We work with a broad range of clients to provide comprehensive financial planning, while bringing cooperation, synergy and integrity to every client relationship.
We’ve heard from many of you asking about proposed legislative changes that may affect your financial and tax plans. In general, we are anticipating the potential for higher tax rates for higher income earners. This may affect both ordinary and capital gain income. We are also anticipating the possibility of some changes to how assets are taxed at death – either by death becoming a “realization event” for tax purposes or potentially the elimination of the basis “step up”. By no means are any of these proposals a certainty, however, we are aware of the suggested changes and the potential impact on some of you.
For some, we may recommend accelerating income through Roth conversions and gain harvesting to take advantage of the lower current ordinary income and capital gains rates. For others, we may seek to defer income via more advanced income strategies. Many may not be affected directly by new tax legislation so no action would be necessary. As always, these recommendations and decisions are highly personal and depend on your unique situation. As we continue to monitor the potential legislation, we will be in touch once we have a clearer picture of the changes and their impact. We have the ability to sort through the clients that may be affected by legislative action and we would be in direct contact with you should anything come through.
In the meantime, here are a couple of whitepapers on the topic. Also, please find a brief excerpt from TRowe Price, one of the financial firms providing regular input to our portfolio management. We are well aligned with this manner of management.
Below you will find some key insights taken directly from the TRowe Price 6-30-21 Semi-Annual Report:
Securities America and its representatives do not provide tax advice; therefore it is important to coordinate with your tax advisor regarding your specific situation.
Please join the Syntegra team in congratulating our founding partners, Tom Burke & Jeff Fiehler, on being included in the 2021 Forbes Best-In-State Wealth Advisors Ranking!
Forbes Best-In-State - Burke
Forbes Best-In-State - Fiehler
Forbes Best-In-State Wealth Advisors
The Forbes ranking of Best-In-State, developed by SHOOK Research, is based on an algorithm of qualitative and quantitative data, rating thousands of wealth advisors with a minimum of seven years of experience and weighing factors like revenue trends, assets under management, compliance records, industry experience and best practices learned through telephone and in-person interviews. Data is provided by the advisor and is not verified by Securities America. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Past performance is not an indication of future results.
Requirements to qualify include: seven years as an advisor; minimum of one year at current firm, with exceptions (acquisitions, etc.); advisor must be recommended, and nominated, by their firm; completion of an online survey; over 50% of revenue/production must be with individuals; and an acceptable compliance record. Quantitative factors that are reviewed include: revenue/production, with weightings assigned for each; assets under management (and the quality of those assets) both custodied and a scrutinized look at assets held away; client-related data, such as retention; portfolio performance is not a factor as audited returns among advisors are rare and differing client objectives provide varying returns. Qualitative factors that are reviewed are telephone and in-person meetings with advisors; compliance records and U-4s; advisors providing a full client experience that includes their service model, investing process, fee structure, and breadth of services; credentials; use of team and team dynamics; community involvement; and discussions with management, peers and competing peers.
Congress has passed the latest phase of COVID-19 stimulus called the American Rescue Plan of 2021 and the President signed it into law on March 11, 2021. This wide-ranging and expansive bill includes several relevant components, outlined below.
Recovery Rebates (i.e. stimulus checks)
The current legislation includes a third round of stimulus checks to be sent out to eligible Americans. These are similar to prior checks but have a number of substantial differences.
Enhanced Child Tax Credits
The American Rescue Plan includes an expanded Child Tax Credit (CTC) for 2021.
Expanded Child and Dependent Care Tax Credit
Other Items of Note
We will continue to monitor relevant legislation and provide you with updates if and when they occur. As always, please reach out to our team if you have questions and we would be happy to meet and discuss.
We are excited to share that Syntegra Private Wealth Group was featured in St. Louis Financial, Fortune, Entrepreneur and Bloomberg Businessweek. The article highlights Tom Burke, CEO and President, Jeff Fiehler. In addition the article features what we do here at Syntegra Private Wealth Group and how we serve you. As this piece is about Syntegra we would be remiss if we didn't realize the important role you, our clients and friends play in making our team one of the best. Take a look at the article below!
* Securities America and its representatives do not provide tax advice.