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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estateplandocument extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
Traditionally, people tend to think of their estate as comprising one big 'pot' of assets, focusing on the sum of all the assets rather than on each individual asset itself.
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
This month's edition kicks off with the news that digital estateplanning platform Wealth.com has raised a whopping $30 million in Series A funding, following on the heels of Vanilla's follow-on $20M capital round just a few months ago – which on the one hand reflects the anticipated enthusiasm for solutions that can help advisors efficiently (..)
Your personal preferences and the potential good your bequests can do are factors to think about in your estateplanning. What Is Estate Equalization? Basically, estate equalization is the process of helping ensure fairness in your estateplan, whether that means leaving all your primary heirs the same bequests or not.
For 2024, the maximum taxable earnings subject to Social Security tax is $168,600. Review Your EstatePlanningDocuments Take some time to review the key documents in your estateplan, such as your will, power of attorney, and property deeds.
One of the most important decisions you’ll make when designing your estateplan is who to name in the various fiduciary roles: trustee, personal representative, executor and agent. The post Choosing the Right Trustee for Your EstatePlan appeared first on Carson Wealth.
A common service model for many financial advisory firms is to schedule annual client meetings throughout the year where the advisor meets with each client in the month they started working with the firm, and conducts a comprehensive review of all planning topics for the client.
An estateplan is a legal document that outlines a person’s wishes for the distribution of their assets and property after their death. It is essential to create an estateplan to ensure that your family and loved ones are taken care of in the event of your passing. Contact us today to get started!
Basic estateplanning is something that everyone should do, regardless of your age, marital status, the value of your assets, and if you’re a parent or not. This statistic illustrates that more Americans should consider estateplanning to help ensure their assets transfer quickly to their heirs. Gallop, May 2021.
This month's edition kicks off with the news that VRGL (pronounced “Virgil”) has raised a $15M Series A round to scale up its tool that can scan investment account statements and automatically extract the available information about their holdings to analyze the prospect’s performance, risk, diversification, fees, and taxes, with (..)
All advisors in the Kitces Members Section will be able to earn IAR CE in addition to their credits for CFP, CPA, EA, and various IWI and American College designations as part of their ongoing membership fee (though notably, NASAA is imposing a $3/credit, or $36/year, reporting fee that Kitces will also have to collect on behalf of advisors and remit (..)
As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end taxplanning can lead to significant savings and set you up for financial success in the new year. Find your next tax advisor at Harness today. Starting at $2,500.
File taxes on your behalf. However, unless you named a co-agent or alternate agent in the same POA document or are still competent to appoint someone else to act on your behalf, a power of attorney cannot choose who takes over their duties. Ready to get started on your estateplan? Collect any debt payments owed to you.
As is traditional, the 2025 IRS tax filing deadline is April 15th. In this guide, well explore the 2025 tax extension process, the reasons for requesting an extension, and how a tax advisor from Harness can help you. Table of Contents What is a tax extension? Why do I need a tax extension? This is not the case.
If your net worth plus the death benefit of life insurance policies you own exceeds $13 million, putting your assets in specific types of trusts can be helpful for federal estatetax issues. But for most Americans, federal estatetaxes will not be a major concern. Consider your home.
Many people believe, incorrectly, that estateplanning is for older, ultra-wealthy people. But the simple truth is: If you have property, you need an estateplan. Your estateplan is the key to ensuring your wishes are carried out after you die or you’ve become incapacitated and can’t make decisions on your own. .
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: All-in-one software platform Blueleaf has launched a new “aggregation-as-a-service” solution, promising better client data aggregation capabilities than existing solutions by automating the process of weaving multiple (..)
Optional estateplanningdocuments are generally not legally binding documents. . Their purpose has little or nothing to do with the transfer of assets and do not effect estatetax. Optional estatedocuments focus on values, lessons, and legacy issues. 1) Organ donor. 3) Autobiography.
The foundation of your estateplan is a Last Will and Testament. Planning can tackle everything from beneficiary designations and estatetax to life insurance and planning for potential probate. It’s important to find an attorney who specializes in estateplanning. What Is a Will?
However, unlike stocks and bonds, alternative investments, or alts as theyre commonly known, have unique tax treatments and complex reporting requirements that investors should carefully consider before investing. Well also go into some potential strategies to optimize tax efficiency. How Are Alternative Investments Taxed?
advisorperspectives.com) Vanilla is rolling out more AI tools for estateplanning. investmentnews.com) Compliance How to conduct and document an annual compliance review. riabiz.com) The upside of pro bono financial planning. wealthmanagement.com) Another example of an RIA adding tax capabilities.
