Fairman Group Explains Residency & Domicile Regulations

Domicile is a lesser-known concept that goes beyond where you own property or where you spend most of your time and it is essentially intent-based. Domicile is a person’s fixed, principle, and permanent home or the place they intend to remain or return to, after being absent. While you can have multiple residences across many states, you can only have one domicile for state income tax purposes.

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Fairman Group Explains Why Growth Versus Value is a Balancing Act

Over the last decade, there hasn’t been much to complain about when it comes to equity performance. Even after the sharp decline seen in financial markets earlier this year, equity indices have rebounded with strength and now sit at or near all-time highs. The resilience, performance, and consistency of the market in the last ten years has been nothing short of impressive—that is, unless you’re a value investor.

Value and growth investment styles are two philosophies that are often compared and studied. The basic premise behind value investing is that companies who are undervalued, based on a variety of metrics, are sought out with the hopes that the market will eventually realize its full worth—it can be thought of as “seeking to buy a dollar for 50 cents”. Growth investing, on the other hand, is less concerned about the valuation of a company and more concerned about current and expected growth rates—even if there is a premium to pay. Growth investing can be thought of as “buying 50 cents for a dollar, expecting to sell it for 5 dollars”.

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Fairman Group Expands Upon Estimated Taxes

Taxes may be the last thing on people’s minds these days; however, the extended tax-filing deadline of July 15th is near. The three-month extension to file federal and most state tax returns also applies to estimated tax payments.

Many business owners and self-employed professionals—such as attorneys, doctors, dentists, consultants, real estate agents, and others who are not W-2 employees, have no taxes withheld on the income they receive when they receive it. Most taxing authorities, including the U.S. government, operate on a ‘pay-as-you-go’ basis. This means that tax is due on any income at approximately the same time it is received. To make tax payments for that income, ‘estimated taxes’ are due.

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Fairman Group Offers Estate Planning Strategies During Uncertain Times

As the world continues to face these unprecedented times, Fairman Group Family Office is available to help you with all of your financial planning needs. One important area that may be on your mind is estate planning—and specifically, having an updated and comprehensive estate plan in place. Below are Fairman Group’s top three suggestions for estate planning strategies:

  • Review and update your estate plans to be sure they reflect your intentions
  • Gift assets at lower values to maximize the power of these exclusions
  • Take advantage of historically low interest rates

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