In an age where philanthropy plays a crucial role in supporting communities, understanding the nuances of charitable giving is essential. Qualified charitable distributions (QCDs) offer unique tax advantages, making them an attractive option for many donors. As we move into the holidays and the season of giving, it’s a great time to explore the benefits … Continued
October 14, 2020 This year’s CARES Act exempts required annual distributions in 2020 for all IRA owners over age 70 ½, and for some people, this may create an attractive planning opportunity utilizing the Roth IRA conversion. Unlike a traditional IRA that is funded with pre-tax dollars that grow tax deferred until withdrawn (as taxable … Continued
January 31, 2020 One of the more common requests we hear from clients is their preference to name their minor children as IRA beneficiaries. Unfortunately, minors are legally unable to own property, and therefore cannot inherit IRA assets in their own name; however, there is a “right” way to pass IRA assets to your minor … Continued
The new tax law that went into effect this year changes many things, including the treatment of deductibility of state and local (property) taxes – the so-called SALT deductions. Prior to this year, taxpayers could deduct the full amount of these taxes from their Federal tax calculation. Beginning this year, that deductibility is capped at … Continued
As year-end approaches, it is time to review strategic planning opportunities with your trusted advisors. As we await the outcome of the tax reform bill, it is a good time to start the dialogue and prepare to act. With that in mind, here is a list of end-of-the-year financial tasks for your consideration. Tax-Loss Harvesting … Continued