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Accounting and Tax Planning

This Measure Changes the Retirement Landscape in Several Ways

It’s called the Setting Every Community Up for Retirement Enhancement Act, and it was signed into law just a few weeks ago and took effect on Jan. 1. It is making an impact on taxpayers already, and individuals should know and understand its many provisions.

By Ian Coddington and Gabriel Jacobson

Signed into law Dec. 20, 2019, the SECURE Act, or Setting Every Community Up for Retirement Enhancement Act, has changed the retirement landscape for Americans retiring or planning to retire in the future.

The prominent components of the SECURE Act remove the maximum age for Traditional IRA contributions, increase the age for required minimum distributions, change how IRA benefits are received after death, and expand the types of expenses applicable to education savings funds. This law offsets some of the spending included in the budget bill by accelerating distribution of tax-deferred accounts.

Ian Coddington

Gabriel Jacobson

Due to the timing of this new legislation, there will be many questions from tax filers regarding the new rules and what changes apply to their plans. We hope this article will provide a starting point for understanding the changes that will impact us come tax time.

A Traditional IRA, or Traditional Individual Retirement Account, can be opened at most financial institutions.

Unless your income is above a certain threshold, every dollar of earned income from wages or self-employment contributed to the account by an individual reduces your annual taxable income dollar for dollar. This assumes you do not contribute above the annual limit into one or more tax-deferred retirement accounts.

Due to increasing life expectancy, the SECURE Act has eliminated the maximum age limit that an individual may contribute to a Traditional IRA. Prior to 2020, the maximum age was 70½.

The SECURE Act also raises the age that an individual with investments held in a Traditional IRA or other tax-deferred retirement account, such as a 401(k), must take distributions from 70½ to 72. These required minimum distributions, or RMDs, serve as the government’s way of collecting on tax-deferred income and are taxed at the individual’s income-tax rates, so no special investment-tax rates apply.

Each year, the distribution must equal a certain fraction of the year-end balance of an individual’s tax-deferred retirement account. The tax penalty for omitting all or a portion of your annual RMD is 50% of the amount of the RMD not withdrawn. The fraction is known as the life-expectancy factor and is based on the individual’s age.

The SECURE Act did not change the life-expectancy factors for 2020, but a change is expected for 2021. Unfortunately, RMDs for individuals who reached 70½ by Dec. 31, 2019 are not delayed. Such individuals must continue to take their RMDs under the same rules as prior to passage of the SECURE Act.

“With the SECURE Act going into effect Jan. 1, 2020, the law is making an impact on taxpayers now. The effects of this will continue over the next few years, as death benefits for beneficiaries and minimum distributions will not affect all retirees immediately.”

Individuals who inherit Traditional or Roth IRAs during or after Jan. 1, 2020 are now subject to a shorter time frame for RMDs pursuant to the SECURE Act. Prior to passage of the SECURE Act, individuals were able to withdraw funds from their IRAs over various schedules. The longest schedule was based on the beneficiary’s life expectancy and could last the majority of the individual’s life.

This allowed those who inherited Traditional IRAs to stretch the tax liabilities on those RMDs discussed previously over a longer period, reducing the annual tax burden. Under the current law, distributions to most non-spouse beneficiaries are required to be distributed within 10 years following the plan participant’s or IRA owner’s death (the 10-year rule). This may increase the size of RMD payments and push an individual to a higher tax bracket.

Exceptions to the 10-year rule are allowed for distributions to the following recipients: the surviving spouse, who receives the account value as if they were the owner of the IRA; an IRA owner’s child who has not yet reached majority; a chronically ill individual; and any other individual who is not more than 10 years younger than the IRA owner. Those beneficiaries who qualify under this exception may continue to take their distributions through the predefined life-expectancy rules.

Section 529 plans have also been expanded by the SECURE Act. These plans can be opened at most financial institutions and are established by a state or educational institution.

These 529 plans use post-tax contributions to generate tax-free earnings to pay for qualified educational expenses. As long as the distributions pay for these expenses, they will be tax-free. Qualified distributions include tuition, fees, books, and supplies. Previously, distributions were only tax-free if paid toward qualified education expenses for public and private institutions; now, they will include registered apprenticeships and repayment of certain student loans.

