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Financial Planning

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Personal Accounting Services

If you’d prefer to focus on living, we’re happy to focus on your finances! Yes – we handle the usual stuff, like your annual tax return. But, unlike many CPA firms, we don’t stop there. We’ll also help you manage your big-picture financial goals and all the steps for achieving them. You can consider McCoy Foat your convenient, one-stop partner. We look forward to the opportunity to helping your life run smoothly. Click the links below to learn more about our services.


Estate Planning & Wealth Management-

Failing to plan for your estate can mean the government, rather than your heirs, will take a big cut of your hard-earned money. With a little planning, you can save thousands of dollars. We encourage you to keep track of how much your estate is worth. To figure it out, add up the value of all your assets, including life insurance. If the total value exceeds the exemption amount, it’s time to consider a few simple planning techniques that can save your family at estate time. In addition, we’ll help you understand how some effective estate planning ideas can also cut your current income tax bill.

  • Gifting – Current tax law allows you to give away $12,000 per year, per family member. Your spouse may join in the gift, even if he or she is not an owner in the transferred asset. This means that you could transfer up to $24,000 annually to each of your heirs. To double the annual exclusion yet again, you may want to include spouses of your children. The person receiving the gift does not need to be related to you. These annual gifts do not reduce your once-in-a-lifetime estate tax exclusion.
  • Property transfer – If you have property that is not needed for your retirement, maybe it’s a candidate for transferring during your lifetime. If it is a large income-producer, the future income will be taxed to the new owner and not to you, plus the property will be out of your estate.
  • Spousal transfer – Generally, unlimited transfers can be made to your spouse either during your lifetime or through your estate. There are generally no taxes on spousal transfers, regardless of size. But leaving everything to your spouse may not be a good idea, since doing so fails to utilize the lifetime exclusion amount in the estate of the first spouse to die. Planning will allow you to use the exclusion in both estates, and you’ll be able to transfer twice as much to your heirs free of estate tax.
  • Life insurance proceeds – Proper planning can ensure that certain life insurance proceeds are kept out of your estate


Retirement Planning-

Looking forward to retirement? We’ll help you achieve your dreams with smart, easy-to-implement financial strategies.


Investment Analysis-

While taxes should not drive your investment strategy, understanding how taxes affect your earnings helps you minimize taxes and maximize your return.

  • Capital gains carry a favored tax status. Consider putting more dollars in investments that return capital gains.
  • You can take an annual deduction of up to $3,000 of capital losses in excess of capital gains. Consider balancing your winners and losers to maximize this deduction every year.
  • Investments which produce high taxable annual income can be given to family members who are in lower tax brackets, thereby saving taxes from the overall family group.
  • Depending on your tax bracket, you may benefit from investing in municipal bonds.

We’ll review ideas with you and your investment advisor and make recommendations, like those referenced above, to maximize your after-tax return.



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