Morgan Stanley (NYSE: MS) has announced that Brandon A. Liff, a Financial Advisor Associate, in the Firm’s Wealth management office in Hauppauge, has been promoted to Financial Advisor.
Liff, who has been with Morgan Stanley Wealth Management since 2021, is a native of
Setauket. He holds a bachelor’s degree from Empire State College. LIff currently lives
in Setauket with his family.
Morgan Stanley Wealth Management, a global leader, provides access to a wide range of
products and services to individuals, businesses and institutions, including brokerage and
investment advisory services, financial and wealth planning, cash management and lending
products and services, annuities and insurance, retirement and trust services.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment
banking, securities, wealth management and investment management services. With offices in
more than 42 countries, the Firm's employees serve clients worldwide including corporations,
governments, institutions and individuals. For more information about Morgan Stanley, please
visit www.morganstanley.com.
From left, Harlan Fischer, Kristen Domiano, Stephanie Gress, and Michael Brescia. Photo courtesy of Branch Financial Services, Inc.
Branch Financial Services, Inc. of Setauket is celebrating 50 years of serving clients this month.
President Harlan J. Fischer founded Branch Financial Services, Inc., a registered investment advisor, on Oct. 1, 1974. According to a press release from the financial business, Fischer “is as committed to its success today as he was in those early days of business.”
“As its founder and principal, the mission he set forth for Branch Financial Services, Inc. 50 years ago was simple—to help clients achieve their personal and financial goals,” read the release. “Beyond this mission, Harlan and his staff are committed to providing a level of service that is rare to find today. They are so serious about this that they trademarked ‘You Can’t Hug an 800 Number’ ™ as their motto.”
Fischer said he takes tremendous pride in Branch Financial Services, Inc., its fiduciary status and independence, which he said carries through to every aspect of the business. The office, located at 21 Bennetts Road, is known for looking more like an art gallery full of contemporary sculptures and paintings.
Before moving the office to Setauket in 2020, Branch Financial Services, Inc. was located in Hauppauge for 21 years and Smithtown for 25 years. The financial business has been a member of the Smithtown Chamber of Commerce since 1995 and the Three Village Chamber of Commerce since 2020.
Several clients have been with Fischer for most of his 50-year career, and their children and extended families have become clients in many cases as well.
Mia and Jerry Vogt, of Massapequa, have traveled to Suffolk County for more than 15 years to consult with Fischer.
“Harlan’s approach to financial planning seamlessly blends traditional values with the demands of a fast-paced modern world,” Mia Vogt said. “His commitment to time-honored principles—such as integrity, long-term vision and personal responsibility—provides a solid foundation for navigating today’s complex financial landscape.”
According to the press release, the “team understands the importance of a personal touch in investment. In an era dominated by impersonal, automated services, the firm’s dedication to understanding each client’s unique needs offers a deeply personalized experience. For Harlan and his colleagues, it’s not just about guiding clients through financial decisions, but also about fostering a trusting relationship.”
Fischer’s colleagues currently include Michael Brescia, Kristen Domiano and Stephanie Gress, who have worked beside him and have known him for many years. According to the press release, “He makes it clear to them that he values and appreciates them every day.”
Brescia provides financial and legal services to his Branch Financial Services, Inc. clients, while Gress is a service associate, and Domiano supervises the office administration, compliance and back office for the firm.
While 50 years may sound like a long time to some, Fischer said, “I feel like I’m just getting warmed up.”
Over the years Fischer has served on many boards for professional and arts organizations. He and his wife Olivia have funded several historic restoration projects in the Three Village area, and they sponsor events and public programming. Currently, Fischer serves as Chairman of the Village of Head of the Harbor Planning Board.
In 2024 alone, he was named a Best in State Wealth Advisor by Forbes and received the Corporate Citzenship Award by the Long Island Business News.
As he reflects on his years in business, the financial advisor is deeply grateful to Bill Weidner, his mentor from early in his career, and the clients of Branch Financial Services, Inc.
“My career journey has been enriched by the wonderful people I have worked with and for through the decades,” Fischer said. “I eagerly look forward to working with everyone for years to come.”
