This site is hosted by the SEC to provide regulatory disclosures for an RIA Firm.
This site is hosted by the SEC to provide regulatory disclosures for an RIA Firm.
This site is hosted by the SEC to provide regulatory disclosures for an RIA Firm. about the Senior Principal and other Advisors
Our financial planning, investment management, and tax preparation services are offered through Life-Legacy Financial Counsel, Inc., an Ohio Chartered Company and Registered Investment Advisory Firm. We work only for you. Everything we do, we do in accordance with your best interests. We do not receive any form of commission or referral fee from any third party. We accept our Fiduciary Responsibility to you in accordance with IRS, SEC, ERISA, CFP Board, and the other professional organizations' codes of conduct and ethics that we are associated with.
Life-Legacy Services and Life-Legacy Financial Counsel, Inc. provide a combination of financial and non-financial services to its clients using employees, independent contractors, and third-party referrals. As a fee-only advisory firm, we only get paid by the client and do not receive any material compensation from third party providers. If third party cash or non- cash compensation is received due to our investment advisory or insurance recommendations, it will be disclosed to the client and used to offset the client's financial planning service fees.
We do not receive insurance or investment sales related compensation of any kind. In some cases, we may have the client pay for third-party provided services through Life-Legacy Services or Life-Legacy Financial Counsel, Inc., so that the client can receive negotiated discounts. In other cases, we will have the client pay for services directly with that vendor and separate billing for our services. Such arrangements will be negotiated and detailed in our engagement agreement.
Our organizations are only liable for the contracted services. The LLS/LLFC organizations maximum liability is for the contracted cost of services provided. We are not responsible for the quality of services provided by third-party organizations. Financial Planning Services, Investment Advisory Services, Tax Preparation Services, and financial and investment elements of Business Succession Planning are offered through Life-Legacy Financial Counsel, Inc (LLFC) as an Ohio Registered Investment Advisory firm.
Life-Legacy Financial Counsel does not require the use of any specific custodian to manage client assets. The client may choose to retain their assets at any firm. Depending on the location of the custodianship and the method of aggregation or information access with that custodian, there may be limits to the financial services and advice that we can provide on those assets.
Life-Legacy Financial Counsel may use third party money managers to help in the management of assets. All information regarding billing and service providers will be detailed through the Investment Policy Statement and our Financial Planning and Investment Advisory Service Agreement before the engagement begins.
Life-Legacy Financial Counsel, Inc. (LLFC), as the registered investment advisory company, provides financial planning, investment management, and tax advice/ preparation services. LLFC does not provide legal advice or legal document drafting services.
Life-Legacy Services does not provide the financial planning, investment management, tax or legal advice. It is important to always discuss any advice or strategy with family, trusted professionals, and competent legal counsel before initiating.
We encourage clients and the public to always read, compare, and verify information and statements provided by financial firms and report any discrepancies as soon as possible to the complaint division or the Chief Compliance Officer of the organization.
The CFP Board has published educational materials about avoiding fraud.
Life-Legacy Financial Counsel is not a broker-dealer and we are not a member of the Financial Industry Regulatory Authority. We purposely have chosen to not offer any proprietary investment products or receive any kind of investment or insurance commission for our services. The client is the only one who pays us.
About Our Fiduciary Standards
Life-Legacy Financial Counsel, Inc. is a fee-only financial advisory firm. We do not receive investment commissions or sell proprietary financial products. We do not underwrite or syndicate any financial services. We are not owned or controlled by any bank, broker-dealer, insurance company, or investment advisory firm.
The advisors, independent contractors, and employees associated with Life-Legacy Financial Counsel, Inc. accept our fiduciary responsibility and obligations in accordance with the Investment Advisors Act of 1940, The CFP Board, The CFA Institute, the NAPFA Association, and the other professional organizations that we reference or are members. Our individual members and our teams uphold the fiduciary standards that we profess below.
