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.
Family Vacations as a Planning Tool
Passing on your story provides something deeper than wealth.
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.
4 Money Skills that Should be Shared with the Next Generation
Below are four areas where parents can positively influence their children to help them build sound financial skills and a healthy relationship with money.
You Can’t Simply “Will” Your Heirs to Carry on the Family Legacy.
Is a life well-lived measured by the size of our bank accounts and how much property we acquired? Or is it measured by our relationships and the condition of them when…
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…
The New Tax Law May Change How You Give to Charity
Anyone who has an IRA and will be at least age 70½ in 2018 will need to carefully consider how he or she makes charitable gifts in 2018 and the…
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!
Qualified Charitable Distributions Now Permanent
President Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act of 2015 on December 18th. The new law extended over 50 expired provisions of the tax code.…
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.
Don’t Miss the Qualified IRA Charitable Distribution (QCD) Opportunity to Save on Taxes!
Charitable minded seniors need to plan carefully before taking their required minimum distribution (RMD) this year. The American Taxpayer Relief Act of 2012 (ATRA12) reinstated the ability to make a Qualified…
What You Need to Know About IRA Withdrawals
IRAs have some quirky rules. There is a penalty for withdrawing money from IRA before age 59 ½ but there are exceptions. You must begin taking money from your IRA at age…
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…
