This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estateplanning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
In recent years, the Internal Revenue Code (IRC) has endured some drastic changes resulting from legislative action that have altered the strategies estateplanning professionals have recommended to clients. For instance, prior to the 2017 Tax Cuts and Jobs Act (TCJA), "A/B trusts" had become ubiquitous for spousal estatetaxplanning.
morningstar.com) Early in retirement is the time to do some taxplanning. nextavenue.org) Estateplanning Mistakes to avoid in your estateplanning. theretirementmanifesto.com) If you have a valuable collection you need a plan for its eventual disposition.
However, the caveat with current CGAs has been that they could only be funded with after-tax dollars before the donor’s death, meaning that if an individual only had tax-deferred funds (e.g., Second, they reduce the donor's tax bill in the year the CGA is created by excluding the amount contributed to the CGA from taxable income.
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 (..)
Also in industry news this week: With a potential SEC regulation requiring RIAs to engage in enhanced "know your customer" practices under consideration, the Investment Adviser Association is arguing for a more tailored approach to identifying risky clients and a longer implementation period to relieve the potential burden on RIAs The SEC is investigating (..)
podcasts.apple.com) Taxes A year-end taxplanning checklist. kindnessfp.com) How to think about taxes in early retirement. marknewfield.substack.com) How to look for holes in your financial plan. contessacapitaladvisors.com) Four steps to an estateplan.
million in assets to both retire and pass on a legacy interest (though many have yet to establish an estateplan), according to a recent survey. Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that affluent Americans believe they need an average of $5.5
This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made.
improves on the previous iterations of planning by involving a more thorough technical analysis of a client's unique situation than it did before and drilling deeper to reveal more planning opportunities to present to clients. Specifically, Financial Advice 3.0
Welcome to the October 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!
kitces.com) Taxes Following the RMD rules for inherited IRAs may not be optimal. investmentnews.com) On the importance of taxplanning in the first few years of retirement. papers.ssrn.com) Four steps to create a digital estateplan. (riabiz.com) The SEC Onsite SEC examinations are ramping up. forbes.com)
riabiz.com) A round-up of recent financial advisortech news including Holistiplan's estateplanning module. thinkadvisor.com) A year-end taxplanning checklist. (standarddeviationspod.com) The biz Fidelity is crushing it. riabiz.com) What is the target market for MAGA-centric Strive Wealth Management?
Beyond insurance, advisors and their clients can also consider options such as the use of corporate entities such as Limited Liability Companies (LLCs) for business interests, and estatetaxplanning tools such as Spousal Lifetime Access Trusts (SLATs) that can offer both estateplanning and asset protection benefits for married couples.
Also in industry news this week: Backers announced the new Texas Stock Exchange, which seeks to provide companies with a lower-cost alternative to the NYSE and Nasdaq, which, if successful, could create a more competitive landscape and potentially better execution and reduced trading costs for financial advisors and their clients The American College (..)
Even if a client believes they would not be subject to estate or gift tax under current law, you may want to re-examine the value of their assets to determine whether they exceed a lower exemption amount. Tax season has begun, and it’s not too early to think about planning for the 2023 tax year.
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
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.
It’s a simple, human act – one that seems like it shouldn’t take too much planning to do it correctly. But when does gifting become a tax issue? What do you need to consider about gifting as it relates to your overall estateplan? Taxes on Giving??? Why do you have to pay taxes on money you’re giving away?
Not only was the stock market fairly volatile, but there were also atypical tax regulation changes. Tax-loss harvesting. Paying taxes on investment gains can be a financial burden, but tax loss harvesting can reduce your bill. You can claim as much capital loss as your realized capital gain plus $3,000.
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). . However, the tax deferral benefit comes at a cost tradeoff. Almost every dollar distributed from a pretax retirement account will be taxed at ordinary income tax rates.
Investment planning also plays a crucial role in tax optimization, enabling you to minimize tax liabilities and maximize after-tax returns. Additionally, tax-loss harvesting, and other tax-optimization strategies can further improve the tax efficiency of your investment portfolio, thereby enhancing overall returns.
As December unfolds, it’s easy to overlook year-end taxplanning amid the holiday hustle. However, dedicating a few moments now can lead to significant savings come tax season. To help you retain more of your hard-earned money and reduce your tax liability, consider these five strategic moves before the year concludes.
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. However, there are nuances to consider.
We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Gift Tax Exemptions Each year, you can give up to $17,000 to any number of people tax-free.
A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. Understanding step-up in basis at death If youve received an inheritance you may have questions about the tax treatment of certain assets. This increases the tax basis, which determines capital gains or losses when the asset is sold.
Only 26% of Americans have an estateplan. If you’re thinking, “But my clients are high-net-worth…many more have an estateplan.” These numbers show an opportunity for tax practices to build deeper, meaningful relationships with their clients, helping them to navigate some of life’s most challenging financial decisions.
The post Part 1: The Tools of the Tax-Planning Trade appeared first on Yardley Wealth Management, LLC. Part 1: The Tools of the Tax-Planning Trade Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome.
The post Part 1: The Tools of the Tax-Planning Trade appeared first on Yardley Wealth Management, LLC. Part 1: The Tools of the Tax-Planning Trade. Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome.
The post Part 3: Tax-Wise Financial Planning appeared first on Yardley Wealth Management, LLC. Part 3: Tax-Wise Financial Planning In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing. Life happens. You buy a business.
The post Part 3: Tax-Wise Financial Planning appeared first on Yardley Wealth Management, LLC. Part 3: Tax-Wise Financial Planning. In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing. . Tax-Planning Possibilities.
While there are certainly ways to do estateplanning without a lawyer, for most people hiring an estateplanning attorney makes the most sense. Estateplans can get complex fast, and even fairly straightforward estates can feel overwhelming if you’re not trained in the area. Do your research.
A financial advisor can help with maximizing your retirement income through taxplanning After retirement, your income sources may become limited to pensions, Social Security benefits, and investment income. A financial advisor can craft tax-efficient withdrawal strategies to minimize the tax burden on your retirement income.
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.
The post Part 2: Tax-Wise Investment Techniques appeared first on Yardley Wealth Management, LLC. Part 2: Tax-Wise Investment Techniques In our last piece, we introduced some of the tools of the tax-planning trade. In other words, your tax-planning techniques matter at least as much as the tools.
The post Part 2: Tax-Wise Investment Techniques appeared first on Yardley Wealth Management, LLC. Part 2: Tax-Wise Investment Techniques. In our last piece, we introduced some of the tools of the tax-planning trade. In other words, your tax-planning techniques matter at least as much as the tools.
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).
Here are some examples of one-time and ongoing services you can offer clients under the fee-for-service model: One-Time Services Ongoing Services Comprehensive Financial Plan Ongoing Financial Planning Second Opinion Engagement Advising on Held-Away Accounts Student Loan Analysis TaxPlanning Portfolio Tax Efficiency Review EstatePlanning Housing (..)
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.
However, it is important to keep in mind that different states and territories have varying tax laws and some may be more favorable than others. So before you set off on your big move, consider the specific tax implications of doing so. Who knows, you might even find a more tax-friendly destination along the way.
This is the time to do comprehensive financial planning: retirement planning, investment planning, taxplanning and estateplanning. Discuss more advanced estateplanning, charitable planning and special family issues.
In this guide, we explore the four main types of tax professionals and the benefits of working with a tax advisor to help navigate challenging tax scenarios. We’ll dive into what a tax advisor does, and help you make an informed decision about which type of tax professional is right for you.
We organize all of the trending information in your field so you don't have to. Join 36,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content