Personal Financial Planning

Never risk running out of money by start saving for retirement and your children’s education now.
Start estate and trust planning early to avoid losing your inheritance to Uncle Sam or others

For the 2019 - 2020 academic year, public Colleges & Universities’ tuition with room & board in the U.S. cost about $21, 950 a year on average, and private institutions are $49,870. The average cost increase is about 3.5% annually. At this rate, public Colleges & Universities and private institutions will cost more than $30,000 and $70,000 a year, respectively.

Earning a Bachelor’s Degree is more expensive than ever, and the cost will continue to rise in the future. The COVID-19 pandemic brings unique challenges to the education institutions, driving up costs to run and up keep the campuses and keep students and faculty safe. This also negatively affects the funding of scholarships and financial aides.

We are here to help you plan ahead and start saving money for your children’s university expenses so they may have a better and brighter future.

Educational Financial Planning

At Any Insurance Services, we offer consultations to help you understand the desire and earning potential of your retirement plan so you can see whether your retirement plan can support your ideal lifestyle when you retire.

Utilizing the tax advantage of different retirement accounts (IRA, ROTH IRA, etc), combine with annuities, mutual funds, and whole life insurance products, we will help you plan for a financially sound and stress-free retirement.

Personal Retirement Planning

In the U.S., if your estate is more than $166,250 or if the estate includes a real estate property, your beneficiaries will need to go through probate in order to inherit it.

If your estate is worth less than $1,000,000, the probate fee is $23,000; an additional 1% is charged for any amount over the $1,000,000. Due to the COVID-19 pandemic, the probate process takes about 18-24 months. The assets in the estate are inaccessible until the probate is done. Estate planning is important because it avoids the prolong process of probate.

In 2022, the estate tax lifetime exclusion is $12.06 million. The exclusion is expected to fall back to $5.8 million in 2026. If President Biden’s tax reform takes place, estate tax’s lifetime exclusion might even take a dive down to only $3.5 million. Gift tax lifetime exclusion amount can also be down to $1 million dollars in the future.

Estate tax rate is 40% and it needs to be paid in cash within 9 months from the Date of Death.

Estate planning might not be the first thing that comes to mind when we live a healthy life of comfort, but early planning is important so that your family will be protected for any unexpected events life might bring.

Estate Planning

1.Family Trust (Living Trust)

In the U.S., if your estate is over $166,250 or includes a real estate property, regardless of the fair market value of the real estate property, a family trust is strongly recommended.

2.Dynasty Trust (Irrevocable Life Insurance Trust)

If your estimated estate value is over the IRS’ lifetime exclusion amount, an “ILIT” is strongly recommended for estate tax planning purpose.

3. Charitable Remainder Trust and Private Foundation

If your estimated estate value is much higher than the IRS’ lifetime exclusion amount, a combination of Charitable Remainder Trust and Private Foundation have 3 tax advantages, including capital gain tax exemption, estate tax reduction, and income tax deduction. Also, there will be annual income generated.

Charitable Remainder Trust and Private Foundation