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Congress eyes further retirement savings enhancements

Keith Orr

Posted By: Keith Orr

Posted April 19, 2022 / No comments

In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to further increase Americans’ retirement security. The U.S. House of Representatives passed the Securing a Strong Retirement Act

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Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

Robert Tighe

Posted By: Robert Tighe

Posted March 10, 2022 / No comments

For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift or bequest without triggering federal transfer taxes. This is a limited time offer, however, as the exemption amount is scheduled to drop to $5 million (adjusted for inflation) in

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Clarity counts when it comes to estate planning documents

Robert Tighe

Posted By: Robert Tighe

Posted March 4, 2022 / No comments

Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death, between his widow and his two daughters from a previous marriage. (The two parties have since resolved their differences and

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The donor-advised fund: A powerful vehicle for charitable giving

Robert Tighe

Posted By: Robert Tighe

Posted February 10, 2022 / No comments

If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or commercial investment company — offers many of the benefits of a private foundation at a fraction of the cost. Upsides of a DAF A DAF allows you to make tax-deductible contributions

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The Ins and Outs of IRAs

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 2, 2022 / No comments

Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your

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EBSA increases penalties for ERISA violations

Robert Tighe

Posted By: Robert Tighe

Posted January 28, 2022 / No comments

Any employer that sponsors a pension plan or a qualified retirement plan, such as a 401(k), is undoubtedly familiar with the Employee Retirement Income Security Act (ERISA). The law also applies to employer-sponsored health maintenance organization plans, Flexible Spending Accounts, and life and disability insurance. Established in 1974, ERISA holds plan fiduciaries responsible for their

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Educate your children on wealth management

Keith Orr

Posted By: Keith Orr

Posted January 20, 2022 / No comments

If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money.

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Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 16, 2021 / No comments

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that,

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Potential tax law changes hang over year-end tax planning for individuals

Keith Orr

Posted By: Keith Orr

Posted November 10, 2021 / No comments

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which

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Not disclosing all of your assets helps no one

Robert Tighe

Posted By: Robert Tighe

Posted February 27, 2021 / No comments

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here’s why full disclosure of your assets to your family is recommended. George was a successful entrepreneur. He accumulated significant wealth during

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