After a 26 year career as an MEBA Member Owen Hill retired as a Chief Engineer with the Matson Navigation Company.
During the years in that first career he studied ways in which to earn the most from his savings by investing correctly. He learned that reasonable diversification, keeping investment sales charges and other expenses as low as possible, seeking as much useful advice as possible from a wide variety of sources on a continuing basis and implementing tax saving ideas that are potentially there for everyone to take advantage of could make a huge difference over a long period of time.
In addition to the income tax planning issues and opportunities that people in most other skilled professions have, merchant mariners also must be aware of the per diem deductions that are helpful to most of them. These usually open the door to the “over 2% of adjusted gross income” miscellaneous deductions. The deductibility of trips to and from the union hiring hall can be different than other union members as well.
Since ‘retiring’ Owen has passed the extensive exams and experience requirements to achieve both licensing by the IRS as an Enrolled Agent, as well as the Certified Financial Planner™ mark. Both are the “gold standard” for the industry. In addition, he is a NAPFA Registered Fee-Only Financial Advisor. NAPFA, the National Association of Personal Financial Advisors, is the organization created to advance Fee-Only Planning, which eliminates much in the way of conflicts of interest that occur when an advisor receives payment for recommendations to buy certain financial products such as insurance, stocks, mutual funds, real estate, etc.. North Lake Tahoe Financial Services, LLC was founded in 1998 as a different kind of financial services firm. The client’s best interest really does always come first. Our charges are always on an hourly basis.
We are compensated only for the work we do, whether in preparing a tax return or a financial plan. The same applies to assisting with investments in securities. For this purpose we recommend that financial planning clients open accounts with Vanguard and/or Fidelity so we may assist in the selection of funds that we follow. Being compensated only for our time, we receive no other compensation.
For our Financial Planning Clients at NLT Financial Services, LLC, with respect to investment recommendations, we not only look at client diversification, risk tolerance/need for income, and investment performance, but at the income tax ramifications as well. Income taxation is supposed to be part of a comprehensive financial plan, but not all planners seriously consider, or talk with their clients about, this subject in the most meaningful way.
In addition to income tax and investing a comprehensive financial plan should also include insurance, estate planning, a retirement funding projection and cash flow. The MEBA changes in pension option calculations have to be thoroughly understood by the Advisor in order to create as accurate a written plan as possible with which to help you make decisions regarding your future.
Please feel welcome to visit us in person at our Lake Tahoe office in Incline Village, Nevada.