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Six Strategies to Optimize Your Charitable Intentions 04.13.2021

By: Matt Regan, Wealth Advisor and Steve Pitchford, Director of Tax and Financial Planning
Published: April 13, 2021

Six Strategies to Optimize Your Charitable Intentions | Most individuals who are philanthropically inclined usually just take the path of least resistance and write a check directly to a charity. Of course, this is a straightforward approach and can qualify for an income tax deduction, but when being charitable, there are many different (and often economically more advantageous) options and strategies available to you. Indeed, with strategic and thoughtful planning, a taxpayer may be able to optimize their gifting strategy, meeting multiple objectives by maximizing the economic benefits 1.) to themselves, 2.) to their favorite charities, and even 3.) to their loved ones.

Are you optimizing your philanthropy and gifting strategy? Below you will find a myriad of different charitable strategies we regularly employ for Towerpoint Wealth clients, designed to help you better understand your options.

Cash/Direct to Charity

A cash gift is the simplest and (by far) most popular form of charitable giving.

The income tax deduction[1] for a cash gift is generally equal to the amount of cash donated less the value of any goods or services received in return. And while the benefit of a cash donation is its simplicity, as you will see below, it is not always optimal from a tax and gifting perspective.

Donor-Advised Fund

A Donor-Advised Fund (DAF) is a charitable fund, a 501(c)(3) entity in and of itself, that allows an individual to donate cash or appreciated securities, such as individual stocks, bonds, mutual funds, or exchange-traded funds (ETFs).[2]

Donor Advised Fund DAF Charitable Intentions White Paper

Donating appreciated securities can be a more tax advantageous way to fund a DAF, as donating an investment that has gone up in value generally provides the exact same tax deduction as donating cash, while at the same time provides the extra benefit of eliminating the capital gains tax that a taxpayer would normally pay upon selling the security.

How does it work? The donor makes an irrevocable gift of cash or appreciated securities to a DAF. The donor is then able to decide, on their own timeline, when to grant funds out of the DAF and directly to a charity or charities of their choice. If the contribution is appreciated securities, the DAF is allowed to sell these positions tax-free. The DAF will typically then, at the donor’s discretion, invest the funds in a manner consistent with the donor’s charitable goals and objectives. Once the donor is ready to make a grant from the DAF, he or she simply informs and authorizes the DAF custodian (usually via the custodian’s online platform) to send a check directly to the charity on the donor’s behalf.

Typically, the funding and operational costs of DAFs are low, and our clients also love that they provide a year-end summary report, eliminating the hassle and stress of tracking each contribution/grant out of the DAF individually.

Towerpoint Tip:

At Towerpoint Wealth, we also evaluate “frontloading” a DAF with several years’ worth of potential charitable contributions, allowing a taxpayer to “hurdle” the standard deduction and thus, not only eliminate the future capital gains tax of the donated funds, but also provide them with at least a partial tax deduction for their charitable contributions in a particular tax year.

Private Foundation

A private foundation is a 501(c)(3) organization set up solely for charitable purposes.

A private foundation may be structured either as a corporation managed by a board of directors, or as a trust managed by trustees. Unlike a public charity, the funding for a private foundation typically comes from a single individual, family, or corporation.

The primary benefit of a private foundation is the enhanced control that it provides, as it is able to formulate its own customized charitable gifting approach and platform (and continue to gift directly to other charities as well). A donation to a private foundation is an irrevocable charitable gift, and qualifies for a potential income tax deduction that, for most individuals, will be the exact same as gifting directly to another 501(c)(3) charity.[3]

Importantly, private foundations have administrative and tax reporting requirements that may be costly, and speaking further with a financial advisor and tax professional regarding the benefits and drawbacks of establishing one is recommended.

IRA Qualified Charitable Distribution

Individuals who are over the age of 72 are subject to annual required minimum distributions (RMDs) from their pre-tax IRA(s). These distributions are included on an individual’s tax return as taxable income and are subject to ordinary income tax.

As an alternative to taking a “normal” RMD, an individual can instead execute a Qualified Charitable Distribution (QCD), which allows them to both satisfy their RMD and their charitable intention at the same time.

