Planning Services
 We live in a fast-paced world that is filled with constant change. We face many life altering events throughout our lifetime, including going to college, getting married, buying a home, having children, changing careers, and eventually retiring. All of these things can drastically change our financial needs and goals.
At Snider, Fuller and Associates, we want to work with you to prepare for whatever challenges you may face in the future. Whether it is investing now for your children's college, preparing for your retirement, financial planning or even your estate planning, we will take the time to help you figure out all of the available options and decide what move you should make.
Some of the planning areas that you may want to discuss are:
 Do you think you will have enough money when you retire? Most of us would answer no to this question, as our annual income usually drops drastically when we retire. Most people plan on using the funds in their employer sponsored retirement plan when they reach the age that they decide to stop working. That is why many choose to subsidize that income by investing in individual retirement accounts. By doing this, you can also receive certain tax benefits now, as well as when you retire. At Snider, Fuller and Associates, we want to take the time to discuss all of your options and to help you plan for your retirement.
The most common types of Individual Retirement Accounts are:
Traditional IRA
What is a Traditional IRA Account?
 A traditional IRA is a personal retirement account allowing you to contribute a limited amount toward your retirement annually until the age of 70 1/2. These contributions may be tax-deductible depending on your Modified Adjusted Gross Income (MAGI). The investment earnings are not taxed until you withdrawal from the account, which is usually after retirement when you are in a lower tax bracket.
Key Features of Traditional IRA Accounts
- Anyone who has earned income and is under age 70 ½ is eligible to contribute.
- Determining if contributions are tax deductible each year is based on Modified Adjusted Gross Income (MAGI).
- Investment earnings are tax free until you withdraw them from the account.
- You choose what to invest your contributions in.
Give us a call today to get more details and to see if a traditional IRA is right for you.
ROTH IRA
What is a ROTH IRA Account?
A ROTH IRA is also a personal retirement account allowing you to contribute a limited amount each year determined by your Modified Adjusted Gross Income (MAGI). As opposed to a Traditional IRA, these contributions are after-tax dollars, which means you have already paid the taxes on the amount you contribute. Contributions can be made after the age of 70½, providing you have earned income equal to or greater than the amount you contribute. The earnings on ROTH IRA's are tax-deferred and withdrawals, based on certain requirements, can be income tax free.
Key Features of ROTH IRA Accounts
- Contributions greater to or less than your earned income can continue after the age of 70 ½.
- Determining contribution amounts is based on your Modified Adjusted Gross Income (MAGI).
- Investment earnings are tax-deferred until you withdraw them from the account, which with certain qualifications can be made income tax free.
- You choose what to invest your contributions in.
Call today to get more details and to see if a ROTH IRA is a good choice for you.
 What is a Rollover IRA Account?
When you retire or change jobs, a Rollover IRA is a way to take control of the retirement assets that you had through your employer sponsored retirement plan. This allows you to maintain the same tax advantages you had by allowing your funds to grow at the same tax- deferred position you had. By rolling your retirement funds from your previous employer, you also avoid the 20% withholding that is required to be withheld if you take the funds in cash. After you roll your funds into an IRA, you also have the freedom to choose what you invest in. You are no longer limited to investments approved by your employer's plan.
Are you planning on retiring or changing jobs in the near future? If you answered yes, don't wait, call us today. We will work with you before that time to determine what to invest your employer-sponsored retirement funds in.
Inherited IRA
What is an Inherited IRA Account?
 When someone you know has a retirement account and passes away, you inherit the funds in the account if you are named as the beneficiary of the account. There are two classes of Inherited IRA accounts: spousal and non-spousal. With a spousal account, you have the option to treat the retirement funds as your own, allowing you to move the funds into your own IRA account. A non-spouse beneficiary does not have this option. However, there are different options available in order to keep from paying taxes on the entire amount all at once.
We would be happy to sit with you discuss all of the options available to you if you inherit an IRA account. Call us to schedule an appointment.
Estate Planning
 Estate planning involves much more than having a will. Most people work their entire lives to build a nice estate to pass on to loved ones. The main concern of having a nice estate is whether or not a large portion of the overall value will be greatly reduced by taxes. While taxes cannot be completely eliminated, they can be reduced with proper estate planning. Another concern is that assets will be divided among heirs quickly when the time comes.
At Snider, Fuller and Associates, we understand the importance of these issues and want to help you with your estate planning. Having the peace of mind of knowing that your beneficiaries will be not be overwhelmed or burdened by estate settlement issues is the primary reason people realize the importance of thorough and accurate estate planning.
