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Gabriel Korach
Gabriel Korach is a Senior Managing Director and Wealth Advisor in Mesirow Wealth Management He works with high net worth individuals families and business owners to build comprehensive wealth management plans that integrate all areas of financial planning A particular area of focus for Gabriel is generational wealth transfer Gabriel has 18 years of experience in the financial services industry…
Garrett Furnivall
Garrett Furnivall is Director Asset Management of Mesirow Alternative Credit Prior to joining Mesirow Garrett served as Vice President for Bastion Management where his responsibilities included transaction underwriting portfolio monitoring unit economic modeling and risk analysis Bastion joined Mesirow in December 2024 Prior to joining Bastion Garrett was an Analyst at Praesidian Capital where…
Garry Cohen
Garry Cohen is a Senior Managing Director and Co-Head of Mesirow Sale-Leaseback Capital He serves as an integral part of the day-to-day operations and strategy of the group As Co-Head of Mesirow Realty Bridge Equity he is responsible for leading Mesirow’s Bridge Equity business and participates in all aspects of the investment process and is a member of its Investment Committee He is also a…
Gary Pattengale
Gary Pattengale serves as a Senior Vice President Advanced Planning Specialist and Wealth Advisor in Mesirow Wealth Management Gary acts a centralized specialized resource advising clients on tax implications and strategy considerations when building comprehensive financial plans Gary has over 30 years of experience in the financial services industry Prior to joining Mesirow in 2024 Gary helped…
George Barbar
George Barbar is a Senior Managing Director in Mesirow Institutional Sales and Trading and Head of Southeast Regional Development and Strategy for Mesirow He oversees Rates Government Agency Supranationals CDs and Structured Products and is responsible for its growth underwriting and distribution He is also the principal and manager of Mesirow’s Boca Raton office George is founder and president…
Gerry Levin
Gerry Levin is Senior Managing Director and Co-Head of Mesirow Sale-Leaseback Capital The Sale-Leaseback Capital business serves to provide fully integrated real estate capital market services to single tenant occupants on a national platform In his position in Mesirow Realty Bridge Equity Gerry is involved in all aspects of the Bridge Equity investment process and is the founding member of the…
Get It Wholesale
May 30 2023 |, By, Mesirow Currency Management, Foreign exchange trades settle two days after trading Could they settle in 30 seconds, Foreign exchange settlement risk the risk that one party to a currency transaction won’t receive the currency it purchased is increasing While most currency deals conclude without incident the growing volume of transactions that could fail has regulators searching for better ways to settle foreign exchange trades In this article we describe the size of the foreign exchange market the currency…, We’ll also examine possible improvements to the settlement process particularly a more widespread adoption of payment versus payment systems in FX settlements and also look at the promising potential of central bank digital currencies , Foreign exchange settlement risk on worrisome upswing $22 trillion at risk of failure each day A foreign exchange (FX transaction consists of two parts trading and settlement Trading determines the details of the transaction the exchange rate (the trade’s price the currencies and amounts to be exchanged and the date of that exchange or the settlement date The second part of an FX transaction…, Explore, Central Bank Digital Currencies, What do CBDCs mean for the US dollar as the world’s major reserve currency Read article, US dollar Currency dynasty, Is the USDs position as the worlds reserve currency safe or is its decline inevitable Read article
Getting organized is the first step
Do I have enough to retire when I want to How much can I spend on a second home How much can I afford to help support a family member, Our clients ask these types of questions all the time The answer can be simple or difficult depending on how much information is readily at hand and how organized the person is with their financial situation There are many factors that play into these important life and financial decisions and organizing this information is critical to your wealth advisor’s ability to answer your unique question…, Create your personal balance sheet, Your balance sheet is a comprehensive listing of all of your assets and liabilities The asset side of the balance sheet should contain a list of all property bank accounts investment accounts and any other business or personal assets The liability side of the balance sheet should include major financial responsibilities such as a mortgage or loans The value in this exercise is that once you get…, Create your personal cash flow statement, Your cash flow statement is a listing of all of your cash inflows and outflows People are usually quick to identify their sources of current income whether that be from their current employer Social Security or a pension or annuity payment However when pressed about the expense information aside from the aforementioned mortgage or