Rhame & Gorrell Wealth Management

Charitable giving can be a meaningful part of your financial plan—but if not approached strategically, you could be missing out on significant tax savings. Two of the most effective ways to maximize your charitable contributions are through deduction lumping and donating appreciated assets. In this video, we break down how to make your giving more tax-efficient, helping you reduce your tax liability while supporting the causes that matter most. Kyle McClain, CFP?, CIMA?, answers questions involving: ? Standard Deduction vs. Itemized Deductions ? What deduction lumping is and how it works ? When and how to time your gifts ? Why donating appreciated assets may be better than giving cash ? Examples and much more! If you or someone you know could benefit from this information or the other services our firm offers, we invite you to contact our team for a complimentary consultation where we will review your financial situation to determine opportunities for optimization from an employer benefits, executive compensation, investment, tax, estate, and retirement planning perspective.

For top-performing ExxonMobil employees and executives, Restricted Stock Units (RSUs) represent a valuable component of your overall compensation package. Understanding how they vest, their tax treatment, and how they fit into your broader financial plan is key to making the most of them. In our latest strategy video, we break down the key factors to help you navigate your RSUs with confidence. Kyle McClain, CFP?, CIMA?, answers questions involving: ? What ExxonMobil RSUs are ? The vesting schedule ? Key terms to understand (grant date, vest date, cost basis) ? How ExxonMobil RSUs are taxed ? RSU income tax strategies ? And much more! If you or someone you know could benefit from this information or the other services our firm offers, we invite you to contact our team for a complimentary consultation where we will review your financial situation to determine opportunities for optimization from an employer benefits, executive compensation, investment, tax, estate, and retirement planning perspective.

Mega Backdoor Roth Conversions can be a powerful tool for Baker Hughes employees looking to maximize their 401(k) savings and achieve tax-free growth. By making after-tax contributions and utilizing in-service rollovers, employees can move additional funds into a Roth IRA. In this article, we break down how the strategy works, key considerations for implementation, and the benefits it provides. Click here to read: https://lnkd.in/gicGYdCe

The BP Retirement Accumulation Plan (RAP) is a cash balance pension plan designed to provide long-term financial security for BP employees. Understanding pay credits, interest credits, and distribution options is important when planning for retirement. Our latest article outlines the key factors to consider, helping you make well-informed decisions. Click here to read: https://lnkd.in/gEPHe6n3

CNBC footage from February 20th when I participated in ringing the bell at NYSE. Thanks again to David Burbie, CAIA, CIMA? and John Perry, CIMA? at Columbia Threadneedle Investments, US.

Throughout my 31 year career in wealth management, I’ve been fortunate to work around and alongside household names and legends of the finance industry. There’s a limited set of experiences remaining on my “career bucket list”. That list is officially one line item shorter after a tremendous experience last week in NYC, when I was privileged enough to participate in the ringing of the opening bell at the New York Stock Exchange on February 20th. ? Many thanks to David Burbie, CAIA, CIMA? and John Perry, CIMA? of Columbia Threadneedle Investments, US as well as the New York Stock Exchange (NYSE) for allowing me to participate in an iconic part of a historic American institution founded in 1792. It’s a once in a lifetime experience I’ll look back on fondly for years to come.?

Two of the most beneficial tax planning tools are Backdoor Roth IRA conversions and Mega Backdoor Roth conversions. If done correctly, they are excellent methods for moving additional assets into a #Roth account. The downside is that if not properly performed, you might be hit with an unwanted #tax liability due to the Pro Rata Rule. In this video, we break down this complex topic to help you avoid potential tax mistakes and make the most of your Roth conversions. Kyle McClain, CFP?, CIMA?, answers questions involving: ? What the #ProRataRule is ? How the Pro Rata Rule works ? How Backdoor Roth IRA conversions are affected ? How Mega Backdoor Roth conversions are affected ? Examples ? And much more! If you or someone you know could benefit from this information or the other services our firm offers, we invite you to contact our team for a complimentary consultation where we will review your financial situation to determine opportunities for optimization from an employer benefits, executive compensation, investment, tax, estate, and retirement planning perspective.

We were honored to join the #Rotary Club of The Woodlands for their 50th anniversary dinner and celebrate Julie Martineau's incredible contributions to the community! ? As a past president of the club, Jeffrey G. Rhame, CFP? and our team at Rhame & Gorrell Wealth Management were proud to support this special evening. It was a fun and meaningful night filled with laughter and great conversations.? ? We enjoyed having Miguel A. Lopez, president of the Montgomery County Hispanic Chamber, with us to celebrate the occasion! ? #CommunityLeadership #RotaryClub #ServiceAboveSelf

High earners are often blocked from direct Roth IRA contributions—but the #BackdoorRoth IRA strategy can provide a way in. By strategically converting non-deductible IRA contributions to #Roth, you can unlock the benefits of tax-free growth and long-term compounding. This approach requires careful planning to avoid tax pitfalls, but when done correctly, it can be a powerful tool for building wealth in retirement. Read this article to learn what you need to know about this potentially lucrative tax strategy. https://lnkd.in/gWq4Mikd

As we move further into 2025, Mega Backdoor Roth Conversions remain a crucial strategy for BP employees looking to maximize their retirement savings. With increased contribution limits in the #BP Employee Savings Plan (ESP), this approach enables you to convert after-tax contributions to Roth, paving the way for tax-free growth and maximizing your #retirement savings potential. ? In this article, we outline how the strategy works, essential considerations for implementation, and the key benefits it can provide: https://lnkd.in/gg-6NDip