Wealth Management

Wealth Management Services

Calculated planning that adds value

Tax planning plus total wealth management is a winning combination.

Our clients look to us for guidance on intricate tax matters, strategic planning and business advice. It’s no wonder they also rely on us to help them plan for their future. Our tax advisors and CFP® professionals leverage knowledge of our client’s financial life to provide long-term growth and preservation strategies of their investments, while reducing tax burdens. Boyum Barenscheer’s wealth management services are provided in conjunction with our strategic partner HK Financial Services. HK Financial Services is a wealth management services provider founded in 1995 by the partners of Honkamp, Krueger & Company, P.C. Their world-class systems and services allow us to assist individual and business investors to accumulate, preserve and transfer wealth. HKFS works with over 90 CPA firms throughout the United States, emphasizing a team approach with the CPA to serve the client.

Our wealth management services include:

Other services used by our wealth management clients

*Investment advisory services offered through HK Financial Services (HKFS), an Independent Registered Investment Advisor.  Commission-based securities products are sold by ProEquities registered representatives and offered throughProEquities, Inc., a Registered Broker-Dealer and member of  FINRA and SIPC. Insurance products issued by many highly rated carriers.  HKFS, ProEquities and Boyum Barenscheer, PLLP are independent of each other.

This material is being provided for informational purposes only with the understanding that neither HKFS nor ProEquities is rendering tax, legal or accounting advice.  Please consult with your CPA or other appropriate advisors on all matters pertaining to legal, accounting or tax obligations and requirements.

FAQs

 
How do I know if I have enough to retire in the lifestyle I want?

This really comes down quantifying the cost of retirement into today’s dollars and comparing that to your assets. Our wealth management team has helped many people answer this question and they would welcome the opportunity to discuss with you.

 
What kind of taxes may be due on my estate? How can I make sure there are funds available so my family does not have to sell the business to pay the estate tax?

An estimate of tax due on your estate factors in the size of your estate along with the estate planning steps you have in place to minimize the estate tax. Once this has been sorted out, the next step is to look to the cash needed to the settle your estate. If there is a shortfall you should look to insure against the risk of the estate tax due without the cash to pay.

 
Do we need to protect ourselves with insurance for long term care?

Most people should consider this as employer based health coverage does not pay for daily extended care services. Medicare will cover a short stay in a nursing home or at-home care, but only under strict conditions. If you are looking for help covering long-term care expenses, you should consider long-term care insurance.

 
How can we be more tax efficient with our portfolio?

If you keep tax efficiency in mind throughout the year as you make investment decisions you may be pleasantly surprised in April. You should take a long-term view in your decisions, but it generally makes sense to save as much as you can in tax-advantaged accounts for retirement, education and healthcare. You should also look to “harvest” losses by selling securities at a loss to offset capital gains generated during the year. As you draw down assets in retirement, being thoughtful about your income stream can minimize your taxes but once again you need to look at this from a long-term perspective.

Contact John for more info

John Csargo, CPA, MBT, CFP®

John Csargo joined Boyum Barenscheer in December 2015 as the firm’s newest partner.  His 30 years of extensive experience helping individuals and businesses with their tax planning and providing advice to make the best financial decisions for short and long-term goals is a great addition to BB’s Tax Department…