What is a fiduciary?

If you are working with a financial professional it is important to know what it means to be a fiduciary.  Not all financial professionals are the same.  Not all financial professionals put their clients’ interests first.  We do.

Watch our 80-second video to learn about what it means to be a fiduciary.

Contact the Baron Financial Team to learn more about how we put client interests above our own.

Tax-Advantageous Ways to Gift to Charities: Beneficiary Designations on IRA’s

A 30-second read by Nicholas Scheibner:  One of the easiest ways to gift money to a charity in your estate plan is to name the charity as a beneficiary on your IRA or 401(k).  Upon your death, the beneficiary designated on an IRA or 401(k) will receive their percentage of the assets very quickly.  In addition, the designated beneficiary is independent of the will.

If you have an IRA, with $100,000, for example, you can name your children as 80% beneficiaries and a charitable organization as a 20% beneficiary.  When you pass, your children will inherit $80,000 and the charity will receive $20,000.  You can do this very easily by contacting the custodian who holds your investments.  You do not need to update your will in order to name a beneficiary on a retirement account.  

Contact Baron Financial Group to discuss tax-saving gifting strategies.

Disclosure: This material is not intended to be relied upon as a forecast, research, tax or investment advice.  Please consult your financial planning and tax professional for personal advice.

The Most Common 1099-R Codes When Filing Your Taxes

A 60-second read by Nicholas Scheibner:   You will receive a form 1099-R if any money has been moved out of a retirement account.  How much you will pay in taxes will depend on how the money is moved. You want to make sure any movement out of a retirement account is done properly, and the correct code is applied when you file your taxes.  The code will appear in box 7 of the 1099-R. 

Here are some of the most common codes used on the form, and what they mean:

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