The decision on the timing of when to claim Social Security benefits should be based on a number of factors including one’s ability to cover existing living expenses without the benefit, life expectancy, and spousal considerations.
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A tax strategy known as Net Unrealized Appreciation (NUA) can be an effective way to reduce tax liability.
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Deferred Compensation is a strategy where a portion of an employee’s income is set aside, or “deferred”, to a later date. This strategy allows employees to avoid recognizing income in the current year, and instead defer that income to a future year. In many cases, the taxes due on the income are also deferred to the future period in which the income is received.
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Minnesota has a lot of large publicly traded employers. United Health, Target, Best Buy, Medtronic, US Bank, General Mills, are some of the biggest. Typically, these companies will use other forms of compensation to attract and retain employees. Restricted Stock Units (RSUs) are one of the most common.
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Whether you just got fired, are planning to leave your employer to pursue another opportunity, or ready to retire, you need to make sure you understand what happens with your employee stock options as this could have a huge impact on your tax situation and your retirement plans.
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Those with charitable inclinations along with substantial employer stock positions have a unique planning opportunity to reduce taxes, risk, and fund future charitable goals. Utilizing a Donor Advised Fund in conjunction with employer stock sales can help accomplish this.
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Weather you just started receiving employer stock as part of your compensation package or have been receiving it for several years, having a plan in place for managing this critical component of your income and net worth is essential.
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