Barry Kornfeld leverages extensive expertise in tax planning, guaranteed income, and estate planning to work with clients of First Financial Tax Group, which he co-founded in Boca Raton, Florida. To stay at the forefront of his field, Barry Kornfeld attends seminars and lectures by recognized experts, such as former U.S. Comptroller General David Walker.
In March 2015, David Walker appeared in an interview on CNBC and expressed concerns about how the rising costs of health care, public pensions, and Social Security could impact retirement planning around the nation. In the interview, Walker notes that the Social Security Administration has warned that its Disability Insurance Trust Fund could be depleted by 2016, which could mean that almost 11 million people would stop receiving the disability payments they depend upon.
According to Walker, Congress will most likely respond to the issue with a temporary solution by transferring payroll revenues from the retirement fund over to the dwindling disability fund. Walker has instead suggested several long-term solutions to gradually correct the Social Security system, including raising the retirement age for workers in conjunction with life expectancy increases. He also recommends modifying the benefit formula to offer more financial support to retirees with lower incomes and less money to higher-income retirees.
Dedicated to helping individuals with income planning and tax preparation, Barry Kornfeld serves as the co-founder of First Financial Tax Group in Boca Raton, Florida, where he and his colleagues specialize in First Position Commercial Mortgage (FPCM) notes with a five percent yield for 12-month terms. Barry Kornfeld further supports the community by contributing to a number of organizations, including his alma mater, American University.
Among its many programs, American University’s Kogod School of Business recently launched the Sustainable Entrepreneurship and Innovation Initiative to offer students and graduates an entrepreneurial workspace and a business mentor who can help them realize their ideas. The initiative is designed to foster a flourishing entrepreneurial environment that delivers the support and resources necessary to transform innovative concepts into research and new ventures.
To help students start their enterprises, the initiative presents each business team with a $1,500 grant for initial start-up expenses, such as the legal fees associated with incorporating a company. Ventures that progress past the concept stage and demonstrate traction will also be eligible to apply for seed capital from American University’s recently established $100,000 Entrepreneurship Venture Fund. By creating the campus-based start-up incubator in 2014, American University hopes to promote sustainable entrepreneurship that leads to long-term social, environmental, and economic benefits.
The head of First Financial Tax Group in Boca Raton Florida, Barry Kornfeld has almost 30 years of experience helping people make financial plans for their later years. One area that Barry Kornfeld focuses on is estate planning.
In order to secure the financial futures of your loved ones, it is important to assemble an estate plan sooner rather than later. This may seem like a daunting task, but by following these strategies, you can make the process less stressful:
Formulate a Trust.
By having a trust in addition to a will, you can ensure that your assets will be properly distributed among all your beneficiaries. There are several different types of trusts, each one providing much more control over your estate than a simple will. For example, a living trust will help you avoid high probate costs and is still effective if you own properties in more than one state.
Check Your Power of Attorney (POA).
Too often we see perfectly legal powers of attorney that are failing, when they are needed most, at local area financial institutions. In addition, most investors are not aware that the Social Security administration requires a Representative Payee form be filled out, and won’t even recognize your legal POA. Barry Kornfeld will provide a checklist that can be used to test your existing POA with your own financial institutions.