Having conversations within a family regarding financial and end-of-life topics is crucial. Open communication can alleviate anxiety for both parents and children. It can help parents feel supported...
Update: If I inherited an IRA, do I have to cash it out or take RMDs? What is the “10-Year Rule?”
Some of you may remember this question from our October 2022 newsletter. At that time, we were waiting for the IRS’ proposed regulations to be signed into law. On July 18, 2024, the IRS issued the...
How can I help set my grandchildren up for financial success without simply giving them cash?
As parents and grandparents, we are always looking for ways to help improve the lives of our families. For many of us, the importance of financial security for our children and grandchildren comes...
How can I ensure my assets pass efficiently to my heirs? (Part 2)
Last month, our Q&A focused on a few steps to take to help ensure your assets will transition to your heirs in a private manner without the court system getting involved. In addition, we...
How can I ensure my assets pass efficiently to my heirs? (Part 1)
Protecting your assets and taking the necessary steps to provide a smooth transfer to your loved ones is important. Oftentimes, certain steps are not properly addressed, and a person’s assets end up controlled by the courts. Fortunately, for most people, there are simple steps you can take to ensure your assets and personal belongings transfer in a private manner.
If I inherited an IRA, do I have to cash out? What is the 10-year rule?
An individual retirement arrangement (IRA), or more commonly referred to as an “individual retirement account,” is a tax-deferred investment account that helps you save for retirement. Tax laws that...
What are the annual contribution limits for 529 Plans and what is superfunding?
It’s no secret that the cost of education is on the rise. The key to preparing for this large but important expense, is to develop a savings strategy early on. As we discussed in a previous Q&A...
What financially-related steps do I need to take after my wedding?
Wedding season is approaching quickly. With the stress of planning a wedding, it is easy to overlook certain steps that affect your taxes and finances in general. We have compiled a list of steps to...
Wealth Management Q&As
Wealth Management is more than investment management. It considers the larger picture. While your investments are critical to your success throughout retirement, it is also important to understand how your taxes, finanical plan, estate, and insurance can affect both your overall situation. Do you know when you should begin collecting social security to maximize its benefit? Have you followed the necessary steps to help your assets pass efficiently to your heirs, avoiding probate? If 529 plans are applicable to you, have you considered 529 plan superfunding or how to maximize 529 plan tax advantages? Our wealth management Q&As consist of popular topics among our clients and are not limited to investment management.