As grandparents, you likely love the opportunity to shower your grandchildren with gifts. In most cases, these gifts are given on holidays and birthdays and commonly consist of an item that may have been at the top of your grandchild’s wish list. While experiencing the joy on your grandchild’s face when they open a new [...]
Prevent Excessive Accumulation The Greenbook outlines proposals on several different topics. One proposal that could directly impact your future financial security is the proposal to prevent excessive accumulations of wealth by high-income taxpayers using tax-favored retirement accounts. Tax-favored (sometimes referred to as tax-deferred) retirement accounts, such as individual retirement accounts (IRAs) and 401(k)s, were approved [...]
In 1987, Congress passed a law recognizing March as Women’s History Month—a time to honor the contributions and achievements of women throughout American history in a variety of fields. Women have played a vital role in building the United States into a strong and prosperous nation. Likewise, women are often the backbones of their own [...]
Spouses often work together to build wealth for themselves and their children. Congress recognized this by enacting the gift and estate tax portability election in 2010, and making it permanent in 2012, providing married couples with a relatively simple way to potentially shield much more of their wealth from federal gift and estate taxation. If [...]
Although we are still in the midst of winter, spring is on its way. It is important to remember upcoming April deadlines for retirement contributions and required minimum distributions (RMDs), but there have also been some recent developments that may impact your retirement planning. IRS Proposed Regulations for Required Minimum Distributions In 2020, the Setting [...]
