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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...

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...

October 26, 2023 in Required Minimum Distribution, Tax Management
While we haven’t yet said goodbye to 2023, it’s not too early to begin thinking about any tax changes that may be on the horizon. The Tax Cuts and Jobs Act (TCJA) of 2017 was designed to overhaul the federal tax code by reforming individual and business taxes. As a result, sweeping tax changes lowered marginal tax rates and the cost of capital. Although some of these provisions are permanent, most of...

July 13, 2023 in College Planning, Estate Planning, Tax Management
How the SECURE 2.0 Act Changed 529 Plans Changes to 529 Plans in the SECURE 2.0 Act The SECURE Act was initially passed by Congress at the end of 2019 and was intended to improve retirement savings opportunities. It was a big deal at the time and the most significant piece of retirement legislation since the 2006 Pension Protection Act. Congress came together to pass SECURE 2.0 at the end of 2022 to...

July 3, 2023 in Estate Planning, Insurance, Tax Management
Health Savings Accounts: Pros, Cons, and Retirement Considerations What if your child needs braces? The cost may be as much as $6,000 for metal braces—more modern versions can run as much as $13,000. Your health insurance may cover only a portion of the cost. If you're well past the braces stage, what if you or a loved one needs extended care, which almost 70% of those turning 65 today are expected...

May 23, 2023 in Estate Planning, Tax Management
Estate management can be a complex and daunting task for many people, but it’s a critical step in helping your assets get managed and distributed according to your wishes. One popular tool that can be used in estate strategies is a living trust. A living trust can provide a flexible and efficient way to manage assets during your lifetime and after your death, but it’s important to understand how it works...

February 12, 2019 in Expenses, Financial Life Planning, Tax Management
Shrinking Tax Refunds 1.  The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds? (Washington Post, 2/10/2019) This article has Q&A taking you through the reasons why. Hint: Some of the explanation is because of changes to the tax code, but also because less taxes were withheld from employee paychecks than in prior years due to changes in the withholding tables, and in the lower rate withheld from bonuses and employee stock compensation...

July 17, 2018 in Investing, Tax Management, Young Adult Series
No, we are not in a 9-year-old bull market 1. Currently some clients, and pundits, are voicing concerns about the longevity of the current bull market. In the September 2017 article “No, This Is Not the Second Longest Bull Market Ever”, Barry Ritholtz and Michael Batnick laid out the case that the period running from mid-2015 to early 2016 "absolutely was a bear market." Barry also explains how he measures...