You can find several ways to make charitable gifts — but if you’re looking for a method that can provide multiple tax benefits, along with an efficient platform for giving year after year, you might want to consider a donor-advised fund.
Once you open a donor-advised fund (DAF), you can contribute many types of assets, including cash, publicly traded stocks, bonds, CDs or non-cash items such as closely held business interests, art or collectibles. You can then decide how to invest the money, possibly following a strategy suggested by the DAF sponsor organization you’ve selected. The next step involves choosing which charities to support, how often to provide support (such as once a year) and how much to give each time. You’re essentially free to direct the money to any charities you like, provided they’re IRS-approved charitable organizations.
Now, let’s look at the possible tax advantages offered by a DAF:
IMMEDIATE TAX DEDUCTION
A few years ago, changes in tax laws resulted in a vastly increased standard deduction, which, in turn, led to far fewer people itemizing on their tax returns and having less incentive, at least from a tax standpoint, to contribute to charities. But if you don’t typically give enough each year to itemize deductions, you could combine several years’ worth of giving into one contribution to a DAF and take a larger deduction in that tax year. And you can claim that deduction, even though the DAF may distribute funds to charities over several years.
TAX-FREE GROWTH OF EARNINGS
Once you contribute an asset to a DAF, any earnings growth is not taxable to you, the DAF or the charitable groups that receive grants from the DAF.
AVOIDANCE OF CAPITAL GAINS TAXES
When you donate appreciated stocks or other investments — or for that matter, virtually any appreciated asset — to a DAF, you can avoid paying the capital gains taxes that would otherwise be due if you were to simply sell the asset and then donate the proceeds to charitable organizations. Plus, by receiving the appreciated asset, rather than the proceeds from a sale, the charitable groups can gain more from your contribution. And you can also take a tax deduction for your donation.
While these potential tax benefits can certainly make a DAF an attractive method of charitable giving, you should be aware of some potential tradeoffs. Once you contribute assets to a DAF, that gift is irrevocable, and you can’t access the money for any reason other than charitable giving. Also, your investment options are limited to what’s available in the DAF program you’ve chosen. And DAFs can incur administrative costs in addition to the fees charged on the underlying investments.
You may want to consult with your financial professional about other potential benefits and tradeoffs of DAFs and whether a DAF can help you with your charitable giving goals. Also, different DAF sponsors offer different features, so you will want to do some comparisons. And because DAFs can have such significant implications for your tax situation, you should consult with your tax professional before taking action.
If a DAF is appropriate for your situation, though, consider it carefully — it might be a good way to support your charitable giving efforts for years to come.
Michael Christodoulou, ChFC®, AAMS®, CRPC®, CRPS® is a Financial Advisor for Edward Jones in Stony Brook, Member SIPC.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Turning 18 is a right of passage. According to New York State law, you are now and adult! With the reward and freedom of adulthood also comes responsibility.
You may be on a continued education path to college or starting a new job. Some new adults are still receiving monetary and housing support from their families while others find themselves navigating on their own. Either way, on the “adulting to-do list” you should also add the basics of estate planning. Whether you are 18 or 81, there are four key documents you should consider: health care proxy, HIPAA release form, living will, and power of attorney.
Once adulthood is reached, a parent no longer has the authority to make medical decisions on behalf of their child. Since you are no longer under your parents’ care, they do not have an automatic right to access your medical records; no one has that right. It is important to designate who may receive this information if you should become incapacitated and, further, who you want to make medical decisions for you if you cannot do so for yourself.
A health care proxy allows you to appoint an agent to make medical decisions for you in the event you cannot do so. You must choose a primary agent but can nominate alternates in case your primary is unable or unwilling to act. If you are in the hospital and have not signed a health care proxy, the law has a default regarding who can make medical decisions. Is this who you would choose?
Beyond the proxy, a HIPAA release form should also be considered. HIPAA is the Health Insurance Portability and Accountability Act. It is the law that protects your personal medical information. A HIPAA release authorizes others to obtain your medical information. Executing these documents will ensure that your parent (or whomever you designate to make such medical decisions) will not face resistance when it comes to inquiring about the status of your health or providing care instructions to your doctor.
