future awards, assisting you in taking appropriate action based on your vesting schedule, implementing effective tax planning strategies for both current and future years, devising diversification strategies for selling the stock, and even philanthropic planning that combines with your charitable goals and equity compensation strategy.
• Charitable Giving
  To support this mission, we launched our corporate charitable giving program in 2015 with support from every employee owner. Longview sets aside a portion of each year’s net profits to be given as monetary gifts into the communities the following year.
• Roth IRA
  Starting in 2024, employer Roth accounts (such as 401(k)s, 402(b)s, and TSPs) will not be subject to RMDs – just like Roth IRAs. However, if you have funds in a Roth 401(k) and are 73 or over in 2023, you still have to meet your 2023 RMD in that account. This removes the urgency to roll over employer Roth 401K accounts into Roth IRAs as you near your RMD age and adds more flexibility in account ownership in retirement.
• Tax Deductions
  To help employees save for emergencies, and reduce the reliance on hardship withdrawals from retirement accounts or taking on debt, the new law introduces an option for employers to offer an Emergency Savings Account starting in 2024. This would be savings in an after-tax basis, so no pre-tax deduction for these contributions. This would be limited to contributions of $2,500 per year and 4 withdrawals per year. If you find yourself struggling to meet your emergency savings needs, this may be a good tool for you to automate that deduction to the account and avoiding the need to reach into your 401(k) or short-term debt to fund those surprises.
• Income Tax
  With this one the new law gives us another significant complication. Starting in 2024 all catch-up contributions, that’s anything above the base contributions for that account type, must be done into a Roth account. Funds in a Roth account are a powerful thing for your financial future, but with a Roth contribution you have to pay the tax now. This takes away the opportunity to take pre-tax deductions on catch-up contributions for those in higher tax brackets. This only applies to those individuals with wages over $145,000 in the prior year. To help paint that picture a bit, let’s say you are 55 years old in 2024 and made $185,000 in wages in the prior year, 2023. In 2024 you can fund your 401(k) up to $30,000 (assuming no changes from 2022 limits for illustration purposes). But that $7,500 of catch-up contributions would have to be made to the Roth 401(k) and you would be on the hook for those income taxes in 2024. This is one of the key “revenue generators” included within the bill, and has some of the biggest questions on the HOW this would be put into practice. This provision makes the importance of a holistic planning approach, ensuring to balance your past, current, and future tax situation, current assets, and lifestyle plan even more important in making the decision to contribute catch-up funds to your employer plans.

Investment

• Investment Management
  This service model is designed for individuals, families, and organizations who typically have $750,000 or more in assets under our management and who are interested in both comprehensive financial planning and investment management.
• Wealth Management
  Our planners proudly renew their Fiduciary Oath each year and exercise their best efforts to act in good faith and in your best interest. Learn more about how our approach to Financial Planning and Wealth Management is different.
• Money Market Funds
  If you do not have deposits over the FDIC limit, then you don’t have to worry about the security of the deposits even if something were to happen to your bank. Another alternative over the last year that has gained popularity is money market funds. You can buy a government money market fund that is yielding higher than deposit interest rates. While these do not have a guarantee from the FDIC, they are holding US government securities, and therefore, are backed by the same entity that is guaranteeing the deposits through FDIC. At Fidelity, we utilize two separate money market funds and they are both of the government security variety.

Planning

• Financial Planning
  At Longview Financial Advisors, we believe effective financial planning is accomplished by getting to know you, understanding your life goals, and crafting a comprehensive plan that fits you. Our relationships with our clients are at the core of the planning process. We work with you on an ongoing basis, because as your needs change, so will your plan.
• Retirement Planning
  TM (CFP®) professionals. Additional certifications held by team members include: Chartered Financial Consultant (ChFC®), Enrolled Agent (EA), Certified Investment Management Analyst (CIMA®), Chartered Advisor in Philanthropy (CAP®), Certified Private Wealth Advisor (CPWA®), Chartered Life Underwriter (CLU®), ACCREDITED ESTATE PLANNER® (AEP®), and Chartered Retirement Planning Counselor (CRPC®).
• Long Term Care
  Now, the last house is built to withstand. It’s built with solid bricks: retirement accounts like Traditional IRAs, Roth IRAs, employee retirement plans, investment accounts. It includes planning for risk and insurance such as life, disability, and long-term care. There are wills, powers of attorney, healthcare directives, trusts, disciplined savings, the assumption of inflation, and Social Security and Medicare planning. We can even renovate the house with education planning for children or grandchildren. Maybe some charitable planning.
• Gifting Strategies
  To illustrate this, let’s assume a grandparent established a large 529 when their grandchild was born. That grandchild graduates in 2025 with a bachelor’s degree and is done with schooling, and there is $15,000 still in the 529. One option that has been used widely is reassigning that 529 to another individual, like another grandchild. With the new law the grandparent could instead use the 529 funds to make a Roth IRA contribution on behalf of the grandchild in 2025, 2026, etc. until those funds run out. This new provision could provide for some new and unique opportunities for families both in the event of excess funds and in the development of a gifting strategy prior to education. However, this is another of the provisions that has a lot of questions in terms of the HOW we will see this put into practice going forward.
• College Funding