How does a QCD work? Instead of a “normal” RMD, which usually is deposited into an individual’s checking, savings, or brokerage account, a QCD is paid directly from the IRA to a qualified charity. This distribution not only offsets – or, depending on the amount, fully satisfies – an individual’s RMD, but it is also excluded from taxable income.[4]

And unlike other gifting strategies, a QCD’s net effect as an “above the line” dollar-for-dollar tax deduction can offer additional economic benefits when compared to a “typical” itemized charitable tax deduction.

Charitable Remainder Trust

A charitable remainder trust (CRT) allows a donor to make a future charitable gift, while at the same time, receive an income stream during their lifetime for their own spending goals and needs. There are two types of CRTs: Charitable Remainder Annuity Trusts (CRATs) and Charitable Remainder Unitrusts (CRUTs). The two main differences are how the annual distribution to the income beneficiary(ies) is calculated and how often assets can be contributed to the trusts.[5]

When the donor establishes and contributes to a CRT, they are entitled to a current income tax deduction that is equal to the future expected value of the trust assets that will ultimately pass to the charitable beneficiary(ies). The deduction calculation is based on a number of different factors, such as the annual income stream payout set by the CRT, the age(s) of the income beneficiary(ies), the trust’s specified term of years, and the published IRS monthly interest rate.

At either 1.) the donor’s death, 2.) the death of the beneficiary, or 3.) the completion of the trust’s term, the trustee will distribute the balance of the trust assets directly to the chosen charity(ies).

The primary benefit of a CRT is that an individual may receive a substantial tax deduction in the year they open and fund the CRT, while at the same time, continue to receive income for themselves (or other income beneficiaries) during their lifetime. If the CRT is funded with cash, the donor can claim a deduction of up to 60% of adjusted gross income (AGI); if appreciated assets are used to fund the trust, up to 30% of their AGI may be deducted. In addition, if the trustee decides to sell contributed appreciated securities, he or she can do so tax-free.

Towerpoint Tip:

Opening, funding, and administrating a CRT is complicated and there are important ongoing tax filing obligations. As such, it is highly recommended to work with a trusted financial advisor and tax professional to ensure that a CRT is the right choice. Further, the tax deduction calculation may be audited, so it is important to hire a qualified professional to appraise this value.

Charitable Lead Trust

In the simplest sense, a charitable lead trust (CLT) is the reverse of a CRT. The income generated by the contributed assets is distributed to the chosen charity, and the beneficiaries receive the remainder interest. Like a CRT, a CLT can be an annuity trust (CLAT) or a unitrust (CLUT), but different distribution rules apply.

There are two main types of CLTs: a grantor CLT and a non-grantor CLT. A grantor CLT, like a CRT, is designed to give the donor an upfront charitable income tax deduction. However, to receive the charitable deduction, the donor must be willing to be taxed on all trust income. Since the gift is “for the use of” a charity instead of “to” a charity, cash contributions to a grantor CLT are subject to reduced deduction limits of 30% of AGI, and appreciated asset contributions are subject to deduction limits of 20% of AGI. For non-grantor CLTs, the grantor does not receive a charitable income tax deduction, nor are they taxed on the income of the trust. Instead, the trust pays tax on the income, and the trust claims a charitable deduction for the amounts it pays to the charity. It is very important to note that since they are not tax-exempt, neither type of CLT offers the ability to avoid or defer tax on the sale of appreciated assets like a CRT does.

A CLT may be a better option than a CRT if an individual has no need for current income and wants to ensure that, upon their death, their loved ones receive an inheritance.

Towerpoint Tip:

A charitable lead trust is often structured to provide gift-tax benefits, not necessarily a current income tax deduction. A donor is able to gift more to family members with a reduced gift-tax effect because the gift’s present value is discounted by the calculated income to be paid to the charity(ies). The tax deduction the individual receives is based on the annual amount provided to the charity.

Pooled-Income Fund

A Pooled-Income Fund (PIF) is a type of charitable trust that functions like a mutual fund.

A PIF is comprised of assets from many different donors, pooled and invested together. Each donor is assigned units in the fund that reflect his or her share of the fund’s total assets. Each year, the donors are paid their proportionate share of the net income earned by the fund – the distribution amount depends on the fund’s performance and, importantly, is taxable income to the beneficiary (which is typically the donor but may also be a family member, friend, etc.). At the death of each income beneficiary, the charity receives an amount equal to that donor’s share in the fund.