Our Fiduciary Oath
Following our Fiduciary Oath means we seek to:
Our Code of Ethics
Because of our team structure and the myriad of services that we provide to you, our teams have adopted the Code of Ethics and Professional Standards of many organizations and disciplines. We subscribe and pledge that we will uphold the Professional Standards and Codes of Ethics of the following organizations in all our interactions with you. Depending upon your needs and the professional memberships of team members, we will reaffirm our commitment to such high standards at the time of engagement. 1. CFP Board2. CFA Institute3. Financial Planning Association4. National Association of Personal Financial Advisors (NAPFA)5. The Institute for the Fiduciary Standard 6. National Society of Accountants7. The American College8. The American Nurses Association In accordance and in full agreement with the Professional Standards and Codes of Ethics referenced above, we provide this summary of our professional standards that is applicable to all the services that we provide*:
(*adapted and summarized from the NAPFA Code of Ethics and other organizations referenced above.)
Our Advice and Privacy Policies
We are an organization of professionals who help you Plan Your Future, Live Your Life, And Craft Your Legacy™. Since, we want to be your trusted advisor to help you reach your goals, we always want to be trustworthy with our recommendations to you and how we use your personal data.
Your goals are the only basis for the financial and tax advice that we provide. Life-Legacy Financial Counsel, Inc. is an independent fee-only advisory firm, we recommend and select the products and strategies that are always in your best interest.
Life-Legacy Services and Life-Legacy Financial Counsel, Inc. are not owned, financed, or controlled by any bank, broker-dealer, investment bank, insurance company, or Registered Investment Advisory firm that may have a bias towards offering, recommending, or excluding specific products.
We are able to offer personal investment advice and craft strategies that support your purposes (ex. retirement, college savings, etc.) as we craft and execute strategies that honor and adhere to any complex philanthropic, social, political, tax, and religious investing requirements as documented in the Investment Policy Statement and the client agreement.
Our research analysis is based on multiple independent sources so that it is not tainted by conflicts of interest that have plagued the "Wall Street giants". Our advice spans a broad range of both financial and non-financial issues.
We do not use high pressure sales tactics and have no compensation bias towards any product or strategy. All Life-Legacy Team Members are always required and expected to be professional. Our goal is to be a trusted friend and confidante who is here to help you achieve your life goals.
As a Fiduciary, we only give advice that we believe is in your best interest and recommend products and services that we use ourselves and that have been properly reviewed. We will facilitate the difficult conversations and at times will share insights with you that you will not like, but in the end, our goal is to be a trusted friend and have you as a long-term client. Your success is our success.
Our goal is to be transparent in all that we do as we provide both financial education and financial solutions that help you achieve your goals with confidence and peace of mind.
The information that you share with us is yours, not ours. We do not share it with any person, entity, or organization that you have not authorized for the specific purpose or project that serves your needs. It will not be shared with any third party for the purposes of any intra-organization marketing initiatives. Only your Life-Legacy Concierge or the Specialist assigned to your team and project are authorized to use the information and to personally introduce to you any additional ideas or solutions that they think will benefit you. Your information does not leave our team without your permission for any marketing purpose. In support of operations and in accordance with both Federal and State regulatory requirements, we are required to share your data with vendors, regulators or courts as part of our normal operations, required compliance audits, regulatory inquiry, arbitration, or court issue. The information continues to maintain confidentiality in accordance with those organizations' policies.