This will expand the qualified distributions to include equipment needed to complete apprenticeships and technical classes and training. For repayment of student loans, an individual is able to pay the principal or interest on qualified education loans of the beneficiary, up to $10,000. This can also include a sibling of the beneficiary, if the account holder has multiple children.

With the SECURE Act going into effect Jan. 1, 2020, the law is making an impact on taxpayers now. The effects of this will continue over the next few years, as death benefits for beneficiaries and minimum distributions will not affect all retirees immediately.

This article does not qualify as legal advice. Seek your tax professional or retirement advisor with additional questions on the impact this will have in your individual situation.

Ian Coddington and Gabriel Jacobson are associates with Holyoke-based public accounting firm Meyers Brothers Kalicka, P.C.; [email protected]; [email protected]

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Holiday Party Planner

Many Ways to Celebrate

Lynn Kennedy says the Log Cabin, Delaney House, and Log Rolling catering services have something for every business during the holiday season, no matter their size. 

Companies have long celebrated the hard work they’ve done over the course of the year with a holiday party. Whether hosting a small gathering or a large corporate bash, plenty of restaurants, banquet facilities, and caterers in the Western Mass. area are willing to get the job done each year. Although these parties have been popular for decades, owners and managers say trends are always changing in how people want to celebrate the year and ring in a new one.

Lynn Kennedy says one of the most common things she hears from employers booking holiday parties is that they want to do something special for the people that work for them.

“This is something people don’t want to do halfway,” said Kennedy, director of Sales and Marketing at the Log Cabin. “They want to go all in because they realize it’s the best way for them to show their employees the appreciation they deserve for a lot of hard work that they put out there.”

While end-of-the-year holiday parties have long been a tradition for companies of all sizes, employers are finding new ways to show employees their appreciation this season.

Aside from the traditional but enjoyable small group parties and restaurant reservations, companies are going above and beyond to make sure all employees are able to join in the celebration, no matter how big the organization may be.

The Log Cabin offers a wide array of options for holiday parties, including small-group holiday parties that are always a hit. Indeed, the facility is hosting a total of six this year, as opposed to the usual four or five, because of how popular they are.

“This is something people don’t want to do halfway. They want to go all in because they realize it’s the best way for them to show their employees the appreciation they deserve for a lot of hard work that they put out there.”

The Starting Gate at GreatHorse is another popular venue for small-group holiday parties, including a Breakfast with Santa, a Holiday Dinner Dance with the Clark Eno Orchestra, and the annual Holiday Luncheon with Dan Kane & Friends.

Cathy Stephens, director of Catering Sales, says these events are affordable options for small to mid-sized companies looking to enjoy a festive night.

“It is cost-effective for the smaller and even the mid-size companies to host their holiday celebration at venues that are providing live entertainment and a festive menu that satisfies just about everyone,” she said. “It also provides the opportunity to network with other local businesses.”

In addition to Center Square Grill, Bill Collins recently opened another restaurant, HighBrow, in Northampton.

There is no shortage of businesses in the Western Mass. area, and all have their own preferences as to what kind of gathering will appeal to their employees. This encourages restaurants like Center Square Grill to expand their options and accommodate unique requests.

Owner Bill Collins says he does his best to work with any request, no matter how big or small, and often does so himself to make sure everything goes smoothly.

“What makes this restaurant stand out is that the owner is on deck,” he said, adding that General Manager Kim Hulslander is also frequently involved with booking parties. “If you want to call and work with me, you’re going to get me on the phone. You’re in ownership’s hands when you’re booking an event with us, and we see it through to the end.”

The holiday season poses a strong business opportunity for restaurants and banquet facilities, but it is also a great time for caterers.

“We have people who book at the end of the prior year. Once their holiday party finishes, most people, within a week or two, are booking already for the next year.”

Nosh Restaurant and Café in Springfield may be fairly small on the inside, but its catering business is booming, and uses creative food and elegant edible centerpieces to stand out from the competition.

“I think our food is super creative, and we present it beautifully,” said owner Teri Skinner. “It’s important to be creative in how you present the food, the taste, and the flavors. It’s really what a catering company is built on.”

