FAQs

Frequently Asked Questions

Questions

Wealth Management

What is wealth management?

Wealth management is a holistic approach to managing your finances, aiming to achieve your financial goals through personalized strategies and ongoing guidance.

How does FWTA approach wealth management?

Foundation Wealth and Tax takes a comprehensive approach to managing your financial assets by considering short and long-term goals, risk tolerance, and your tax situation.

What happens if my financial situation changes?

We meet with our clients on an ongoing basis and adjust plans as life circumstances evolve.

Tax Planning

Who can benefit from tax planning?

Many people can benefit from tax planning. Whether you’re an individual, family, or business owner, tax planning can improve your financial security and maximize your financial goals.

How can Foundation Wealth help me with tax minimization strategies?

Our team can identify tax deductions and tax credits you qualify for, recommend tax-advantaged accounts, and develop investment strategies that minimize your tax liability.

When should I start tax planning?

Tax planning can begin at any time. Ideally, tax planning should be an ongoing process, and not something you do only at the end of the year. This will allow you to create proactive strategies and maximize potential savings.

Estate Planning

Do I need an estate plan?

Even if you have a modest estate, an estate plan ensures your wishes are followed and minimizes legal complexities and potential taxes after your passing.

What documents are typically included in an estate plan?

Common documents will include a will, durable power of attorney, healthcare power of attorney, and living will.

How can I minimize estate taxes?

Exploring strategies like gifting, trusts, and life insurance can help you reduce your taxable estate.

Financial Planning

How do you develop a personalized financial plan?

We begin with a consultation to understand your unique financial goals, risk tolerance, and current financial situation. Based on this information, we develop a customized plan tailored to your specific needs and objectives.

How do you handle taxes with financial planning?

Our CPAs are with you each step of the way to ensure your financial plan is tax-efficient.

How often will I meet with my financial planner?

Ongoing communication will allow you to monitor your progress and adjust your plan as needed. However, the frequency of meetings can depend on your needs and preferences. We typically meet with clients three times a year, though our advisors are available to meet with you as desired.

Insurance Planning

What types of insurance do you help with?

We help with various types including life, health, and more!

What makes Foundation Wealth and Tax different from other insurance advisors?

We focus on personalized planning and advising our clients for the best fit for their situation. As fee-only fiduciaries, we don't sell insurance, we connect you with qualified professionals and support you throughout the process.

What if I’m unsure what kind of coverage I need?

We’ll help you identify your potential risks and vulnerabilities, guiding you towards suitable options.

Company 401(k) Plans

Why do I need a fiduciary advisor for my company’s retirement plan?

Think about it in terms of driving a car without insurance. Why would you want to assume all of the fiduciary liability for your company’s retirement plan? As a plan sponsor, you are a fiduciary of the plan and assume liability both as a business and as an individual. A plan advisor who acts in a formal capacity, either as an ERISA 3(21) or 3(38) advisor, allows you to outsource a substantial amount of this liability.

Beyond acting as a fiduciary, why would I hire Foundation Wealth & Tax Advisors as a retirement plan advisor?

Aside from the above mentioned fiduciary outsourcing, we will work with you to provide a comprehensive approach to designing and implementing a financial wellness program for your employees, as well as support you in your requirements to oversee and monitor the plan, investments, and service providers on a regular basis as required by the Department of Labor (DOL). We also create and maintain a fiduciary file that satisfies the requirements under ERISA for ongoing plan compliance and oversight.

This all sounds great, but isn’t this expensive? My business/retirement plan are too small to hire an advisor.

You’d be surprised to learn that’s likely not the case! We’ve helped business owners save costs while engaging our services via our relationships with service providers. We pride ourselves in ensuring that the pricing and service of your retirement plan service providers is monitored regularly. For new plans, we can also help maximize the tax credits that are available to startup retirement plans under the SECURE 2.0 Act. These credits may offset most (or all) of the cost of starting and maintaining a retirement plan over the first couple of years. It’s also important to consider the cost of your time as an owner/operator of your company. Would your time be best spent running the retirement plan? Our services allow you to run your business while we do what we do best, supporting your retirement plan.

What types of retirement plans do you help design and manage?

We have expertise in supporting a wide variety of retirement plans for businesses of any size, including but not limited to: 401(k), 403(b), Cash Balance Plans, Non-qualified plans, and Defined Benefit Pension Plans.

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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