Clerestory Advisors

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Investment Advisory Service, Financial Planners, Financial Planning Consultants

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(651) 209-2610Call Visit WebsiteVisit Website Map & DirectionsDirections750 Main St Ste 215Saint Paul, MN 55118 Write a ReviewWrite Review

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Mon - Fri:	9:00 am - 5:00 pm

Clerestory Advisors

Tax Planning
Partners in a relationship often split up various tasks and responsibilities. We find it is common for one partner to be the primary financial manager- whether this is the person who handles the day-to-day tasks such as bill pay and budgeting or the person who keeps tabs on bigger picture items such as investment accounts and tax planning. This may be because one person has a stronger interest in financial matters, or it may be that their partner has little interest in taking these tasks on. Whatever the case, it is a frequent situation where one spouse has very little idea of the regular financial management tasks that must be done to sustain the household. This can lead to a crisis in the case of an unexpected event such as diminished capacity, illness or death and can be especially problematic as folks age.

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Places Near Saint Paul with Investment Advisory Service

Mendota (3 miles)
Lilydale (4 miles)
South Saint Paul (7 miles)
Inver Grove Heights (7 miles)
Newport (10 miles)
Saint Paul Park (11 miles)

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BBB Rating: A+
BBB Rating and Accreditation information may be delayed up to a week.
Extra Phones: Phone: (952) 405-2070
Neighborhood: West St. Paul
Other Link: http://clerestoryadvisors.com
Categories: Investment Advisory Service, Financial Planners, Financial Planning Consultants, Financial Services, Investment Management, Investments, Mutual Funds, Retirement Planning Services, Stock & Bond Brokers

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Details

Phone: (651) 209-2610

Address: 750 Main St Ste 215, Saint Paul, MN 55118

Website: http://clerestoryadvisors.com

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Clerestory Advisors

Tax Planning
Partners in a relationship often split up various tasks and responsibilities. We find it is common for one partner to be the primary financial manager- whether this is the person who handles the day-to-day tasks such as bill pay and budgeting or the person who keeps tabs on bigger picture items such as investment accounts and tax planning. This may be because one person has a stronger interest in financial matters, or it may be that their partner has little interest in taking these tasks on. Whatever the case, it is a frequent situation where one spouse has very little idea of the regular financial management tasks that must be done to sustain the household. This can lead to a crisis in the case of an unexpected event such as diminished capacity, illness or death and can be especially problematic as folks age.
Charitable Giving
Unfortunately, calculating your tax benefit from charitable giving is not as simple as subtracting your total donations from your tax bill. Charitable donations are recorded on Schedule A of your tax return, which is used to determine if you can itemize your deductions. Schedule A includes several different potential deductions including mortgage interest, property and state taxes, medical expenses over a specified limit and charitable donations. When your tax preparer is working on your return, they will tally any of the deductions relevant for you. If your total is greater than the standard deduction amount, you are allowed to itemize. If not, then you simply receive the standard deduction.
Estate Taxes
Tax Services
Roth IRA
One of the next most common resources that retirees have available is the value they saved into various retirement accounts. You may have saved into an employer retirement plan such as a 401k or 403b plan. You may also have accumulated value in a traditional IRA or Roth IRA account. These types of accounts have special rules when it comes to both distributions and tax treatment. We will discuss the two main types of retirement account value- pre-tax vs. Roth- and ways they can be used in retirement.
Tax Deductions
Over the last several years you may have noticed that despite diligently organizing all your charitable donation activity and providing it to your tax preparer, the amount of your tax deduction simply doesn’t change. This can be a confusing and frustrating experience given that in the past this process likely led to a larger tax deduction. So, what is going on and is your tax preparer missing something?
Income Tax
You were likely encouraged to build up savings into various retirement accounts during your working years. When you contribute a portion of your wage income into a traditional pre-tax retirement plan, you are electing to defer the payment of taxes on that income. In other words, you will not pay any ordinary income taxes on your contribution now, but you will pay taxes on any distributions from the account later on in retirement. This is true of contributions to any pre-tax retirement plans such as: 401ks, traditional IRAs, SEP IRAs, SIMPLE IRAs, 403(b)s, 457(b) plans and profit-sharing plans.
Tax Deferral
If you have a higher marginal tax bracket- such as the 32% or 35% brackets for Federal tax purposes- you will want to explore all options for tax deferral. These can include work retirement accounts such as traditional pre-tax 401k or 403b plans. If you are self-employed, there are also pre-tax retirement plan options available to you such as a SEP IRA or solo 401k. These types of retirement accounts allow you to avoid paying income tax on the funds you invest now in exchange for paying taxes at a likely much lower rate in the future during retirement. If you are not fully taking advantage of these plans now, consider doing so in 2024 and benefiting from additional tax savings.
Capital Gains Taxes
Receipts for home repairs (kept receipts until you sell your home and need them to calculate potential capital gains taxes)

Investment Management
We are an independent, fee-only financial planning and investment management firm located in Minneapolis/St. Paul where we meet with clients face-to-face and virtually across the country.
Mutual Funds
If you have any individual stocks or mutual funds at the holding company, consolidate these into a brokerage account at an independent custodian. This simplifies taxes, record keeping and makes things easier to track.
Bonds

Accounting Services
Payroll Services

Financial Planning
This article is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal and financial planning professionals if you want more information about restricted stock units.
Retirement Planning
Although they are currently not as common, you may have access to a pension plan. If so, you should request an estimate of benefits at various eligible retirement ages from the plan administrator. Be aware that not all pensions include an annual cost of living adjustment and pensions that do not have this feature will lose value over time as they will not keep up with inflation.
Long Term Care
There are a couple of beneficial strategies for considering the use of your Roth account. One approach is to leave the account invested for as long as possible (given the favorable tax-free growth) and then consider the value as additional funding at your end of life for increased health care or long-term care costs. Another approach is to use the Roth funds to supplement your spending needs above your Social Security and RMD amount instead of pulling additional funds from your traditional IRA and paying taxes on them.
Asset Management
Successful investing stems from focusing on what you can control. That can mean building a portfolio that is positioned to maintain return premiums, such as size, value or profitability that can improve risk-adjusted returns. Additional areas that are also within your control include asset allocation, keeping investment costs low, minimizing taxes and more.
Living Trusts
Do the titles of your parents’ accounts (investment and bank) need to be reviewed or updated? Consider adding a TOD (transfer on death) to any brokerage accounts, POD (payable on death) to any bank accounts or create a revocable living trust to avoid passing through probate.
College Funding
If you have children or grandchildren that you would like to provide college funding for, we review your options and create a plan that will effectively meet your goals.

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