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 … [Read more...]
What’s the Point of Asset Protection?
As a successful business owner, you know how important asset protection is. However, many business owners look past an important question when protecting their assets: “Why am I doing this?” A cursory glance at that question might make an owner say, … [Read more...]
Tax Reporting Mailing Dates
You should expect your tax forms from The Trust Company of Tennessee to be postmarked on, or before, the following dates. If you have any questions, please contact your Relationship Manager. Tax Form Postmarked Date Form 1099-R: … [Read more...]
Potential tax changes under Biden administration
During his presidential campaign, Joe Biden outlined his tax policy proposals1, which included rolling back key provisions from the Tax Cuts and Jobs Act (TCJA). An analysis by the Tax Foundation estimated the Biden plan would raise tax revenue by … [Read more...]
Year-end financial steps to take now
As we suddenly find ourselves in the final quarter of 2020, now is a great time to review our finances before we are swept away with the activities that come with the holiday season – even if those activities will likely look very different this … [Read more...]
Born before Jan. 2, 1954? You could be leaving free money on the table
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, … [Read more...]
529 plan’s less popular cousin – the Coverdell ESA
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 … [Read more...]
Navigating divorce settlements in uncertain times
Divorce is wrought with emotions – fear, uncertainty, maybe even anger. Add a global pandemic and bear market to the mix and it can be nearly impossible to feel as if you are making any decisions with clarity. You are likely seeing account values … [Read more...]
Roth conversions on sale
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 … [Read more...]
CARES Act Important Notice to IRA Owners
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 … [Read more...]
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