These caterers are seeing a lot more business around the holidays over the past few years for a number of reasons. For this year’s holiday party planning issue, BusinessWest spoke with local restaurants and caterers about these changing traditions and how they strive to stand out among local competition.

Teri Skinner, owner of Nosh, says it’s important to be creative when it comes to food presentation.

Keep Them Coming Back

When Missy Baker at Arland Tool e-mailed Skinner to set up the company’s annual party, she sent just five short words: “all set for the 24th?” Skinner responded, “yes, we’re all set.”

That’s because this is the seventh or eighth time Skinner has hosted Arland’s annual party, and she knows exactly what they like and need.

“It’s great for the customer because they know I’m going to be there, they know the quality of food, and it’s great for me because I know how much they eat and how long it takes,” Skinner said. “It’s a very precise job that we can control very well.”

These kinds of relationships are not uncommon for restaurants and caterers, and it’s often the unique experiences customers have that keeps them coming back year after year.

Collins noted that a loyal clientele books parties at Center Square Grill every year.

“For us not being a big corporate chain, I just try to go above and beyond for the customer,” he said. “It’s worth it for me to do that to try to build in the business year after year.”

Some sites, like the Log Cabin, are so popular that regulars will book their next annual event just weeks after they enjoy their party this year.

“There are a lot of companies where their business is heaviest during this season, and it doesn’t make sense for them to actually have the celebration before Christmas, so they do it as a type of new-year celebration.”

“We have people who book at the end of the prior year,” Kennedy said. “Once their holiday party finishes, most people, within a week or two, are booking already for the next year.”

This mainly includes the larger parties that rent out big rooms at the Log Cabin for 300 to 400 people, like Tighe & Bond, Florence Bank, and PeoplesBank.

Because of the desire for a smaller, more intimate setting, Kennedy says the company’s Delaney House, where several rooms can fit 15 to 50 people, is also jam-packed during the holidays. Whatever the booking party’s size, she has seen an increase in catering over the last few years, which she credits partly to a changing workforce schedule.

“A major component of that is work schedules because you have first and second and third shifts of people,” she said. “Heads of businesses are really trying to figure out a way to incorporate their entire workforce in a holiday celebration and not just limit it to a particular time.”

These multi-shift businesses include news crews, manufacturers, and even hospitals, where it is nearly impossible to get everyone in the same room at the same time. This is where Log Rolling, the catering service for Log Cabin and the Delaney House, comes in handy.

“They’ll come in and ask us, ‘can you set up a breakfast for our morning crew? Can you set up a lunch for our afternoon crew? Can you set up a dinner for our evening crew?’ so everyone is kind of being hit at a different time and everyone gets to enjoy that holiday experience,” Kennedy said.

Making Spirits Bright

Caterers aren’t the only ones bringing unique styles to holiday celebrations. At Center Square Grill, Collins says customized packages are available for parties of any size, including both food and décor.

The restaurant offers packages for private dining that start at $20 and typically go up to $45 per person, although that isn’t the limit. Lower packages might offer unlimited alcoholic beverages with an entrée choice and a salad. With the $45 packages, everyone is greeted with a glass of champagne and gets an appetizer, salad, entrée, and dessert.

Collins also said he can arrange rooms in a variety of ways, with everything from decorated tables for a sit-down dinner to cocktail tables for a more casual night out.

“What’s unique about us is that you can come here casually, or you can come here dressed up, and you’re not going to feel bad in either direction,” he said. “We want you to be comfortable coming in for a burger and a beer or filet, oysters, and a bottle of champagne.”

Perhaps one of the most important parts about a holiday party is the quality and presentation of food, Skinner said. From everything from the plate the food goes on to the way the food itself is presented itself, Nosh puts together each “edible centerpiece” with with care.

“We call them edible centerpieces because they’re so beautiful when they go out,” she elaborated. “That’s how we build things here. We want them to look gorgeous and taste great, so that’s our goal at the end of the day.”

Cathy Stephens says events at Great Horse, including the holiday dinner dance and holiday luncheon, are perfect for businesses with a smaller budget.

More recently, Nosh catered a Halloween party for Northwest Mutual and provided edible centerpieces, appetizers, and a bartender dressed up for the spooky season.

Skinner agrees that catering has become more popular over the years and thinks a lot of people just want to feel comfortable and laid-back. “I think having it at home or at an office is relaxing,” she said.

