Passing down wealth or cherished assets to those you love is a beautiful way of caring for those you love. Common mistakes in estate planning can lead to family conflicts, tax burdens, or other unintended outcomes. Here are some pitfalls to avoid: 1. Failing to Have a Will or Estate Plan One of the mostContinueContinue reading “Five Estate Planning Pitfalls You Should Know”
Category Archives: Tax Planning & Asset Protection Strategies
Withdrawal Rules for Inherited Retirement Accounts
When you inherit a 401(k), IRA, or other retirement account, the rules governing withdrawals dependon several factors, including whether the account is a Roth or non-Roth, your relationship to the originalaccount holder, and recent legislative changes like the SECURE Act of 2019. Understanding these rules isessential to avoid penalties and optimize tax efficiency. The 10-YearContinueContinue reading “Withdrawal Rules for Inherited Retirement Accounts”
Part 2: What Business Owners Need to Do About the Corporate Transparency Act
In our recent post we introduced you to the Corporate Transparency Act (CTA), a significant piece of legislation aimed at enhancing transparency and combating financial crimes. In this article, we’ll detail what steps you need to take next to ensure compliance. What should you do now? As a small business owner, it’s essential to takeContinueContinue reading “Part 2: What Business Owners Need to Do About the Corporate Transparency Act”
Federal Estate Tax and Gift Tax Exclusion Rates for 2024
Effective January 1, 2024, new federal estate and gift tax exclusion rates are now in place. This article outlines the updated figures and provides essential information for individuals navigating estate planning considerations. Federal Estate Tax Exemption The federal estate tax exemption for 2024 stands at $13.61 million per individual. This figure represents the threshold atContinueContinue reading “Federal Estate Tax and Gift Tax Exclusion Rates for 2024”
Charitable Giving: A Generous Part of Your Estate Plan
As we navigate the winding roads of life, we inevitably begin to contemplate our legacy and the mark we wish to leave on the world. For many, this reflection leads to the decision to incorporate charitable giving into their estate plans. Charitable donations can be an impactful way to support the causes and organizations youContinueContinue reading “Charitable Giving: A Generous Part of Your Estate Plan”