Fresh Perspective Planning Michael Mezheritskiy

In today's episode, Michael and Rich discuss a very unique topic of After Tax contributions in your 401k plan. They go over how to identify if you have after-tax money in your 401k plan as well as what your options are when you retire. They also go over some very specific tax planning strategies that can be implemented only if you have after-tax money in your 401k plan. So if you have 401k plan with after-tax money in it, be sure to listen to this episode by Michael and Rich 

In today's episode, Michael and Rich cover the fascinating topic of flat fee planning. What does it mean?

Well, many clients, when they engage with a fiduciary planning firm like Milestone Asset Management Group, are looking for comprehensive planning by integrating Tax Planning, Investment Management, Tax Optimized Distribution Strategy, Estate Planning, and developing a comprehensive, actionable plan.

Well, many Fee-only firms do that, but then they ask you to move your money to them, and they will charge you a fee called Asset Under Management (AUM) to work with them. This is a great model and works really well unless you are someone who wants to manage your money yourself. Well, now your list of options is significantly lower because most firms need to charge you an AUM fee. Well, we have seen an influx of new clients that are looking on ongoing planning engagement only. IF this is you - this episode is for you. In this episode, Mike and Rich go over your options and how you can find and work with a Flat Fee advisor like Milestone Asset Management Group.

So you are lucky enough to have a pension, great now what? What is the best way for you to collect? Do you collect a monthly pension or take a lump sum? What is the best option for you? When you are faced with a decision on what do you with your pension, you only get to make that decision once. It is irreversible. In this episode, Mike and Rich discuss different ways some one can go about collecting their options, the pros and cons of one option over the other, and how to determine best which option is in your and your family's best interest. This episode follows their recent article on pension maximization strategies which you can read by clicking HERE. 

Choosing the right financial planner is one of the most important decisions you can make for your family’s financial future, but how do you know if the planner you are talking to is required to act in your best interest? How do you know if their expertise align with your needs? Is he/she a Fiduciary or will they try to sell you a product that might benefit them over you? Does the planner you are interviewing have regulatory disclosures, had complaints filed against him/her, has been in front of the arbitration committee, had been fined by SEC or FINRA? How do you check? In this episode, Mike and Rich go over the most important questions to ask when interviewing a financial planner, as well as what to look for to make sure you are working with the right individual for you.

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After months of anticipation, the Democrats’ tax plan has arrived. The proposed legislation, the “American Families Plan,” is very different than what was expected. Among other measures, the new law would increase the top ordinary income tax bracket from 37% to 39.6% and impose an additional 3% ‘surtax’ on income above $5M. In addition, long-term capital gains rates would rise to 25% and step-up in basis will remain. In addition to that, the legislation proposes several new crackdowns, including new restrictions on “backdoor” and "Mega backdoor Roth IRAs and Roth Conversions. During this episode listen to Mike and Rich go over and discuss the proposed changes and what it could mean to you if you are close to retirement or retiring. 

In this episode, Mike & Rich are answering questions about Roth Conversion from listeners and clients. This is Part 1, with Part 2 coming soon. We have many more questions to get to, and we will be releasing our Part 2 Roth Conversion Q&A soon 

Below is a list of questions that Mike & Rich are tackling in this episode: 

What to consider during Roth Conversion in retirement?
What Is Roth Conversion Aggregation Rule?
What is Roth Conversion Fiver Year Rule?
What is Roth Conversion Backdoor?
Can you convert your RMD (Required Minimum distribution) to a Roth?
How to  pay taxes on Roth Conversion
What is an in-kind Roth Conversion?
What to consider before starting Roth Conversions?


If you have a question you'd like us to answer, please email it to us at Info@milestoneamg.com or from our website milestoneamg.com