PIF contributions provide a tax deduction to the donor upon contribution and, like the other charitable gifting vehicles described previously, affords the donor the ability to avoid paying any capital gains taxes on the contributed appreciated securities.

Pooled Income Fund Donor Charity

A primary drawback of a PIF is that the donor has no control over how the assets are invested, as the investment of the fund is directed by a professional manager. As such, it is important that individuals speak with a financial advisor to ensure that a PIF is thoughtfully incorporated into their overall investment allocation and strategy, as well as philanthropic and charitable giving plan.

How can we help?

At Towerpoint Wealth, we are a legal fiduciary to you, and embrace the professional obligation we have to work 100% in your best interests. If you would like to learn more about charitable giving strategies, we encourage you to contact us to open an objective dialogue.

Steve: 916-405-9166, spitchford@towerpointwealth.com
Matt: 916-405-9164, mregan@towerpointwealth.com


[1] In order for an individual to receive a tax deduction, their combined itemized deductions must exceed their standard deduction.

[2] Appreciated securities may be donated directly to certain charities as well. However, doing so is typically an administrative hassle for both the individual and the receiving organization.

[3] Donations to a private foundation are tax deductible up to 30% of adjusted gross income (AGI) for cash, and up to 20% of AGI for appreciated securities, with a five-year carry forward

[4] Up to an annual maximum of $100,000, per taxpayer.

[5] A CRAT pays a fixed percentage (at least 5%) of the trust’s initial value every year until the trust terminates. The donor cannot make additional contributions to a CRAT after the initial contribution. A CRUT, by contrast, pays a fixed percentage (at least 5%) of the trust’s value as determined annually. A donor can make additional contributions to a CRUT.

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Hope for Immunity in Our Community? 03.12.2021

A year ago yesterday, on March 11, 2020, the WHO officially declared COVID-19 to be a global pandemic. Later that night, the NBA pulled the plug on two scheduled games (including the Pelicans/Kings game here in Sacramento), and then immediately suspended its season after Rudy Gobert and Donovan Mitchell both tested positive for the disease:

NBA Immunity

The battle against coronavirus has unquestionably been a difficult, painful, arduous, and seemingly constant one over the past 12 months, with the underlying question constantly on everyone’s mind: “When will we reopen and get back to normal?” And while we are by no means at the finish line yet, at Towerpoint Wealth we believe we are much closer to the end of the pandemic than we are to the beginning of it.

Why the hope? We will let the visuals support a number of key reasons for our optimism:

Huge declines in COVID-19 cases, deaths, and hospitalizations

Widespread vaccine distribution

Extreme fiscal stimulus

Measured re-opening of the economy

Pending herd immunity

At Towerpoint Wealth, we believe it is also time to look forward, without letting our guard down, with expanding optimism and appreciation for what the future holds. Understanding we will always remain pragmatic, and avoid cockeyed optimism, we do believe that the marathon is almost at its conclusion.

What’s Happening at TPW?

Our lovely Director of Operations, Lori Heppner, along with her Bella. 🙂

Our Partner, Wealth Advisor, Jonathan LaTurner, spent a few days last month in Tulum, Mexico, doing some wedding venue due diligence with his bride-to-be, Katie McDonald. Yes, we’re all very jealous of you two, walking Tulum Beach and both looking great!

TPW Service Highlight – Charitable Giving

It used to be (and still can be) as simple as writing a check and mailing it off to your favorite charity. However, simply giving cash may not be the best, nor the most beneficial or impactful, way to be philanthropic. Fortunately, today’s donors have a myriad of gifting strategies that can increase the economic benefits of their gifts, both for the charity, as well as for you.

From charitable remainder trusts, charitable lead trusts, and private foundations, to donor advised and pooled income funds, and from IRA qualified charitable distributions (QCDs) to charitable gift annuities, there are many options for those who are inclined towards philanthropy. Determining which charitable strategy is best for your personal circumstances can be challenging, and as experts in this field, we stand ready to help you better understand the advantages and disadvantages of each as we develop the most appropriate gifting strategy for you. Click HERE to talk more with us about your philanthropic intent and charitable gifting plan.

Issuance of Amended 2020 Form 1099s – Don’t File Too Early!

Have you received your 2020 Form 1099s in the mail or via email? Have you already received amendments to your original 1099s? Scroll down to read a newly-published report authored by our Director of Tax and Financial Planning, Steve Pitchford, to find out why we recommend NOT actually filing your tax return until early April!

