You may have noticed that multiple marriages, divorces, step-parents, bonus parents, single parents, and life partners make up numerous households across the country, and provide a second chance for happiness for many. However, navigating the unique financial needs of blended families can be a challenge. There may be children from a previous marriage, stepchildren from
Protect Your Estate When Exemptions May Sunset In 2025
No matter how wealthy you are —human nature tends to make us put off attending to important matters. But this is no time to ignore the fact that the TCJA lifetime estate and gift tax exemption will sunset in 2025. We have another election coming up in 2024, and clients shouldn’t get comfortable with wishful
Affluent Clients and Avid Investors Affected By Tax Season Delays
Thanks to the IRS, tax return season has gone from bad to worse, and it has begun to impact our high-net-worth clients who are avid, affluent investors in unpleasant ways. A large backlog of unprocessed returns is creating anxiety for many clients who take their tax obligations seriously. This “dumpster fire” of a filing season
2022 Estate Planning Necessary for Business Owners
Estate planning tends to be avoided due to the distress and fears that facing our mortality brings. But, just like Business Exit Planning is needed to protect the value in your business so it can be transitioned to your heirs, so too is estate planning a necessity for any business owner with financial assets wishing
Smart Social Security Filing Strategies
Financial Advisors and clients should discuss Social Security filing strategies as part of a coordinated approach to maximizing retirement income. Social Security is not as easy as you think, and a single mis-step can cost you! There are two thousand, seven hundred and twenty-eight rules in the Social Security Handbook covering provisions of the Social
Increase in Capital Gains Taxes Will Affect Your Business in Many Ways
The White House has proposed a plan that will essentially double the capital gains tax for investors making over $1,000,000 to fund trillion dollar initiatives like the American Families Plan, American Jobs Plan, and The Infrastructure Investment Act. The goal of the Administration is to eliminate the loopholes that allow taxpayers making $1 million a
Gift and Trust Tax Strategies To Consider For 2021
This is an update to a prior article written before the election and a Biden Presidency solidified the possibility for tax reform in 2021 or 2022. Many clients already made large gifts in 2020 to take advantage of the historically high gift and generation-skipping transfer (GST) tax exemptions, concerned that these exemptions could be significantly
