Category : Wealth Management

3 Steps to Take to Determine if Your Retirement is On Track

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  • December 20, 2019

The idea of nearing retirement may leave you stressed – or fill you with excitement. Many times your stance depends on your financial situation.


As you get closer to retirement, it’s important to assess your financial situation and make sure you have an accurate snapshot of what your finances during retirement will look like. If you’re moving closer to retirement, here are 3 steps you need to take to determine if your retirement is on track:


Step 1: Take a Look at the Numbers

Pull all your account balances and begin looking at where you are at. Are you where you think you need to be? If not, you may want to look increasing retirement savings or adding catch-up contributions. Visit with a tax planning specialist to determine the best way to allocate funds to create a tax friendly financial situation both now – and in retirement.


Step 2: Evaluate Asset Allocation

Make sure that all of your assets are in the best place for the timeframe and retirement goals you have before you. Many people start their retirement savings with one date in mind, set their asset allocation accordingly, but forget to go back and reevaluate as circumstances change. You may want to allocate more aggressively – or more conservatively – based on lifestyle changes or a change in retirement date.


Step 3: Consider Social Security

While it should not be a focal point of your retirement plan, your social security income should be a consideration in the overall retirement strategy. Consider all of your investments and determine when will be the best time for you to begin taking your social security income.


If you are nearing retirement and unsure if your current retirement plan is where it needs to be, give us a call at Metroplex Wealth. Our Southlake wealth managers are specialists in retirement planning and can develop a strategy that fits your needs.

Why Now is the Time to Do Year End Tax Planning

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  • December 10, 2019

As 2019 draws to a close, Metroplex Wealth is working with many of our clients on proactive tax planning. Sure, it’s something that is important to consider throughout the year, but now is the time to assess if you can make any adjustments that will prove fruitful on your 2019 tax returns. Here are 5 things our advisors at Metroplex Wealth urge you to consider before the new year:


Charitable Giving

Is now the time to make a sizeable charitable gift? The 2017 Tax Cuts and Jobs Act (TCJA) made changes to various deductions, but charitable giving deductions have remained relatively untouched in terms of taxation. This means you’ve got a great opportunity to make some charitable gifts and improve your tax situation in the process.


Give Cash this Holiday Season

Take advantage of the $15,000 ($30,000 if married) annual exclusion gift, allowing you to give up to this amount in cash or properties all tax-free. This may be a good strategy if you’d like to pass assets along to your children without reducing your lifetime exemption from gift and estate tax.


With Income, Timing is Everything

Consider your tax bracket for 2020? Do you anticipate it being lower than 2019? If so, you may want to defer income until after Jan. 1 to offset the tax burden. The opposite is true if you’re expecting a great rise in income next year.


Give to Tax Advantaged Accounts

Now is a great time for maxing your contributions to 529 plans, trusts, and other tax advantaged accounts. Income in these accounts is not taxed as long as its used according to the rules set forth in the plan.


If you have questions and want to see if you need to make any adjustments for tax planning before the new year, please give us a call at Metroplex Wealth in Southlake, Texas. Our proactive tax planning department can help you make sound decisions that protect your hard earned assets.

Tax Audits: Tax Preparation Pitfalls to Avoid

No one wants to be audited, and in fact, less than 1% of all taxpayers are audited. While there is no formula for determining who will or will not be audited, there are certain pitfalls Metroplex Wealth recommends you avoid to minimize the risk:


#1: Failing to Disclose All Income

Since businesses, employers, and financial institutions are all required to report their own income information, it’s very easy for the IRS to cross-reference and flag individuals who fail to report all of their income. Don’t be that guy. Report all of your income and you’re less likely to get audited.


#2: Filing a Return that Differs from Most in Your Tax Bracket

The IRS has a formula they call the Discriminant Information Function that evaluates the normal deductions, credits, and exemptions for taxpayers in various income brackets. If you file a return that deviates heavily from the norm in your tax bracket, this may sound an alarm for the IRS to conduct an audit on your account. Working with a trusted tax preparation specialist in Southlake will help you avoid these costly mistakes.