The Frustrations of Form 1099 | It's Tax Time

Chart of the Week

It’s not unusual to see -2%, -5%, and even -10% pullbacks in the stock market. Frankly, we should *expect* them to happen, remain objective and not worry about them when they do, and have a plan and the flexibility to make tactical portfolio adjustments to take advantage of them when they occur.

Trending Today

In addition to shots and stocks, a number of trending and notable events have occurred over the past few weeks:

As always, we sincerely value our relationships and partnerships with you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, info@towerpointwealth.com) with any questions, concerns, or needs you may have. The world continues to be an extremely complicated place, and we are here to help you properly plan for and make sense of it.

– Joseph, Jonathan, Steve, Lori, Nathan, Matt, and Michelle

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Choosing Who Will Inherit Your Retirement Accounts

You are working on your estate plan, and trying to figure out who you should name as the beneficiary of your 401k account and IRAs. Simple – the kids, right? Not so fast.

Click to watch the video below from our Wealth Advisor, Matt Regan, to learn the non-spouse beneficiary distribution rules for inherited and pre-tax IRAs and “regular” pre-tax 401ks, and why understanding these rules are so important for income tax and estate planning purposes.

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Five Things I Wish Someone Told Me Before I Became A Founder 02.12.2021

Our President, Joseph F. Eschleman, CIMA®, was interviewed by Candice Georgiadis, a contributing writer to Authority Magazine, as part of her series about leadership lessons of accomplished business leaders. Joseph’s story and message does an excellent job of summarizing not only how passionate and driven he is as President and founder of Towerpoint Wealth, but also the grit, tenacity, and hard work it takes to build and grow an individual advisory practice, and to then pivot, and ultimately build and grow a $300 million boutique wealth management firm.

Click HERE to read the Joseph Eschleman / Towerpoint Wealth story!

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Estate Planning

Planning for your death and the death of your spouse – not very pleasant to think about, but clearly very important when it comes to proper estate planning.

Click below and take 60 seconds to watch Matt Regan’s most recent One Minute Tax Tip, as he expands on the importance of making the disposition of your assets as easy, streamlined, and tax efficient as possible for the people we care about and ultimately will leave behind.



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A Ben Franklin Redux

An Attorney’s Guide to Building and Protecting Personal Net Worth 

By: Matthew Regan, Wealth Advisor

Remember how you felt the day you said “I passed the bar!”?

That day, you no doubt celebrated your great accomplishment. It marked not only the closing chapter of your law school career, but the opening of an important new chapter in your personal and professional life, one with tremendous economic upside if properly harnessed. 

In his essay Advice to a Young Tradesman, Benjamin Franklin famously states, “Time is money.” This phrase, which he wrote in 1748, still rings true today, especially for busy attorneys and law-firm partners like yourself, who earn a living primarily from billable hours. 

As the numbers increase on your net worth statement, so does the responsibility of managing them correctly. As you accumulate wealth, have you achieved economic peace of mind? Not having the time, expertise, or patience, to establish and execute on a customized wealth-building and retirement strategy is neither a failing nor a flaw – it is a very common problem.

Finding an expert, trustworthy partner to help you manage and coordinate much of this “financial heavy lifting” can lead you closer to the economic peace of mind you have been working so long and hard for. 

Emotional Awareness – Your Strength and Your Weakness?

As a successful attorney, you are committed and laser focused on helping your clients, managing and collaborating with colleagues, and balancing the administrative obligations of running your practice.

You are working to strike the appropriate balance between your career and your family life. It is challenging — and stressful — to properly coordinate all of this. Consider too, that you have a responsibility to develop and execute on a well-thought-out and disciplined plan to grow and protect your personal wealth. It’s no wonder this task often gets back-burnered until you “aren’t so busy.”

Unfortunately, for many lawyers, “not so busy” only becomes a reality once retirement does, and by that time, many critical economic decisions, key financial and investment planning opportunities, and basic compounding benefits have come and gone.

Get Help, and Don’t Get Burned!

If you haven’t yet hired a professional to help, it might be because you’ve heard about uninspiring, unsettling, or even outright illicit experiences with so-called “financial-advisors.” Certainly, what tends to be the most challenging aspect of hiring an advisor is finding one who cultivates your trust.