Perhaps one of the most relaxing options all these restaurants have seen is the decision to hold off on a holiday party until the beginning of the following year to avoid the craziness of booking during peak season.

Kennedy says people normally book parties at the Log Cabin through the first few weeks of January, but some even book all the way into February.

“There are a lot of companies where their business is heaviest during this season, and it doesn’t make sense for them to actually have the celebration before Christmas, so they do it as a type of new-year celebration,” she said.

This happens frequently at restaurants in the area as well, and it’s the reason why Center Square keeps decorations up well into the new year so customers can still feel the holiday spirit even after the holidays are over.

In short, whether businesses are going with a new tradition or sticking with an old one, there is no shortage of options for holiday parties in Western Mass. — and banquet halls and restaurants say they’re happy to oblige.

Kayla Ebner can be reached at [email protected]

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Smith Executive Education invites you to leverage your organization’s unique mission and function to align with the growing knowledge base for sustainability practices in the workplace. Four weeks of online learning and a one-hour virtual live session with expert Dano Weisbord, Executive Director of Sustainability and Campus Planning at Smith College. This course is designed for your busy schedule, with four weeks of online learning and a one-hour virtual live session with faculty. Take advantage of this special introductory pricing

Senior Planning

Take care to prepare

What was once a demographic ripple has become a full-blown wave — and it’s getting bigger.

According to the U.S. Census Bureau, in 2000, the number of adults age 65 and older was 35 million, or 12.4% of the total population. In 2016, the number of seniors had risen to 49.2 million or 15.2% of the population.

By 2030, the bureau estimates, more than 20% of U.S. residents will have passed their 65th birthdays, and by 2035, that demographic will outnumber children younger than 18 — an unprecedented swing.


View the PDF flipbook HERE

 

What does all this mean?

It means it’s time to prepare — the sooner, the better.

As the Baby Boom generation continues to march into their retirement years — at the rate of 10,000 per day — Americans are living longer than ever. But what that life will entail, post-65, can wildly vary depending on lifestyle preferences, health status, finances, and more.

The questions are myriad. What levels of care are available, and what do they include? How will I pay for all of this, especially if I, or my parents, live well past 80 or 90? How do I approach mom or dad with my concerns that they might not be able to live alone anymore? What’s an estate plan, and what documents do I need to worry about?

It’s a lot to think about, and no single guide can answer all those questions. But hopefully, this special section will sort through some of the confusion and get those conversations started.

Local Business Advice

The Wealth Technology Group

By: Gary F. Thomas, JD, LLM, CLU, ChFC, AIF, CDFA

Earlier this year I received a call from “Jen”, a concerned client. She had just learned from her older brother that her widowed, elderly mother, who lives in Rhode Island, had fallen a couple of days before and had been admitted to the hospital with broken ribs and several fractures. Even though Jen was in the regular habit of calling her mother once or twice a week, the fall occurred shortly after their last conversation and was a shock.

Jen immediately dropped what she was doing and drove to the hospital. While visiting she perceived that her mother was suffering from more than the fractures, but was also somewhat disoriented, which Jen assumed was because of medications that were administered to alleviate pain.

When asked why she was not notified of the fall immediately she was told that mother and her brother who lived nearby just “didn’t want to worry her”. Of course Jen was worried, not only about her mother’s health but also about her mother’s finances, and whether any plan was in place to prepare for the unexpected. All along she had assumed that her brother, who was a retired comptroller, had everything under control.

When Jen questioned her brother, he said that even though he had dealt with finances for his entire life, he was uncomfortable talking to Mom about money, because it was too close to home. He wasn’t sure what planning their mother had done, whether or not she had even the most basic legal documents, and if so where they were located.

“They learned that their mother, who had lost her husband more than twenty years earlier, had never updated the documents after their father’s death.”

Unfortunately, they were forced to have the difficult conversation about money with their mother while she was still in the hospital, admittedly, not an ideal time. They learned that their mother, who had lost her husband more than twenty years earlier, had never updated the documents after their father’s death. Mom said that the lawyer who had prepared them had retired long ago, and she wasn’t sure where the originals were. More than that, she was not quite certain of her banking and financial accounts because the names of the institutions had changed so many times over the years, and she found it difficult to keep track of what she owned. Mom said she had just been assuming that, because of her son’s financial background “he would take care of things” should any health or financial issues arise.

