Connections for Success

 

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 […]

10.14.20

Nonqualified Deferred Compensation Plans Offer Important Benefits — And Some Notable Risks
Adam M. Levine

Nonqualified deferred compensation (NQDC) plans allow you to set aside large amounts of tax-deferred compensation — well beyond the contribution limits for 401(k)s and other qualified plans. Many NQDC plans also give you the flexibility to schedule distributions to align with your financial goals. However, NQDC plans also pose substantial risks, including loss of compensation […]

09.24.20

An Estate Plan Benefits You and Your Family
Jeffrey R. Green

Quick question: Who needs an estate plan? The answer is everyone, not just the affluent. While gift and estate tax liability is not an issue for most folks, most families can benefit from a comprehensive plan that divides their wealth, protects their well-being and provides a compass for the future. Asset distribution Estate planning is […]

08.14.20

Approaching Retirement? How to Deal With Market Volatility
Christopher Georgiou

The COVID-19 pandemic has wreaked havoc on financial markets and the general economy, providing swings in both directions. If you are approaching retirement, or are already retired, you may be worried about the effects of market volatility on your retirement portfolio. Here is how to adjust your investments — and possibly, some of your expectations. […]

07.30.20

Giving to Charity is a Little Sweeter in 2020
Jacqueline N. Janczewski

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has temporarily created a new $300 charitable deduction for nonitemizers but also gives larger donors an opportunity to save more tax on their gifts. Here is what charitable donors need to know. Related Read: CARES Act Expands Financial Options for Impacted Plan Participants Limit suspended The CARES […]

06.23.20

Current Conditions are Favorable for Cost-Effective Wealth Transfers
Eileen Cozzi

The ongoing novel coronavirus (COVID-19) pandemic has taken a terrible toll on the economy. But the current low-interest-rate environment, coupled with depressed asset values, means that now may be a good time to transfer wealth to your children and grandchildren. Consider making gifts For 2020, the federal gift and estate tax exemption is an inflation-adjusted […]

02.19.20

Charitable IRA Rollover Eases Tax Pain of RMDs
Luke Schillo

One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay taxes on those distributions — whether you need the money or not. But if you are charitably inclined, you can use a qualified charitable distribution (QCD) to avoid taxes […]

01.24.20

Five Tax-Planning Tips for Retirees
James V. Petitpren, II

The combination of Social Security, pensions and withdrawals from retirement savings can complicate tax-planning for retirees. If you are retired or approaching retirement, consider these five tax-planning tips.

12.19.19

Five Good Reasons to Turn Down An Inheritance
Frank L. Washelesky

You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you would take this action? Let’s take a closer look at five reasons.

11.05.19

Planning for Required Minimum Distributions from IRAs: Why You Should Consider Making/Taking ROTH IRA Conversions in Low Income Years
Frank L. Washelesky

Individual Retirement Accounts (IRAs) often account for a large portion of an individual’s overall wealth as the person reaches retirement. With few exceptions, IRAs are taxable income at the time they are withdrawn.  In addition, a 10% penalty may apply if distributions are made prior to reaching age 59-½.

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