In contrast, the power of attorney is a document that has to do with your financial and other non-medical information. This document will name an agent to make financial decisions on your behalf. The power of attorney does not strip you of your financial powers but rather duplicates them so that your agent can act on your behalf. A power of attorney can be beneficial if you need someone to pay a bill, apply for financial aid, or hire a professional, such as an accountant or lawyer.
You may also want to consider a living will. A living will is a guide to your agents regarding end-of-life decisions, such as whether you want to be kept alive by artificial means if you have an incurable disease or are in a persistent vegetative state.
Although these are questions that you will hopefully not face for decades, planning for your future is an important way of taking control of your life. The decisions you make today are not set in stone; these documents can be changed at any time. Anyone entering the first phase of adulthood should become familiar with these documents.
Britt Burner, Esq. is a Partner at Burner Prudenti Law, P.C. focusing her practice areas on Estate Planning and Elder Law. Burner Prudenti Law, P.C. serves clients from New York City to the east end of Long Island with offices located in East Setauket, Westhampton Beach, Manhattan and East Hampton.
If you work for a midsize or large company, you may soon be able to review your employee benefits package, as we are entering the open enrollment season. So, consider your options carefully, with an eye toward making changes appropriate for your needs. Here are some of the key areas to look at:
RETIREMENT PLAN
Depending on your employer, you could change your 401(k) or similar retirement plan at any time of the year, but you might want to use the open enrollment season to review your contribution amounts. If your salary has gone up over the past year, you might want to boost your pre-tax contributions (including catch-up contributions beginning at age 50). At a minimum, try to put in at least enough to earn your employer’s match, if one is offered. At the same time, look over how your contributions are allocated among the various investment options in your plan. You’ll want your investment mix to reflect your goals, risk tolerance and time horizon.
LIFE INSURANCE
If your employer offers group life insurance at no cost as an employee benefit, you may want to take it — but be aware that it might not be enough to fully protect your family should anything happen to you. You may have heard that you need about seven to 10 times your annual income as a life insurance death benefit, but there’s really no one right answer for everyone. Instead, you should evaluate various factors — including your mortgage, your income, your spouse’s income (if applicable), your liabilities, the number of years until your retirement, number of children and their future educational needs — to determine how much insurance you need. If your employer’s group policy seems insufficient, you may want to consider adding some outside overage.
DISABILITY INSURANCE
Your employer may offer no-cost group disability insurance, but as is the case with life insurance, it might not be sufficient to adequately protect your income in case you become temporarily or permanently disabled. In fact, many employer-sponsored disability plans only cover a short period, such as five years, so to gain longer coverage up to age 65, you may want to look for a separate personal policy. Disability policies vary widely in premium costs and benefits, so you’ll want to do some comparison shopping with several insurance companies.
FLEXIBLE SPENDING ACCOUNT
A flexible spending account (FSA) lets you contribute up to $3,200 pre-tax dollars to pay for some out-of-pocket medical costs, such as prescriptions and insurance copayments and deductibles. You decide how much you want to put into your FSA, up to the 2025 limit. You generally must use up the funds in your FSA by the end of the calendar year, but your employer may grant you an extension of 2½ months or allow you to carry over up to $640.
HEALTH SAVINGS ACCOUNT
Like an FSA, a health savings account (HSA) lets you use pre-tax dollars to pay out-of-pocket medical costs. Unlike an FSA, though, your unused HSA contributions will carry over to the next year. Also, an HSA allows you take withdrawals, though they may be assessed a 10% penalty. To contribute to an HSA, you need to participate in a high-deductible health insurance plan.
Make the most of your benefits package — it can be a big part of your overall financial picture.
Michael Christodoulou, ChFC®, AAMS®, CRPC®, CRPS® is a Financial Advisor for Edward Jones in Stony Brook, Member SIPC
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Brookhaven Town Supervisor Dan Panico has announced that the Town of Brookhaven Youth Bureauwill host a “Money Matters Mondays” Financial Literacy program for youth ages 16 to 24 years old. This event is perfect for young individuals looking to gain essential financial skills that will help them navigate their financial futures with confidence.
