You’re likely familiar with the idea that for every action, there’s a corresponding reaction. This concept rings true in financial planning as well. With nearly every financial decision you make, there aretax consequences waiting in the wings.
In this episode, Zach Binzer, CFP®, discusses the nuances associated with different investment account types and how tax considerations vary from one to the next. He also explains how the long term planning a financial advisor can provide can help you understand how today’s decisions may impact your tax situation 10, 20, or 30 years from now!
Zach shares more about:
The importance of account diversity
Insights into tax-efficient estate planning approaches
The impact of taxes on Medicare premiums and Social Security benefits
The essential part CPAs can play in proficient tax planning
It is a wonderful thing when you reach a point in your career where you receive additional compensation such as stock awards. However, not all stock grants are created equal, and understanding the nuances and tax consequences is essential to maximizing their benefits.
Join us in this episode as we explore the complex world of stock grants with Joe Patterson, CFP®. Joe shares his expertise and insights on the different types of stock grants, their vesting schedules, and the tax implications they may have on your portfolio.
Topics Joe shares more about:
The motivations behind companies offering stock awards
Some of the different types of stock awards available
The advantages and disadvantages of different types of stock awards
A detailed look at the tax implications of receiving stock awards
Joe Patterson remembers as a child going with his father, an estate planning attorney, to visit clients, many of whom were in chaotic or isolated situations. His father drilled into him that being there for people with integrity and consistency wasn’t just part of the job, but was what you built a career on.
Joe values face-to-face interaction and relationship-building more than anything else, and he often does it with a laugh. After a ten-year career with other institutions, he knew that the unique approach of Foster & Motley, pairing an investment manager with a financial planner, would allow him to have more of the real conversations that lead to organized and holistic outcomes.
Joe became a shareholder in 2017 at Foster & Motley and finds a lot of purpose and inspiration in the long-term vision of the firm. He is also in charge of human capital at Foster & Motley, and he oversees employee matters ranging from benefits and hiring to planning fun, team-building events for our staff. At Foster & Motley, relationships with clients are the most important aspect of anyone’s work, and Joe knows that the well-being and happiness of his colleagues contribute to successful client relationships. Helping to provide a positive and engaging environment is right up his alley.
Joe and his wife Sarah have prioritized exposing their sons, Peter and Tate, to different cultures and experiences. One such experience was a trip to Spain, and they plan on undertaking many more small and large adventures with their family.
It is not lost on Joe that in any situation, whether with his family or in his work, getting face-to-face and having real interactions is always the first step to helping others.
