Connections for Success

 

09.24.21

Financial Literacy for the Rising Generation and Beyond
Luke Schillo

It is very common for families of affluence to have competent professional advisors to help them manage their investments, their legal affairs and their business operations. So, if a family member is not planning on a career as the Chief Executive Officer or Chief Financial Officer of the family business, or not planning to manage […]

08.05.21

RMDs Are Back: Here Is How To Soften the Tax Blow
Dan Newman

To provide some relief during the COVID-19 pandemic, the CARES Act suspended required minimum distributions (RMDs) from traditional IRAs and employer-sponsored retirement plans for 2020. No such relief is available in 2021. Therefore, many retirees will need to take taxable RMDs by the end of this year. Fortunately, a couple of strategies are available to […]

06.14.21

So You Have Dipped Into Savings…What To Do Next With Your Retirement Account
Eileen Cozzi

Tapping an IRA, 401(k) plan or other tax-deferred accounts to pay current expenses can derail your retirement savings plan. Therefore, it should be viewed as a last resort. Unfortunately, many people reached that point in 2020 or earlier this year due to COVID-19’s financial impact. If you withdrew or plan to withdraw tax-deferred savings as […]

05.25.21

Asset Class in Focus: Alternative Investments
Luke Schillo

Despite what their name suggests, “alternative investments” have become an increasingly mainstream part of the investment world over the past decade. Most investors have some knowledge of alternative investments as an asset class, but there is still quite a bit of confusion about this eclectic collection of investment types. While there is no official comprehensive […]

05.20.21

Three Tips for Making Retirement Less Taxing
Jacqueline N. Janczewski

Recent retirees are often surprised by the size of their tax bills. As they soon learn, income taxes during retirement can be significant. However, with some tax planning before retirement, it is possible to soften the blow. Here are three tips to consider implementing. Create a Bucket List This is not the kind of bucket […]

03.08.21

Keeping Your Financial Plan Aligned With Your Goals in Today’s Market Environment
James V. Petitpren, II

The extreme market volatility of the past months has left many investors wondering how their investment portfolios have held up during 2020’s rollercoaster ride. We believe that rather than just thinking about the status of your investment portfolios relative to certain short-term equity or fixed income benchmarks, investors should remain focused on the long-term rate […]

02.11.21

How a Charitable Remainder Trust Can Work as a “Stretch IRA” Substitute
Peggy Vyborny

Until recently, if you named someone other than your spouse as the beneficiary of your IRA or qualified retirement plan, that person would have the option of taking distributions over his or her life expectancy. This strategy, commonly called a “stretch” IRA, offered significant advantages by allowing distributions to be spread over decades. But the […]

01.22.21

Considerations Before You Begin Social Security Benefits
Thomas Kosinski

The full retirement age for Social Security benefits, also called “normal retirement age,” is generally between ages 66 and 67. The age was set at 65 for many years. In 1983, Congress passed a law to raise the age because people are living longer and staying healthier in older age. The law raised the age by […]

12.21.20

What Was Old Is New Again With the “Kiddie Tax”
Thomas Vance

The changes made by the 2017 tax law – referred to as the Tax Cuts and Jobs Act (TCJA) – subjected a child’s unearned income to the estate and gift tax rates. Previously, the “kiddie tax” applied the parents’ marginal tax rate to a child’s unearned income in excess of a certain threshold ($2,200 in […]

11.24.20

Year-End Tax Planning for Challenging Times
Justin L. Sylvan

The public health, social, political and financial upheaval of 2020 has given taxpayers plenty of reasons to focus on things outside of their taxes. Our “new normal” has given many taxpayers reasons to worry about their futures, not only regarding health and employment but also retirement savings and future tax rates. However, it is important […]

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