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.

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.

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.

Financial organization , product diversification

Robert Gill, a New Jersey financial advisor, founder and CFO of Epic Wealth Management for more than a decade. In this role, Robert Gill helps his clients to understand deferred compensation plans and other financial products. EPIC has tools and technological platforms backed by human integrity that allow clients to make logical financial decisions and can measure their investment decisions. Once a financial philosophy is embraced , it allows clients to stay the course when the road gets bumpy. EPIC’S platform is built on a groundbreaking view of client’s financial world that is updated daily. 

Designed for high-earning employees and executives, the deferred compensation plan allows a participant to set aside more of their pay than is permitted under a 401(k) or comparable retirement vehicle. The money grows on a tax-deferred basis, although the employee would have to pay taxes on its withdrawal. If the saver is in a lower tax bracket at the time of withdrawal, he or she would save the difference in taxes due.

In some cases, the employee can also choose an investment vehicle in which to place the deferred compensation contributions. In other cases, however, the company may pay interest directly to the saver. Both versions allow the deferred funds to remain in the possession of the employer.

This means that if the company finds itself in financial trouble, participants in deferred compensation plans may see their money allocated to secured creditors. This does translate to some degree of risk, but many high earners find the increased flexibility in saving for retirement to be worth the potential loss.

Saint Peter's Prep School Alumnus Named Notre Dame Starting QB

The recipient of a business marketing degree from Castleton State College, Robert Gill is a New Jersey resident who serves as president of Epic Wealth Management, a subsidiary of Chelsea Financial Services. New Jersey's Robert Gill provides scholarship opportunities through Saint Peter's Preparatory School and is a fan of the Notre Dame Fighting Irish football team. 

The 2017 college football season begins toward the end of August and the Fighting Irish's starting quarterback will be Brandon Wimbush, a 2015 alumnus of Saint Peter's Preparatory School. Wimbush, a 6-foot-1, 228-pound native of New Jersey, debuted with Notre Dame as a freshman in 2015 and played in only two games. He made seven rush attempts and recorded a touchdown, but didn't throw the ball. He was redshirted in 2016 while DeShone Kizer and Malik Zaire battled for the role of starting quarterback. 

The 20-year-old finance major contemplated transferring schools, but eventually embraced the redshirt role and practiced hard throughout the year against the team's defense. He also made the most of his extra time to study film and improve his conditioning in the gym. Following the end of the 2016 season, Kizer entered the NFL Draft and was selected by the Cleveland Browns, while Zaire transferred to the University of Florida. Wimbush, meanwhile, makes his 2017 regular season debut as Notre Dame's starting quarterback on September 2 when the team plays Temple.

Hospital names new trustees

Hospital names new trustees from Robert Gill (New Jersey)

The H.O.P.E. 5K Run & 2K Family Walk for Saint Barnabas Medical Center

As founder and president of Epic Wealth Management, Robert Gill leads the New Jersey-based brokerage firm that aims to help its clients achieve financial security. His responsibilities including recruiting, training, and managing the organization’s staff administrators and account managers. In addition to his role at Epic Wealth Management, Robert Gill serves on the Board of Trustees for Clara Maass Medical Center, which will hold its H.O.P.E. 5K Run & 2K Family Walk on April 23, 2017.

The H.O.P.E. (Help Overcome Pediatric Epilepsy) 5K Run & 2K Family Walk will benefit the Pediatric Epilepsy Program at Saint Barnabas Medical Center in West Orange, New Jersey. The event was established by Marc and Faith Greenstein in honor of their son, Ethan, whom doctors diagnosed with epilepsy at the age of just 6-and-a-half months. Thanks to the care provided by the team at Saint Barnabas Medical Center, 8-year-old Ethan now enjoys a variety of activities, including participation in summer camp and beach vacations.

The H.O.P.E. 5K Run & 2K Family Walk will take place at the Livingston High School Oval from 8:30 to 11:30 a.m. The proceeds raised by the event’s more than 700 participants will help create a more comfortable environment for children with epilepsy at Saint Barnabas Medical Center.

Three Common Money-Wasters

Robert Gill is the managing director for Epic Wealth Management, LLC, located in Tinton Falls, New Jersey. Working with both businesses and individuals, Robert Gill throughout his career has helped acquire over 300 client portfolios, developing strategies to help those clients achieve financial security. His company is an affiliate of Chelsea Financial Services.

One of the easiest and most obvious ways to start saving toward financial security is simply to waste less money, but it is often easier said than done. Consider eliminating these three money-wasters from your budget – or at least push for a better deal on what you want.

1. The gourmet coffee shop - If you are a regular coffee drinker, the price of your daily premium coffee adds up, and that is assuming all you get is coffee, let alone a $4 bagel or $6 pastry. You do not even need to give up your coffee, just the premium price tag. Brew your coffee at home and save the money you would otherwise spend on this daily money-waster. 

2. Bottled water – This is not the only source of drinkable water. Even if you live in an area where the tap water is not safe for drinking, you could buy a reusable filtration system and washable bottle. Both of these investments will eventually pay for themselves and start saving you the money you once spent on bottled water. 

3. Cable television, Internet, and phone - Companies that provide these services often offer special discounts at first, but then raise the price after the promotional period. Sometimes, though, all you need to do to get your bill lowered is ask. Don’t be afraid to frame it as though you cannot afford the current service. Your provider might be willing to help in the face of potentially losing a customer.

Three Workouts to Improve Your Boxing Game

At Epic Wealth Management in New Jersey, Robert Gill helps his clients achieve their unique financial goals for their families and businesses. When he finds time away form his professional duties and charitable work throughout New Jersey, Robert Gill pursues boxing and fitness.

