Harness Wealth

NOVEMBER 12, 2024

The 2024 contribution limit for a Roth IRA or traditional IRA is $7,000. The 2024 contribution limit for a Roth 401(k) or Traditional 401(k) is $23,000. Note that for an IRA, you have until Tax Day of 2025 (April 15, 2025) to make any contributions for your 2024 taxes. For 2024, the FSA contribution limit is $3,200.

Tax Planning 52

Tax Planning Taxes Planning Estate Planning 52

Darrow Wealth Management

OCTOBER 28, 2024

Don’t discount your non-financial goals and what you plan to do after you sell. Create a formal financial plan. A comprehensive financial plan can help you analyze whether the sale proceeds will allow you to maintain your lifestyle and what variables you can play with to optimize the outcome.

Sales 104

Sales Taxes Estate Planning Planning 104

Harness Wealth

JUNE 9, 2023

Recognizing the need for a financial plan is a significant first step toward the goal of achieving personal financial security. Table of Contents What is a Financial Plan? Table of Contents What is a Financial Plan? Why is Financial Planning so Important?

Financial Planning 52

Financial Planning Planning Financial Planner Wealth Management 52

Integrity Financial Planning

NOVEMBER 14, 2023

1] This can be something you do as part of your estate plan. It can sometimes reduce the tax burden for your estate when it comes time to transfer it to your heirs. Sources : [1] [link] [2] [link] The post Take Advantage of These Tax Strategies Before the Year Ends appeared first on Integrity Financial Planning, Inc.

Taxes 96

Taxes Retirement Estate Planning Planning 96

Carson Wealth

DECEMBER 8, 2023

Petersen, CPA, CFP ® , CP, Affluent Wealth Planning The holidays are upon us! That must mean it’s time to roll up my sleeves and get to work on year-end financial planning – with an emphasis on 2023 income tax. The potential supplemental estate tax liability for a married couple may be in the $5.6

Planning 143

Planning Retirement Planning Taxes Insurance 143

NAIFA Advisor Today

AUGUST 16, 2023

The panel of industry experts will arm you with strategic insights, ensuring you capitalize on evolving planning opportunities and prepare your clients effectively for the imminent shifts in the tax landscape.

Taxes 52

Taxes Estate Planning Clients Planning 52

Darrow Wealth Management

JULY 1, 2024

Lowering the estate and gift tax limits The current exemption was raised dramatically in 2018. In 2024, a single taxpayer can claim a federal estate and lifetime gift tax exemption of $13.61 For example, suppose you gift $7 million in 2024 when the individual limit is $13.61 In 2026, these limits are set to decrease.

Taxes 105

Taxes Tax Planning Planning Estate Planning 105

Harness Wealth

MARCH 5, 2024

In this guide, we’ll explore the average fees of tax advisors in the US for 2024. Average Tax Advisor Fees in 2024 Understanding the common tax planning and preparation fees, such as hourly rates, retainer or subscription fees, and fixed per-service fees, can guide you in making informed decisions when engaging with tax professionals.

Taxes 52

Taxes Tax Planning Education Ethics 52

WiserAdvisor

FEBRUARY 19, 2024

If you choose to work while receiving Social Security benefits and have not reached full retirement age, the Social Security Administration (SSA) will deduct $1 from your benefit for every $2 you earn above the annual limit, which is $22,320 in 2024. Life is inherently unpredictable, and unanticipated circumstances can arise at any moment.

Retirement 66

Retirement Retirement Planning Healthcare Estate Planning 66

Darrow Wealth Management

JULY 1, 2024

Lowering the estate and gift tax limits The current exemption was raised dramatically in 2018. In 2024, a single taxpayer can claim a federal estate and lifetime gift tax exemption of $13.61 For example, suppose you gift $7 million in 2024 when the individual limit is $13.61 In 2026, these limits are set to decrease.

