Year in, year out, Michael finds ways to help Oklahoma’s seniors keep more of the income they earn. He integrates investment, income tax and estate planning so his clients can save money.

How is he able to do all this? He’s both an investment advisor and an attorney-at-law. Here are the steps he helps you take to save taxes, and grow and preserve your wealth.

Gather the Pertinent Information and Identify your Personal Goals
Michael will meet with you to asses your current situation, help you determine which goals an desires are important to you, and obtain the information necessary to develop a strategy to achieve your goals.

Trust Creation and Implementation
If you have wealth, creating a living trust allows you to direct your money to your heirs exactly as you want. It saves you and your heirs from probate, in which the courts determine the fate of your money.

A living trust is also called a revocable trust — it lets you plan for the distribution of your assets while you are living, yet you retain control of your money. A charitable remainder trust allows you to give money as you wish to your favorite charity and retain the income from that money for your life. Irrevocable insurance trusts and family limited partnerships may also allow you to better direct and shelter your wealth from income and capital gains taxes.

Single-Premium Life Insurance
It’s a great alternative to the CDs many seniors rely on as a wealth transfer vehicle. Single-premium life insurance offers you safety, high cash values and a good rate of return; the deferred gain (or growth of the cash value) from a policy is converted into a benefit when the policy matures. Simply put, minimum death benefit, high cash value insurance policies can provide insured safety of principal, good rates of return, access to cash if you need it and tax free pay outs at your death. If you qualify, this can be a great alternative to CDs and bonds. This can be highly advantageous for your heirs.

Single-premium life insurance and deferred annuities are great options for seniors who want safety and regularly paid income tax on their CDs and Social Security. Combine them with an IRA rollout at age 70 1/2, and you have a fine and simple way to transfer wealth to your children and grandchildren, while reducing your income tax bill.

Qualified Plan and IRA Distribution Strategy
In Spring of 2001, the rules changed. The IRS has issued new rules on the distribution of Qualified Plans and IRAs. More options, more distribution choices for you and your heirs. In order to take advantage of these new options and delay the taxation on your IRA, the plan distribution document must be designed and implemented before your death. Michael can help you learn what you can do.

Asset Protection
Michael uses his financial and legal knowledge to help protect you from lawsuits, and protect you from excessive nursing home and home health care costs. If you can’t afford long-term care insurance, he can show you how — in some cases — to gift assets and protect them from nursing home claims. He can show you options in disability income insurance that can protective save you (and your family) if you get hurt.

Long-Term Care
About 1/3 of all Americans over 65 will require long term care. It's sometimes a necessity, and it’s also a huge threat to family wealth. Should you or your spouse need long-term care, Michael can show you how to finance it and select the best policy for your needs. He not only gives you information, but reveals the options besides nursing homes: assisted living, adult day care, home care by family members. You really do have to shop for long term care, and Michael can shop with you...as he also researches and implements ways to save you from excessive care costs.

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Shopper’s Guide to Long-Term Care Insurance