Asset Distribution Strategies
If you are nearing retirement, one of the decisions you will need to make is how you will withdraw the retirement funds you have accumulated. Careful consideration must be given to the distribution option chosen as the choice can affect the tax consequences of the distribution and its integration with your Social Security benefits. It is also important to pay close attention to your income requirements and inflation; specifically, the effects inflation can have on your future purchasing power.
With all the implications distribution options can have, working with a competent and knowledgeable financial advisor is key. At TTIS, a financial advisor will review all of your retirement benefit information (account statements, communication from your employer, etc.) to determine the best distribution options available to you, and whether any of your assets are eligible for favorable tax treatment.
If you own something, you should have an estate plan to efficiently transfer property. Even if you think everyone knows your wishes, the government or your family may have different ideas. Estate planning does not have to be expensive or complicated, and the benefits can be tremendous.
An Estate Plan can:
- provide a means to pay for federal estate taxes and other expenses related to your death
- provide income to your loved ones
- provide for the disposition of your business
- distribute your assets to family members with the least amount of shrinkage or loss possible
- allow you and often members of your family to resolve potentially complicated and emotional distribution of assets, long before your plan will be used.
Designing a legacy consistent with your dreams and values is a personal, often intricate process. To learn more about estate planning and how it fits into your financial plan, contact us.
The benefits of a quality education are measurable and valuable. Receiving that education come with a price tag. If you’re like most parents, there are already a lot of demands competing for your hard-earned dollars, so it can be difficult to imagine how you might fit in saving for your child’s college education, too.
A 529 plan is a college savings vehicle that offers federal, and sometimes state, tax advantages.* Often sponsored by states or colleges, this plan must follow federal law, specifically, Section 529 of the Internal Revenue Code. In this plan, you are the account owner and control the account, your child is the beneficiary, until your child reaches the age of maturity. Your contributions grow tax deferred, meaning you don’t pay income tax on your earnings each year. A grandparent, relative, or friend may also open an account or contribute money on behalf of your child.
Call us 615-780-7804, Monday-Friday 8:30 am-4:30 pm (CT) or email us at Bethel.Coleman@cunamutual.com.
For your protection, TTIS does not accept trading instructions via voice mail, text messages, instant messaging, or facsimile. Please speak directly with your Financial Advisor if you need to give instructions related to your account.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker/dealer in all fifty states of the United States of America. Representative is neither a tax advisor nor attorney. For information regarding your specific tax situation, please consult a tax professional. For legal questions, including a discussion about estate planning, please consult your attorney. The Tennessee Investment Services' Advisors are registered representatives of CUNA Brokerage Services, Inc. The representative may also be financial institution employee that accepts deposits on behalf of the financial institution.
*Tax and legal services are not offered by TTIS. A licensed attorney in your state of residence is needed to draw up wills and trusts.