John Mahoney, CFP®, CRPC®

Financial Planning is critical to your family's security- today and in the years to come. This is why financial planning services are at the core of my modern wealth management process:

Saving for Retirement and Other Expenses

Effective retirement planning is an ongoing process which some people may find daunting to do themselves, since it requires an understanding of applicable investment vehicles, market conditions and the time to manage your account in light of an ever-changing environment. Additionally, certain steps should be taken to prepare for a wide range of future costs such as living expenses, travel costs, and education funding- I can help you
by quantifying financial needs, creating an action plan, and tracking plan progress.

Securing Retirement Income

Taking the right steps to ensure secure sources of income in retirement can make a significant impact on a client's expected quality of life. I work with my clients to ensure they are taking advantage of secured income sources, such as: selecting the right pension and social security payout strategies, establishing appropriate annuity incomes, and optimizing retirement account distributions.

Healthcare Planning

The Rising Cost of Healthcare

Mitigating risks during the financial planning process helps protect clients from the risk of unforeseen healthcare costs. Considering almost 70% of people over the age of 65 require some sort of health service, it is important to consider the rising cost of long-term care and its effect on retirement planning.

Insurance Products and Long Term Care

The right insurance products help protect assets, family, and legacy. Together, we can discuss your unique protection needs and implement the right insurance policies- preserving your savings and managing high costs that can occur at any point during retirement.

Taxes

Taxes are a crucial part of the planning conversation and can potentially represent a large outflow from your portfolio each year. The impact of taxes on your portfolio returns typically increase overtime- as client wealth grows, so do their concerns about tax efficiency. These preventable outflows are why I implement tax-loss harvesting throughout a plan's life cycle, in all of my financial plans.

In addition to my experience as a Certified Financial Planner, I also specialize in estate & multigenerational planning. Estate planning is the process of making arrangements to pass down wealth and assets after a person's death. Proper estate planning gives careful consideration to the estate owner's future plans, preferences and goals- while tax implications of the plan are also thoroughly considered and documented. With my clients who benefit from estate plans, I use a combination of the following tools, depending on what would be most suitable for them:

Annual Gifting

There are two gifting limits that apply to the transfer of wealth in 2023: one is the annual gift tax exclusion which allows you to gift up to $17,000 each year to any person, and the other is the lifetime exemption which allows you to gift up to $ 12.92 million over the course of your lifetime.

Wills

A well-prepared will helps ensure that an individual's wishes regarding the distribution of their assets and properties are all fulfilled after their passing. One notable characteristic of a will is that it is a public document- meaning that anyone with the proper information can access them. Lastly, it is important to distinguish that the decedent has no control after death over how the beneficiary uses the assets.

Trusts

A trust can be established in addition to a will for clients who want an increased level of control over their assets compared to what a will can provide, and potentially minimize other costs associated with the generational transfer of wealth. Although there are many different kinds of trusts, each trust involves three key parties: the grantor, the trustee, and one or more beneficiaries. However, each type of trust offers a differing level of flexibility and control:

• Revocable Trusts can be changed throughout the life of the grantor, and also have the potential benefit of bypassing probate.
• Irrevocable Trusts are less flexible, and cannot be changed without a court order or the approval of all of the trusts beneficiaries.

Understanding and implementing trusts correctly can be incredibly complex, so it's important to seek out a trusted professional to facilitate you and your family through the selection and implementation process.

Estate

A person's estate consists of everything in their name that makes up his or her net worth. This can include real estate, personal property, retirement accounts, brokerage accounts, bank accounts, cash, stocks and bonds. Life insurance owned in a person's name is also added to a taxable estate. The value of your estate (as defined by tax regulations) will generally determine if your estate is subject to any estate taxes.

Individuals and families with sizeable estates should highly consider working with a professional in order to ensure that your estate is passed down with minimal tax liability and carried out in accordance with your wishes.

If you're in the process of planning your estate, it is important to consult with experts in financial advisory, tax and legal services. With my experience as a Certified Financial Planner, I would be more than happy to discuss your options with you, and connect you with qualified professionals in this field.