In 2020, the SECURE Act changed the distribution requirements for non-spousal beneficiaries of IRAs. The new rules are fairly complicated. We will review the rules and discuss the options and opportunities to optimize the tax impact of these inherited IRA distributions.
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It is important to periodically review your estate planning documents like wills, trusts and powers of attorney. This article discusses the things to confirm when conducting a review of your estate documents.
Read MoreWhen it comes to financial planning, one of the easiest and most important things to accomplish is an overall review of your estate plan. We suggest that you review your estate plan every couple of years or when there are changes in your family that may impact your estate planning. Here is a checklist of estate planning items to review that may be helpful.
Read MoreOn this episode of Finance In A Flash, we wrap up our series on Estate Planning by discussing common types of trusts. Chip and John briefly discuss several common types of trusts, their objectives, pros and cons, and tax and estate implications!
Read MoreOn this episode of Finance In A Flash, we continue our series on Estate Planning by discussing Revocable Living Trusts. Chip and John discuss key components of a Revocable Living Trust including: the primary purposes, how they are handled from a tax perspective, and other reasons to consider this estate planning tool!
Read MoreWith the passage of the SECURE Act, distribution requirements for beneficiaries changed dramatically. Now, non-spousal beneficiaries are required to distribute the entire balance of an inherited IRA within 10 years! This could present an enormous tax burden for those beneficiaries.
Read MoreOn this episode of Finance In A Flash, we continue our series on Estate Planning by discussing Probate. Chip and John discuss what probate actually means, the assets included in the probate process, what assets are NOT included in the probate process, and so much more!
Read MoreOn this episode of Finance in a Flash, Chip and John kick off our series on Estate Planning. We discuss asset titling and the importance of understanding how different assets are titled!
Read MoreThrough hard work and sound financial planning, some find themselves in situations in which they are contemplating intra-family financial planning. That is, identifying financial planning techniques that can be used to financially strengthen the next generation—children and grandchildren.
Read MoreLet’s face it, in today’s world, managing your personal financial affairs can be complex. There are many decisions that need to be made on a weekly or even daily basis. For a large and growing segment of the population, who are trying to help aging parents with their finances, this can be incredibly frustrating, stressful and burdensome.
Read MoreWhen a loved one passes away, there are many financial decisions that need to be addressed. Anyone who has gone through this process will tell you that it can be overwhelming and stressful. For those who have, or will be receiving an inheritance, it is important to understand the tax implications, so you can make decisions that are consistent with your personal circumstances.
Read MoreIn this web presentation, Erin Campbell, CPA/PFS, CFP® discusses various tax saving strategies to consider. Among them, she discusses tax-loss and investment gain "harvesting," qualified charitable deductions (QCDs), donor advised funds and Roth IRA conversions.
Read MoreIn this webinar, Beacon Financial Strategies’ Certified Financial Planner Professionals discuss a number of charitable gifting techniques.
Read MoreThis article provides insight into a number of strategies and methods for making charitable gifts.
Read MoreParents with special needs children can face a unique set of financial challenges. However, like all financial challenges, it is important to take measures early to financially prepare for the future
Read MoreAn adequately planned and properly executed estate plan can ensure that your assets will pass directly to your intended heirs with the least amount of cost and hassle. Here are seven essential elements when establishing a sound estate plan:
Read MoreRevocable living trusts can be an effective estate planning tool. However, many don’t fully understand the benefits and limitations of this type of trust. This article explains practical uses and helps you decide if a revocable living trust is a good option for you.
Read MoreRoth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs.
Read MoreMany financial planning objectives can be accomplished through the utilization of trusts. Here are several of the most common types of trusts and a brief overview of their purpose…
Read MoreHere is a replay of our October 20, 2020 webinar. During this webinar we discuss: observations on 2020 market performance, thoughts heading into the election cycle, tax planning opportunities as we head into the end of the year, and what have we learned from 2020. All followed up with a Q&A!
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