When Steve Abramowicz traveled from his home near Seattle to Middle Tennessee, he thought it was to accompany Liam, his college-bound son, on a tour of SEC schools. He didn’t expect it to become a life-changing experience for himself as well.
“Franklin reminded me of home, and I knew the minute I got here, that it’s where I wanted to be,” says the Napa Valley native.
Abramowicz and his family relocated to Franklin where he opened Mill Creek Financial Partners, a financial advisory practice of Ameriprise Financial Services, LLC. (Mill Creek is a nod to the Washington town where he lived.) Since then, he’s enjoyed what he says is a more reasonable lifestyle. He’s even dabbling in music where he’s working on a project that must remain a secret for now.
What isn’t a secret is the advice he shares with those who are considering bestowing end-of-year financial gifts. Here are some of his thoughts.
Taxes and Benevolence
“If you’re in a situation where you don’t necessarily need income that you’ve saved for that rainy day, this is a good time of year to withdraw funds from a retirement fund that can be gifted to a grandchild or a charity. And by giving back to that church or 501(c)(3), you could reduce your tax burden.”
Give ‘Til It Feels Good
“I’ve always felt that it’s better to ‘give ‘til it feels good,’ than to ‘give ‘til it hurts.’
Establish A Charitable Foundation
“If you’ve done your math and found that you have more than you need for a comfortable retirement, then a trust and life insurance come into play. Not everyone uses these tools but if it makes sense, they are wonderful ways to build one’s legacy.
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Steve Abramowicz has been a financial services professional for 28 years.