SJK Financial Planning, L.L.C.
Wes started his career as an insurance agent for his family’s independent insurance agency in Fort Worth, Texas, where he was born and raised. He owned several businesses over the years in the financial services and other industries.
After working decades in the insurance and financial services industry, Wes eventually left the insurance field to commit to financial planning and investment advising. Wes founded SJK Financial Planning, where SJK represents the initials of his children.
Wes graduated with a bachelor's degree in Business Administration from the University of North Texas majoring in Financial Planning. In addition to being a Certified Financial Planner™ Professional, Wes is a Life Underwriters Training Council Fellow (LUTCF). Wes is also an active member of the DFW chapter of the Financial Planning Association.
In his personal life, Wes has raised three children and seen them through college. He has been active in church, school, and professional organizations all his life. Wes enjoys the outdoors participating in backpacking, hunting, fishing, canoeing, and camping. He likes to cook, garden and read. He has a passion for old movies and is a Turner Classic Movie fan.
BA, Risk Management, Insurance, & Financial Services, The University of North Texas
Assets Under Management:
Wes Shannon, CFP
I'm a little confused by the word "dismissed" are you meaning discharged? If the Chapter 11 petition was granted and the debts of the company were discharged then there is no recourse to the individual shareholders. Now, if the shareholders committed fraud or some other crime, you may be able to sue them but you will only collect if you win your lawsuit. Another scenario, if any of the shareholders personally guaranteed a debt then they will be liable personally.
- Panic moves in reaction to market swings
- Failure to save.
The good news is that once a person becomes my client, he/she has hired me to keep them from doing these three things. This is why having a professional wealth manager can make a person an average of 2%-3.5% more money over time.
If you file as a self-employed person, you may take a depreciation. but I suggest you consider taking the mileage deduction instead. Go talk to a Certified Public Account who does taxes to verify. The depreciation has limits on vehicle values and amounts each year. The mileage deduction is a simple $0.535 per mile for 2017. It was $0.545 for 2016.
This does sound like they want you to work as a contractor instead of as an employee. The basic difference for the organization is they will not have to withhold taxes or pay matching FICA taxes. You then will have to file this income as a self-employed person and file a schedule C on your tax return and pay the 15% self employment tax. I think you need to have a sit-down conversation with the person at the non-profit who is hiring you. Good luck.
You are being sold a half truth. The cash value of the policy earns interest based on an index. If the index shows a negative return, your cash value will simply not earn any interest for the period. The policy charges for administration, mortality costs, and service fees will still be deducted from your cash value so while you had no interest, the account will go down for these expenses. Your interest will be positive when the index is positive and your interest will be 0% when the index is negative. In the long-run, you will not be hurt by this type of policy, but in the short-term you could see losses.