Give us a call today to discuss your estate planning issues with one of our representatives. Some of the issues that will be discussed may include:
Estate Liquidity Funding
Wealth Replacement
Charitable Plans
Joint & Survivor Insurance
Estate Liquidity Funding
Estate liquidity funding refers to the cash that will be available to pay taxes and certain costs that will arise after your death. If your estate will be comprised of mainly illiquid assets such as your home, a family business, and other valuable assets, then you may want to consider discussing estate liquidity funding with one of our representatives.
 While we cannot provide you with legal or tax advice, we can assist you on products available to help with your estate liquidity funding, such as life insurance. Over a long-term period, life insurance can allow money to grow at a tax-deferred rate. Life insurance is one of the most popular forms of providing death benefits outside of an estate.
At Snider, Fuller and Associates, we want to help you determine your need for estate liquidity funding by sitting down with you and carefully reviewing the growth of your current assets and determining how much cash your estate may need upon your death. If you would like to discuss estate liquidity funding with one of our representatives, please give us a call.
Wealth Replacement
 Wealth replacement can allow you to accomplish two important goals that most people have. First, it allows you to make a donation to a charity or organization that you feel strongly about. Secondly, you are able to replace that amount you have given without having to reduce the amount your heirs will receive upon your death.
This process is done by creating a trust and then purchasing a life insurance policy within that trust to replace the value of your gift. Since the trust owns the policy, it is held outside of your estate, making the proceeds non-taxable to your beneficiaries. This can actually allow your heirs to receive more than they would have from the original amount that would have been taxed as part of your estate.
Please call us today if you would like to learn more about wealth replacement and if it is right for you.
Charitable Plans
 As most people plan their estate, they determine which charities will receive donations and in what manner that donation will be made. While some people prefer to leave cash to their favorite charity, other prefer to leave a more lasting, income-generating gift such as a stock that pays a nice dividend. Many people, though, do not want to give up the income they currently receive from that asset. This is where a charitable trust benefits everyone involved.
There are two sets of beneficiaries named in a charitable trust. The first is the income beneficiary, which is you and if married, your spouse. The income beneficiary receives a set percentage of the income during his or her life. The second is the principal beneficiary, which is the charity. The balance of the principal amount in the trust is distributed to the charity upon your death.
If you would like to discuss a charitable plan with one of our representatives please call us today to schedule an appointment.
Joint & Survivor Insurance
 Joint and Survivor Life Insurance has a very specific purpose, which is to pay a death benefit amount after the demise of two people. This is a commonly used tool to help non-spousal beneficiaries pay for estate taxes, which can be delayed for surviving spouses. Joint and survivor life insurance can provide that needed cash to your children to pay these inevitable estate taxes.
As with any other life insurance, there are a wide range of companies who offer joint & survivor insurance. If you would like to find out more about these companies and would like to discuss with a representative your need for this type of life insurance, please call us today.
Financial Planning
What is Financial Planning?
 Financial Planning isn’t a product, it is a process. The process is intended to give you a clear picture as to where you stand financially and where you want to be in the future. In order to do this, you need to evaluate your financial goals and objectives, integrate your current assets, and have a direct plan for the future.
Financial Planning is designed to help you achieve the goals you have for you and for your family. These goals can include starting your own business, buying or building your dream home, paying for your children’s college expenses, retiring comfortably, and even accumulating a nice estate to pass on to your heirs. In order to accurately create the best financial plan needed, you must consider your current:
- Income and expenses
- Tax situation
- Insurance coverage
- Retirement plans
- Investments
- Wills and/or trusts
- Anything else pertinent to your current situation
The process of analyzing this information and determining your goals can become less difficult by working with a Certified Financial Planner ™ who will do the following for you:
- Analyze the data you provide
- Give you recommendations and alternative strategies
- Help you implement the decisions you make
- Periodically review and assess your goals and assist you in revising your plan if necessary
What is a Certified Financial Planner ™ (CFP ®)? A CFP® has earned this prestigious title by completing a course of study and has met certain requirements by the CFP board. These include:
- Successfully completing the CFP Board and comprehensive certification examination which tests the knowledge about various key aspects of financial planning.
- Meeting the necessary experience of three to five years of financial planning-related experience.
- Adhering to the CFP Board’s Code of Ethics.
- Completing 30 hours of continuing education every two years to stay current with financial planning knowledge, including ethics.
At Snider, Fuller and Associates, we have three unique individuals who have earned the Certified Financial Planner ™ designation. Call us today and we will arrange for you to meet with one of them to discuss your current situation and needs.
