Estate planning is an important component of a comprehensive financial plan that provides for you and your loved ones in the way you intended. Estate plans often incorporate trusts, which can accomplish goals such as asset and privacy protection, legacy building and more. The three parties required to create a trust include the party wishing to establish and fund the …
As 2022 comes to a close, with markets down and in the wake of record inflation and rising interest rates, there are several factors and strategies to consider for mitigating taxes in the coming year. 1. The IRS released changes to prevent bracket creep – meaning that amounts will increase next year. If you haven’t taken advantage of Roth conversions …
Current estate tax exemptions are set to expire at the end of 2025, which means we could see a 50% reduction in available exemption per person. It has been 87 years since the last time the available exemption decreased. Expiring exemptions Currently, individuals may transfer about $12 million in assets (combined for lifetime gifts and transfers at death) without being …
The financial markets are in an unusual situation: Stocks and bonds, which typically move in opposite directions, are both down this year, making some investors anxious. Chief Investment Officer Miranda Carr shared on WBIR-TV some historical insight and guidance about how to navigate these uncertain times.
Regardless of your phase in life, there are opportunities to maximize your tax efficiencies and improve your long-term financial outlook by taking action before year end.
In most cases, it is to your advantage to delay drawing Social Security benefits until you reach age 70. Your benefit amount increases by 8% each year that you wait to draw your benefit until you are 70. Of course, there are exceptions to every rule, or in this case a loophole that only applies to a few eligible candidates. …
As education costs increase, understanding what investment vehicles are available and what to consider when saving for college is something you should prioritize. Bank savings is important for many reasons but putting back a little extra each month may not provide enough growth for a college education. Fortunately, there are multiple ways to save for college and even K-12 expenses. …
We’re continuing our education series with a closer look at Coverdell ESAs. Before 529 plans were expanded to include K-12 tuition, Coverdell ESAs were a popular way to save for both college and secondary education expenses. Coverdells have both benefits and limitations, and it’s important to compare all of your saving options before opening an account. Benefits First off, Coverdells can look very similar to 529 plans: Both provide tax-free withdrawals on qualified education expenses. Both have …
Chances are your IRA has a lower market value today than it did at the start of the year. No matter your age or retirement timeframe, this can be a hard pill to swallow. While the current market environment may only seem to bring negative thoughts of retirement to mind, there may be a silver lining to those who choose to take a long-term perspective in the midst of uncertainty. In fact, we would challenge you to view the market today as if everything were on sale, including Roth Conversions.
We hope you are staying safe and healthy. The confusing landscape of this environment is changing day by day, even hour by hour. Rest assured, however, that we are still here and working for you. You are on our minds and we have you covered. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. The Cares Act contains a long list of features that are meant to buffer you from the hardships that are arising during this unprecedented time. We know you have questions about how the Cares Act impacts your IRA. We want to take a few moments to answer some of these questions.
