Are you an entrepreneur hesitant to get your business valued due to cost concerns? You’re not alone. Many business owners shy away from understanding the true worth of their enterprise because they fear the price tag that comes with professional valuations. But it doesn’t have to be this way!
We specialize in providing entrepreneurs with the tools and strategies they need to understand and enhance the value of their businesses. Our expert team is dedicated to demystifying the valuation process and helping you achieve financial success.
Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James. This information is intended to be educational and is not tailored to the investment needs of any specific investor. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional.Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
There have been many recent changes to retirement account rules.
Starting this year, you are able to roll a 529 into a Roth IRA. Some are calling this new phenomenon the “Baby Roth,” which could theoretically give assets the longest possible time for tax-free compounding. Here’s the scoop on the new 529-to-Roth rules:
529 funds can be rolled to a Roth if: o They are held in the same name (owner of the Roth is the beneficiary of the 529) and o The 529 has been open for at least fifteen years.
529 funds can be rolled to a Roth if: o Contributions and earnings made within the last 5 years cannot be transferred o Transfers count toward annual Roth contribution limit o Beneficiary must have earned income equal to the amount transferred each year (ROTH maximum income limits do not apply) o The amount is below the lifetime limit for rollovers
For those concerned with overfunding 529s or leaving a legacy, call us! We are here to help determine the best strategy for your circumstances and needs.
As a result of the SECURE ACT 2.0, unused funds in a 529 account can be rolled over to a ROTH IRA for the beneficiary. The 529 account must have been open for a minimum of 15 years and Contributions made to the 529 plan in the last five years, including the associated earnings, are ineligible for a tax-free transfer. Rollovers to a ROTH IRA are subject to the standard annual ROTH IRA contribution limits.
Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James. This information is intended to be educational and is not tailored to the investment needs of any specific investor. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional.Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Do you have a strategy in place for your “no man’s land” assets? When we sit down with families during their financial planning meetings, one of their biggest challenges and frustrations is trying to find their assets in “no man’s land.” These may include retirement plans from previous employers, old brokerage accounts that don’t have an established advisor or an active 401(k) that’s not receiving advice.
Almost all of us have assets in “no man’s land” waiting to be claimed. This month, we challenge you to review and consolidate these assets to ensure they are managed efficiently and strategically as part of your overall financial plan.
Sincerely, Paul Allen, CFP®, MS President and CEO, Wealth Strategies Partners
Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James. This information is intended to be educational and is not tailored to the investment needs of any specific investor. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional.Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Recently, WSP team members Danielle Spence, Dalton Harris, and Caleb Boy visited the Taylor Farms manufacturing plant located in Smyrna, TN – Rutherford County’s second largest employer. Their visit provided much insight into the intricate processes of one of the nation’s leading providers of fresh salads and produce.
As our team delved deeper into their operations, one statistic stood out: a staggering one-third of the United States consumes Taylor Farms salad products. This underscores the company’s expansive reach and its integral role in shaping the nation’s food habits. The company can reach 16 states and over 50% of the nation’s population in a single day’s drive!
The plant’s scale is massive and awe-inspiring. Each week, Taylor Farms receives a whopping 5,000,000 pounds of raw material alone. This speaks volumes about the demand for fresh, quality produce in today’s market, and with great quantity comes great responsibility. Taylor Farms is acutely aware of its environmental impact.
One particularly commendable aspect of Taylor Farms’ operations is its commitment to sustainability. Within the plant, our team learned that approximately 100,000 pounds of food waste are generated weekly. However, rather than letting this excess go to waste, Taylor Farms has implemented a proactive solution. Local farmers are paid to collect this surplus, daily, ensuring that it doesn’t end up in landfills. It’s a symbiotic relationship as the waste becomes feed for livestock.
Speaking of feed for livestock – one of our favorite facts from this tour involves the surprising behavior of cows. Did you know that cows will actively search for onions among piles of waste? Just like humans, the onions make them cry, too!
Many thanks to Brian Thure, President of Taylor Farms Tennessee, for this incredible experience! His favorite salad? The Dill Pickle Chopped!
Maximize Your Retirement Contributions to Minimize Taxes
Hello, Wealth Strategies partners, friends, and families! I’m Paul Allen, the President and CEO of our firm. As we gear up for the impending tax season, I want to share some valuable insights on how you can optimize your financial strategies to minimize your tax bill while maximizing your wealth-building potential.