While in our possession, we always seek to protect your data in accordance with the Investment Advisors Act of 1940, the CFP Board of Standard's Business Practices, Internal Revenue Service Standards, and the data protection requirements of the CFA Institute. If there is a data breach through our firm or the vendors we use, we will inform you as soon as possible and seek to mitigate the damage to you and your privacy in accordance with federal and state statutes. We seek to keep files secure by using locked cabinets and encrypted storage systems, shred paper documents when no longer needed, and send/receive information via encrypted methods only. We will not provide your private information to any third party without your expressed and verified permission. We may use the data provided by third parties to help us complete your tax returns. This includes data and statements provided by aggregation providers, custodians, investment firms, or county records. This data is verified by you before being filed with the IRS. Conversations that you have with us regarding sensitive tax issues are not protected by client-attorney privilege. It is possible that we may have to disclose conversations and information to the IRS during an IRS inquiry or audit. We depend upon the information that you provide to us to properly prepare your tax returns and we do not recommend strategies that are considered inappropriate by the IRS. As a taxpayer, you are ultimately responsible for the integrity of the tax information that you submit to the IRS. You need to inform us of any inaccuracies before we file as part of your personal review of the data. We never file a return without your authorization. Therefore in some cases, we may recommend that you have sensitive conversations with an attorney and then have that attorney provide us with instructions. We do not follow instructions from clients nor file tax returns that we believe may contain misleading statements, encourage tax evasion, or are based on incorrect interpretations of tax law.
What is a Cookie?
Cookies and Internet Privacy
Website May Use the Following Types of Cookies:
Cookies do not contain any information that personally identifies you. You may remove the cookies by following the instructions of your device preferences; however, if you choose to disable cookies, some features of our Site may not operate properly and your online experience may be limited.
GoDaddy Web Services uses a tool which is based on the Snowplow Analytics technology to collect information about your use of the site for analysis and traffic metrics. The tool collects information such as how often users access the Site, what pages they visit when they do so, etc. the tool does not collect any Personal Information and is only used by Ionis Site hosting and operating service provider to improve their site and services and report website traffic to Life-Legacy Services as one of our metrics for the effectiveness of content and public advertising.
Important Disclosures about the Tax Advice & Tax Preparation Services of Life-Legacy Financial Counsel, Inc.
1. The goal is to review, calculate, complete, and file tax reports that are accurate representations of your tax situation. We will recommend deductions, credits, and savings strategies that legally reduce your tax liability, while seeking to avoid disputes with the Internal Revenue Service regarding any data or strategies. The tax advice we give is based on the information provided and our current interpretation of tax laws and issues.
2. We depend on you to provide us the information we need to complete an accurate assessment, tax filing, and recommendations. We may ask you to clarify some items but will not audit or otherwise verify the data that you submit. We can review or assist with revisions of prior year(s) returns at an additional charge. The tax advice that we provide is based upon the data that is presented and understood by our organization via the Tax Organizer, documents provided, discovery conversations, and emails. The information that you share with us is not protected by client-attorney privilege, our work papers are subject to IRS subpoena and audit. Since our firm is not a law firm, we are not able to offer legally binding opinions.
3. We will perform services only as needed to review, revise, or prepare your tax returns. Our work will not include procedures to find misappropriated funds or other irregularities often found via comprehensive audit services. Accordingly, our engagement should not be relied upon to disclose errors, fraud, or other illegal acts, though it may be necessary for you to clarify some of the information you submit. We will, of course, inform you of any material errors, fraud, or other illegal acts we discover.
4. The law imposes penalties when taxpayers underestimate their tax liability. Please alert us if you have concerns about such penalties. Unless stated otherwise, the strategies and information that we provide should not be considered tax advice. General statements, educational forums, and educational materials are not to be construed as tax advice. Life-Legacy Services and Life-Legacy Financial Counsel does not provide legal advice or legal document drafting services.
5. Should we encounter instances of unclear tax law, or of potential conflicts in the interpretation of the law, we will outline reasonable courses of action and the risks and consequences of each. We will adopt, on your behalf, the strategy you select.
6. Our fee will be based on the time required at the standard hourly billing rate plus any out-of-pocket expenses. Invoices are due and payable upon presentation and need to be paid before we efile. Checks are made payable to Life-Legacy Financial Counsel. Payments can also be accepted via our credit card processing service. To the extent permitted by state law, an interest charge may be added to all accounts not paid within thirty (30) days unless other payment arrangements are made. Returned Check fees will cause an additional $50 processing fee and any incurred costs associated with the returned check.
