Last Minute Tax Planning Tips for 2022 It’s that time of year again! As we close out 2022, be sure to consider any final opportunities to help reduce your 2022 income tax liability. While every...
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...
How does my income affect my medicare premium?
If you are retired and age 65 or older, you are likely enrolled in Medicare, the Federal health insurance program that provides hospital (“Part A”), medical (“Part B”), and prescription drug (“Part...
Can I reduce or satisfy my Required Minimum Distribution (RMD) by gifting to charity?
Qualified Charitable Distributions involve gifting directly from your IRA and are a popular charitable giving strategy. This is because QCDs do not count as taxable income for the person making the...
What are 529 College Savings Plans and their tax advantages?
As college costs continue to rise (the estimated cost per each year of college at a 4-year public university for today’s newborns is over $50,000 per the College Board, College Cost Calculator), it is important to evaluate different opportunities to save for college and invest sooner than later.
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.