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Invest in Knowledge

Invest in Knowledge is a monthly podcast about all things financial with CERTIFIED FINANCIAL PLANNER™ John Gigliello of the Albany Financial Group, based in Albany, NY. Through the course of his business, as well as this podcast, John takes an educational approach to financial planning, aiming to leave listeners with the insight they need to successfully shape their financial futures. After all, as Benjamin Franklin said, "An investment in knowledge always pays the best interest." Securities are offered through LPL Financial, member SIPC (www.SIPC.org). Investment advice is offered through Private Advisor Group, a registered investment advisor. Private Advisor Group ad Albany Financial Group are separate entities from LPL Financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful. This is a hypothetical example and is not representative of any specific situation. Your results will vary.The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.

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4 Keys to Maintaining Wealth: Tax Planning for High Net Worth Families

December 05, 2024 • John Gigliello, CFP® • Season 2 • Episode 12

Tax planning is an essential tool in managing finances, especially for the wealthy.

If you are a high-net-worth retiree, looking to maintain the substantial wealth you have accumulated over your lifetime, this podcast episode is for you.

Hi, I’m John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group, and you are listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

Today I am going to talk about tax planning for high-net-worth retirees.

What is considered high net worth? Generally, it includes anyone with liquid assets of at least $1 million dollars, excluding primary residence, but many families below that threshold may also benefit from the tax planning advice I am going to share today. In this episode, I will provide insight into four areas of tax planning for HNW retirees: Roth IRA conversions, tax-efficient investing, estate planning and trusts, and charitable giving.

High-net-worth retirees, in particular, need to pay special attention to their tax planning strategies. Planning for taxes can help them control retirement income, while leaving a legacy for their heirs, with less concern for tax consequences.

The substantial assets of HNW retirees often mean they bear a heavier tax burden than average retirees. The key to managing their tax liability lies in creating a plan for taxes, utilizing various tax-efficient strategies, and remaining agile in response to changes in tax laws.