Boxing in the ring is roughly 20 percent aerobic and 80 percent anaerobic. The discipline demands both stamina and agility, requiring good fighters to be well-rounded athletes. To improve your boxing skills, consider adding one or more of these intense non-boxing exercises to your training regimen.

1. Power lifting with barbells – While focusing on proper form to avoid injuries, add heavy deadlifts, squats, and bench press sets to your workout routine. These three big exercises will improve strength and stability in your legs, glutes, core, chest, and arms.

2. Variations on jumping rope – To improve footwork and agility, practice double unders, criss-crosses, and other challenging styles of jumping rope.

3. High intensity cardiovascular intervals – Whether you favor the treadmill, the stationary bike, or other cardio machines, add intense intervals to your training. Move at your normal pace for one minute, then sprint for 15 to 20 seconds. Repeat these intervals as many times as you are able, gradually working up to sessions of approximately 12 intervals.

Clara Maass Brings Invaluable Health Services to Seniors' Doorsteps

Robert Gill, New Jersey business owner, serves as president of Epic Wealth Management. Alongside his work in the financial sector, Robert Gill sits on the board of trustees for New Jersey's Clara Maass Medical Center.

Clara Maass Medical Center created the Wellness Assessment Van for Elders (WAVE) program to bring preventative health services to seniors in their own communities. Medicare entitles senior citizens to a free wellness checkup each year, but some individuals lack transportation or access to these essential services.

Clara Maass and WAVE bring physicians and nurses directly to seniors in their community groups and private residences. Patients receive an examination, appropriate tests, and relevant wellness information to help them stay healthy. As part of a regular healthcare routine, these preventative services help seniors live better, longer.

If you live in New Jersey, it is easy to bring WAVE to your community center or local seniors group. To get in touch with WAVE, call 973-450-2528.

Saint Peter’s Prep Welcomes Academically Exceptional Young Men

As the president of Epic Wealth Management, Robert Gill, New Jersey business owner, maintains the financial portfolios of more than 800 local clients. Alongside his demanding role in the financial world, Robert Gill supports education in New Jersey through generous donations to the state’s best schools. Among others, he contributes to scholarship funds at Saint Peter’s Prep.

Though it is a Jesuit school, Saint Peter’s Prep welcomes young men from a variety of backgrounds, provided they meet the school’s rigorous academic requirements. To be considered for admission, incoming freshmen must first complete the COOP exam, administered by the local Archdiocese. Students must also furnish an official academic transcript, which should provide grades for at least the sixth and seventh grades as well as the first term of their current school year.

Incoming freshmen must also furnish at least one teacher recommendation form. Saint Peter’s uses these evaluations to judge the character and scholastic aptitude of each potential student. Once these materials are in order, students will also need to complete the official application and accompanying personal essay.

Clara Maass Medical Center Provides Mobile Wellness Care for Seniors

As the founder and managing director of Epic Wealth Management in Tinton Falls, New Jersey, Robert Gill advises clients on how to grow their assets with minimal risk. Robert Gill also gives back to the community by serving on the board of trustees of the foundation for Clara Maass Medical Center in Belleville, New Jersey.

The hospital offers an innovative service for senior citizens: the Wellness Assessment Van for Elders (WAVE). WAVE performs free annual wellness checks to organizations that serve seniors, such as community centers and governmental facilities. Persons with Medicare or Medicare Advantage can receive visits annually. No referrals from doctors or insurance pre-approvals are necessary.

Intended to prolong seniors’ quality of life, WAVE emphasizes preventive care. A typical visit includes a check of vital signs and an interview regarding various health factors, plus other activities, such as screening for sound memory, respiratory capacity, circulation, depression, and more.

Each participant receives a health plan that outlines services and care they should receive over a 5- to 10-year period. Many are available at no cost through Medicare.

Robert Gill’s Views on Leadership and Motivation

Robert Gill, the managing director of Epic Wealth Management in Tinton Falls, New Jersey, believes in having a strong team to serve the firm’s clients. In a recent panel discussion, Robert Gill described his process for motivating financial professionals.

Gill cited as inspirational leaders the family of Bob Hurley, Sr., a legendary high school basketball coach in New Jersey, whose sons Bobby Jr. and Danny were great basketball players in high school and then went on to successful careers playing and coaching in the NBA and the NCAA, respectively. The family’s experience demonstrated the value of teamwork and effort, values reflected in Gill’s training philosophy.

He makes certain that each person he works with understands the necessity of hard work and a passion for professionalism and that success does not arrive overnight. Gill looks for the kind of people who dream of great success. Not every person has this desire, nor can they be made to have it. But some people do find their way to it, and they succeed.

The Health Benefits of Boxing Workouts

New Jersey financial executive Robert Gill serves as the president of Epic Wealth Management, an independent brokerage that manages more than 800 client portfolios. In his free time, Robert Gill enjoys training at boxing gyms in the New Jersey area.

As a competitive sport, boxing requires a high level of strength, speed, endurance, agility, and power. Boxing workouts incorporate many of these same attributes, producing a number of health benefits for those who do them, whether they box or not.

Perhaps most notably, boxing workouts help participants improve their cardiovascular health. The footwork and punching involved in boxing workouts enable participants to keep their heart rate elevated over the course of the workout, thereby strengthening the heart and lungs. In addition, many people find boxing workouts more engaging than running on a treadmill or riding a stationary bike.

From a strength perspective, punching and kicking large bags engages muscles in the upper and lower body, as well as the core. Boxing workouts typically incorporate challenging circuit training as well, often including strength-building exercises such as squats, pushups, crunches, and medicine ball work.