Tuesday, April 23, 2019

Charitable Giving and Estate Planning

Registered general securities principal and seasoned financial advisor Robert Gill established Epic Wealth Management in 2015. Robert Gill has helped clients from across New Jersey with all aspects of estate and wealth planning, including charitable giving plans.

For many people, philanthropic giving is a pillar of their long-term estate planning. While charitable donations have tax benefits, donors often give to a beloved charity to establish a legacy and ensure that the organization can continue to make an impact. 

Before donors choose a donation method, they should research the capacity of the intended recipient to process gifts. While cash is accepted by nearly all nonprofits, some other types of asset donations may be difficult for small or less sophisticated organizations to collect. In these cases, donors can use a donor-advised fund or a knowledgable community foundation to help allocate their assets to their preferred charities.

Sunday, April 7, 2019

Understanding Life Insurance Options

Since 2007, financial planning advisor Robert Gill has served a diverse clientele from his brokerage firm Epic Wealth Management based in Red Bank, New Jersey. As the firm’s president, Robert Gill oversees hundreds of business and private financial portfolios and educates clients on financial products, including life insurance options.

To protect their dependents from incurring financial liabilities after their death, many people obtain life insurance policies. Experts advise that insurance policies should provide at least seven times the policyholder’s annual salary to fully protect their families and cover most expenses. 

Life insurance can be purchased with time-limited or permanent coverage terms. Term life insurance offers death benefits for policy periods ranging between 10 and 30 years. The low cost of these plans make them a suitable option for people in good health seeking temporary coverage with a fixed monthly rate. 

On the other hand, older people or people with a family history of serious illnesses may benefit from a permanent life insurance policy. While more expensive, policyholders do not have to worry about coverage gaps due to being denied term insurance. Additionally, many permanent policies include a cash value that earns a rate of return that may offset inflation.

Friday, March 15, 2019

Reasons to Complete Estate Planning

A distinguished wealth management and insurance professional, Robert Gill is the founder and managing director of Epic Wealth Management in New Jersey. Giving each client individual attention focused on growing their income while minimizing risk, Robert Gill of New Jersey specializes in estate planning

A common misconception is that estate planning is only for the very wealthy. However, anyone who wants to control what happens to their assets and dependents in the event of death or serious disability should think about estate planning. Going through the estate planning process with a professional gives you the opportunity to specify instructions for your care if you become disabled, and name a guardian for any minor children.

Estate planning also may include purchasing life insurance, so you can continue to financially provide for your family if you become disabled or die unexpectedly. Business owners also should use estate planning to plan for the transfer of their business at retirement, or in the event of disability or death. Making these types of estate plans with a trained advisor can help you minimize tax burdens and avoid probate court costs later down the road.

Saturday, January 26, 2019

Notre Dame Quarterback Transferring to UCF

Since 2007, financial advisor Robert Gill has served as president of New Jersey's Epic Wealth Management, where he oversees a team of account managers and financial advisors responsible for providing services, such as life insurance and estate planning. Beyond his professional pursuits, New Jersey's Robert Gill is a passionate fan of the Notre Dame Fighting Irish football team.

After a season in which he was ousted as the team's starting quarterback, Brandon Wimbush recently announced he was transferring from the University of Notre Dame to the University of Central Florida (UCF) for the 2019 season. Wimbush made the announcement on Instagram and thanked the school for the opportunities he received, while also expressing excitement at the possibility of playing for UCF.

The Teaneck, New Jersey, native started 12 games during the 2017 season, but was replaced after only three games in 2018 by Ian Book, who led the Fighting Irish to a perfect 12-0 regular season record, as well as an entry in the College Football Playoff. He concludes his stint at Notre Dame with 20 touchdowns, 12 interceptions, 2,606 passing yards, and 1,156 rushing yards. Wimbush is expected to compete with sophomore Darriel Mack Jr. for the starting quarterback position at UCF.

Saturday, January 12, 2019

The 1035 Exchange and How It Works

Thursday, November 8, 2018

James Conner Thriving in Place of Steelers Holdout Le'Veon Bell

As president of New Jersey's Epic Wealth Management, financial advisor Robert Gill oversees a team of account managers responsible for more than 800 individual client portfolios. Although he resides in New Jersey, Robert Gill is a passionate fan of the National Football League's Pittsburgh Steelers.

The Steelers have been without star running back Le'Veon Bell through the first eight weeks of the 2018 regular season while he holds out from his contract, but his absence hasn't had much of an impact on the team's offense. Conversely, his replacement, James Conner, has been thriving as the team's starting running back. Selected by the Steelers in the third round of the 2017 NFL Draft, Conner managed 144 rushing yards on 32 attempts last season and already has 9 touchdowns as well as 599 rushing yards on 127 attempts through 7 games this season. Moreover, he has 323 receiving yards on 31 catches.

Conner's play has improved as the season has progressed. In October, the 23-year-old University of Pittsburgh alumnus scored 6 touchdowns and registered a combined 526 yards from scrimmage. As a result, he was named the AFC Offensive Player of the Month for the first time in his career.

Thursday, July 19, 2018

How Nonqualifying Deferred Compensation Plans Are Taxed

Financial advisor Robert Gill has been working in the financial services industry for more than 20 years. Robert Gill oversees daily operations at the independent brokerage firm of Epic Wealth Management in New Jersey,

Over the course of his career, Mr. Gill has handled many financial tools and plans designed for financial security, including nonqualified deferred compensation (NQDC) plans. Also known as 409A plans, NQDC plans allow employees to delay the receipt of compensation such as salary, bonuses, and other taxable income. 

Most companies offer NQDC plans as an executive retirement benefit since 401(k) plans are not good fits for high-earners. However, other workers can also set up NQDC plans with their employers.

One of the benefits of NQDC plans is that when funds are deferred, a worker is not taxed on the deferred amount for that year. This allows high-earners to set aside a large portion of their salary for retirement without having to pay taxes on those earnings each year. 

However, when deferred compensation is collected, it is taxed. This means that a worker’s tax burden increases as their deferred compensation increases.

Extra taxes are also applied to the funds held by an NQDC plan if a worker receives funds from the plan early or if the plan doesn’t meet legal requirements. In these situations, workers are taxed on the entire amount of the deferred compensation as soon as they receive an early payout. This is true even if only part of the deferred funds are paid to the worker. Further, taxes are applied to the interest on the plan, and a 20-percent tax penalty may apply to all deferrals.