7. We will return your original records to you at the end of this engagement. You should securely store these records, along with all supporting documents, canceled checks, etc., as these items may later be needed to prove accuracy and completeness of a return. We will retain copies of your records and our work papers for your engagement for three years, after which these documents will be destroyed. Our document archives are stored in the Intuit system, Life-Legacy Archive Drive, and/or the Right Capital Financial Planning portal (for financial planning and investment management clients).
8. Our engagement to prepare your tax returns will conclude with the delivery of our analysis of your return along with any recommended clarifications or corrections. If you have not selected to e-file your returns with our office, you will be solely responsible to file the returns with the appropriate taxing authorities.
9. Any person or entity subject to the jurisdiction of the United States having a financial interest in, or signature or other authority over, bank accounts, securities, or other financial accounts having a value exceeding $10,000.00 in a foreign country, shall report such relationship. Failure to disclose the required information to the U.S. Department of Treasury may result in substantial civil and/or criminal penalties If you and/or a legal entity that you control have a financial interest in any foreign accounts, you are responsible to provide Life-Legacy Financial Counsel with all information necessary to prepare and e-file forms (or an extension request) required by the U.S Department of Treasury on or before April 15th of each tax year. Life-Legacy shall assume no liability for penalties associated with the failure to file or untimely filing of any of these forms because of a failure to deliver accurate reports to us in a timely manner.
10. We accept our fiduciary responsibility to you to provide accurate tax information and tax advice. We remind you that taxing authorities impose various penalties when taxpayers understate their tax liability and your return can always be selected for review by taxing authorities at any time during a 7-10-year time period. In the event of government tax examination, we are available upon request to assist you. Such representation is not within the scope of this tax preparation engagement and the fees and expenses for such representation and research will be invoiced separately. Any proposed adjustments by the examining agent are subject to certain rights of appeal with which we can also assist under separate engagement. You are responsible for maintaining the records to substantiate your income and deductions.
11. The Affordable Care Act (ACA) added new health insurance mandates, penalties, and credits beginning in 2014. Our services in connection with this engagement are not designed to - address the legal or regulatory aspects of your compliance with the ACA. In preparing your individual tax returns, we will rely on the information you provide regarding the ACA mandates and you agree to accept full responsibility for the accuracy and completeness of this information, as well as your compliance with the ACA. As such, we will not be responsible for any taxes, penalties, or interest that may be assessed.
12. Effective for years after 2017, the Tax Cuts and Jobs Act put into place a deduction for Qualified Business Income for qualified sole proprietors and owners of pass-through entities (partnerships and S- corporations). The determination of qualification and the calculation of the deduction will require the use of at least one additional worksheet and will add time and cost to the return preparation.
13. The fee for our services is based upon the time we required to prepare your return and any additional costs associated with the software used. We cannot transmit the returns to the taxing authorities until we have a signed authorization and full payment. Therefore, if you have not provided our firm with your signed authorization documents and full payment, we will place your return on extension even though it might already have been completed. In that event, you will be responsible for ensuring any payment due with the extension is timely sent to the appropriate taxing authorities. You will be responsible for any additional costs our firm incurs arising from the extension preparation.
Our firm is required to inform clients of our policies regarding privacy and protection of client Tax information:
TYPES OF NONPUBLIC PERSONAL INFORMATION WE COLLECT & WHY
We collect nonpublic personal information about you that is either provided to us by you or obtained by us with your authorization. For current and former clients, we do not disclose any nonpublic personal information obtained in the course of our practice except as required or permitted by law. Permitted disclosures include, for instance, providing information to our employees and, in limited situations, to unrelated third parties (and their agents) who need to know that information to assist us in providing tax services to you. In all such situations, we stress the confidential nature of information being shared. Typically, we seek your permission to share any information with any external party who is or may provide services to you.
