Family Meetings: Planning for Wealth Transfer and Philanthropy
It takes a lot of planning and conversation to transfer wisdom along with wealth. Here’s how the practice of family meetings can help.
Recapping Market Highlights and Most-Read Articles from 2023
This past year, we covered topics ranging from inflation and legislative changes to RMDs and asset allocation. Here is an overview.
Ask the Adviser: How do I handle the taxes on inheritance from a PA resident?
Whether you’ve inherited property or other assets, here’s what to know about settling the tax bill in Pennsylvania.
Ask the Adviser: How long should I keep my financial documents?
The guidance varies depending on the document. We’ll look at what to consider with bank statements, tax returns, and other common file types.
A 10-Question Pop Quiz to Test Your Tax and Investment IQ
How much do you know about the tax implications of investing? This quiz tests your knowledge and gives you a chance to brush up on the basics.
Ask the Adviser: What can I do to prepare for the estate tax exemption being reduced?
If you have a large estate, these strategies can help you avoid a high estate tax bill when the current exemption expires in a few years.
You missed an RMD—now what?
The rules surrounding Required Minimum Distributions are complicated and missing them can be costly. If you have made an error, follow these steps to amend it and seek a penalty waiver
7 Steps to Take When You Inherit an IRA
When Inheriting an IRA there are complex rules you will need to follow to avoid costly errors.
Are Roth Conversions Right for People Over 73?
Roth IRAs are not subject to RMD rules.
Required Minimum Distributions (RMDs): Follow the Rules to Avoid Costly Penalties
Taxpayers reaching age 72 should be aware that a portion of the funds in their retirement accounts starts to become taxable each year—and pitfalls are common.
A Guide to Required Minimum Distribution Rules for IRAs and Employer Plans
RMD rules are similar for both types of accounts, but there are some differences.
Don’t Overlook These Inflation-Related Opportunities
Discover several ways to offset inflation through tax-efficient saving in 2023.
Ask the Adviser: What can I do to offset PA inheritance tax for my heirs?
Pennsylvania is one of only six states that requires inheritance tax. Here, we look at a variety of ways residents can reduce the tax on passed down assets.
More Ways to Lessen the Impact of the SECURE Act
Here, we offer further strategies for heirs of retirement accounts to maximize the after-tax value of their funds.
You Inherited an IRA under the SECURE Act—Now What?
Follow these strategies to design a distribution plan with tax efficiency in mind.
You May Be Able to Reduce the Taxes from Inherited Assets
If you’re the beneficiary of retirement accounts or other inherited assets, it pays to learn about the IRD deduction.
Life Insurance in Retirement: Is it Necessary?
Determining whether you need life insurance in retirement can get complicated—and it depends on your unique situation. Let these questions guide you.
The Importance of Reporting to Credit Agencies After Death
It is the responsibility of the surviving spouse or the estate’s executor to notify lenders on joint accounts, to close out accounts in the deceased’s name, and to notify the three major credit agencies.
Estate Planning Essentials Part 3: Protecting Beneficiaries from Themselves
Studies have shown that some heirs ultimately end up in worse financial shape after receiving an inheritance. This is so common that psychologists call it sudden wealth syndrome, although it is not an actual psychological diagnosis.
Estate Planning Essentials Part 2: Are Trusts Needed for Minor Beneficiaries?
Trusts can be an essential part of your plan—but they are often complex and time-consuming to set up.