#3: Reporting Rental Property Losses

In most cases, if you own rental property, you cannot claim deductions on the losses. However, if you’re working more than 50% of your time on rental property investments or actively involved in managing rental properties, then claiming losses on the property is legal. Just be aware it could trigger an audit.


#4: Recent Divorcees’ Tax Returns Don’t Match

Recently divorced? Make sure you and your spouse are aligned on how you are reporting information; otherwise, you could trigger an audit when your reported information does not align.


As the year draws to a close and you begin thinking about filing your 2019 taxes, look to the tax professionals at Metroplex Wealth. We do more than tax preparation; we do proactive tax planning. This means we optimize your portfolio for the lowest taxes possible, allowing you to keep more of your wealth and pass it on to the generations to come. Call us today for a consultation with our team in Southlake, Texas.

Wealth Building: 5 Ways Young Professionals Can Get Ahead

When you’re just beginning your career, it can seem impossible to find the extra capital to begin investing or saving for anything, but getting a head start on investing in your early 20s can pay monumental dividends down the road. Here are 10 ways Metroplex Wealth recommends young professionals get ahead when it comes to building long-term wealth:


Build an Emergency Fund

Depending on your risk tolerance, an emergency fund should be somewhere between 3-9 months of living expenses on hand and liquid in case you need to access it in a pinch. Do this first before moving forward with other investment strategies.


Take Advantage of Time

As a young professional, time is on your side. Compounding is the greatest gift of an early investment – an investment opportunity that you cannot ever get back.


Take Risks

In that same vein, the longer timeframe for investments mean you can take more risks with your money. Consider talking with a wealth manager about aggressive growth funds.


Start Slow

As you’re learning the markets and the investment style that works best for you, start with a conservative amount of money and only invest that which you don’t need for everyday expenses and your emergency fund.


Use Networking to Your Advantage

If you don’t know where to start with investing and building wealth, do not be afraid to ask. Ask others what they are doing. Look to older professionals you trust and ask what their strategies are; ask which companies they invest their money with. You never know until you ask.


Are you ready to take the plunge into investing and building long-term wealth? If so, give us a call at Metroplex Wealth in Southlake, Texas – the top wealth management firm in Southlake. Each investment approach is tailored to your individual needs, ensuring we’re doing what’s best for you and your long-term financial goals. Set up a consultation today and let’s talk about building wealth now!

How are You Paying for Healthcare Expenses in Retirement?

A recent study from Fidelity found that a newly retired couple at the age of 65 will need about $285,000 to cover healthcare expenses in retirement.

While many of our clients do an excellent job of planning for retirement, the idea of planning for healthcare expenses that high aren’t even on their radar. Most people think their healthcare expenses will be a lot less, but the above statistic is a reality for most.

Metroplex Wealth is passionate about helping you gain traction with a well-rounded estate planning approach that includes planning for healthcare expenses in retirement. Here are a few things to consider as you tackle the issue:


Medicare Has Its Limitations

If you’re assuming Medicare will pick up the bill for healthcare expenses in retirement, chances are, it won’t be a holistic approach. For example, Medicare is not equipped to cover the costs of prescription drugs that can be very expensive if it’s lacking the Medicare Part D policy. You’ll also have limitations on vision and dental benefits, depending on the plan. Medicare participants can go into retirement expecting the pay deductibles and out-of-pocket expenses for things not covered.

Options for Pre-Retirees

If you haven’t yet retired and are looking to the future, there are some ways to plan for healthcare expenses and protect your hard-earned assets. For many clients, we recommend taking full advantage of an HSA, or Health Savings Account, because of its tax-deductible contributions, tax-deferred growth, and tax-free withdrawals. Long term care insurance is another great option, but pricey. It will help cover living expenses for extended care without draining your nest egg. Younger couples may get better rates for buying into this program earlier or coupling it with a life insurance policy.

If you’re interested in exploring retirement healthcare planning options that are right for you, call us at Metroplex Wealth in Southlake, Texas today for a consultation.