Fortunately since her accident, Mom has returned home and appointments were made for the whole family to meet with a local attorney to complete some basic estate and elder law planning. Now, both Jen and her brother have located Mom’s insurance policies, financial accounts, and credit cards, and keep track of accounts monthly. They have updated the beneficiaries on life insurance and retirement accounts, which are now set up to avoid probate. For the first time, they have a clear picture of their mother’s assets, income and expenses.

Unfortunately, many incidents like this don’t quite turn out as well. Lack of planning and lack of time can cause a financial disaster. Often costly financial decisions are made in the heat of the moment and without full knowledge of the resources available, tax consequences, or the affect of the parent’s ongoing needs.

Our advice: Broach the conversation about money after you have completed your own estate and financial plan, then share with your parents what you have done, which may make it easier to begin the conversation.

 


Gary F. Thomas

JD, LLM, CLU, ChFC, AIF, CDFA

“Because it’s not what you make … it’s what you keep!”

Gary is the President of The Wealth Technology Group, with offices in Pittsfield and Westfield. His company serves over a thousand individuals and businesses in Massachusetts, Connecticut, and across the country, helping them reduce taxes, diversify their portfolios, and keep more of what they have.

Gary is a native of Pittsfield and is a graduate of the Massachusetts College of Liberal Arts and Western New England University Law School. He is a member of the Massachusetts Bar and holds the prestigious Master of Laws in Taxation degree from Boston University Law School. Gary is a Chartered Life Underwriter and a Chartered Financial Consultant. He is also certified as an Accredited Investment Fiduciary, having met the ethical and education standards of a prestigious network of forward-looking investment professionals dedicated to advancing fiduciary responsibility.

Gary has conducted courses on retirement planning, financial management, and estate planning at General Dynamics Corporation, Tubed Products, the Massachusetts Nurse’s Association, Plumbers and Pipefitters Locals 4 and 104, Westfield State University, Berkshire Community College and the Massachusetts College of Liberal Arts, and has lectured financial planning and insurance professionals throughout the U.S. and internationally on best practices and customer service. He specializes in education about safe money management and the maximization of pension and Social Security benefits, so that his clients enjoy a stress-free retirement.

Gary is a member of the Massachusetts Bar Association, the Financial Planning Association, the National Association of Insurance and Financial Advisors, and the International Association of Financial Planners; he sits on the Board of Directors of the MCLA Foundation. Last year, Gary was honored to be appointed a member of the Board of Trustees for Western New England University. He also underwrites programming for WHMP, Channel 57, and is a member of the Westfield Chamber of Commerce and the Better Business Bureau. He was chosen Outstanding Philanthropist of the Year for 2013 by the Western Mass Association of Fundraising Professionals.

Gary is a presence on local media and is sometimes called upon to comment on financial news. Every few weeks Gary also has some fun talking about financial topics with Bax & O’Brien on Rock102. His programs are available on the station websites, and are podcast on iTunes and at www.wealthtechnology.com. He has appeared nationally on Fox Business News, and has been quoted on the Forbes and CNN Money websites.

(800) 266-6793

[email protected]

www.wealthtechnology.com

Local Business Advice

The Wealth Technology Group

By: Gary F. Thomas, JD, LLM, CLU, ChFC, AIF, CDFA

A couple of weeks ago I spoke with a potential client on the phone who had recently purchased some trusts through an online service, and had questions about them. To create the trusts he spoke with an individual on the phone and filled out a short questionnaire listing his wishes, assets and beneficiaries. A short time later received the documents. He was told that the trusts would accomplish his three primary objectives:

Probate Avoidance

Estate Tax Reduction

Asset Protection

I responded that without reading the trusts carefully as well as knowing more about his current financial situation, it would be impossible for me to answer his concerns. We agreed to meet.

Bill arrived carrying a handsome, two-inch thick leatherette folio with his family name embossed in gold lettering on the cover. The binder included two trusts: a Revocable Living Trust and an Irrevocable Asset Protection Trust. Neither trust was funded. In addition, there was a “pour-over” will, designed to fund the Living Trust with probate assets at the time of Bill’s passing.

