Connections for Success



Oops, You Overfunded Your 529 Plan
Eileen Cozzi

Some might consider it a good problem to have: Saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences to overfunding the account. The tax man giveth 529 plans are tax-advantaged accounts designed to help families save money for college education […]


2022 Priorities for Mitigating Family Office Cybersecurity Risk
Matthew L. Weiskopf

Over 50% of ultra-high net worth family wealth is being managed through family offices, yet even the largest family offices lack the security resources of most banks and large corporations. This makes them a huge target for cybercriminals and cyber threats are becoming more pervasive for family offices of all sizes. Not surprisingly, cybersecurity is […]


Prepare for IRS Plans To Increase Tax Audits
Thomas Kosinski

In recent years, the IRS has audited only about 0.5% of individual income tax returns. Their audit choices have been more high net worth returns and larger companies with more tax issues. But based on recent tax legislation, President Biden and some legislators have targeted more IRS funding to help close the tax gap — […]


Minimizing Taxes on Employer Stock in Your 401(k) Plan
Colin O’Neill

If you are approaching retirement and your 401(k) plan contains significant holdings in appreciated employer stock, you may be able to minimize your tax liability related to that stock. This strategy, which takes advantage of the net unrealized appreciation (NUA) rules, is not right for everyone, but it is worth exploring before you start withdrawing […]


Worried You Do Not Have Enough To Retire? Consider Working a Little Longer
Maureen Callahan

If you are concerned about funding your retirement, consider working a little longer. A recent study confirms what financial advisors have been saying for years: Extending your work life — even for a short time and even at a reduced salary — can have a major impact on your desired lifestyle once you do retire. […]


Welcome to the Gig Economy! Now, Calculate Your Taxes

One of the most dramatic effects of COVID-19 on the U.S. economy is the increase in popularity of “gig” or freelance work. Gig workers include those performing essential jobs, such as delivering groceries to socially-distancing consumers. Others used their specialized skills to develop consulting and other independent businesses. According to the independent talent provider MBO […]


A Look at the Roth IRA Five-Year Rule
Tanya Gierut, Larry A. Ruff

The Roth IRA can be an attractive retirement savings vehicle due to the benefits they offer. Contributions are nondeductible on your income tax return, but qualified withdrawals of both contributions and earnings are tax-free and there are no required minimum distributions during the owner’s life. To ensure that withdrawals are tax- and penalty-free, it is […]


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 […]


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 […]


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 […]

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