Video Scripts

Speaking of tax savings for individuals or for business owners this is something called tax loss harvesting. So, this is a unique strategy you can use if you have equities or mutual funds or anything like that that goes up and down in value market related. This is a pretty cool strategy! So, when you buy a stock or mutual fund you hope it goes up and up and but that’s not always the case…  Because sometimes your investment goes down, and we suggest you sell to create a tax loss, you buy something similar so when the market does go back up you still have your investment integrity. in the meantime, you created a tax loss and that loss can be net against capital gains dollar for dollar and this where the confusion is people think its only 3,000 dollars.

Yeah there is a few things here when you lose money your saying buy more…? Yes, we are not saying sell and go into cash that’s not the point. You buy mutual fund A and sell mutual fund B. Something extremely similar not identical. Buy Home depot sell Lowes, sell coke and buy Pepsi something like that. This keeps you in the same market sector, so your overall portfolio exposure stays relatively the same. So, you create that tax loss, and your still in the market so when the market does recover you have that tax loss sitting on your tax return. So, when you have future gains that loss will offset that gain dollar for dollar. People think that if you have a 10,000-dollar loss I can only use 3,000 of it. Well that is against ordinary income not against capital gains. Those are two totally different taxes, and when your looking at creating income in retirement it is extremely powerful, yeah it is because you can create some tax-free income from your nonretirement accounts that way.

So, one of the questions we get quite a bit is whether somebody needs life insurance. The main purpose of life insurance is to create financial flexibility for your beneficiaries. The biggest reason people choose to get life insurance is to create income replacement. So, for example if your primary breadwinner you have a spouse that doesn’t make as much or doesn’t work than those life insurance proceeds are going to be able to provide your spouse with the flexibility to make different choices. She or he might want to pay off the mortgage they might want to make sure that kids’ college can still be paid for, right it is really to ensure that flexibility is available. Another reason people get life insurance is to make sure there is liquidity after you die to pay estate taxes.

Currently, the state tax exclusion is $11 Million dollars so you may not be subject to estate taxes, but if you are, you want your beneficiaries to be able to pay the taxes without having to liquidate assets in your estate. In the past, the estate tax exclusion was $5 Million, that was 2016, so this is subject to change almost on an annual basis. If you hold a bunch or real estate you may not want to have to sell those properties to pay estate taxes, insurance is going to be able to ensure that they have that choice.

Another reason would be funding a buy/sell with a business partner or potentially leaving a significant legacy to charity after you die. Keep in mind there are a lot of different products out there, so if you do determine that you need life insurance you really want to do the research on all those different types of products so that you get what is most sensible for your situation. As an independent financial services firm, we can access the entire suite of solutions for our clients to achieve their desired goals.

If you have any questions, contact as at FHF.Financial

Hello, and thank you for taking the time to learn about me, Matthew Schneiderman and my practice here at Franklin Harold Financial(logo appears). As an independent financial advisor with American Portfolios (American portfolios is…..) This allows me to run Franklin Harold Financial with the unparalleled precision of a boutique firm while having the same, or in most cases even more resources than the big banks out there.

I have always been driven to explore and understand the complexities in the business, legal and financial environments and I take great pleasure in breaking down the complex into manageable distinctions for my clients, and colleagues. The evolution of financial planning has required not only a specific understanding of markets (including commoditized products as investments and insurance), but also how one’s positions in life and business will drive future opportunities and challenges.

Coming from a blue-collar background in Queens. My father was a supermarket operator and my mother an English teacher. Early on I grew up learning the supermarket business, and later attended and graduated from Northeastern with a double major in Accounting and Finance. It was after 5 years of working for the family business, that I decided that I wanted to apply my everyday real life knowledge; learned in the trenches from the point of view of a business owner to compliment my degrees in Accounting and Finance and open up a truly holistic and independent professional financial advisory firm.

Naturally, I went looking at all the big companies with active recruiting campaigns that would take anyone that fogs a mirror (hold mirror…laugh). These were fine firms with a tremendous training program, and initially were a great start to my journey, but the longer I stayed the more I realized that large companies are mainly in the business of selling their own proprietary products not holistic solutions. This leads me to you today having opened up Franklin Harold Financial.

As such an advisor, I have aligned myself with other forward-looking professionals and continually seek those that value a consultative approach premised on commuting thoughtful and intelligent analysis.

Hopefully you found this video illustrative of who I am I look forward to hearing from you.

If you have any questions or just want to talk about the things that matter to you, give me a call, or feel free to leave me a message on my website FHF.financial.

Thank you.