Yeo & Yeo Wins Awards from HK Financial Services

Yeo & Yeo Wealth Management was recently recognized as a Top Wealth Advisory Firm* by HK Financial Services (HKFS) for helping businesses and families achieve their wealth management goals.

Yeo & Yeo works in alliance with HKFS to provide independent and objective financial services for clients. Combining the strengths of Yeo & Yeo and HKFS allows Yeo & Yeo to provide more robust financial planning services that help clients better understand their financial situation and reach their goals.

Peter J. Bender, CPA, CFP^® of Yeo & Yeo, also received the President’s Club Award* for the second consecutive year.

The President’s Club award recognizes outstanding individuals for providing wealth management services for high-net-worth clients. It also exemplifies the best of HKFS affiliates who have a high level of ethics, integrity and leadership.

Bender is the managing principal of Yeo & Yeo’s Saginaw office and leads the firm’s wealth management services. He serves on Yeo & Yeo’s board of directors and is a member of the firm’s Agribusiness Services Group and the Estate Planning Group. He has 30 years of experience in auditing, financial planning and tax planning and preparation for businesses and individuals with a focus on family business.

Bender holds the Certified Financial Planner™ designation and is a member of the Financial Planning Association. In our community, Bender serves on the board of directors for Wellspring Lutheran Services and recently served on the Frankenmuth board of directors for multiple terms. He also serves on the St. Lorenz Foundation Finance Committee and the Valley Lutheran High School Growing Campaign Cabinet.

Awards were presented at the virtual HKFS Elevate Annual Conference on October 1.

*Award(s) are neither representative of any client’s experience nor indicative of future performance.

Disclaimer
Investment advisory services are offered through HK Financial Services, Inc. (HKFS). Commission-based securities products are offered through Avantax Investment Services^SM, Member FINRA, SIPC. Insurance services offered through licensed agents of HKFS. HKFS and Avantax are independent of and unrelated to Yeo & Yeo Wealth Management. Neither HKFS nor Avantax provide tax, accounting or legal services. Peter Bender is an Avantax registered representative and a HKFS investment advisor representative.

Saginaw

Yeo & Yeo Wealth Management provides clients with comprehensive wealth management services that integrate tax planning strategy with financial advisory services to help clients meet their lifetime planning goals.

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles.

Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family will get to keep after taxes. Here are three IRA areas to understand:

1. Taking early distributions. If you need to take money out of your traditional IRA before age 59½, any distribution to you will be generally taxable (unless nondeductible contributions were made, in which case part of each payout will be tax-free). In addition, distributions before age 59½ may be subject to a 10% penalty tax.
   
   However, there are several ways that the penalty tax (but not the regular income tax) can be avoided. These exceptions include paying for unreimbursed medical expenses, paying for qualified educational expenses and buying a first home (up to $10,000).
   
   
2. Naming your beneficiary (or beneficiaries). This decision affects the minimum amounts you must withdraw from the IRA when you reach age 70½; who will get what remains in the account at your death; and how that IRA balance can be paid out. What’s more, a periodic review of the individuals you’ve named as IRA beneficiaries is critical to assure that your overall estate planning objectives will be achieved. Review them when circumstances change in your personal life, finances and family.
   
   
3. Taking required distributions. Once you reach age 70½, distributions from your traditional IRAs must begin. It doesn’t matter if you haven’t retired. If you don’t withdraw the minimum amount each year, you may have to pay a 50% penalty tax on what should have been taken — but wasn’t. In planning for required minimum distributions, your income needs must be weighed against the desirable goal of keeping the tax shelter of the IRA going for as long as possible for both yourself and your beneficiaries.

Keep more of your money

Prudently planning how to take money out of your traditional IRA can mean more money for you and your heirs. Keep in mind that Roth IRAs operate under a different set of rules than traditional IRAs. Contact us to review your traditional and Roth IRAs, and to analyze other aspects of your retirement planning.

© 2019

DISCLAIMER
Investment advisory services are offered through Avantax Planning Partners^SM. Commission-based securities products are offered through Avantax Investment Services^SM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to Yeo & Yeo Wealth Management. Although Avantax does not provide or supervise tax or accounting services, our Financial Professionals may offer these services through their independent outside business. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses.