Here, we offer further strategies for heirs of retirement accounts to maximize the after-tax value of their funds.
Full of tricky timing concerns, the rules for IRA withdrawals are commonly misunderstood. Here, we explain five of them.
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.
Trusts can be an essential part of your plan—but they are often complex and time-consuming to set up.
The mechanics of estate planning can be easy enough, but the big picture requires a lot of thought and soul searching.
Passing on your story provides something deeper than wealth.
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 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.
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.
An insight into extraordinary care.
Traditional IRAs are subject to a unique set of complex rules. Here are 6 significant differences between IRAs and other financial assets.
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.
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.”…
Special purpose entities in PA allow individual donors to participate in tax credits previously only available to businesses.
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.
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.
Gifting to adult children can be a rewarding way to enrich their lives.
Below are four areas where parents can positively influence their children to help them build sound financial skills and a healthy relationship with money.
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…
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…
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…
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…
Save time, Save money, Save headaches!
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.…
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…
Each financial institution has a unique default beneficiary sequence.
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…
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…