Educational Planning
 Paying for a child's education, whether it is elementary school, high school, college, or all three, can be quite challenging, especially with the increasing costs of education. The most important key to successful education planning is getting started early. At Snider, Fuller and Associates, we want to help you choose the education savings option that's right for you.
Some of the most popular plans used in saving for education are:
Section 529 Plans*
What are Section 529 Plans?
Section 529 Plans are state sponsored investment programs first introduced by Congress in 1996 designed to help families set aside future college funding. Each state works with an asset management company of its choosing to design the guidelines for the plan. Since most states do not require residency as a stipulation for participating, you have the flexibility to compare different plans.
Key Features of Section 529 Plans
 Anyone, including parents, grandparents, other family members, and family friends, can contribute.- You can change the beneficiary to another family member.
- There are no income limitations.
- Some states allow you to deduct a portion of your contributions from your state taxes. For instance, Ohio permits a $2,000 deduction per year if you select an endorsed fund, which can be arranged by Snider, Fuller and Associates.
- You are the one that decides when to make withdrawals.
- There are generous limits on lifetime contributions ranging from $125,000 to $236,000.
- Earnings can grow tax free from federal tax.
- Withdrawals made for qualified higher education expenses, including tuition, room and board, books, and supplies, are exempt from federal income tax.
Call us today to see if a 529 Plan is right for you!
Coverdell Education Savings Account
What are Coverdell Education Savings Accounts?
A Coverdell Education Savings Account (formerly called Education IRA) is an account designed to pay the qualified expenses of education of the designated beneficiary. It is not limited to paying for only the cost of college and is a way some people choose to save for K-12 expenses.
Key Features of Coverdell Education Savings Plans
 Individuals can contribute a maximum of $2000 per year per child until the age of 18. - Contributions are not tax-deductible; however, the earnings on investments can grow income tax-free.
- Qualified education expense withdrawals, including tuition, fees, books, supplies, equipment, and room and board, are not income taxed to the beneficiary.
- Withdrawals can be made for K-12 expenses including tuition, tutoring, transportation, or buying a computer if it is for school use.
- Although contributions are not tax-deductible, earnings on investments may grow income tax-free.
- Grandparents or other family members can also set up Coverdell accounts with your child as the beneficiary.
UGMA and UTMA Accounts
What are UGMA & UTMA Accounts?
 Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Acts (UTMA), accounts allow you to fund an account for a child in which they are considered the owner of. Even though the child owns the account, his or her access to the funds are limited and controlled by you, the custodian, until that child reaches the age of majority (typically age 18-21). Unlike 529 Plans and Coverdell Savings, your child is not limited to how the funds are spent once they obtain full control. Funding in a UGMA or UTMA account may also reduce your child's financial aid eligibility as it is consider his or her asset.
Similarities and Differences of UGMA/UTMA Accounts
Similarities:
- Although they are not tax deductible, you are not limited to the amount of contributions made each year.
- The child is the owner and gains full control of the accounts at the age of majority.
- Contributions are considered gifts and are irrevocable.
- Both UGMA and UTMA accounts are managed by custodians until the child reaches the age of majority.
- Anyone, including parents, grandparents, relatives and friends can make irrevocable contributions or transfers to the account.
- Investment earnings may be taxed at either the child's tax rate, or at yours.
Differences: 
- UGMA limits gifts and transfers to bank deposits, securities, including stocks and mutual funds, and life insurance policies.
- UTMA allows almost any kind of asset, including bank deposits, stocks, bonds, mutual funds, life insurance policies and even real estate, to be transferred to a minor.
Any of our representatives are willing to work with you to determine if a UGMA or UTMA is the right type of account for you and for your child. Call us today.
Contact our office and we will help you decide if a Coverdell Education Savings Plan is right for you.
Rollover IRA
Retirement Planning
*There is no guarantee that the plan will grow to cover college expenses. In addition, depending upon the laws of your home state or designated beneficiary, favorable state tax treatment or other benefits offered by such home state for investing in 529 college savings plans may be available only if you invest in the home state's 529 college savings plan. Any state-based benefit offered with respect to a particular 529 college savings plan should be one of many appropriately weighted factors to be considered in making an investment decision. You should consult with your financial, tax or other adviser to learn more about how state-based benefits (including any limitations) would apply to your specific circumstances and also may wish to contact your home state or any other 529 college savings plan to learn more about the features, benefits and limitations of that state's 529 college savings plan. You may also go to www.collegesavings.org for more information.
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