Taxes 52

Taxes Tax Planning Planning Estate Planning 52

Nerd's Eye View

DECEMBER 30, 2024

Each week in Weekend Reading For Financial Planners, we seek to bring you synopses and commentaries on 12 articles covering news for financial advisors including topics covering technical planning, practice management, advisor marketing, career development, and more.

Financial Advisor 240

Financial Advisor Insurance Tax Planning Taxes 240

Harness Wealth

JUNE 5, 2024

In January of 2023, Kelley started with zero clients but has grown to 140 clients in early 2024 with annual revenue projected to be upwards of $250,000 this year. Second, Kelley plans to onboard more high-value clients, increasing his average retainer beyond $1,800 to the range of $2,000 to $2,800.

Taxes 64

Taxes Clients Planning Tax Planning 64

Carson Wealth

APRIL 25, 2024

There are some things in life you just can’t plan for: an unexpected illness, job loss, death of spouse, disability. And while experiencing one of these major events can drastically impact your life, having an effective financial plan can help ensure that it doesn’t ruin your financial well-being.

Financial Planning 97

Financial Planning Planning Retirement Insurance Coverage 97

Discipline Funds

DECEMBER 20, 2023

The end of the year is an ideal time to start planning for the year ahead and make sure you’re on target to achieve those goals. Good financial planning is all about asset and liability matching across time. A financial plan with an asset liability mismatch is likely to fail over time.

Financial Planning 75

Financial Planning Planning Asset Allocation Retirement Planning 75

Carson Wealth

FEBRUARY 29, 2024

It’s a simple, human act – one that seems like it shouldn’t take too much planning to do it correctly. What do you need to consider about gifting as it relates to your overall estate plan? Let’s take a closer look at estate and gift taxes and how you can approach them with a financial planning mindset.

Financial Planning 96

Financial Planning Taxes Planning Estate Planning 96

WiserAdvisor

MARCH 13, 2024

For the tax year 2024, individuals can contribute a sum of $4,150 and families can contribute $8,300 to their HSA. Moreover, it provides you with a deeper understanding of your tax situation and enables you to make informed decisions regarding your financial planning for the remaining years of your retirement.

Retirement Planning 105

Retirement Planning Retirement Planning Estate Planning 105

MainStreet Financial Planning

MAY 10, 2024

Do you have a summary of your financial situation that you could pass on to someone if you need assistance? Do you have a financial power of attorney in place? Legal Concerns and Estate Plans – Do you have a current Estate Plan? Who is your executor and/or successor trustee if you have a trust?

Planning 97

Planning Estate Planning Healthcare Medical 97

Darrow Wealth Management

OCTOBER 1, 2024

Choosing whether to fund a trust with your assets is an important decision in the estate planning process. A will and a trust are two different estate planning tools. But some states , like Massachusetts, have their own estate tax and a much smaller exemption amount. Do I need a living trust if I have a will?

Assets 98

Assets Estate Planning Distribution Fiduciary Duty 98

The Big Picture

JUNE 11, 2024

And at, at some point, the people that were running the fi, financial planning department for creative planning, which was a sister company to an insurance company, there were three guys that were selling disability insurance to physicians in Kansas City. And I think, like we were doing financial planning without a separate fee.

Planning 162

Planning Clients Investing Investments 162

Brown Advisory

DECEMBER 1, 2023

Accompanying this discussion, we encourage families to develop comprehensive financial plans that include robust “capital sufficiency analysis” (i.e., A framework for this planning is contained in the chart below. What does this “great wealth transfer” mean for our clients and their descendants?

Planning 52

Planning Strategic Planning Taxes Clients 52

Discipline Funds

DECEMBER 29, 2024

Good financial planning is all about asset and liability matching across time. A financial plan with an asset liability mismatch is likely to fail over time. Calculate your 2024 after tax income and expected after tax 2025 income. Compare this to your 2024 expenses and expected 2025 expenses.

Financial Planning 64

Financial Planning Planning Asset Allocation Retirement Planning 64