Four Basic 1031 Exchange Rules for Real Estate Investors

Video Transcript:

If you own investment property, you need to know how the IRS Section 1031, commonly referred to as a 1031 exchange, can work for you.

A 1031 exchange is a strategy that allows an investor to defer capital gain taxes by selling a property and then reinvesting the proceeds into a new, like-kind property.

Here are the basic rules of the 1031 exchange:

First, the taxpayer who sells must be the same taxpayer who buys;
Second, you must identify the new property within 45 calendar days after closing on the first property;

Third,you must purchase the replacement property within 180 calendar days after closing;

and fourth, the replacement property price must be equal to or greater than the old property

If the new property price is less than the old one, the difference may be taxed.

A 1031 exchange can be a powerful tax-deferment strategy offering many opportunities to investors. To learn more, give us a call today.

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When is the Best Time to Retire?

Video Transcript:

You might be asking yourself, “When should I retire? Should I retire early or defer it?” Deciding when to retire may not be just one decision, but a series of decisions and calculations.For example, you’ll need to estimate not only your anticipated expenses but also what sources of retirement income you’ll have and how long you’ll need your retirement savings to last.

You’ll need to take into account your life expectancy and health, as well as when you’ll want to start receiving Social Security or pension benefits.You’ll also want to consider when you’ll start to tap your retirement savings.Each of these factors may affect the others as part of an overall retirement income plan.

Contact us today to receive a free retirement plan that will help you determine the best time for you to retire.

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Is Estate Planning Only For The Rich?

What are the three stages in your financial life? The first stage is preparing for life’s uncertainties. The second stage is managing your net worth and the third stage is managing retirement and your estate. The base of the pyramid is preparing for life’s uncertainties. Insurance is the most cost-effective way to deal with this.

Insurance can include life and health insurance, disability insurance, long-term care insurance, home and auto insurance and insurance against other perils. Adequate liquidity in your investments or in cash to cover emergencies along with a will is important.

The next level involves managing your money. Investment strategies should include diversification and risk management. The best option is to review you goals with a professional.

The top tier addresses retirement and estate planning. The ultimate goal is to ensure that you have income and assets for as long as you live. Your investments should be in line with your specific situation, goals and risk tolerance. An estate planning professional can provide you with documents necessary to ensure a planned distribution to beneficiaries. The three stages sound simple yet few people adequately prepare for any of them.

We can work with your tax and legal professionals to develop a plan to help you reach your financial goals. So please give us a call today.

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Prepare Guide and Support

Video Transcript:

People often ask us what we do at Mike Bonacorsi, LLC.
Our mission is to prepare, guide and support our clients through major life events. For example, if you’re going through a divorce, we’ll help you prepare by taking a close look at your financial situation, then we’ll guide through the various possible outcomes of your options. And we’ll support you as you learn to manage your new financial situation. We do the same process whether you’re selling a business, prepping for retirement, or mourning the death of a loved one.

Let us help you by preparing, guiding and supporting you through your big life events. To learn more about Mike Bonacorsi, LLC, give us a call today or visit our website.

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How To Strategize For Your Social Security Benefits

Video Transcript:

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause up to 85% of your Social Security benefits to be exposed to income taxes. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income.

With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

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How To Strategize for Your Social Security Benefits

Video Transcript:

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause up to 85% of your Social Security benefits to be exposed to income taxes. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income.

With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

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What is an Annuity and How Does It Guarantee Income

Video Transcript:

What are annuities and how do they work? Annuities are both a savings and an income investment that pays out over a period of time. It’s actually a steam of income you can’t outlive. An annuity is a flexible insurance contract that allows retirement savings to grow income tax deferred and then payout to you in a lump sum, income for life, or income for a certain period of time. There are two basic types: Fixed and Variable. The Fixed Annuity earns a set yield and payout set by the contract. The Variable Annuity is invested in stocks and bonds. The growth value and potential income stream will depend on the investment returns and losses could occur. In both annuities the growth is income tax deferred and the contract terms control growth and income. In today’s market there has been a blending in the qualities of these two kinds of annuities to generate the best return for investors yet maintain the guarantees needed in retirement. There are a lot of choices and your personal situation needs to be considered. We can help you develop a plan to meet your specific needs towards a comfortable retirement, so please give us a call today.

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How Are Your Social Security Benefits Calculated?



Video Transcript:

We all think we know the basics about Social Security, but do we really know how different the benefits can be? The standard retirement age is between 65 and 67, depending on your birthday. Your monthly income, also called your PIA, is determined by your highest 35 years of indexed earnings. You can start taking benefits as early as age 62, but your monthly income will be reduced by at least 25%. Say your full retirement age is exactly 66 years old, then you can delay until age 70 and your monthly income will be 32% higher.

Your strategy needs to be based upon a number of factors: how much retirement income you need, other sources of income, income taxes and your general health condition. Other factors also weigh in, like survivor needs, divorce, dependent children, and available liquid assets.

Proper planning requires attention to all these details. Give us a call today for help with planning your Social Security strategies.

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How Will Divorce Affect Your Finances?

Video Transcript:

Divorce has a psychological, emotional and financial impact on an entire family. The financial impact can be considerable as income changes and costs for support rise. Be prepared. Statistics show that only 42% of custodial single parents who are awarded child support in 2011, for instance, received all of the child support money that was due.

Nine states are community property states, which means assets acquired during the marriage by either spouse will generally be divided equally. The remaining states are based on equitable distribution, which does not necessarily mean an equal distribution. The court will consider many tangible and intangibles in coming to a decision on how to divide your assets. People facing divorce sometimes don’t get all they deserve because they’re anxious to get it over with.

But don’t rush through this. Don’t willingly give up what you have a right to, especially if you have custody of children since your financial situation impacts them as well. If you and your spouse can’t come to an amicable agreement about the terms of your divorce, you will each most likely consult an attorney. Be sure to also consult a financial advisor to seek investment planning advice prior to a divorce settlement.

You’ll want to assess the real value of your assets and take tax consequences into consideration. For help with this difficult situation, give us a call today.

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What Can Indexed Annuities Do For You?

Video Transcript:

A fixed index annuity is a contract between you and an insurance company that may help you reach your long-term financial goals. In exchange for your premium payment, the insurance company provides you with income, either starting immediately or at some time in the future. Most fixed index annuities have two phases. First, there’s an accumulation phase, during which you let your money earn interest. This is followed by a distribution or payout phase, during which you receive money from your annuity. Your annuity can earn a fixed rate of interest that is guaranteed by the insurance company or an interest rate based on the growth of an external index. With a fixed index annuity, you defer paying taxes on your contract’s interest until you receive money from the contract. This tax deferred growth in your asset can really add up. These annuities provide for additional growth in value by sharing in stock market growth, often without market risk. Fixed index annuities vary in their benefits depending on the company offering them. To understand which fixed index annuity may be right for you, give us a call today.

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JILL ADDISON
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JAMES STEWART, CFP®
Co-Creator, Turnkey Video System

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