Financial Advisors and Tax Optimization: How Eric Felsenfeld of Ameriprise Helps You Retain More of Your Wealth
When it comes to creating wealth, most individuals concentrate on making more money or making their money work harder. Yet, there exists a silent killer of wealth that does not get the attention it deserves taxes. Without an informed tax optimization strategy, much of your hard-earned cash may be going down the drain. That is where financial planners such as Eric Felsenfeld of Ameriprise come in, assisting families and individuals to legally reduce tax bills and maximize after-tax wealth.
Why Tax Optimization is Crucial to Your Financial Success Every dollar saved on taxes is a dollar that can be invested, saved for retirement, or used to fund personal goals. However, the tax code is complex, and without professional guidance, it's easy to miss out on legitimate strategies that can reduce your tax burden. Eric Felsenfeld, Ameriprise financial advisor, is clear that tax planning is not merely for the wealthy. Regardless of whether you own a business, you are a high-income professional, or merely preparing for retirement, wise tax strategies have the ability to profoundly affect your long-term financial results.
What Is Tax Optimization Really? Tax optimization is the skill of minimizing your tax burden by law via intelligent financial planning. It encompasses: Organizing investments so they are tax-effective Taking advantage of tax deferral or exclusion using retirement accounts Planning capital gains and losses strategically Using charitable gifts and gifting strategies to deduct contributions Transfer tax reduction through estate planning This is not tax evasion or taking the shortcuts. It's about being aware of how the tax system works and making your financial decisions so that they operate within it effectively and efficiently.
Eric Felsenfeld Ameriprise: A Strategic Approach to Tax-Smart Wealth Management As a veteran advisor with Ameriprise Financial, Eric Felsenfeld provides a comprehensive financial planning strategy in which tax optimization is a central support. His solutions are designed for each client's individual financial situation, life circumstances, and changing tax laws. Here's how Eric Felsenfeld assists clients to retain more of their earnings:
1. Tax-Efficient Investment Strategies Eric creates portfolios that maximize after-tax returns. He positions tax-burdened investments in tax-favored accounts and controls turnover levels to minimize the annual tax drag on investment profits.
2. Optimizing Retirement Account Benefits He counsels clients on the judicious deployment of 401(k)s, IRAs, and Roth accounts in order to maximize tax benefits today as well as in retirement. Eric also assists with Roth conversions when advantageous.
3. Management of Capital Gains Eric actively controls capital gain exposure, so clients aren't surprised by unexpected tax burdens. By using tax-loss harvesting and selecting assets judiciously, he offsets gains and losses effectively.
4. Individualized Withdrawal Strategies For retirement clients, Eric designs withdrawal strategies that maximize taxable income levels, synchronizing RMDs, Social Security benefits, and other sources of income to stay out of unwarranted tax brackets.
5. Estate and Legacy Planning Eric offers tax-bright estate planning guidance, assisting customers in transferring their assets while keeping estate and gift taxes at a minimum. This includes charitable giving, lifetime gifting, and trust planning strategies.
Personalized Tax Planning vs. Generic Advice Generic advice and online tax calculators typically do not consider unique circumstances. Eric Felsenfeld of Ameriprise knows each client's financial situation is one-of-a-kind with varying sources of income, families, and long-term ambitions. His customized strategy assures tax planning meets immediate needs as well as long-term objectives.
Keeping More of Your Wealth is a Strategy Tax optimization is not a year-end chore once a year during tax season. It's a continuous process that needs foresight, knowledge, and continuous tweaking. Having a seasoned financial professional such as Eric Felsenfeld of Ameriprise, you have a forward-thinking ally who can guide you through tax regulations and incorporate them into an overall wealth-building plan.