The three free workshops will teach young people how to set goals, build a budget and save money.Sessions will be held in the first-floor Meeting Room-South at Brookhaven Town Hall, located at 1 Independence Hill in Farmingville. Each workshop runs from 3:30 pm to 4:30 pm.
The “Money Matters Mondays” schedule is as follows:
September 16: How to set financial goals, create a budget, and save your earnings for what you want.
September 23: Understanding, building, and improving your credit score.
September 30: Investing 101 with a Financial Advisor: Learn how to start investing early to build wealth and how to take advantage of company matches for retirement.
The featured speaker at the workshops will be Kate Travers, Chase Community Manager. Refreshments and giveaways will be available at each workshop.
To secure your spot, please register online by September 9 by visiting brookhavenny.gov/327/Youth. For more information, call 631-451-8011.
For disabled individuals, it can be difficult to navigate public benefits, especially when you have assets or income that exceed the allowable limits. Two commonly used vehicles to manage assets are Achieving a Better Life Experience (“ABLE”) accounts and Supplemental Needs Trusts (SNTs).
In September 2017, New York State passed a law authorizing ABLE accounts for disabled individuals in accordance with the federal law. ABLE accounts allow for money to be saved by someone receiving public benefits, such as SSI, without affecting eligibility.
To qualify for an ABLE account, the beneficiary must be diagnosed with a significant disability before age 26. Contributions can be made to the account by the beneficiary, friends, family members, or 529 college savings account rollover, but the total annual contribution cannot exceed a certain limit, which is pegged to the gift tax exemption. This amount is $18,000 in 2024 and is subject to change year by year. Employed beneficiaries may deposit an additional amount up to the Federal Poverty Line for a one-person household, but only if they are not contributing to a retirement savings account in that year. The 2024 Federal Poverty line amount is $14,580 in the continental US.
However, ABLE account balances are limited. Under the SSI program, the first $100,000 in the account is disregarded as a resource. Any amount above that is counted as a resource. The SSI resource limit is $2,000. If you exceed this, SSI payments will stop until the resources are below the allowable limit.
A disabled person may spend their ABLE account funds on “qualified disability expenses,” which are expenses and basic costs of living that are intended to maintain and improve their quality of life. These qualified expenses include but are not limited to education; health and wellness; groceries; housing; transportation; legal fees; assistive technology; personal support services; funeral/burial expenses, etc.
Depending on the amount of money the recipient of benefits has and the anticipation of future funds, either from earnings or inheritance, it may be prudent to consider creating an SNT (supplemental needs trust) in addition to the ABLE account.
Like the ABLE account, SNTs allow people with disabilities to save money without affecting their eligibility for public benefits such as SSI. There are two main types of SNTs. A first-party trust is self-funded by the beneficiary of the trust. To create a first-party SNT, the beneficiary must be younger than 65 years old. New funds may not be deposited into this SNT after the beneficiary turns 65. A third-party trust is funded by someone else, such as a parent or grandparent. There are no limits to the amount that can be contributed into either of these trusts per year, and there is no limit to the total asset balances in the trust.
A trustee will be designated to control the assets in the trust and oversee the management and disbursement of its funds. SNTs allow the beneficiary to use the funds for expenses not paid for by public benefits. Such expenses can include clothes, entertainment, educational and recreational expenses, and transportation. SNTs may not be used for everyday expenses such as groceries.
While SNTs do not have contribution or balance limits as ABLE accounts do, they have more complicated rules for what the funds can be used for. A qualifying individual does not need to choose between the two accounts. An SNT can be established for purchases and expenses not covered by public benefits, and an ABLE account can be set up for basic cost of living expenses and everyday expenses.
Navigating the placement of funds while qualifying for government benefits can be complicated. However, with proper planning, the use of the funds can be maximized to the individual while also receiving the benefit of public assistance.
Britt Burner, Esq. is a Partner at Burner Prudenti Law, P.C. focusing her practice areas on Estate Planning and Elder Law. Burner Prudenti Law, P.C. serves clients from New York City to the east end of Long Island with offices located in East Setauket, Westhampton Beach, Manhattan and East Hampton.