4 Things You Must Do Before Selecting a Wealth Manager

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  • October 13, 2019

Selecting a wealth manager shouldn’t be a knee jerk reaction. Don’t select someone just because they come highly recommended by a friend or because they talk a big game. Make sure you find a wealth manager that fits your specific needs and creates an environment where you are able to preserve, protect, and build wealth year-after-year. At Metroplex Wealth in Southlake, Texas, here are 4 things we recommend you must do before selecting a wealth manager:

  1. Evaluate What You Need

Not all wealth managers are created equally and each specializes in something different. Some are heavy on stocks and bonds, while others offer tax preparation and estate planning. Others still, might focus on real estate. Know where the gaps in your long-term financial plan so that you can better assess which wealth manager is the best fit. At the very least, avoid wealth managers who produce cookie-cutter portfolios.


  1. Be Mindful of How the Fee Structure

Using a wealth management firm is a wise decision for gaining wealth, but also know that wealth managers do not work for free. Before choosing a wealth management firm, be sure you know how they are paid. Are they commission based? Do they offer a flat fee for their knowledge and expertise?


  1. Know Their Communication Style

If someone else is handling your investments, then it’s nice to know they are only a phone call or text away. Choose a wealth manager that is easy to contact, that returns calls promptly, and regularly meets with their clients to re-evaluate their portfolio for optimal production.


  1. Look into their Reputation

Checking references, the Better Business Bureau, and online reviews are very important when it comes to understanding how a wealth manager will deal with you and your money. Do not hesitate to do a thorough check before trusting someone with your long-term financial security.


Metroplex Wealth is a full-service wealth management firm in Southlake, Texas, specializing in estate planning, wealth management, asset protection, retirement savings, tax planning, and so much more. Give us a call today for a consultation to see if we are the right fit for you.

4 Common Mistakes When Choosing a Financial Advisor

If you are seeking out sound financial advice and someone to keep your assets safe for generations to come, then choosing wisely is key. However, this decision can often be overwhelming, leading many to make a hasty decision with long-term ramifications. As you choose who to trust with your money, avoid these 4 common mistakes when choosing a financial advisor:


Mistake #1: Not Paying Attention to Someone’s Specialty

At Metroplex Wealth in Southlake, Texas, we offer a variety of specialized financial services including retirement planning, proactive tax planning, asset protection, social security management, and more. Depending on your goals, it would be unwise to choose someone who isn’t aligned with your needs. If you’re a small business owner just starting out, your needs likely vary from someone who is looking for ways to capitalize on growth as they near retirement. Likewise, strategies vary and you need to feel comfortable with the type of strategy your financial advisor feels is best for your money.


Mistake #2: Hasty Decision-making

Just because your close friend or colleague uses a certain financial advisor, does not mean that person is right for you. Before making a decision on wealth management, get to know the advisor. Call his or her references. When it comes to your money, do not make a decision lightly.


Mistake #3: Choosing Based on Brand

Many wealth management and financial advisors are affiliated with big name companies, but that doesn’t necessarily mean they are the right fit or the most well-educated on your specific needs. Choose the person who is right – not the company.


Mistake #4: Ignoring the Fee Structure

Before trusting someone to manage your wealth, be sure to understand the fee structure. Is there a flat fee? Are they commission based? Do they get a percentage based on assets under management? All of these questions are important to understand before signing on the dotted line.


At Metroplex Wealth in Southlake, Texas, we are more than a financial advisor. We are a full-service wealth management firm, excited to help you do the most with your money. Give us a call today to set up a consultation.

Asset Protection in Texas: 4 Ways to Minimize Your Risk

At Metroplex Wealth, one of the services we offer is Asset Protection in Texas. Asset Protection is a commonly misunderstood part of wealth management, so let us clear the air on what it is – and what it isn’t.

What is Asset Protection in Texas?

Asset Protection is simply a legal way to evaluate your assets and ensure that they get to the individuals or charities that you choose. In a society where litigation is more and more common, your personal and business wealth must be structured in a way that it’s protected. Asset Protection is not an illegal way of hiding money. At Metroplex Wealth, we work with an estate planning attorney that works with the law to legally diversify and protect your money.

