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Estate taxes combine both of Benjamin Franklin’s often-quoted certainties: death and taxes. However, estate taxes are far from a certainty for most Americans. Federal estate taxes are levied on estates valued at more than $12.92 million per person in 2023, and that figure will rise in 2024 with the annual inflation adjustment. Most states do […]
Estate Taxation: An Ever-Changing Landscape Read More »
There are specific financial products and special considerations for planning and investing when there are children in our lives, including grandchildren, nieces and nephews, or other children with whom we have a personal connection. These may start at the birth of a child and continue to the time in our lives when we are planning
Securing Their Future – Investing for Kids Read More »
If one was to read only the headlines of articles written to describe the future of our Social Security system, one could be excused for being alarmed. Some people, especially younger people when polled, even believe that they will never see a penny from Social Security when they retire someday. The topic of Social Security’s
Social Security — How Secure Is It? Read More »
In the last few days of 2022, the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 was passed by Congress and signed by President Biden as part of the omnibus spending bill. It provides additional benefits and incentives to people saving for retirement. The original SECURE Act was passed in 2019. Most notably
SECURE Act 2.0 – The Sequel – Is Now Law Read More »
If you are asked which marginal tax bracket you are in, there are usually two answers: one rate for ordinary income and a lower rate for qualified income. Investment income can be either ordinary or qualified. Let’s take a look at how investments are taxed and how they can affect your federal tax liability. Remember
How Investments are Taxed Read More »
According to the professional services firm, PwC: “A quarter of US adults have no retirement savings and only 36% feel their retirement planning is on track. Even for those who are saving, many will likely come up short. We estimate the median retirement savings account of $120,000 for those approaching retirement (age cohort 55 to
Secure Act 2.0–The Sequel Read More »
Estate planning is more than having a will or a trust, a power of attorney and a medical directive, which most of us do with the guidance of an attorney. Sometimes we make estate planning decisions which may not involve an attorney and we may not understand the consequences. And that means we may make
7 Common Estate Planning Mistakes Read More »
“Giving Tuesday” was November 30th this year, but you have until December 31st to make charitable contributions that qualify for a 2021 tax deduction. With the increase in the standard deduction starting in 2018, many people no longer have been able to reduce their tax bill with their charitable donations because their standard deduction now
Charitable Giving in 2021 and Beyond Read More »
For many people, planning for a comfortable retirement is a long term challenge. A divorce can make it even more challenging. What had been a joint effort, with shared assets and expenses, now becomes an individual undertaking, with each spouse needing to cover the costs of a household and having fewer resources to tap. The
The Impact of Divorce on Retirement Planning Read More »
IRA accounts, which for many of us started as annual $2,000 contributions in the early 1980s, have grown to be major factors within the estate planning process. It was recently estimated that more than $19 trillion sits in Traditional IRA accounts as of 2020. At Fidelity Investments alone, there are more than 300,000 IRA accounts
Using a Charitable Remainder Trust to Leave Your IRA to Your Children…And To Charity Read More »
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A Financial Caretaking Plan outlines the steps you take to transfer bill paying, investment management, estate planning, and tasks you need to complete to prepare for the day you can no longer manage finances on your own.
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