Ask the Adviser: What are Some Common Estate Planning Mistakes?
You’ve worked hard to build your nest egg. But are you sure your legacy is secure? Many people make critical errors by assuming a Will covers everything or by missing key tax-saving opportunities. Here are three common estate planning mistakes to avoid.
Ask the Adviser: What is the Difference Between Capital Gains and Capital Gains Distributions?
Many investors are surprised to learn that mutual funds can trigger taxable gains even when nothing is sold. This article explains the difference between capital gains and capital gains distributions—and how choosing the proper investment structure can help reduce surprise taxes.
Ask the Adviser: How are Assets in My IRA Different Than Other Assets in my Estate?
IRAs are subject to their own set of rules, and those rules can be complex. Here’s what to know at a high level.
Five Strategies for Gifting to Adult Children
Giving your children money during your lifetime can be helpful for them and fulfilling for you. There’s a delicate balance, though.
Which Retirement Accounts Allow Qualified Charitable Distributions?
Other accounts with RMD requirements include SEP IRAs, SIMPLE IRAs, 401(k)s, and 403(b)s. So, can QCDs be made from these accounts?
Ask the Adviser: Are Gifts to Children Tax-Deductible?
Although gifts to individuals are not tax deductible, you can get a partial deduction for money that will eventually go to your children.
Ask the Adviser: What do I need to know about planning for long-term care?
If needed, long-term care is one of the pricier parts of retirement. But it can be even more expensive without a proper plan in place.
Ask the Adviser: What tax consequences should I consider before retiring in Pennsylvania?
While Pennsylvania has minimal taxes on retirement income, the state does levy an inheritance tax. Here’s what that means for you and your heirs.
Ask the Adviser: What are the benefits of using a donor-advised fund?
If charitable giving is part of your long-term financial plan, a donor-advised fund can help you tap into greater tax benefits and more easily direct your giving.
Ask the Adviser: How should I use beneficiary designations in my estate plan?
Directing some assets through beneficiaries and others through your will can reduce taxes for your heirs. Here’s what to consider.
Communication: The Key to a Successful Estate Plan
Want to make sure your wealth benefits future generations? Start by having the right conversations today.
Is Your Estate Plan Ready for the Digital Age?
Take this 10-question quiz to learn why taking charge of your digital assets is more important than ever.
Ask the Adviser: Should I add my child as joint owner of my bank account?
While it seems like a simple way to get help managing your finances, it’s worth considering the risks and alternatives.
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: 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.
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.
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.
Estate Planning Essentials Part 1: Take Time to Prepare the Heir
The mechanics of estate planning can be easy enough, but the big picture requires a lot of thought and soul searching.
529 Plans: Know the Rules for K‑12 and College Qualified Expenses
529 plans can be a good option for both college and K‑12 savings. But to avoid paying taxes or early withdrawal penalties, it’s vitally important to keep up with any changes to the rules.
Are Your Heirs Ready? 3 Lessons to Teach Children About Wealth Now
Steps you can take to help ensure that your wealth helps future generations.
What Lessons Can Philanthropy Teach Us?
Merriam-Webster defines philanthropy as “goodwill to fellow members of the human race, an active effort to promote human welfare, or an act or gift done or made for humanitarian purposes.”…
A Special Purpose Entity Enables Individual Participation in PA’s EITC Program
Special purpose entities in PA allow individual donors to participate in tax credits previously only available to businesses.
How Qualified Charitable Distributions Can Impact Your Taxes and Favorite Charities
Gifting through a Qualified Charitable Distribution can be one way to keep the tax benefits of a donation. Learn about the rules and benefits of QCDs.
2 Ways to Help Children and Grandchildren Financially…Without Spoiling Them
We all start out life by working for money. The goal should be to put some of the money we work for aside regularly and invest it.
Non-Profit Pledge Obligations: What You Need to Know
Your favorite non-profit is running a capital campaign. They approach you for support asking for an amount larger than you are willing to write a check for today. No problem. You can…
Consider all of your alternatives before starting a foundation
The Clinton Foundation has been in the news lately. The former President of the United States, William J. Clinton, started the foundation in 1997. It is the nonprofit corporation used…
Organize Your Financial Documents with These 10 Helpful Categories
Save time, Save money, Save headaches!
The One IRA Mistake That Could Cost Your Family Thousands
Each financial institution has a unique default beneficiary sequence.
Helping or Spoiling?
That’s the question a parent must ponder when an adult child asks for financial assistance. One of the greatest parts of being a parent occurs when you become a grandparent. So, it is…
