The Benefits of a Deferred Compensation Plan

An experienced financial advisor, Robert Gill serves as the president of EPIC Wealth Management, an independent brokerage firm based in New Jersey that offers a range of financial services to individuals, families, and business owners. At the New Jersey office, Robert Gill and his colleagues often discuss deferred compensation plans and other retirement strategies to their clients.

A popular retirement strategy for higher-income earners, deferred compensation plans allow workers to have part of their income set aside in a retirement account. Once in the account, the money grows tax-free, but the income becomes taxable upon withdrawal. Deferred compensation plan offers flexibility for high-earners to postpone their income in certain periods when they belong to the top tax bracket and earn more when they expect to be in the lower tax bracket.

Another benefit of deferred compensation plans is the zero contribution limit set by the IRS, which allows high-income individuals to maximize their retirement compensation. Most deferred compensation plans also offer investment options so individuals can select the right products that will increase their income.

What to Do with a 401k After Leaving a Job

An accomplished financial advisor Robert Gill serves as the president of EPIC Wealth Management, an independent brokerage firm in New Jersey. Robert Gill of New Jersey provides clients with a variety of services, including assistance with estate and retirement planning.

On average, Americans change jobs 11 times throughout their careers according to the Bureau of Labor Statistics. Most companies offer a 401(k) retirement plan to employees but the latter tends to leave their accounts as is when they switch jobs. Leaving the account is the easiest option and is suitable for accounts that have at least $5,000 in them. When accounts have less than $5,000, companies may force the account out by helping employees set up an IRA to host the money instead. For accounts with less than $1,000, companies may issue a check to a former employee instead of keeping the 401(k).

However, leaving a 401(k) is not always the best option. Having multiple 401(k) accounts not only creates confusion come retirement, but it also increases the risk of individuals forgetting about some accounts and ceasing to rebalance or manage them. To prevent this from happening, individuals can roll over their 401(k) to a new employer’s plan and consolidate multiple retirement accounts without taking a tax hit. Furthermore, having a single account makes managing the account easier over time. Moving the money to an Individual Retirement Account (IRA) is another option for the old 401(k) plans. By doing so, individuals increase their investment options while improving their ability to control their accounts.

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.

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.

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.

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.

The 1035 Exchange and How It Works

Robert Gill owns and leads Epic Wealth Management, a financial services firm in Red Bank, New Jersey. As a financial advisor, Robert Gill brings to the New Jersey firm an in-depth knowledge of 1035 exchanges and other life insurance and annuity strategies.

The 1035 exchange is a strategy based on Section 135 of the Internal Revenue Code. It provides holders of annuities or life insurance policies with the opportunity to exchange their policies without the tax implication of a surrender or sale.

Some policy holders conduct a 1035 exchange to offset the tax implications of cashing in the product. Others prefer different benefits or features. In many cases, a holder of a fixed annuity will switch to a variable rate policy that may offer better returns.

An annuity holder may exchange his or her product for another annuity, while a life insurance subscriber can change to a new insurance policy or to an annuity. However, one cannot exchange an annuity for a life insurance policy.

A 1035 exchange may constitute a full or partial transfer of the policy or contract. Partial exchanges may result in a cash benefit, but any income from such a transaction is taxable. These transactions are complex, as are full exchanges, so an advisor's assistance is usually necessary.