In this special edition of Wealth Planning Illuminated, Senior Wealth Strategists discuss the recently enacted legislation commonly referred to as the One Big Beautiful Bill Act, or OBBBA. While this legislation covers a lot of different areas, this discussion focuses on some of the individual income tax provisions that may impact you and your families.
Starting a new job at any age or stage may leave you feeling overwhelmed by the new-hire paperwork and benefit selections offered by your employer. Understanding and properly completing employment-related tax and benefit elections can be a key factor to success on your financial journey.
Both private foundations and donor-advised funds can be effective personal charitable vehicles. While they both allow for strategic giving and an opportunity to create a charitable legacy, they have important differences to consider when deciding which type of charitable vehicle may be right for you and your family.
A common question for a grantor or a beneficiary of a trust is: “How will income in my trust be taxed?” The answer to that question can be complex and dependent on many factors, but there are some general rules for the federal income taxation of trusts that may help answer this important question.
The SECURE Act and subsequent guidance from the IRS significantly changed how inherited individual retirement accounts (IRAs) must be withdrawn after the owner’s death. Understanding the key rules associated with inherited IRAs is important to anyone who is a beneficiary – or may become a beneficiary – of an inherited IRA.
Items of tangible personal property – jewelry, artwork, household furniture and the like – are often collected over a lifetime. Because of the sentiment these items might represent and the inability to easily divide certain pieces, personal items in an estate can often create the greatest source of conflict among beneficiaries. Fortunately, there are several actions you can take today to help avoid – or at least minimize – conflict later.
Budgeting means creating a unique plan for spending and saving your money: it involves analyzing your income, expenses and financial goals to ensure that your spending aligns with your priorities. There are several steps you can take to create a custom budget for yourself.
The Corporate Transparency Act is a law that goes into effect on January 1, 2024, and will impact many limited liability companies, limited partnerships and corporations. If you own or control an entity — whether for estate planning purposes or as an active business — it is important to know how this new law impacts you and how you can comply.
A philanthropic mission statement can provide clear direction to you, your family and others about your charitable intentions and motivations. Considering your motivations for giving, giving styles and causes can help you craft that philanthropic mission statement, which will guide and inform your philanthropy – today and into the future.
The current high cost of housing and interest rates can make it difficult to purchase a home. Not surprisingly, individuals often wonder how they can assist a loved one in home ownership. Fortunately, there are several strategies to consider.
When a married couple owns property, state laws may dictate how their property may be distributed at death or divided in a divorce. It is important to understand how your state of residence treats property ownership of spouses, especially if you are moving to a new state.
There are many factors that prompt a move to a new state, including location of family, better climate and, of course, taxes. If you are moving from a higher-tax state to a lower-tax state, it can be particularly important to effectively establish your domicile in your new state.
“Family” is a powerful word, loaded with meanings and emotions. And today, family structures go far beyond historical legal and cultural definitions. For any of today’s families, the essential planning questions of yesterday still apply. In general, the special planning considerations for families that differ from “traditional” families fall into a few main categories.
Prenuptial agreements shouldn’t be thought of as an exit plan for a marriage or “just” a legal document, but rather a conversation that can help a couple to understand what they could be facing in their marriage and decide for themselves how to handle their financial affairs. Certain considerations may help you decide if a prenuptial agreement is right for you.
There are many types of personal security risks that you and your family may face. Being aware of and managing such risks can help you feel empowered rather than fearful. The process for assessing your risk should follow a clear methodology that identifies areas of vulnerability, followed by a plan for eliminating or reducing those vulnerabilities.
Safeguarding family wealth requires recognizing, acknowledging and preventing exposure to risks—and risks come in all shapes and forms, including people, computers or legal actions. All have the potential to damage your financial security and your family’s wealth.
Given the online world in which we live today, it can be easy for an individual's reputation to be damaged. Luckily, there are certain considerations that can help you protect your reputation.
Asset protection may cover everything from how assets are owned and titled, to how they’re insured and protected, to how they can be efficiently managed. As you think about protecting your family's assets, there are some tactics that may be right for you and your family.
Most people have little experience dealing with estate administration and are often overwhelmed when they discover they’ve been appointed to oversee it. While there are many activities involved with administering an estate, you may be able to ease the burden by familiarizing yourself with the process.
