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Tax Planning

Trusts Still Have time to Reduce their Taxes for 2024 By Scott Montgomery, CLU, ChFC

Posted February 12, 2025

With 2025 well underway, certain calendar-year trusts and estates still have a small window of opportunity to reduce their 2024 income tax liabilities and those of the trusts’ beneficiaries provided they act before March 6, 2025. Under a special IRS rule, trustees have 65 days after the start of a new year to distribute trust […]

Avoid the Problems that Can Come with Cosigning Loans by Kathleen Marteney, CRPC

Posted January 2, 2025

Cosigning loans for friends or family members can spell financial disaster and ruin otherwise healthy relationships. While it is not unusual for parents to cosign for a child’s student loans, car loans or even a mortgage, doing so can damage parents’ credit scores and leave them liable for paying off the entire debt plus interest.  […]

Now is the Time to Review Estate Planning Documents by By Kathleen Marteney, CRPC®

Posted December 12, 2024

One of the many things individuals learned from the pandemic is that the unexpected can happen, and the best way to be prepared is to have a plan in place that meets your evolving circumstances. It is wise to proactively take stock of your physical and financial health throughout various stages of life and consider […]

Rethinking Inherited IRAs After the SECURE Act by Lee F. Hediger

Posted November 28, 2024

The SECURE Act’s elimination of stretch IRAs poses a challenge to many high-net-worth account owners who had hoped to pass their savings to the next generation and allow inheritances to continue growing tax-free over beneficiaries’ lifetimes. Under the law, non-spouse IRA beneficiaries must withdraw the entirety of inherited IRA accounts within 10 years of the […]

3 Considerations Before Making a Roth Conversion By Robert Mark Weiss, CFA

Posted November 13, 2024

Converting a traditional IRA to a Roth IRA can be a smart option for individuals seeking tax-free growth and the flexibility to take tax-free withdrawals in retirement or pass their savings to future generations free of federal income tax. However, employing this strategy contains significant financial implications that individuals must address and carefully plan for […]

Health Savings Account Contribution Limits Increase in 2025 By Lee F. Hediger

Posted September 17, 2024

The IRS recently announced the 2025 contribution limits individuals with high-deductible health plans (HDHPs) may contribute to their workplace health savings accounts (HSAs) to help pay for rising healthcare expenses. HSAs are triple-tax-advantaged accounts that eligible workers may fund with pre-tax dollars and withdraw tax-free when used to cover a broad range of qualifying healthcare […]

IRS Again Delays RMDs for Inherited IRA By Robert Mark Weiss, CFA

Posted July 26, 2024

In April 2024 the IRS again granted taxpayers another year of relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. The SECURE Act, signed into law in 2019 and amended in 2022 under SECURE Act 2.0, introduced a requirement that certain […]

Do Foreign Persons Have U.S. Estate Tax Responsibilities? By Melvin Perez, CFP®

Posted July 9, 2024

It is no secret that the U.S. tax code is complicated. For foreign persons, compliance with U.S. tax laws is particularly onerous, especially when considering that different rules apply for income and estate tax purposes, and neither depends on an individual’s immigration status. For income tax purposes, the U.S. presumes foreign persons to be nonresident […]

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