Giri Lankipalle - Financial Services

Once individuals in the United States have purchased a home, the next significant concern often revolves around funding their children's educational expenses. Many people opt to save their money in 529 savings plans, stocks, CDs, and bank accounts. However, they may not realize that these assets can potentially affect their ability to demonstrate financial need during the college application process. As a result, this can lead to reduced financial aid in the form of grants, scholarships, and student loans. At our firm, we specialize in educating families about how the US financial aid system works. We provide tailored solutions that allow families to save money for their children's education while also maximizing their eligibility for financial aid. Our ultimate goal is to provide opportunities for families to secure the necessary funds for college fees while taking advantage of available financial aid options.

Regardless of immigration status, it is essential for everyone residing in the United States to have an estate plan in place to avoid the probate process and reduce estate tax. Creating a basic estate plan, which includes documents such as a Will, Trust, HIPAA Authorization, Health Directive, and Power of Attorney, can save significant effort and expenses when unexpected events occur. This becomes particularly crucial for families facing unique circumstances like having special needs children or going through a divorce, as it requires specialized planning with the guidance of an experienced attorney. Our firm is dedicated to working with families and individuals, emphasizing the importance of estate planning and providing tax-efficient solutions. We assist in funding trusts and facilitating the smooth transfer of assets to the next generation, utilizing strategies such as the Irrevocable Life Insurance Trust (ILIT). Additionally, we help clients utilize permanent life insurance as a tool to leave substantial assets to the trust, establishing a lasting legacy for their loved ones.

Many individuals tend to focus solely on mandated insurance such as home, car, and health insurance, often overlooking the potential financial burden that unexpected life events or loss of life can place on their families. However, protection through life insurance serves as a strong foundation for establishing a robust financial portfolio. Term life insurance offers more than just a death benefit; it also includes various riders that can be utilized in situations involving terminal, chronic, or critical illnesses. On the other hand, cash-value life insurance has evolved over the years to provide additional benefits beyond protection. It can be utilized for purposes such as college savings, retirement planning, tax-saving strategies, diversification, and estate planning. Products like Indexed Universal Life are often referred to as the Swiss Army knife of financial planning due to their versatility and multiple uses. At our firm, we collaborate with multiple top insurance carriers to carefully select the appropriate solutions that align with the unique needs and goals of our clients. By offering a wide range of options, we ensure that our clients receive tailored insurance solutions that provide the necessary protection and contribute to their overall financial well-being.

Statistics indicate that in the US there is a 70% probability that individuals aged 65 and older will require long-term care at some point in their lives. Long-term care encompasses not only age-related and health-related needs but also those arising from critical illnesses and accidents. It is essential to note that Medicare does not cover the costs of long-term care after 90 days. Consequently, many individuals are forced to deplete their assets to cover the significant Long Term Care expenses, which can amount to hundreds of thousands of dollars per year for in-home care (averaging around $60,000 in 2022) or nursing home care (averaging around $130,000 in 2022). By having a long-term care plan in place, individuals can experience peace of mind, safeguard their assets, and even leave a lasting legacy for their children. Long-term care planning is not only expensive but also complex, necessitating careful consideration and attention.

After dedicating 30-35 years of hard work, achieving peace of mind during retirement becomes paramount. This encompasses having the assurance of sufficient income throughout our lifetime, enjoying good health to fully embrace life's joys, having ample funds for healthcare expenses, and leaving a meaningful legacy for the next generation. At our firm, we specialize in providing families with tax-efficient retirement income solutions that protect our retirement assets from market risk and offer lifetime income without worrying about running out of income during later years in retirement. These solutions not only ensure a stable income stream but also allow for growth in line with market trends and inflation. We collaborate closely with families to identify any financial blind spots and develop a personalized roadmap toward financial independence (FI) and the ultimate peace of mind that comes with it.

As America's national debt exceeds 31 trillion dollars and with the anticipation of income tax rates rising in the near future, it has become crucial for individuals to develop their saving strategies, not only saving taxes for the current year but also reducing taxes in future years to come, possibly even enjoying a tax-free retirement. Many people currently save money in Tax-Deferred Accounts such as 401(K) and IRA, as well as Taxable accounts like Stocks and CDs. However, accessing these assets in retirement or passing them on as inheritance can have significant tax implications. To address this challenge, we offer Tax Advantage solutions, for example, some strategies will allow individuals to contribute substantial sums to grow tax-free, far beyond the limits imposed on Roth IRA contributions. By implementing tax-saving strategies, individuals can effectively mitigate the impact of potential future tax increases. Our ultimate goal is to help our clients reduce their tax burdens, enabling them to fully enjoy the benefits of their hard-earned savings or pass them on to their heirs rather than relinquishing a significant portion to the IRS.