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Estate tax has been a highly debated topic in Congress for years. With the passing of the Tax Cuts and Jobs Act in 2017, and the ongoing discussions on extending certain provisions, estate tax is again on the short list for debate.
In an ever-changing world, one thing remains constant: life’s unpredictability. As such, it is never too early to begin establishing your estate plan.
Estate planning is critical for protecting your wealth and ensuring your wishes are followed during your life and beyond. This quarter's Wealth Management Insights video explores key components of an effective estate plan and how to incorporate flexibility when needed.
The Roth IRA has earned its popularity with retirement savers—and for good reason. Funded with after-tax dollars, it offers the rare advantage of tax-free withdrawals in retirement, provided you’re at least 59½ and have held the account for five years.
According to the latest report by Cerulli & Associates, $124 trillion is expected to change hands by 2048. Just under 15% is expected to be given to charity and the remaining balance will go to heirs.
When it comes to saving for college, 529 accounts are a popular choice. These tax-advantaged savings plans are designed to help families set aside funds for future education expenses. You can choose from various investment options and enjoy tax-free growth and withdrawals for qualified education costs.
In an era of evolving tax laws and shifting estate planning strategies, flexibility has become an important consideration in wealth planning.
This article was originally published in 2020. As the author, I chose to focus on the Camp Fire in northern California as a case study for fire safety and financial preparedness during disasters. My colleague, Mary Lago, CFP®, CTFA, grew up in Paradise, California, and tragically her mom lost her home in the fire.
There are two SECURE Acts, both of which were designed to enhance retirement savings and provide more flexibility for savers by updating and introducing new retirement planning rules.