Firm:
Excel Tax & Wealth Group
Job Title:
Founder, Wealth Manager and Financial Planner
Biography:
Carlos Dias Jr. began his career in the financial industry in 2004. He is the Founder and Principal of Excel Tax & Wealth Group, an advisory firm offering strategic financial planning services to high-net-worth individuals, business owners, executives, and retirees. He also services MVP Wealth Management Group, which addresses the unique concerns of professional athletes and entertainers.
Carlos excels at tailoring his advice to individual clients’ needs. He maintains a highly personal approach by accounting for the distinct needs that his clients have at different points in their financial lives. He is passionate about finding the right solutions and investment plans to reflect different investment philosophies.
One of Carlos’s areas of expertise is tax liability. He confers with accountants from across the U.S. to keep pace with changing tax laws and strategies, which allows him to offer differentiated advice to his clients. He is particularly adept at suggesting strategies that will help his clients lower their taxes.
Currently, Carlos is a Contributor for Forbes, MarketWatch, Kiplinger, The Huffington Post, TheStreet and MainStreet, has been featured in Fortune, The Wall Street Journal, The Christian Science Monitor, MSN Money, CBS Local 6 News, and WealthManagement.com, and has been quoted in Bloomberg, U.S. News & World Report, USA Today, CNBC, Inc., The Seattle Times, Business Insider, The Motley Fool, and GoBankingRates.
Carlos is fluent in Portuguese and Spanish.
Education:
Associate of Arts, Business Administration, Daytona State College
Bachelor of Arts, Business Administration, University of Florida
Fee Structure:
Hourly
Fixed
Asset-Based
Fee-Based
CRD Number:
5315390
Insurance License:
#E181443
Disclaimer:
Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.
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Client Approach -
CBS Local 6 News "Many unprepared for the needs of aging parents" (December 10, 2013) -
3 Common Retirement Planning Mistakes
Qualified - before tax (or pre-tax) money, which includes, but not limited to, the following retirement plans:
- 401(k)s;
- 403(b)s;
- Thrift Savings Plans (TSPs);
- Simplified Employee Pensions (SEPs);
- Traditional IRAs;
- Savings Incentive Match Plans for Employees (SIMPLE) IRAs;
- Salary Reduction Simplified Employee Pensions (SARSEPs); and
- Profit sharing.
With a qualified plan, you receive an upfront tax deduction (or reduction) now but will have to pay taxes on the entire amount in the future (or when you begin withdrawing). Required Minimum Distributions (RMDs) will be due by age 70 ½ at the latest (you can begin withdrawing by age 59 ½ without incurring a 10% penalty).
Non-Qualified - after-tax money, which includes, but not limited to, the following:
- Certificates of Deposits (CDs);
- Annuities;
- Mutual Funds;
- Money Markets; and
- Savings.
With a non-qualified plan, there are no deductions, but the principal is never taxed twice. Instead, the interest is taxed once withdrawn. Also, there are no RMDs on nonqualified plans.
Note: Although 457 plans are called nonqualified, they are technically tax-advantaged deferred compensation plans, which are similar to a qualified plan, such as a 401(k) or IRA.
If you have any further questions, I'd be happy to help.
As a beneficiary, life insurance proceeds are not included in your gross income, therefore, do not need to be reported and are not taxed. Since life insurance premiums are typically paid with after-tax dollars (money that has already been taxed), their proceeds are exempt from income tax.
However, life insurance proceeds are taxed if they are paid in installments instead of a lump sum (e.g. Minnesota Life Omega Builder has an option of installments or lump sum due to their living benefit features). The interest paid on the installments is taxed at ordinary income rates.
In regards to estate taxes, the death benefit is included in the deceased's estate (the exemption is $5.45 million per individual in 2016), so it may be subject to federal and state tax if not established under an Irrevocable Life Insurance Trust (ILIT) or if gifted and three years has not passed.
If you have any further questions, I'd be happy to help.
Annuities are annuitant/owner driven, but the majority are owned by the annuitant (the person that established the contract), versus a trust. In general, there are four options available for a beneficiary (is a person but not a spouse):
- The beneficiary receives a death benefit after the annuitant passes away (lump sum);
- The beneficiary takes a minimum distribution based on their life expectancy (also known as the "non-qualified stretch");
- The beneficiary may take discretionary amounts during a 5-year period or wait until the 5th year and take the death benefit all at once (also known as the "5-year rule"); or
- The beneficiary may take a single life or period certain option (annuitize).
If the beneficiary is not a person (such as a trust, charity, or the estate), it must be distributed in a 5-year period. On a side note, it is always best not to name the estate as the beneficiary since the primary objective of the annuity is to bypass probate (and you are doing so by leaving it to the estate).
In regards to a spouse, the most common is a spousal continuation, however, the above options are also available.
If you have any further questions, I'd be happy to help.
That depends on how many qualified accounts, such as IRAs, 401(k)s, 403(b)s or similar you have. Technically, if you have multiple IRAs you can take a distribution from one (as long as it meets the aggregate amount). However, if you have an IRA and a 401(k), you will have to take two different distributions. This is the most common reason why financial advisors often will recommend rolling over different 401(k)s into one IRA.
If your annuity is not a retirement account (e.g. non-qualfied annuity), you will not be able to take a distribution and count it as your Required Minimum Distribution (RMD).
On a side note, if you are married and your wife has an IRA, you cannot take a distribution from hers and have it count as yours.
Keep in mind if you don't take your RMD (or forget), there will be a 50% penalty (e.g. $1,200 penalty on a missed $2,400 RMD).
If you have any further questions, I'd be happy to help.
If you are self-employed and are the sole proprietor (only owner) of the business, you are allowed to max out your SEP-IRA (cannot exceed the lesser of 25% of compensation or $53,000 in 2016) and still contribute to your Roth IRA.
If you have any further questions, I'd be happy to help.