liability payments many people aren’t sure how much they spend…, The difference between “cash reserve” and “investable cash”, It is also important to distinguish between your “cash reserve” and “investable cash” A general rule of thumb is to keep three to six months’ worth of expenses — not income — as a cash reserve depending on your situation That cash amount should be viewed as separate from any cash that is being held for any type of investment opportunity This is also why it is important to know your monthly…, Take care of yourself first, Another important aspect of getting organized is to always take care of yourself first What this means is making sure you are putting money away for your own retirement through a company plan or IRA and contributing the maximum you can afford based on your plan If you are over the age of 50 you can contribute more to these plans The earlier you start saving the more likely it is that you will…, Do an annual financial review, When was the last time you sat down and did a full financial review This involves much more than assessing how your financial accounts did over the last quarter For example a financial review can help you understand if your insurance and estate documents are up to date Since you first established your insurance needs and estate documents your asset levels may have increased and may need to be…, In conclusion, It’s helpful to be organized as you consider the questions specific to your individual circumstance Once the process is in place these planning components should be regularly reviewed and updated as necessary Getting organized will help you make the financial decisions that support your most important life decisions Your Mesirow Wealth Advisor would welcome the opportunity to assist you with…, Published January 2025
Gift tax reporting for transfers to Irrevocable Trust
Gift tax reporting for transfers to Irrevocable Trusts
Irrevocable trusts offer investors significant benefits including asset protection from creditors and lawsuits tax advantages by reducing estate and income tax liabilities and efficient wealth transfer while avoiding probate They also support Medicaid and government benefits planning by removing assets from personal estates provide control over asset distribution and facilitate charitable giving…, The process of implementing an irrevocable trust as part of your estate plan can be long and arduous First you must settle on the best strategy that fits your overall goals and makes sense from a financial perspective (after all you are typically planning to part permanently with assets you worked hard to acquire The trust must then be drafted reviewed and executed Next you must finalize the…, The federal gift tax, In many cases you will need to report the asset transfer to the IRS The estate tax savings that drive the purpose of such trusts requires that the transfer to the trust be considered a completed gift for gift and estate tax purposes so it is no longer a part of your estate when you pass away As a result the taxable value of the gift will count against your lifetime exemption for federal estate…, Gifts to trusts that must be reported to the IRS, With few exceptions a completed gift to an irrevocable trust which is not entirely reduced by the present interest withdrawal rights of the beneficiaries must be reported to the IRS This naturally includes gifts to trusts for which there are no withdrawal rights Transfers to a Grantor Retained Annuity Trust (GRAT must be reported since the transfer of the remainder interest following the annuity…, Transfers to trusts that don’t have to be reported but may be beneficial to report, A sale of an asset to an Intentionally Defective Grantor Trust (IDGT at its fair market value which is a common estate planning technique is not a gift and thus it is not required to be reported on a gift tax return Also a gift that is entirely reduced by the annual exclusion is not reportable to the IRS However it may be in the taxpayer’s interest to report them anyway At first you may think why…, The importance of adequate disclosure, In order to start the three-year statute of limitations whether the gift must be reported or not the transaction must not only be reported in a gift tax return but also the valuation of the asset must be “adequately disclosed” the details of which are spelled out in the tax code and regulations In essence the taxpayer has two choices to meet adequate disclosure (1 include a laundry list of…, The federal generation-skipping transfer tax, The other purpose of the Form 709 is reporting allocation of your lifetime exemption from the federal Generation-Skipping Transfer (GST tax a separate tax which applies to certain gratuitous transfers during life and at death to someone two or more generations below the transferor Since the estate and gift tax is considered a tax on the generational transfer of wealth the GST tax sets a limit the…, Conclusion, Irrevocable trusts provide a lot of value to investors however as you can see the gift tax reporting of transfers to trusts can be complex and may have important tax consequences As a part of the trust creation and funding process you should engage tax counsel (and if needed a valuation professional who is experienced with these matters along with your Mesirow Wealth Advisor to be sure the…