PROTECTING THE CONFIDENTIALITY AND SECURITY OF CLIENT INFORMATION
We retain records relating to professional services that we provide so that we are better able to assist you with your professional needs and, in some cases, to comply with professional guidelines. In order to guard your nonpublic personal information, we seek to maintain physical, electronic, and procedural safeguards that comply with professional standards of the IRS, SEC, FINRA, and other regulatory organizations. Please review our website for more details regarding our privacy policies, vendors we use, and our code of ethics.
About Our Investment Recommendations
*Our recommendations may include the inclusion of one or several different types of asset trusts and corporate structures. Depending on the nature of the recommendation, either Life-Legacy Financial Counsel, Inc. or Life-Legacy Services may recommend the strategies.
Many of these strategies will need to be confirmed by your accountant or your attorney before being executed. Your team will have the knowledge and experience with these 30 different types of trusts and corporate structures to help you reduce income tax, estate tax exposure, and provide asset protection. Each type of trust has its benefits and risks. We explain these to you and work with your attorney to draft the customized documents. We also have the expertise to recognize and communicate business operations that are risky and recommend the purchase of insurance to reduce liability.
A major goal of using advanced trust strategies is to reduce estate shrinkage by reducing operational expenses, maintain and encourage family unity, encourage multi-generational wealth transfer, avoid legal disputes, and reduce exposure to potential income and estate taxes. These strategies may also be beneficial to avoid probate processes both within the USA and on assets held throughout the world.
***We do not solicit the purchase, sale, or use of private placements or the purchase, sale, or use of franchise businesses. We do not assist with the valuation, sale, or purchase of a business. We do not act as a solicitor or a member of a capital syndication that encourages our clients to buy or sell businesses to each other, because such arrangements are considered a conflict of interest.
The implementation of Advanced Planning Strategies requires the completion of our L.E.A.D Process ( Legacy, Estate, and Directives analysis and organization) and the financial education and preparation of family members.
We share the following list of the types of trusts included in Advanced Planning Techniques with you so that you may trust the expertise that we bring to the table to help you achieve your goals:
Revocable Living Trust (RLT), Irrevocable Trusts, Simple Trusts, Complex Trusts, Intentionally Defective Grantor Trust (IDGT), Charitable Remainder Trust (CRT), Charitable Lead Trust (CLT), Family Charitable 501c3 Trust, Irrevocable Life Insurance Trust (ILIT), Stand-Alone IRA Beneficiary Trust, Special Needs Trust (SNT), Minor Trust, Spendthrift Trust, Blind Trust, Discretionary v. Non-Discretionary Trust, Medicaid Trust, Crummey Trust, 2642(c) Trust, Bypass Trust (B-Trust or Credit Shelter Trust), Qualified Terminal Interest Property Trust (QTIP Trust or marital trust), Dynasty Trust (GST Exempt Trust), Grantor Retained Annuity Trust (GRAT), Grantor Retained Unitrust (GRUT), Grantor Retained Income Trust (GRIT), Spousal Lifetime Access Trust (SLAT), Qualifying Domestic Trust (QDOT), Qualified Personal Residence Trust (QPRT), Incomplete Gift Non-grantor Trust (ING), Domestic Asset Protection Trust, Foreign Trust, Electing Small Business Trust (ESBT,) Qualified Subchapter S Trust (QSST), etc.
**A Series LLC is a legal strategy linking several limited liability companies ("LLC") together in which the articles of formation specifically allow for unlimited segregation of membership interests, assets, and operations into independent series of limited liability companies, commonly known as a "Series LLC" (abbreviated as SLLC), An SLLC is a limited liability company that provides liability protection across multiple complementary and coordinated LLCs, while each of which is theoretically protected from liabilities arising from the other LLCs. Also known as a "Segmented LLC Strategy" used in an estate and asset protection planning.