Preparing for the 2023 Tax Season
The new year is here and tax season is almost upon us. And that brings with it a new tax filing season and trepidation for many about filing their tax return. To help reduce some of that anxiety, here are a few suggestions on how to best prepare to file your return for 2023. Organize […]
Should I Put Cash Into a Money Market Fund?
As the Federal Reserve has raised the targeted federal funds rate, money market funds have been gaining attraction from investors. Since the beginning of 2022, interest rates have been on the rise which has resulted in some horrific returns in the bond market. With some money market funds yielding over 5% today, is it a […]
2023 Year End Tax Planning
As with every year, it makes sense to consider income tax planning moves that can help lower your tax bill this year. The general strategy of deferring income into next year and accelerating deductions into this year still makes sense for most people – although the ability of many people to benefit from accelerating deductions […]
HSA Planning: Drawdown and Estate Planning
The IRS recently announced the annual HSA contribution limits for 2024: $4,150 for self-only coverage and $8,300 for family coverage. This is one of the most significant jumps in years and not surprising, given the latest inflation trends. And if you are 55 or older, you can tack on an additional $1000 catch-up contribution. What […]
Long-Term Care – To Insure or Not to Insure?
In our work with pre-retiree and retired clients, we often get questions surrounding the applicability of long-term care (LTC) insurance to their particular financial situation. LTC insurance is, in many cases, viewed as this mysterious box of unknown benefits and costs and often clients are even afraid to inquire about the topic. So, let’s take […]
Net Unrealized Appreciation: Company Retirement Plans with Company Stock
Many employees who work for publicly traded companies have the option of purchasing their company stock within their retirement plan. This turns out to be a win-win scenario for the employee and the company. The employee gets ownership in their employer stock and is connected to, in a sense, the profits and losses of the […]
Importance of Beneficiary Designations
If you own a life insurance policy, annuity contract or individual retirement account, or are a participant in a company sponsored retirement plan (collectively “Accounts”), you are probably familiar with the term beneficiary designations. Beneficiary designations allow an individual to direct assets from an Account directly to a named beneficiary upon the death of the […]
Retirement Savings Strategy – Do I Need One?
I have so many competing financial needs and I don’t know how to prioritize them. Where should I allocate my discretionary funds – debt, college education, retirement savings? Help me! We hear this plea often. The answer to the above dilemma is best solved with the development and implementation of a holistic financial plan. While […]
Gifting Stock To Family Members
The holidays are quickly approaching and people are starting to think about their gift list. One of the questions that often pops up around this time is about gifting shares of stock to a family member. Gifting shares of stock can be a great gift. It can help stimulate a young person’s interest in the […]
Qualified Charitable Distributions
With two months left in the calendar year, it is time for those of us who have yet to take our required minimum distribution (“RMD”) from our individual retirement account (“IRA”) to do so. If you find yourself in the fortunate position of having to take your RMD, but not needing some or all of it, you may want to consider donating some or all of your RMD […]