The Coronavirus Aid Relief and Economic Security (CARES) Act waives required minimum distributions (RMDs) from retirement accounts for 2020.
Update: Required Minimum Distributions Are Waived for 2020
Wealth Management Webinar Recording: Strategies for Now and Later
On June 22, members of our wealth management team revisited timely strategies regarding retirement, charitable and estate planning.
We Need a Reason to Celebrate … How About National 529 Day?
With the COVID-19 pandemic creating slight confusion on what day it is, much less what month we are in, some of us may not have seen National 529 Day on our calendars.
Simple, Powerful Steps to Take Before Your Estate Planning Meeting
With the onset of the COVID-19 pandemic, there seems to be a rush on clients seeking estate planning advice. There is certainly no replacement for personal advice from qualified counsel, but there are a few things you can do in the interim.
Wealth Management Strategies for Now and Later
Executive Vice President, Mary Lago, CFP, CTFA, discusses strategies clients can employ for their long-term financial health.
Roth IRA Conversion Considerations
Roth IRAs are after-tax retirement accounts. While not tax deductible when they are funded, they grow tax free and withdrawals are income tax free provided they are withdrawn after age 59 ½. Additionally, most Roth IRAs are not subject to required minimum distributions.
Important 2020 Tax Season Reminders
Federal and states governments are working hard to provide support and relief to taxpayers during the COVID-19 global pandemic. One element that will ease the burden on taxpayer cashflow is the delay in due dates for filing and paying your 2019 taxes.
Planning for Healthcare in Retirement
Our health and well-being during this pandemic is a top priority. While there are things about managing our healthcare that we cannot control, we do have options to plan for the financial impact.
Deferred Federal Tax Payments and Tax Filings Announced
In an effort to reduce the burden on taxpayers during the COVID-19 pandeminc, Secretary Mnuchin announced deferring Federal tax filing and payments.
Hit by Cupid’s Arrow but Not Tying the Knot? Tips for Unmarried Cohabiting Couples
Have you been hit by Cupid’s arrow but you’re not ready to tie the knot? An increasing number of couples are moving in together before marriage, or don’t plan on getting married for any number of reasons. What many couples who move in together don’t realize is that their assets could be at risk in ways they don’t imagine.
The SECURE Act Creates Significant Changes for Retirement Plans
In one of the most significant retirement legislation changes in a decade, the President and Congressional leaders recently approved a bill that will have an impact on certain retirement funds.
'Tis the Season for Year-End Financial Planning
Time seems to move faster as we approach the holiday season. Beyond the festivities, there are a number of year-end considerations that could potentially optimize your 2019 tax liability.
Allowance Can Be the Best Treat for Kids
This is a great time of year to remind children of the long-term benefits of cash over candy. Beyond Halloween, teaching kids sound money-management skills will serve them well throughout their lives. A good place to start is with an allowance.
Making a Change in Medicare
A good practice for anyone covered by Medicare is to assess if your coverage is compatible with your needs. Contrary to conventional wisdom, choosing health insurance may not be a one-time decision for most Medicare enrollees. Plans change … and of course needs may change over time too.
Does Refinancing Your Mortgage Make Sense?
With interest rates dropping, you may be considering refinancing a mortgage. There are a number of factors to consider and here are some questions we pose to clients to help with the process.
Protect Yourself from Tax Scams
Each year, the IRS issues its annual “Dirty Dozen.” This is a list of top scams that taxpayers should be aware of, along with information on how to spot, avoid and report them.
Tax Reporting Reminders
An important part of many clients’ tax files are 1099s, which are annual tax forms that reflect bond interest, stock dividends, other income and the sale of securities that may include capital gains and losses. Separately, Form 1099-R includes tax information for retirement accounts and reflect distributions, transfers and rollovers.
2019 Annual Limits for Tax and Wealth Planning
The Internal Revenue Service recently announced the annual inflation adjustments for a number of tax provisions for 2019. These went into effect January 1, 2019 and are not intended to be used for 2018 tax returns. We fully recognize that most of our clients are currently preparing their 2018 taxes and we encourage you to revisit some of the major changes associated with the 2017 Tax Cuts and Jobs Act that will impact 2018 tax planning.
