November 7, 2024
Advanced Wealth Planning for Siemens Energy Executives
Maximizing retirement for Siemens and Siemens Energy executives and highly compensated employees.
May 15, 2023
5 Top Wise Money Blog Posts: From Bank Collapse to Funding Education & Choosing a CFP
Guidance for making wise money decisions, including bank collapse, saving for your child’s education, and choosing your financial planner.
April 25, 2023
Why Choose a CERTIFIED FINANCIAL PLANNER® (CFP®)
While some professionals may market themselves as financial planners, only a credentialed financial professional who has met the rigorous requirements and successfully passed the CFP® exam qualifies to be recognized as a CERTIFIED FINANCIAL PLANNER® .
March 17, 2023
Banks Under Pressure: Protecting Your Retirement Savings
In 8 minutes, David Witter answers: What happened at SVB? Should we be concerned about Charles Schwab? How do you protect your retirement savings and finances?
January 1, 2023
Retirement SECURE Act 2.0 – How does it affect me?
Congress, on December 23, 2022, passed a retirement bill known as SECURE Act 2.0. Here’s how it may offer retirement planning opportunities for many.
November 16, 2022
How to Amplify Charitable Giving
3 strategies to help you amplify charitable giving
May 4, 2021
Federal Income Tax Extension: The Rules are Different in 2021
Acknowledging the challenges of 2020, the IRS has issued a federal income tax extension for personal income tax filing in 2021, but not every 2021 deadline was moved.
November 25, 2020
What’s the Best Way to Leave Money to a Charity?
What’s the Best Way to Leave Money to a Charity? I’m David Witter, founder and CEO of Financial Harvest Wealth Advisors located in Winter Park, Florida. I’m going to talk about something people ask frequently which is, “Hey, when I pass, I want to leave money to charity. What’s the best way to leave money to a charity?” Our experience when we meet with people that have that intention, oftentimes for whatever reason, they do it in a way that isn’t the best in terms of tax savings. So let me explain what may be a better option. Common Approach is leaving 80-20 in a Will A common approach to leaving money to charity is you say, “Okay, in my will, I want to leave 80% to my loved ones. And then I want to leave 20% to a charity.” Step-Up in Cost Basis The problem is that the assets that go through your will — maybe your home equity, maybe a rental property, maybe some investments that you have — those normally get a step-up in cost basis, which means when they would go to a loved one, there wouldn’t be much of any tax impact to your loved ones. Leave Funds from a Pre-Tax Retirement Account Maybe a better way of giving to a charity instead of doing it through your will is to get it from a pretax retirement account. So going back to that same example, let’s say that you also have an IRA that’s in your overall net worth. Well, maybe in the will you leave all that to your loved ones because it’s going to have very little tax impact. Leave Money to a Charity from an IRA And then, maybe some of the IRA, the pre-tax dollars, you can leave that from the
October 7, 2020
How Do I Know When I Can Retire?
One of the most common questions asked of David Witter, founder and CEO of Financial Harvest Wealth Advisors is, “David, how do I know when I can retire?”
September 27, 2020
