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.
How Does the SECURE Act Affect Legacy Planning for Large IRAs?
With the passage of the SECURE Act inherited IRAs from those who passed after December 31, 2019 are no longer allowed to stretch the withdrawals over their life expectancy.
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 Gifts to Children Tax-Deductible?
There is a way to get a partial deduction for money that will eventually go to your children. A charitable lead annuity trust gifts money to a charity first, and then passes assets to your beneficiaries.
‘Husbands, Take Care of Your Wives’
An insight into extraordinary care.
Traditional IRAs Are Not Like Other Assets in Your Estate. Here’s Why.
Traditional IRAs are subject to a unique set of complex rules. Here are 6 significant differences between IRAs and other financial assets.
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.
Are Qualified Charitable Distributions (QCD) Permitted from SEP IRA, SIMPLE IRA, 401(k) or 403(b) Accounts?
Qualified Charitable Distributions (QCDs) can be given from some accounts other than IRAs to eliminate tax on donations. Learn how to plan effectively to minimize future tax liability.
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.
5 Strategies for Gifting to Adult Children
Gifting to adult children can be a rewarding way to enrich their lives.
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…
Understanding The Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law by President Trump on December 22, 2017. Many of the provisions in the bill went into effect…
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 Tax Advantages of Charitable Remainder Trusts
What happens when you combine aging baby boomers and a stock market reaching all-time highs? A renewed interest in charitable remainder trusts (CRT). The oldest of America’s 72 million baby boomers are…
The One IRA Mistake That Could Cost Your Family Thousands
Each financial institution has a unique default beneficiary sequence.
Rules for Filing a Gift Tax Return
Some basics.
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…
