"Old World Values Mixed With New World Ideas"

Our Wealth Solutions

For You, Your Family, & Your Business

As a family-run business and a fiduciary, we want to be your trusted advisor to ensure we develop a financial plan that is accurate to your goals. This is why we thought it was important to share with you a few of the solutions & services we provide:

1. Tax Strategies
2. Budgeting & Cash Flow Analysis
3. Succession Planning
4. Retirement Income Planning
5. Alternative Investment Solutions

To see more of our services and solutions, please click the below link:

Lombardi's Planning Corner

What Should You Know About Tax Loss Harvesting?

Systematic tax loss harvesting is a strategy that ShoreHaven Wealth Partners has implemented throughout our taxable investment accounts. There was no better year to implement this than 2022, as tax savings benefits hit an all-time high for clients on the 55ip Platform. With that said, explaining what you should know about the potential benefits you may receive from implementing this strategy was essential.

First, let us explain what tax loss harvesting is. It is an investment strategy used to minimize capital gains taxes by offsetting gains with investment losses. It involves selling investments that have experienced a loss to offset gains from other investments in a portfolio. The concept is to “harvest” the losses for tax purposes, thus reducing the overall tax liability.  

Then, at the end of each tax year, the total capital gains and losses incurred from all investment sales are calculated. If the losses harvested throughout the year exceed the gains, a “net capital loss” is created. This net loss can offset other income, such as wages or interest, up to an annual limit. Further, if the total capital losses exceed the limit that can be used to offset other income, the excess losses can be carried forward to future tax years until the entire loss is utilized.

Lastly, it’s important to note that tax loss harvesting can be a complex strategy with potential implications beyond just reducing taxes. With that said, it is critically important to work with your tax professional and financial planning professional to ensure that you follow tax laws correctly and understand how tax loss harvesting fits into your overall financial plan. 

Avoiding a considerable tax bill since 2020 has become more challenging for Americans trying to leave assets to their children and grandchildren. If you're not a spouse and inherit money through an IRA, you must withdraw the money within ten years. Luckily, there are a few strategies to consider if you want to transfer your assets to the next generation.

Here are a few to consider:

1. Roth Conversions: Our Chief Planning Officer, Michael Lombardi, explains the benefits of this strategy in his most recent blog post, Lombardi's Planning Corner: Roth Conversions.
2. Skipping A Generation:

• College 529 Savings Plans: one of the more popular strategies is gifting assets to your children or grandchildren for college.
• Trust Accounts: a bit more complicated, but another popular strategy that allows the grantor to put the distribution of the assets in the hands of a trustee based on set terms.
• Generation-Skipping Transfer Tax (GSTT): this gifting strategy can go to beneficiaries who are 37.5 years younger than the transferor. The transferor will pay the taxes instead of the beneficiary through the direct skip strategy. Click here to learn more about Generation Skipping Tax.



If you need help finding the right strategies to transfer your assets, please call us.

What I Learned This Quarter

In this section, our CEO, Mike Durso, will highlight what he learned from this previous quarter, books he's read, and podcasts he's listened to. If you have any suggestions for podcasts or books, please message us.

Books:

• The Creative Act: A Way of Being by Rick Rubin
• Chatter: The Voice in Our Head: Why it Matters and How to harness it by Ethan Kross
• The Nineties by Chuck Klosterman

Podcasts:

• Joe Rogan Experience #1980: Michio Kaku
• Origins: James Andrew Miller: Curb Your Enthusiasm

Television/Movies/Youtube:

• Air: Courting a Legend – Amazon Prime
• Madoff: The Monster of Wall Street – Netflix
• David Sinclair | Why We Age and Why We Don't Have To - Youtube

Mike Durso was named #42 on AdvisorHub 200 Advisors to Watch: Fast Growing.*

Financial Advisor Magazine has ranked us as one of America's Top RIAs for 2023!**

John Lyons was added to the University of Scranton's Business Schools Advisory Board.

Mike Durso wrote two Forbes articles:

• When Should You Hire An Advisor?
• Getting Divorced? 13 Financial Considerations...

Louis Diamond interviewed Mike Durso on the Diamond Consultants Podcast. They discussed his career journey to the family business and how he leveraged those experiences to create ShoreHaven Wealth Partners.

• Next Gen to CEO Podcast

Dynasty Financial Partners' CEO, Shirl Penny, interviewed Mike Durso to discuss the challenges and rewards of running a multi-generational family business:

• Around the Track with Shirl Penney

The Importance of Mindset: Wellness Webinar with Dr. Christa Kuberry

• Learn effective mindfulness, empowerment, and resilience practices to enhance your everyday life.
• Link: ShoreHaven Mindfulness Webinar Replay

We have created our Second Opinion Service for new relationships that may have questions or concerns about their current financial situation.

You can click the below link to reach out to us.

Please contact us if you have had any changes in your investment objectives or financial circumstances or wish to add or modify any reasonable investment restrictions on your account. Any changes could impact how we manage your portfolio and will become part of your client record. Please get in touch with us any time during the year if your investment goals or financial circumstances change. As always, we are more than happy to discuss this in further detail.

This newsletter is for informational purposes and is not soliciting to purchase or sell securities, advisory products, or services. The opinions stated are those of the authors and are subject to change. 

ShoreHaven Wealth Partners is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. ShoreHaven Wealth Partners only transacts business in states where it is appropriately registered, excluded, or exempted from registration. A copy of our current written disclosure brochure filed with the SEC, which discusses, among other things, ShoreHaven's business practices, services, and fees, is available through the SEC's website at: www.adviserinfo.sec.gov.

*This annual ranking was published on June 20th, 2023 by AdvisorHub. Consideration for this ranking is open to all firms and advisors. The requirements are to have a minimum of seven years of experience, $100m minimum AUM, and a clean regulatory record. The advisors are ranked based on three categories: scale, growth, and professionalism. The ranking is broken into separate sub-categories. No compensation is provided to be considered for this ranking.

**Financial Advisor Magazine’s RIA Ranking was published in the July/August 2023 edition, and is an independent listing produced by Financial Advisor Magazine. It is based on data gathered by Financial Advisor(FA) from RIA firms. FA's RIA ranking orders firms from largest to smallest, based on AUM reported to FA by firms that voluntarily complete and submit FA's survey by the deadline. FA verifies AUM by reviewing ADV forms. Neither the RIA firms nor their employees pay a fee to Financial Advisor to be included in the listing. To be eligible for Financial Advisor Magazine's national ranking of RIAs, firms must be registered investment advisors and provide financial planning and related services to individual clients. The ranking can be found on its website, www.fa-mag.com.