01.23.25

Handle Intrafamily Loans with Care
Dan Newman

If you want to provide financial assistance to loved ones, you might consider making a loan rather than giving the money with no strings attached. However, it is critical to treat any transaction as a bona fide loan. The IRS reviews intrafamily loans and if it determines a loan is or includes a disguised gift, […]

12.18.24

The NIIT is Ensnaring More People. Are You One of Them?
Eileen Cozzi

The net investment income tax (NIIT) has been around for more than 10 years, but the number of people subject to it has gradually more than doubled during that time. Why? Because the income thresholds that trigger the tax are not indexed for inflation. As incomes rise with inflation, an increasing number of taxpayers are […]

10.30.24

Your Estate Plan Needs to Reflect Life Changes
Peggy Vyborny

Estate planning is not a “set it and forget it” proposition. You should review your plan regularly and update it to reflect changes in your personal or financial circumstances. Personal and financial shifts Perhaps your net worth has substantially increased or decreased or you have acquired or disposed of valuable assets. If you got married, […]

09.30.24

Build a Diversified Portfolio to Reduce Risk — and Mental Stress
Brian Ford

Diversification is a key strategy for managing risk in an investment portfolio, based on the philosophy that you should not put all your “eggs in one basket.” By spreading investments among asset classes, industries, sectors, geographical areas or other criteria, you are more likely to own securities that perform differently under different market conditions. However, […]

08.20.24

Do Not Let Fake Charities Benefit from Your Generosity
Maureen Callahan

The news has been filled with natural disasters, wars and other humanitarian crises around the globe. At the same time, you have likely received dozens of requests for donations to help with relief efforts. Many of these requests are from legitimate charitable organizations, but some may come from scammers attempting to take advantage of your […]

07.16.24

Tax-Smart Strategies for Leaving Generation-Ranging Wealth
Daniel Konow

The generation-skipping transfer (GST) tax was designed to ensure that wealth is taxed at each generational level, and it is one of the most complex taxes in the tax code. So if you hope to leave wealth to grandchildren — even great-grandchildren and beyond — it is critical to consult with experienced estate planning advisors. […]

05.10.24

Risky Business: Borrowing Against a Life Insurance Policy
Jeffrey R. Green

Nearly everyone finds themselves short on cash to pay expenses from time to time, whether it is a mortgage payment, college tuition, medical bills or unexpected home or car repairs. If you own permanent life insurance — such as whole or universal life — one option for covering these expenses is to borrow against your […]

03.28.24

Shield Life Insurance Proceeds from Estate Tax with an Irrevocable Life Insurance Trust (ILIT)
Eileen Cozzi

Life insurance can provide peace of mind, but if your estate will be large enough that estate taxes will be a concern, it is important to not own the policy at death. The policy’s proceeds will be included in your taxable estate and may be subject to estate tax. To avoid this result, a common […]

01.25.24

No Emergency Fund? What Are You Waiting For?
Azuwa Omietimi

Even if you and your family weathered the crises of the past couple years, you probably know people who have not fared as well. Health problems, business shutdowns, lost jobs and inflation have all exerted extreme financial pressure on Americans, but an emergency savings fund has kept some people afloat. A stash of cash can […]

11.13.23

SECURE Act 2.0: New Law Makes Saving for Retirement Easier

Legislation enacted at the end of 2022 included the long-awaited SECURE 2.0 Act of 2022 (SECURE 2.0), which expands on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Many of the changes made by SECURE 2.0 make it easier to save for retirement in a tax-advantaged manner. Here are some of […]