After chatting with Bill, I learned that he was seventy-three years old, and had two adult sons who were comfortable financially. Up until the creation of his trusts, he had a simple Will leaving all his assets to Martha, his wife of 40 years. She had recently passed after a lengthy illness, motivating Bill to reconsider his estate planning options.

Bill’s major assets included a sizable conservatively invested 401k which listed his children as beneficiaries. Bill’s other assets consisted of a couple of CDs, a modest checking account and a three-bedroom ranch built in the 1960s. Although Bill would be considered to be financially comfortable, his combined assets were only slightly above the one million dollar threshold for Massachusetts estate taxes, with no likelihood of approaching the Federal limits.

The trusts would not serve to avoid probate or to protect Bill’s assets. His major asset, the 401k, was already set up to avoid probate as it had named beneficiaries. As a retirement account it is protected from creditors under both Massachusetts and Federal law. Transferring his 401k to the Irrevocable Trust would necessitate cashing it out, resulting in an income tax disaster.

Bill asked what course he should take regarding the CDs and his home. He could, if he chose, transfer his CDs into either trust but as they were only a modest portion of his assets, the net effect of doing so would be marginal. And although he could transfer his home to the Irrevocable Trust in the hopes of protecting it from the high cost of long-term care, he would still be required to spend down his other assets to qualify for care.

Properly structured, drafted and funded, trusts are valuable tools for probate avoidance, asset protection and estate tax avoidance, but they are not needed by everyone. Basic estate planning documents such as a Will and a Durable Power of Attorney, with careful selection of beneficiaries plus proper insurance planning often produces the desired outcome.

Please consult a qualified professional who can assess your situation and guide you properly through your estate planning journey.

Social Security Informational Workshop: June 11, 13, 18, & 20th • 6:30 pm

Wealth Technology Conference Center – 130 Southampton Rd, Westfield, MA

 


Gary F. Thomas

JD, LLM, CLU, ChFC, AIF, CDFA

“Because it’s not what you make … it’s what you keep!”

Gary is the President of The Wealth Technology Group, with offices in Pittsfield and Westfield. His company serves over a thousand individuals and businesses in Massachusetts, Connecticut, and across the country, helping them reduce taxes, diversify their portfolios, and keep more of what they have.

Gary is a native of Pittsfield and is a graduate of the Massachusetts College of Liberal Arts and Western New England University Law School. He is a member of the Massachusetts Bar and holds the prestigious Master of Laws in Taxation degree from Boston University Law School. Gary is a Chartered Life Underwriter and a Chartered Financial Consultant. He is also certified as an Accredited Investment Fiduciary, having met the ethical and education standards of a prestigious network of forward-looking investment professionals dedicated to advancing fiduciary responsibility.

Gary has conducted courses on retirement planning, financial management, and estate planning at General Dynamics Corporation, Tubed Products, the Massachusetts Nurse’s Association, Plumbers and Pipefitters Locals 4 and 104, Westfield State University, Berkshire Community College and the Massachusetts College of Liberal Arts, and has lectured financial planning and insurance professionals throughout the U.S. and internationally on best practices and customer service. He specializes in education about safe money management and the maximization of pension and Social Security benefits, so that his clients enjoy a stress-free retirement.

Gary is a member of the Massachusetts Bar Association, the Financial Planning Association, the National Association of Insurance and Financial Advisors, and the International Association of Financial Planners; he sits on the Board of Directors of the MCLA Foundation. Last year, Gary was honored to be appointed a member of the Board of Trustees for Western New England University. He also underwrites programming for WHMP, Channel 57, and is a member of the Westfield Chamber of Commerce and the Better Business Bureau. He was chosen Outstanding Philanthropist of the Year for 2013 by the Western Mass Association of Fundraising Professionals.

Gary is a presence on local media and is sometimes called upon to comment on financial news. Every few weeks Gary also has some fun talking about financial topics with Bax & O’Brien on Rock102. His programs are available on the station websites, and are podcast on iTunes and at www.wealthtechnology.com. He has appeared nationally on Fox Business News, and has been quoted on the Forbes and CNN Money websites.

(800) 266-6793

[email protected]

www.wealthtechnology.com

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