TCJA Extension and Congressional Tax Updates: What High-Net-Worth Taxpayers Should Know
Congressional Budget and Tax Update The proposed federal budget and its potential implications are currently a focal point in Washington. Ongoing discussions in Congress center on the future of the Tax Cuts and Jobs Act (TCJA), which is set to expire next year unless Congress acts to extend it. Republican lawmakers are considering whether to […]
Creating Peace of Mind: Wealth Planning Strategies for Continued Market Turbulence
Creating Peace of Mind During Volatility The markets feel relatively calm compared to early April, and it is easy to become complacent. However, it remains more likely than not that we will experience continued turbulence this year, which may cause ongoing concern. One key objective of wealth planning is to help provide peace of mind, […]
Will My Children Inherit Too Much? Estate Planning Strategies for Affluent Families
As published in Kiplinger If you worry about how your children will handle an inheritance, you’re not alone. Luckily, you have options — from lifetime gifting to trusts — that can help. Some parents worry that leaving too much money to their children could hinder their growth or well-being. But what constitutes “too much” is […]
Annuities for High-Net-Worth Investors: Seeking Stability Amid Market Uncertainty
Seeking Stability with Annuities Amid this year’s market volatility, certain high-net-worth individuals and families who have historically been comfortable with risk are shifting their behavior. Some are now expressing increased interest in annuities to manage uncertainty and protect future income. In 2024, total annuity sales were $432.4 billion, up 12% from the prior year. Overall […]
Deferred Sales Trusts: A Strategic Tool for Tax Management After a Business Sale
As published in Rethinking65 DSTs enable sellers of businesses or real estate to invest the proceeds while controlling the amount and timing of tax liabilities. Key Points• The trust can help control the amount and timing of tax liabilities.• It’s often used when selling businesses or real estate.• The seller avoids credit risk and gets […]
Tax Loss Harvesting, 529 Plans, and Risk Tolerance During Market Volatility
Volatile Times: Tax Loss Harvesting, 529 Plans, and Risk Tolerance Many investors have sold positions over the past few weeks to lock in capital losses. It’s important to distinguish capital losses from charitable deductions, as the two operate differently from an income tax perspective. Tax loss harvesting allows losses to be carried forward indefinitely until […]
Wealth Planning Opportunities in a Market Downturn: Risks and Strategies
Downturn Wealth Planning Threats and Opportunities The market is in a correction and flirting with bear market territory. Given this environment, assessing potential risks and taking advantage of planning opportunities is important. Start by reviewing loan-to-asset ratios where portfolios are pledged against lines of credit. A $1 million pledged asset line against a $2 million […]
Rising Costs, Roth IRAs, and Social Security: Wealth Planning in an Inflationary Environment
Rising Costs, Roth IRAs, and Social Security Expectations With inflationary pressures and economic uncertainty this year, building a buffer for rising costs may be wise. To prepare for a potential price surge, we recommend increasing projected living expenses this year and next. For those feeling the strain of higher costs, now is a good time […]
BOI Reporting Update: FinCEN Removes Requirement for U.S. Companies
Beneficial Ownership Information (BOI) Reporting Update FinCEN has removed the requirement for U.S. companies and persons to report beneficial ownership information (BOI) under the Corporate Transparency Act, effective March 2, 2025. Now, only foreign entities registering to do business in the U.S. must report BOI, but they are not required to disclose U.S. persons as […]
Managing Your Wealth Plan as Inflation Stabilizes and Tariffs Loom
Managing Your Plan Amid Inflation Shifts February inflation data was released last week, showing signs of stabilization. Consumer prices were up 2.8% in February from a year earlier, per the Labor Department (Wall Street Journal). However, this could change with the introduction of new tariffs in the coming months. A slightly higher long-term inflation rate […]
Proactive Strategies to Guard Against Wealth Planning Risks During Market Volatility
Staying Ahead of Volatility Even with seemingly stable economic data and company fundamentals, there’s an undercurrent of fear and uncertainty that may lead to further market volatility. It’s important to stay alert during these turbulent times and proactively guard against risks. One area to review is leverage in the form of margin loans and pledged […]
IRS Layoffs During Tax Season: What It Means for Your Filing and Audits
IRS Layoffs During Tax Season The administration’s cost-reduction plan has led to IRS staff layoffs, affecting approximately 6,700 employees right in the middle of tax season. The new DOGE cuts primarily impact the Small Business/Self-Employed Division, which focuses on compliance for businesses with under $10 million in assets. As a result, those who file their […]