At our firm, we are dedicated to, first and foremost, making you money and minimizing your tax liabilities. With tax season in full swing, now is the perfect time to focus on both fronts.
First and foremost, let’s talk about retirement contributions. One of the most effective ways to reduce your tax burden is by maximizing your contributions to retirement accounts. By doing so, not only are you helping to secure your financial future, but you’re also taking advantage of valuable tax benefits.
In 2023, individuals are eligible to contribute up to $6,500 to their Individual Retirement Account (IRA). If you’re over 50, you can make an additional catch-up contribution of $1,000, bringing your total to $7,500. These contribution limits also apply to Roth IRAs, with some income restrictions to consider.
For single tax filers, phase-out begins if your income exceeds $138,000, while for joint filers, the threshold is $218,000. It’s crucial to be mindful of these limitations to ensure you maximize your contributions effectively.
But that’s not all. If you’re an entrepreneur or self-employed individual, don’t overlook the significance of a SEP IRA (Simplified Employee Pension Individual Retirement Account). This retirement option offers substantial tax advantages for small business owners and the self-employed.
In 2023, the contribution limit for SEP IRAs is $66,000 or 25% of your income, whichever is less. By maximizing your contributions to a SEP IRA, you can significantly reduce your taxable income while simultaneously bolstering your retirement savings.
As we navigate through March, I challenge each of you to seize this opportunity and prioritize your retirement contributions. It’s essential to view these contributions not only as a means of helping to secure your financial future but also as a strategic tool for minimizing your tax liabilities.
Remember, when it comes to wealth-building and tax optimization, every dollar saved counts. Let’s make the most of this March challenge and set ourselves up for financial success in the years to come.
Thank you for entrusting us with your financial well-being, and remember, we’re here to help you every step of the way.
Sincerely, Paul Allen, CFP®, MS President and CEO, Wealth Strategies Partners
Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James. This information is intended to be educational and is not tailored to the investment needs of any specific investor. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional.Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
As you organize and plan for a successful year ahead, it’s a great time to sit down with our team and review your beneficiaries on all documents and accounts, including trusts and life insurance policies. Marriages, divorces, births, deaths and other major life events can all warrant changes. Mistakes in these designations can lead to irreversible consequences such as an ex-spouse receiving life insurance benefits over a current spouse if the ex remains the beneficiary.
Save time, minimize stress and avoid unnecessary conflict by revisiting beneficiary designations. Note that beneficiary designations on IRAs and retirement plans supersede what’s stated in a will or trust, so it’s critical that they are accurate. Contact us today and let our team help ensure your financial house is in order!
2022 required patience. The stock market suffered its worst year since 2008 alongside rising interest rates, inflation, and lack of confidence in monetary policy. A couple weeks ago, the clock struck midnight and we entered 2023. As much as I wish the culprits of volatility magically disappeared at midnight along with all of New Year’s kisses, all three factors remain.
Patience will continue to be needed as we navigate the year ahead. At some point, the stock market and our portfolios will recover, if, and only if, we stay patient and disciplined. Rest assured all of us at WSP are working hard, being disciplined, and staying patient. Each day brings us closer to the beginning of recovery, so Happy New Year to each of you, indeed!
Continue reading for additional news and insights from our team to help keep your financial house in order.
Sincerely,
Paul C. Allen
CFP®, MS | President
Paul Allen
New year advice from Wealth Advisor Danielle McConnell
Let me guess…New Year, New You? Maybe with a few major changes: pending divorce, new job, new address?
How many of you forgot to remove your ex-spouse as beneficiary on your life insurance policy or 401(k) you probably still have with your old employer? Would you roll over in your grave if your ex inherited that money (remember the scene from Home Alone when the mom realizes she left Kevin at home)? Did you move and update your address for all of life’s concerns? When was the last time you cleaned out your junk drawer? I once had a client find a piece of paper worth $1,700,000.
The only thing dry about this January resolution is its lack of excitement. Let us know when you’re ready to finally check this resolution off your to-do list. Not only are we here to help, we’ll bring the wine!
Email Danielle McConnell at danielle@wealthstrategiespartners.com to set up a time.