An important part of the wealth building journey is partnering with the right financial advisor. The first step you can take is to ask friends and colleagues to share their successful experiences with advisors. The advisor is providing a service that will have a lasting impact on your financial future, so you need to be sure you are hiring the right person to meet your specific goals.

Your advisor will need to know every single aspect of your financial life, and oftentimes many aspects of your personal life as well, in order to provide the most appropriate advice and customized solutions. Each member of your family, especially your significant other, must have confidence the advisor will always hold your family’s best interests above their own. Because most attorneys have uneven cash flow throughout the year, complicated tax issues, and complex retirements, your advisor will be able to best serve you when they have a strong understanding of how you are compensated and the complexities of it. These things that make financial planning difficult for you, are well inside a fiduciary advisor’s wheelhouse.

“Suitable” versus “Fiduciary”

A second extremely important step when searching for an advisor is to assure they are bound to a legal fiduciary standard. As a legal fiduciary, a financial advisor is typically regulated by the Securities and Exchange Commission (SEC), and is legally held to the highest standard in the industry, the fiduciary standard. They are required to discharge their planning, counsel, and advice solely in the best interests of the client, even if it means placing the client’s interests ahead of the advisor’s.

Starkly contrasting the fiduciary standard and obligation is suitability standard, which simply requires a financial advisor to make recommendations that are “suitable” for a client. Importantly, the suitability standard does not legally require an advisor to act solely in a client’s best interests. Another significant distinction between these two very different professional standards is how an advisor is compensated. A fiduciary advisor’s compensation generally is via an annual, asset-based fee, computed based on a percentage of the client’s assets under management. A financial advisor who is not a fiduciary oftentimes receives hidden compensation from products with higher fees and lower returns that they’ve steered you into. Recently, theWhite House Council on Economic Advisers found that non-fiduciary advice costs investors $17 billion a year! And, as Franklin said in his aforementioned essay:

“You will discover how…small, trifling expenses mount up to large sums, and will discern what might have been…saved.”

With a commission-based compensation structure, there is the possibility for conflicts of interest. If a prospective advisor is not 100% transparent about how he or she answers the question, “How do you get paid?” look elsewhere. A true fiduciary will be quick to point out how, and wherefrom, they derive professional compensation for their time, service, and planning. How do I know if a financial advisor is a legal fiduciary?

The simple answer – ask! You will quickly find out which standard a prospective financial advisor adheres to when you ask:

“As my prospective financial advisor, would you be a legal fiduciary to me, and are you willing to attest to that in writing?”

What Can I Expect From a Good Financial Advisor

Because every individual has a unique set of personal and financial circumstances, it is a crucial first step for your financial advisor to help you determine and set your financial goals. Sounds easy, right? Maybe — until you seriously consider your responses to the following questions:

  • What money concerns keep you up at night, and how would you like me to work with you so you can rest soundly?
  • What are you doing now, and what do you want to accomplish in life?
  • What decline in your overall investment portfolio, in hard dollars, would cause you great personal discomfort such as lack of sleep, anxiety, worry, or even despair?
  • Why do you think you need financial help and guidance?
  • What changes do you expect to occur in the future?
  • How do you picture your ideal life five years from now? Ten? Fifteen?
  • How would you describe the emotions you had about money growing up?
  • What are three financial milestones you hope to accomplish?

By no means all-encompassing, this list of questions is meant to illustrate the depth and sincere interest in you that the right financial advisor will demonstrate during the discovery phase of your relationship. In addition to asking, listening to, and considering your answers to thoughtful questions such as these, any good advisor will dedicate their time and energy to you in order to develop a rapport, and ultimately, trust.

Investing, coordinating, and managing your wealth and assets is a challenge that increases as your net worth does, and just like in law, where having a good lawyer when entering the courtroom should yield the highest probability of success, the same holds true for wealth management and working with a qualified financial advisor.

Financial Emotional Awareness

Managing emotions and remaining objective when making financial decisions is an essential component of longer-term success in building, and protecting, one’s wealth. Every day, individuals are bombarded with information that can make them question whether or not they are making the right choices with their finances. A quality, trustworthy financial advisor will help guide you through the noise and protect you from making emotional or irrational decisions to ensure you stay on your path to financial freedom.

