Financial Planning

a. Financial and Investment Planning

At North Shore Advisory Group, INC, our new clients initially meet with one of our CPA’s. We begin by reviewing their previous three years’ tax returns. We then complete a confidential financial profile based on income, expenses, individual needs, and desires. Our firm will explore their current lifestyle, and prepare a personal tax plan. Based on this information, we will implement a sound, well-thought-out financial strategy to minimize their year-to-year tax liabilities and to provide them the opportunity to maintain their current standard of living throughout their retirement.

Just imagine a complete plan, where all your tax planning, financial, estate and legal needs are addressed with the convenience of one organization.

At North Shore Advisory Group we encourage our clients to sit down with us during the year—not only at tax time— to examine their income, their sources of income, their fringe benefit plans, their assets, their sources of interest and dividend income, and show them ways to reorganize these areas to take advantage of all the deductions that are available to them—ultimately to lower their overall tax bill.

At North Shore Advisory Group, INC we look at the whole picture—taxes, investments, retirement, insurance, lending, and estate—which allows clients to see their entire financial picture and to understand how wise decisions will help them keep more of their money, provide them with a healthy and solid financial outlook, and secure their family’s future.

Your future lifestyle depends on the decisions you make today. We will help you stay on the right path.

b. Estate Planning

As of this writing, the 2001 Tax Act increased estate exemptions and reduced estate tax rates. If a person dies in 2006, no estate taxes will be owed unless the net taxable estate (including prior taxable gifts) exceeds $2 million. This minimum increases to $3.5 million in 2009. With the present exemption, most taxpayers will not owe any estate tax.

But for taxpayers who face estate taxation, the rates are significant. The maximum estate tax rate was reduced to 48% in 2004 and then drops 1% each year in 2005, 2006, and 2007. The rate will remain 45% in 2008 and 2009 before dropping to 35% in 2010. If Congress does nothing to change the law, on January 1, 2011, the exemptions and estate tax rates will revert to the 2001 levels.

The other issue individuals must consider is planning for future care. The cost of nursing home care can quickly wipe out the assets accumulated over the years. It pays to consider how your wealth can be protected for future generations.

Effective estate planning can potentially accomplish the following:

• Provides financial stability for your surviving spouse.
• Preserve assets for later generations.
• Provide care and support for your children or grandchildren, especially minors or those with special needs.
• Support a favorite charity, college, or cause with a gift of money, securities, or other property.
• Ensure your assets are distributed in a timely manner with a minimum of legal hassle.
• Minimize the taxes and expenses that can be incurred when settling an estate.
• Provide sufficient cash to meet expenses and avoid the forced sale of assets.
• Make certain your family business can survive after your death.

Estate needs can vary widely based on your personal situation, so your plan must be customized to maximize your savings. Before you undertake your estate planning, think about these questions:

• How important is it for me to control all of my assets while I'm alive?
• How much complexity can I deal with?
• How much risk am I willing to assume by pursuing aggressive strategies in my estate plan?

How you answer these basic questions also affects what is the right plan for you. North Shore Advisory Group, Inc. has deep expertise in estate planning. We encourage you to talk to us about your specific goals and needs.