SPECIAL ADVERTISING SECTION
What is the Corporate Transparency Act and who is impacted?
The Corporate Transparency Act is a new law, effective January 1st, 2024. This law impacts numerous small businesses, LLCs, corporations, and any other business entities in the United States.
The CTA requires all “beneficial owners” and “company applicants” to report their legal name, birthdate, address, and photograph ID to the Department of Treasury’s Financial Crimes Enforcement Network. The entity’s legal name, trade name and d/b/a name, address, location where it was registered, and more are mandatory. Continued reporting is required when there are any changes. Noncompliance with the reporting requirements results in significant fines and up to two years imprisonment.
If you are a business owner, we strongly recommend reviewing your reporting compliance with an attorney to avoid penalties.
Alexander Pagnotta, Attorney | Sinclair Prosser Gasior
Are you sure it is a good time to Invest?
Sometimes may be better than others, however, you should not wait for those times if you are looking to grow your wealth on a systematic level. This is called dollar cost averaging into the market. As you invest on a regular basis, you are going to capture the highs and the lows. It is better to consistently invest over a period of time as opposed to trying to time the market.
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker dealer, member FINRA/SIPC. Advisory, Insurance, and Tax Services offered through Bay Financial Planning and Tax Services, DBA Chesapeake Financial Planning, a Registered Investment Adviser. Cambridge and Bay Financial Planning and Tax Services, LLC are not affiliated.
Elizabeth Bennett, CFP®, MBA | Chesapeake Financial Planning & Tax Services, LLC
Why is a Trust better than a Will?
Although not everyone needs a trust, it can be a very useful estate planning tool, depending upon your situation. Many people mistakenly believe a trust is only designed for wealthy people, but there are many advantages to a trust such as privacy, flexibility, and avoiding probate. In addition, a trust often provides significant tax benefits and distribution of assets. It’s an especially important consideration for people with special needs, blended families, and family businesses.
TARA FRAME, Frame & Frame Attorneys at Law
What do you think makes your firm unique?
I believe our most unique offering is personalized 401(k) account management for individuals. This service helps clients manage what for most is their largest retirement asset—and we do so for a low monthly subscription fee—think Netflix for your employer retirement plan. We want to help investors fully utilize the tools they are given at their workplace, in order to help them efficiently plan for their retirement. We strive to make financial planning very approachable in an industry that can sometimes feel like quite the opposite.
Gregory Ostrowski, CFP®, CRPC®, BFA™ | Managing Partner | Scarborough Capital Management
What is wealth management? Do I need it?
Wealth management is the process of making decisions about your assets, sometimes with a wealth manager. This includes, but isn’t limited to, financial investments, tax planning, and other financial matters. The goal of wealth management is to help you achieve financial security and grow and protect your wealth. Although financial planning services are something almost anybody can benefit from, more complex wealth management services aren’t usually required until individuals reach a certain net worth. Talking with a wealth manager can help guide you in the right direction and help you make informed decisions about your finances. The more information you gather, the better informed you will be for the future.
Kathleen A. Webster, ChFC | Vice President, Financial Advisor | Wye Financial Partners
What is the Corporate Transparency Act?
Effective January 1, 2024, the Corporate Transparency Act (CTA) established new federal reporting requirements that work to enhance transparency in small businesses and their ownership to combat money laundering, tax fraud, and other illicit activities in the U.S. The CTA requires certain businesses to share information about “beneficial owners” with the Financial Crimes Enforcement Network (FinCEN). The registration of beneficial ownership will serve as a centralized database containing up-to-date information on the individuals behind each applicable entity (reporting company). The CTA will impact a significant number of businesses throughout the U.S., so it is critical that owners are aware of the Act’s implications and that they seek legal counsel to determine if their business falls within the CTA reporting requirements.
Jonathan W. McGowan, Esq | Partner | Liff, Walsh & Simmons
What exactly is a Retirement Distribution Specialist?
Most people spend 25 years of the working life accumulating assets in their IRA’s, 401(k)’s, 403(b)’s, 457’s, ROTHs and Brokerage Accounts. This represents a distinct period in your financial life when you’re trying to accumulate wealth. As you’re getting in or near retirement, the accumulation phase becomes less important and you tend to focus more on preserving what you’ve worked so hard to accumulate and developing a strategy for the most efficient distribution for the next 25 years of your life. This requires careful planning and unique knowledge to not fall victim to the multiple dangers of the distribution phase such as longevity, inflation, taxes, market volatility, health risks and sequence of returns. This is what a Distribution Specialist does. Contact us today to take a closer look at your current or upcoming distributions, to see if you are on the right track! BrionHarris@PremierPlanningGroup.com or 443-837-2529.
Brion Harris, Premier Planning Group
Is the way retirees should invest to protect their portfolios changing?
Yes. Things are always evolving. Music has gone from vinyl to cassette to CDs to MP3 players to Digital Streaming. The telephone has gone from rotary to push-button to cordless to cell phone to smartphone. Investing has evolved similarly as well. The problem is many retirees portfolios look like the vinyl or the rotary phone. Being diversified* today means you need to be diversified by the company, by product, by tax benefit, by asset class and with real assets vs. paper assets. This strategy is called Advance and Protect. Contact us today to look at additional options to diversify your portfolio! BrionHarris@PremierPlanningGroup.com or 443-837-2529.
*A diversified portfolio does not assure a profit or protect against loss in a declining market.
Brion Harris, Premier Planning Group
How should people select a financial advisor?
Our belief is you should choose someone you like, that you could work with long term. You want someone who will be knowledgeable, objective, and independent. You need to look at how that person gets paid and what services they offer. What’s their approach? Their qualifications? Who stands to benefit from the products they’re selling? If the answer is clients, then they’re acting as a fiduciary, and that’s what you want. That’s how we operate at HF Advisory Group.
Ray Hobson, CFP® | HF Advisory Group
Have you explored what you can do with a living trust?
Living trusts are extraordinarily useful. It’s a legal entity that you create while you’re alive to own property such as your house, a boat, or investments. Property that passes through a living trust is not subject to probate. Living trusts are attractive because they are revocable. You maintain control – you can change the trust or even dissolve it for as long as you live. Despite these benefits, living trusts have some drawbacks. Assets in a living trust are not protected from creditors, and you are subject to income taxes on income earned by the trust. In addition, you cannot avoid estate taxes using a living trust.
Lora Davis, CFPA®, Vice President, Financial Advisor | Wye Financial Partners