My Lawyer Does the Same Thing…

When working with an attorney, a client should expect to receive custom-tailored planning, advice, and counsel only after a myriad of different possibilities and probabilities about the future have been considered. This construct of a financial advisor-client partnership differs little, as this same process holds true in finance as it does in law.

A quality financial advisor will leverage a broad-based array of resources to provide solutions and advice, much of which you may never have heard of, thought about, or had access to.

They will help you identify your level of acceptable risk, and a target rate of return to be able to meet your personal and economic goals. As is true in the courtroom, there is a direct correlation between taking risk and the potential for obtaining the desired results. The financial relationship between risk and return is inextricable, and needs to be consistently monitored due to the ever-evolving landscape of the economy, politics, the financial markets, and most importantly, your own personal circumstances. Having a professional help you manage this balance between risk and reward increases the probability of your achieving financial success.

Reducing Drag and the “Necessary Evils”

Keeping what you have saved and earned is just as important as growing it.

Specifically, a good financial advisor will work with you to manage and minimize the two major necessary evils:

  1. Income taxes
  2. Costs/fees/expenses

Understanding almost all financial transactions incorporate a tax and a cost component, your financial advisor and your tax advisor should consistently interface with each other to develop and implement effective tax mitigation strategies to help you keep as much of your hard- earned dollars in your pocket as possible. For most attorneys, current self-employment and income tax rates are high, and will likely only increase in the future. The efficiency of growth in your net worth can be directly affected by lackluster tax planning, not only by the choices you make in how you receive and allocate your ordinary income as you save and invest, but also in how and where you derive investment income. This is especially true when it comes to your

retirement planning. As you accumulate wealth, it is imperative for your financial and tax advisors to work together to maximize how and where you are making retirement contributions, and how and where to leverage the multitude of tax benefits that are available.

During retirement, as you begin strategic withdrawals from your nest egg, your advisors should regularly analyze not only the sustainability of how much you are taking, but should also weigh in on how and where to make withdrawals, based largely on your current tax bracket as well as the expected future tax environment. For attorneys

fortunate enough to have a retirement pension, an analysis should be done to determine whether it is better to take as a single-life or joint-life annuity or as a lump sum in order to maximize your net dollars.

Lastly, to enhance the longer-term growth of your wealth, your financial advisor should work with your investment managers to methodically select the right investment vehicles that produce the greatest after-tax returns for both your managed and unmanaged assets. After all, it is not what you make but what you keep that is important. 

Time to Enjoy!

Planning your financial future in addition to all your other professional and personal responsibilities is a daunting task, but you don’t want to wake up one day and ask yourself why your colleagues are retired while you are still working. Being a lawyer is rewarding job, but it can be very stressful and requires long hours. Thirty or more years of this lifestyle can take quite a

toll on the body and mind, and you deserve a rewarding financial future and economic peace of mind. Time is money. Beginning a succinct and custom-tailored wealth management plan now will help you achieve your goals, and ultimately, help you retire on your schedule. Partnering with an advisor that not only understands you, but also the unique financial challenges that attorneys face, means you may spend less time worrying about this aspect of your life.

You wouldn’t hesitate to hire a legal expert to help you win a case or strengthen a lawsuit, and the same can certainly be said about hiring a financial expert advisor to help you properly coordinate all of your financial affairs and ideally, build economic peace of mind.

How Can We Help?

At Towerpoint Wealth, we are a legal fiduciary to you, and embrace the professional obligation we have to work 100% in your best interests. If you would like to learn more about Towerpoint Wealth and how we can help you achieve your financial goals, we encourage you to call (916-405-9164) or email (mregan@towerpointwealth.com) to open an objective dialogue.

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President Joseph Eschleman Cited As Expert

Our President, Joseph Eschleman, recently penned a white paper for Towerpoint Wealth that discussed 14 different strategies to consider during the coronavirus crisis. Joseph was cited as an expert by MutualFunds.com for his work and content on the subject, who published his commentary on their website on June 11.

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Steve Pitchford Cited As Expert, Published on MutualFunds.com

Our Director of Tax and Financial Planning, Steve Pitchford, recently penned a white paper for Towerpoint Wealth that focuses on strategies to manage the risk and income tax consequences of owing a concentrated stock position. Steve was cited as an expert by MutualFunds.com for his work and content on the subject, publishing his commentary on their website on June 11.