Heather Beckwith promoted to Chief Operations Officer
We are excited to kick off the new year with a well-deserved promotion: Heather Beckwith has been named Chief Operations Officer!
Heather has been on the WSP team since our founding 9 years ago. She has over 19 years of financial services experience and holds her FINRA Series 7, 24, 53 and 63 licenses. She is an asset to our clients and ensures the smooth operations of our practice — and she is one heck of an event planner and gardener!
Heather Beckwith
WSP promotes Julia Hoskins to Vice President of Operations
Additionally, Julia Hoskins is now Vice President of Operations!Over the last 3 years, Julia has played a critical role in maintaining our high level of client service by providing operational and administrative support. Her expertise in customer service and office administration make her a critical liaison between our clients and team.
Congrats, Julia! We look forward to watching you thrive in your new role!
Are you prepared for tax season? The 2023 tax deadline of Tuesday, April 18 is right around the corner. The good news? There’s still time to create a plan to maximize your tax savings, and our team is here to help.
Make an appointment today by replying to this e-mail or calling our office to ensure you are taking advantage of the best tax-saving strategies for your financial circumstances.
Continue reading for additional news and insights from our team to help keep your financial house in order!
Sincerely,
Paul C. Allen
CFP®, MS | President
Photo: Paul Allen Headshot
2023 is the year to maximize 2022 changes
February might be best known for Valentine’s Day, but it’s also when that “new year, new me” gusto starts to lose steam. While it may be tempting to skip the gym and grab a burger, now is the time to keep the momentum going, starting with your financial plan!
Did you know that 2023 brings the opportunity to add more to your 401(k), your IRA or your Health Savings account (HSA) than last year? If you make automatic savings contributions, have you ensured they have been adjusted to take advantage of the increased contribution limits?
If you’re a business owner, or if you help your company manage its retirement plan, did you know new opportunities from the Secure Act 2.0can help you save, be more efficient and offer better benefits to your employees?
If you want to make sure you’re taking advantage of these opportunities or just want to take a fresh look at things, give us a call! We can help.
While inflation has made the cost of everyday items go up, there is some good news: 401(k) and HSA contribution limits have increased for 2023! See below for the contribution limit updates by account type and let us know if you need help adjusting your deferrals and ensuring your retirement savings stay on track. You may even be able to do more than the amounts we have listed.
The 2023 tax deadline of Tuesday, April 18 will be here soon. All tax forms will be mailed from our headquarters at Raymond James by the IRS deadline of March 15.
2022 Form 1099 mailing schedule
January 31 – Mailing of Form 1099-Q and Retirement Tax Packages
February 15 – Mailing of original Form 1099s
February 28 – Begin mailing delayed and amended Form 1099s
March 15 – Final mailing of any remaining delayed original Form 1099s
For instant access to your financial information and tax documents, you can enroll in Client Access, Raymond James’ secure, convenient online account access system.
For questions regarding your tax documents or accessing your Client Access account , please call (615-457-3481) or email Dalton Harris dalton@wealthstrategiespartners.com.
WSP Sponsors Sarasota Chamber of Commerce’s “Party on the Bay” Event
We had a blast sponsoring the photobooth and wine selection at the Sarasota Chamber of Commerce’s “Party on the Bay” event on February 15th. Jacqueline Kulle, Wealth Manager, attended on behalf of our team and enjoyed an evening of networking, food tastings and craft cocktails while enjoying an unbeatable view of the Sarasota bay. We are proud to support local events like this one that bring our community together!
As we approach the finish line of the third quarter, volatility continues. For many months now, we’ve said we expect improvement by the end of the year. However, volatility is here to stay, at least in the short-term, and patience during this time will be rewarded.
Fortunately, this is not our first dance with volatility and down markets. Every time we’ve faced similar circumstances, not only did we recover, but market indexes reached new highs. Stay patient, and get in touch with our team if you have questions.
Reply to this email or give our office a call if you would like to discuss your portfolio or have any questions regarding the market.
Sincerely,
Paul C. Allen
CFP®, MS | President
Let our team help you navigate Medicare open enrollment
Medicare open enrollment begins October 15th through December 7th! Choosing a Medicare plan can be complex and varies based on each person’s unique situation. Our team can help you navigate these important decisions. Raymond James has a close relationship with ClearMatch. Through ClearMatch, you have complimentary and unlimited access to licensed agents who will compare different options specific to your needs and circumstances.
