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June 6, 2024 in Family Money, Financial Life Planning, IRA, Retirement Planning
Summer break is here, and many young people will be working at a summer job or internship. While earning a paycheck is exciting, it can also be an excellent time to consider opening a Roth IRA and contributing a portion of their summer earnings. Not only does this jump-start retirement savings from an early age, but it can also serve as a positive learning experience about the principles of saving,...

May 17, 2024 in Financial Life Planning, IRA, Money Management, Retirement Planning, Social Security
A few years ago, there were ads from financial services companies asking, “What’s your number?” The number was the money you needed to retire comfortably. This was an effective way for financial services companies to get people thinking about retirement and encouraging them to strive toward a specific monetary goal. But is asking for a number the right question? If you are serious about retirement, it’s not simply about how much...

April 8, 2024 in Charitable Giving, Estate Planning, Family Money, Financial Life Planning, Money & Finance, Tax Management
At the end of 2025, portions of the Tax Cuts and Jobs Act (TCJA) are set to expire. Many changes will come with the sunsetting of many rules, including the possibility that federal estate and gift tax exemption levels will revert to pre-TCJA levels. What’s changing?1 Currently, you are subject to federal estate tax only if your individual estate is worth more than $13,610,000 for individuals or $27,220,000 for married couples. These...

April 5, 2024 in Family Money, Financial Life Planning, Money & Finance, Money Management
As a parent, you are well aware of your responsibility in helping your children grow up happy and healthy. Once they enter their teen years, the pressure can build to impart more of your wisdom. One area you shouldn’t overlook is how to handle money. Helping your children develop basic financial skills is critical to preparing them for the decisions they may eventually make as they age. Laying a solid foundation...

March 20, 2024 in Tax Management
As parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn? The IRS does not exempt anyone from the requirement to file a tax return based on age, even if your child is declared as a dependent on your tax return.1 Your dependent children must...

February 2, 2024 in College Planning, Financial Life Planning, Tax Management
In the ever-evolving financial landscape, staying informed about the latest changes and potential implications for your retirement savings is crucial. Shifts in retirement regulations define 2024, and we’re committed to keeping our clients abreast of these developments. The SECURE Act 2.0, enacted in late 2022, has dozens of provisions to encourage more people to save through the workplace and other plans, to help boost retirement savings, and to urge small employers...

January 17, 2024 in Tax Management
With the start of the new year, we want to discuss a topic that will likely garner attention throughout 2024 – the potential sunsetting of the Tax Cuts and Jobs Act (TCJA) in 2025. Although some of the provisions within the Act are permanent, such as reducing the corporate tax rate from 35 percent to 21 percent, most individual tax changes are not. If Congress does not act to renew all...

January 8, 2024 in IRA
The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. Keep in mind that this update is for informational purposes only, so please consult with an accounting or tax professional before making any changes to your 2024 tax strategy. You can also contact your financial professional, who may be able to provide you with information about the pending changes. Individual Retirement Accounts (IRAs) Traditional IRA contribution...

November 28, 2023 in Economics, News, Year In Review
As we get ready to turn the page on 2023 and welcome the new year with all its possibilities, we’d like to take some time to reflect on the year that was—the notable events, trends, and developments that defined our economics, policy, business, and culture—and look a bit into the future to see what 2024 might bring. 2023 in Review Economy & Markets The economic picture in 2023 continued to be dominated by...

November 28, 2023 in College Planning, Estate Planning, Family Money
Your Child is Turning 18: Handling Healthcare, Academics, and Finances Together As your child blows out the candles on their 18th birthday, you may still see your baby girl or boy. But in the eyes of the law your child is considered a legal adult in most states. This means they can vote, buy a lottery ticket, or get a tattoo without your permission. Even if you’ve prepared them for what...