Michael Christodoulou of Edward Jones, 97 Main Street, Suite F in Stony BrookVillage has been recognized as being among the Forbes 2024 Top Next-Gen Wealth Advisors Best-In-State. The selection was based on research by SHOOK Research LLC, data as of March 2024. Among the selection criteria were assets under care, compliance records and best practices for serving clients. “I’m deeply honored … I am grateful to everyone who made this possible,” said Christodoulou in a statement.
The movement of the financial markets can seem mysterious — and yet, if we look back over long periods, we can see definite patterns that consistently repeat themselves. As an investor, how should you respond to these market cycles?
When stock prices begin falling dramatically, it can appear that your only option is to sell to limit losses. But we disagree — if you’re a long-term investor, the difference between success and failure may be determined by your actions during a stock market decline.
To begin with, it’s useful to know something about the nature of a market cycle and its connection to the business or economic cycle, which describes the fluctuations of the economy between periods of growth and contraction. Issues such as employment, consumer spending, interest rates and inflation can determine the stage of the business cycle. On the other hand, the market cycle refers to what’s happening in the financial markets — that is, the performance of all the different types of investments.
The market cycle often anticipates the business cycle. In other words, the stock market may peak, or hit bottom, before the business cycle does the same. That’s partially because the financial markets are always looking ahead. If they foresee an event that could boost the business cycle and help the economy, such as the Federal Reserve lowering interest rates, they may become more “bullish” on stocks, thus driving the market up.
Conversely, if the markets think the business cycle will slow down and the economy will contract, they may project a decline in corporate earnings and become more “bearish” on stocks, leading to a market drop.
Once you’re familiar with the nature of market cycles, you won’t be surprised when they occur. But does that mean you should base your investment strategy on these cycles?
Some people do. If they believe the market cycle is moving through a downward phase, they may try to cut their perceived losses by selling stocks — even those with strong fundamentals and good prospects — and buying lower-risk investments. While these “safer” investments may offer more price stability and a greater degree of preservation of principal, they also won’t provide much in the way of growth potential. And you’ll need this growth capacity to help reach your long-term goals, including a comfortable retirement.
On the other hand, when investors think the market cycle is moving upward, they may keep investing in stocks that have become overpriced. In extreme cases, unwarranted investor enthusiasm can lead to events such as the dotcom bubble, which led to a sharp market decline from 2000 through 2002.
Rather than trying to “time” the market, you may well be better off by looking past its cycles and following a long-term, “all-weather” strategy that’s appropriate for your goals, risk tolerance, time horizon and need for liquidity. And it’s also a good idea to build a diversified portfolio containing U.S. and foreign stocks, mutual funds, corporate bonds, U.S. Treasury securities and other investments. While diversification can’t protect against all losses, it can help protect you from market volatility that might primarily affect just one asset class.
Market cycles often draw a lot of attention, and they are relevant to investors in the sense that they can explain what’s happening in the markets. Yet, when it comes to investing, it’s best not to think of cycles but rather of a long journey – one that, when traveled carefully, can lead to the destinations you seek. Market declines can test the nerves of even the most patient investors. If you own a diversified mix of quality investments, resist the temptation to sell or make changes based on short-term events.
The next time the market has a hiccup, take a deep breath and remember:
• Market declines are normal, frequent and not a reason to sell quality investments.
• Market declines begin and end without warning.
• Market declines provide an opportunity to buy quality investments at lower prices.
• Market declines return investments to their rightful owners: those who understand why they own what they own.
Michael Christodoulou, ChFC®, AAMS®, CRPC®, CRPS® is a Financial Advisor for Edward Jones in Stony Brook, Member SIPC.This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
There are many reasons why estate planning is important.
Join Burner Prudenti Law, P.C. for an Estate Planning seminar titled Protecting Assets: Should I Put My Home in a Trust? at Sachem Public Library, 150 Holbrook Road, Holbrook on Tuesday, July 23 at 6:30 p.m. The program will cover how to protect assets, including property and second homes, the ways to reduce and eliminate taxes, and the importance of having a sound estate plan in place. To register visit burnerlaw.com/seminars-webinars/ or call 631-646-2733.
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