That occasion marked an agreement with the IRS on a $156 million value on Prince’s real estate and recordings for the artist who died in April 2016—without a will. What can we learn from celebrity estateplanning disasters like this? Such cautionary tales prove the value of proper planning. It turns out, plenty.
Estateplanning touches two critical aspects of our lives: It can direct the distribution of property while providing a structure of guardianship and care for ourselves as well as those we love and care for. But many people feel like estateplanning happens when you’re older, and that’s a misconception.
In this guest post, Harness Tax Advisory Council member, Griffin Bridgers, J.D., covers some of the top estateplanning trends that tax advisors should be tracking during the second half of 2024. contained a number of changes relevant to estateplanning. citizens and residents. The SECURE Act 2.0
If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estateplanningdocuments located? A real estatetax lien can delay closing.
And if they’re unprepared—or worse, if the family estateplanning strategies are less than buttoned up—how will that affect your practice down the line? To start the conversation with clients preparing to transfer wealth, you can simply say: “Tell me about who in the family was involved in the development of your estateplan.”
EstatePlanning isn’t fun to think about. But estateplanning is so much more than terminal actions – it helps set a stage for a rich life while protecting against unnecessary taxes and family feuds. . Who needs estateplanning? EstatePlanning in Your 20s . Craig Lemoine, Ph.D.,
One of the most important aspects of developing a thorough estateplan is taxplanning, as this has the potential to diminish the impact of your gifts and your loved ones’ inheritances. Let’s take a look at the tax impact and other considerations of each. million before triggering federal estatetaxes).
Fortunately, financial professionals have tools and wealth transfer strategies that can help couples be intentional about the use of their assets in an estateplan. Why Focus on EstatePlanning for Blended Families A thoughtful plan and good communication can go a long way in heading off conflict in large families.
In this episode, we take a high-level look at estateplanning. We cover wills, living wills, powers of attorney and the other most important documents should be put in place, the importance of trusts, the estatetax, intergenerational planning and a lot more.
Navigating the complexities of estateplanning can often feel like charting through uncharted waters, especially when it comes to handling assets, taxes, and ensuring one’s legacy is preserved according to their wishes.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Envestnet has announced that it is being acquired and taken private in a $4.5
ESTATES The 5 Most Common EstatePlanning Myths Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. Estateplanning is a crucial component of financial preparation for many individuals, as it enables their wealth to have a lasting and meaningful impact on their loved ones.
Proposed Tax Law Changes Prompt EstatePlanning Review achen Mon, 09/12/2016 - 06:00 A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate.
Proposed Tax Law Changes Prompt EstatePlanning Review. A plan to maximize a family’s financial legacy usually saves the most tax by leveraging the longterm compounding of investments outside of the taxable estate. Many trusts funded that year have grown outside of the grantor’s estate by 35% or more.
Estateplanning is a critical component of a comprehensive financial plan. Furthermore, estateplanning includes aspects such as tax minimization strategies, asset protection, and charitable giving. There are many different types of trusts, each designed to address specific estateplanning needs.
There are no tax benefits during life nor are there any adverse tax implications. This article is a high-level overview of the various estateplanning techniques and considerations when using revocable living trusts from the perspective of a wealth advisor (e.g. Other living trust benefits State estatetaxplanning.
ESTATES Family EstatePlanning: The 6 Essentials Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. According to one survey, 67% of Americans have no estateplan, which may reflect an aversion to thinking about dying or getting gravely ill. Navigate Family EstatePlanning with Park Place Financial .
Choosing whether to fund a trust with your assets is an important decision in the estateplanning process. A will and a trust are two different estateplanning tools. There are no changes to the tax treatment of these assets. Limiting access can provide estatetaxplanning benefits for some).
While it’s possible to organize financial documents ahead of time, there’s no way to truly prepare for the death of a spouse. In addition to making funeral arrangements and notifying family and friends, another priority is alerting your estateplanning attorney and financial advisor.
The Imperative of EstatePlanning: Not Just for the Affluent Often, there’s a prevailing misconception that estateplanning is a luxury reserved for the wealthy elite. Real estateplanning is a crucial undertaking that every adult and family should prioritize.
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