Blog

 

Equifax Breach

By Kyle Mostransky, LUTCF®, CLTC

A cyber-security breach occurred at one of the major consumer credit bureaus, Equifax.  The data leak could impact 143 million Americans.  Credit bureaus such as Experian, Equifax and Transunion, compile consumer payment records to create credit scores.  Therefore, even if you do not believe you have used Equifax, it is possible that your data may have been compromised.

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The Domestic Asset Protection Trust

By Kyle Mostransky, LUTCF®, CLTC

Asset protection has become a much discussed area of law and has become the ideal complement to estate planning. Consequently, the Domestic Asset Protection Trust (DAPT) has become an asset protection tool in the planner’s toolbox. As more states have enacted DAPT legislation, practitioners have started doing more DAPTs for their clients. Financial advisors must be knowledgeable in this area in order to understand the opportunities for their clients.

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Incorrect procedure in §1035 exchange of annuity results in unexpected taxation.

By Kyle Mostransky, LUTCF®, CLTC

In a private letter ruling, the Internal Revenue Service (IRS) determined that a taxpayer’s receipt of cash from the surrender of an inherited annuity accompanied by the prompt deposit of such cash into another annuity failed to qualify as a tax-free exchange under Internal Revenue Code (IRC) Section 1035.

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Are You Saving Enough to Retire On Time?

By Kyle Mostransky, LUTCF®, CLTC

Have you thought about when you want to retire? When you are 62? 65? 70? Do you know how much money you will need to retire when you want to? According to the Employee Benefit Research Institute’s (EBRI) 2016 retirement confidence survey, 77% of workers polled said they expect to retire at a later age than they previously planned, and all of their reasons had to do with uncertainty regarding finances. If you don’t have a strategy in place, there’s a good chance you may not retire on time

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Three Important Tax Preparation Tips

By Kyle Mostransky, LUTCF®, CLTC

We are more than two months into 2017, and that means we are right in the thick of tax season. Many people wait until the end of the year to find ways to minimize their tax bills, but why wait? If you take a proactive approach and implement strategies to lower your annual tax bill at the beginning of the year, you won’t be scrambling come December.

Since your tax bill is based on your taxable income, one of the easiest ways to reduce your tax bill is to reduce your income number. There are multiple ways to accomplish this, such as giving wisely, maximizing retirement accounts, and contributing to a Health Savings Account.

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Update Your Financial Strategy in the New Year!

By Kyle Mostransky, LUTCF®, CLTC

We all know January as a time for fresh starts, new goals, and renewed motivation. New Year’s resolutions usually lead people to purchase gym memberships, pledge to read more, or spend more time with family and friends, but have you thought about making your finances a priority in 2017? 

This is the perfect time of year to focus on your financial situation and get on track with your financial strategy for 2017.

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Have You Made Your Annual Retirement Plan Contributions?

By Kyle Mostransky, LUTCF®, CLTC

Believe it or not, 2016 is coming to an end! Many of us are spending the final weeks of the year enjoying the holidays and getting ready for a fresh start in 2017. As you look ahead to a new year, don’t forget to analyze your financial situation and make sure you are taking full advantage of your IRA to save for retirement. While you have until April 17th, 2017 to make contributions for 2016, don’t wait until the last minute to max out your IRA.

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Why I Became a Financial Professional

By Kyle Mostransky, LUTCF®, CLTC

People often ask me why I entered this industry and became a financial professional. Like many people, I didn’t grow up knowing what I wanted to be or what I wanted to do with my career. In many ways, I stumbled upon this opportunity. With that being said, once I began this career, I was immediately inspired by the ability I had to sit down with complete strangers, listen to their needs, and talk with them about how to achieve their goals in life. 

I knew early on that this was the career for me.

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What I Do and How I Can Help

By Kyle Mostransky, LUTCF®, CLTC

A financial professional plays a very personal role in people’s lives. As a result, it can be overwhelming to find a person you trust and want to work with for the long-term.

I founded Mostransky & Associates to serve successful business owners, individuals, and families as a trusted professional with whom they feel comfortable discussing their financial concerns, life journey, and big dreams. My team and I strive to instill a sense of security and arm them with a comprehensive plan that incorporates both their immediate and long-term goals and outlines how they can successfully transition from where they are today to where they seek to be in the future.

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