Listen to this articleBelow is our recent interview with Jeff Gurman, CEO of Gurman Wealth Management:
Q: Could you provide our readers with a brief introduction to Gurman Wealth Management?
A: At Gurman Wealth Management, Inc. we offer Advanced Strategies to Help Lower Our Clients Taxes and Protect their Wealth. In doing so, our top focus is on managing risk. Why? Because we see that too many people are taking far too much risk to reach their retirement goals and sustain their wealth. What good is building your assets only to lose money to Uncle Sam or a poor investment strategy?
Q: Who is your ideal client and why?
A: While we have worked with a broad range of people from wealthy to just starting out, our typical client is a high-income earning professional who enjoys learning, is motivated to significantly reduce their taxes, and who understands the value of family and charity. We’d rather decrease someone’s taxes so that they can use their money to support their family and make a difference in this world.
I’ve found that many of these successful professionals miss out on a lot of the tax mitigation techniques offered to them in the IRS code. Sadly, these professionals don’t even feel the “FOMO” they should be feeling because none of us “know what we don’t know.” We shine a light on these opportunities for our clients. Most individuals know 2-3 strategies for lowering their taxes while they could be taking advantage of another 10 or more.
Q: Do you have any examples of these overlooked strategies?
A: Absolutely. A quick example is the Back-door Roth. This allows an individual who would not ordinarily qualify for a Roth IRA due to their high income to still contribute the maximum per year into a Roth account. And, if you own a business, or your firm will allow, you could get over $60,000/yr into a Roth. Of course, this is just one of many little-known tax mitigation techniques.
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Q: What are some of the real-world results your clients can expect?
A: I recently engaged a business owner with over 2M of annual income and a high net worth. We are implementing various techniques to save his family over $40M of current and future taxes.
On a smaller scale, we recently helped a small business owner turn a 2.5M sale into over $300K per year of tax-free retirement income starting at age 55 without market risk.
We also have many clients saving for their retirement into what we call a Private Retirement Plan. Some of the benefits include liquidity, market like returns, no downside market risk, tax deferred growth and tax-free distributions.
Q: Are there any other services you provide?
A: Yes, there are many. One of our Firm’s missions is to “Protect Our Client’s Most Valuable Assets”. Many people think their most valuable asset is their retirement plan or their home. And it may be, but in fact, most people’s biggest asset is their ability to earn income. Unfortunately, very few people protect their income like they protect their home or car or even their cell phone. Protecting your paycheck is much cheaper then most people think. And most advisors ignore this critical, valuable part of a comprehensive financial plan.
Q: What do you believe are the biggest challenges to savers preparing for retirement?
A: I believe the biggest challenge we are all facing in the US is the enormous tax hit coming our way in the future. Our Country is at an unprecedented federal debt, which just grew by over 25% due to the Covid 19 bailout to over $26 Trillion. Historically US tax rate were as high as 94% back in 1944. Today, we are at almost the lowest tax rates we ever had; and they are set to expire in 2025. Where do you think they are going in the future? Almost everyone running for office says they will increase taxes on successful families and businesses if elected. Many economists have been preaching for ten years about how our country needs to “double our tax brackets”. The only questions remaining are: “How much will taxes go up?” “When will taxes go up?” and “How many more deductions will be lost?”
Most CPAs and Financial Advisors are not using every tax benefit available to their clients. Even more are not planning for higher taxes in the future. They are still using tax mantras from 30 years ago! We help our clients mitigate almost every type of tax including taxes on the sale or their home, taxes on their savings and even taxes on their retirement plans.
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Q: What’s the best thing about Jeff Gurman and Gurman Wealth Management that people might not know about?
A: Our clients usually become clients and friends for life. My first clients from 1991 are all still my client today. Because we primarily work by introduction, our clients are typically introduced to us by their friends and family or their CPAs and Attorneys.
Q: Any last thoughts?
A: Is it possible to reduce your taxable income to $0? Possibly, as careful planning could significantly reduce your tax bill to almost nothing, even with a fairly high income.
“Nothing is sweeter than having to pay a lot of income taxes, except receiving a lot of that income tax free.”
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