Ways to Minimize Risk

So exactly how does Metroplex Wealth work to minimize risk? Here are 4 common Asset Protection methods we use often:

  1. Charitable Giving: Gifts to children, charities, or other family members are a great way to minimize risk and increase asset protection. This is one of the easiest strategies and one used often by our clients.
  2. Retirement Plans: Money held in many retirement plans is well protected from creditors until you begin distributions. 401(k) and 403(b) plans are some of the best for Asset Protection, but you’ll find that IRAs also offer some protections as well with generous caps.
  3. Trusts: Worried about creditors coming to your heirs and depleting assets? In that case, a trust may be a smart choice for Asset Protection, as the funds in a trust are protected.
  4. Family Limited Partnerships (FLPs): These partnerships among family are a legal way to provide a safe haven for your assets. You are your family will get limited partnership rights to the money while it’s kept in safekeeping.

Is Asset Protection Planning Right for Me?

If you’re concerned about litigation or your assets falling into the wrong hands in the future, then call us at Metroplex Wealth for a consultation. We have estate planning attorneys on staff to offer sound advice on what makes sense for you and your money.

Why Choose Metroplex Wealth?

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  • July 23, 2019

With so many wealth management professionals out there – what makes Metroplex Wealth different? Our business model has been tweaked and perfected through 34 years of experience in the financial industry. Read on to learn more about what sets us apart from the pack:


Well-Rounded Approach to Wealth Management

Prior to opening his own wealth management firm, our founder spent years working for prestigious companies like Merrill Lynch, Smith Barney, UBS, and the like. What he felt was missing was a well-rounded approach to his clients’ financial needs. Sure, he knew investments, but there seemed to be a better way to approach investments, tax planning, and estate planning all under one roof. From there, Metroplex Wealth was born. We work closely with the like-minded tax and estate planning professionals to give our clients a holistic approach to wealth management. This holistic approach helps your money work for you and identifies pitfalls and ways to save you money along the way.


Professional & Certified

When you meet with our team at Metroplex Wealth, you can expect professional, knowledgeable wealth management advisors who cater to your needs first and foremost. Our team has acquired many certifications and professional memberships after completing rigorous training courses to keep up-to-date on the latest investment strategies and products.


Many Financial Products Available

As we mentioned earlier, assessing and understanding your full range of financial needs is our goal here at Metroplex Wealth – the top wealth manager in Southlake, Texas. We offer many financial products, including estate planning and probate, wealth management, retirement planning, asset protection, social security planning, proactive tax planning, and holistic investment strategies to fit your needs.


If you’re looking for the best wealth manager in DFW, then give us a call at Metroplex Wealth and let’s talk about how we can help you achieve your financial goals.

5 Simple Ways to Increase Retirement Savings

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  • July 13, 2019

Whether you have been saving for retirement for years – or just getting started – Metroplex Wealth can help you achieve your financial goals and get you moving in the right direction. Our team offers a well-rounded approach to retirement savings, and here are a few simple ways we recommend you increase your retirement savings today with very little effort:


Increase Saving Today


As most people know, retirement savings – and the amount you end up keeping at the end – comes down to the magic of compound interest. That’s why it’s best to start saving as soon as possible so that time is on your side. If you’re already saving, boosting that amount by even $50/month will pay off in the long run.


Take Advantage of Employer Matching


Don’t leave money on the table. If you have an employer that matches 401K contributions, make sure you are maxing out that match in order to maximize your return. After all, it’s free money. If you can’t do it today, then wait until your next raise, and instead of pocketing the increase, put it toward retirement savings and maxing out the employer contribution.


Take Advantage of Higher Contribution Limits for 50+


If you are over the age of 50, then you have the opportunity to catch up on your retirement savings with higher yearly contribution limits. Catch up contribution limits vary for IRAs, Roth IRAs, and 401K plans, so give us a call at Metroplex Wealth to discuss your options and what makes the most sense for maximizing your money.


Schedule Automatic Withdrawals


It may hurt a little at first, but scheduling automatic retirement savings withdrawals ensures you are paying yourself first and working toward your retirement goals – without even lifting a finger. Soon, you won’t even notice the difference and the money will be working for you.


Delay Social Security Payments


Did you know that once you reach retirement age, every year that you delay your Social Security payments – up to age 70 – it increases your Social Security benefit? Even just pushing it back a year can make a difference in the amount of money you receive.


Not sure if your retirement savings in on track? Talk with a DFW financial advisor at Metroplex Wealth about simple solutions to growing your retirement savings and keeping you on track to financial freedom in the retirement years.