Contact Heather Beckwith today at heather@wealthstrategiespartners.com to arrange a call with a Medicare agent and learn more about how we make the planning process as easy as possible for you.
Have you taken your required minimum distribution (RMD) this year?
If you are 72 or older, don’t forget to take your 2022 required minimum distribution (RMD) from your Individual Retirement Arrangement (IRA) by December 31! Remember, the distribution taken from your IRA is taxed as current income. If you don’t need the money, consider donating the RMD to a qualified charity. This will allow you to receive a deduction that can offset the RMD’s tax liability.
If you need assistance or would like to discuss your 2022 RMD, please reply to this email or call our office today.
ICYMI: Business Observer: 4 lessons on managing rapid growth
Did you see WSP’s president, Paul Allen, CFP, MS, featured in the Business Observer? In a recent issue, he shared 4 lessons he has learned about managing rapid growth — without sacrificing client experience.
Get to know Julia Hoskins: Client Services Manager, super mom, and foodie!
This month, we are spotlighting Client Services Manager Julia Hoskins! With years of experience in customer service and office administration, Julia plays a critical role in maintaining our high level of service by providing operational and administrative support.
She acts as a key liaison between our clients and team, making sure all needs are met in each area of client service, including branch administration and client communications.
Julia is a Knoxville native and graduated from Middle Tennessee State University. Outside of WSP, she enjoys exploring the local food scene, walking her two German Shepherds, and traveling.
When was the last time you updated your life insurance coverage or the beneficiaries designated to receive the proceeds of your policy? Many life insurance policies are based on outdated mortality tables and could be costing you money and benefits.
Let our team help review and update your life insurance policy. We can update old policies based on newer mortality tables to ensure they are priced correctly and provide the right financial protection.
Reply to this email or give our office a call if you would like to discuss your policy.
Sincerely,
Paul C. Allen
CFP®, MS | President
Reminder: Medicare open enrollment ends December 7th!
Choosing a Medicare plan can be complex and varies based on each person’s unique situation. Our team can help you navigate these important decisions. Raymond James has a close relationship with ClearMatch. Through ClearMatch, you have complimentary and unlimited access to licensed agents who will compare different options specific to your needs and circumstances.
Contact Heather Beckwith today at heather@wealthstrategiespartners.com to arrange a call with a Medicare agent and learn more about how we make the planning process easy for you.
Paul Allen Named Member of Raymond James Financial Services’ Chairman’s Council for Fourth Consecutive Year
Our president and founder, Paul C. Allen, CFP®, MS, has once again been named a member of the Raymond James Financial Services’ 2023 Chairman’s Council, a distinction given only to a select few of advisors who demonstrated commitment to personal service and lead the largest revenue producing branches. This marks the fourth year Paul has received this prestigious recognition. Congratulations on this incredible achievement, Paul!
WSP hosts social security seminar
Thank you to those who attended our recent roundtable with Raymond James social security expert Katie Curtis, WMS. Katie discussed how Social Security affects retirement planning and answered great questions from our clients about how to best factor Social Security into their overarching financial plans. We are grateful to Katie for sharing her expertise and to our clients for the continued opportunity to help keep their financial houses in order.
Thank you to our amazing clients!
We love finding ways to thank our clients for the trust they place in our team to keep their financial houses in order. We recently hosted a dinner for several of them at Eddie V’s in downtown Nashville with our strategic partners at First Trust. It was a fantastic evening of delicious seafood and celebration of some of the people who make our work special!
Buenos dias, Spain! WSP president recently journeyed abroad for the 2022 Chairman’s Council retreat
Every year, a select group of financial advisors who lead the largest revenue-producing branches and demonstrate a commitment to personal service are invited to join the Raymond James Chairman’s Council. Paul Allen, CFP®, MS, has been named to the Chairman’s Council three years in a row. In October, Paul journeyed to Spain with other Chairman’s Council members as part of a special trip to recognize and celebrate the achievements of this distinguished group. They enjoyed delicious food, gorgeous architecture and lots of incredible sightseeing!
