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 With few exceptions, IRAs are taxable income at the time they are withdrawn.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.

10.22.19

Divorcing? Don’t Let Your Estate Plan Fall Through the Cracks
Eileen Cozzi

If you are going through a divorce, you are probably feeling a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be difficult, but revising your estate plan does not have to be. An estate planning professional can help you update documents and ensure that your children benefit according to your wishes — not your ex-spouse’s.

10.03.19

Retirement Plan Changes Under the SECURE Act
Frank L. Washelesky

For many people, qualified retirement plans make up a large part of their overall savings.  There are many complex rules surrounding qualified plans and Individual Retirement Accounts (IRAs), but there have not been significant modifications for quite some time. That may all change this year as the House of Representatives has passed the Setting Every […]

09.24.19

Taxable Versus Tax-Advantaged: Where to Hold Investments
Frank L. Washelesky

When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in taxable accounts.

09.10.19

Choosing a Donor Advised Fund
American Endowment Foundation

Over the last decade, the growth of donor advised funds (DAFs) has been increasing at a rapid rate.  Their simplicity to set-up, flexibility and tax-saving capabilities have proven to be an excellent tool in charitable and estate planning as well as business exit strategies. However, choosing the best DAF for a donor’s circumstances can be as varied as the different charities that the individual chooses to support.

09.09.19

Spousal Lifetime Access Trust: A Tool for Creditor Protection and Estate Planning
Frank L. Washelesky

Many wealthy professionals are looking for ways to protect assets from potential lawsuits or other unknown creditors without giving up substantial control. Estate tax considerations are also still important as the current large estate tax exemption ($11.4 million for individuals, or $22.8 million for married couples) is set to drop at the end of 2025, […]

08.28.19

Building Your Legacy
Frank L. Washelesky

“Carve your name on hearts, not tombstones. A legacy is etched into the minds of others and the stories they share about you.”¹  Shannon L. Alder The desire to leave a legacy may be the height of altruism, for it is a gift to the future; you may never witness the benefits of it nor […]

08.20.19

How to Make Market Volatility Your Friend

Recent market gyrations have made even strong-stomached investors a little queasy. In general, maintaining your positions in a well-diversified portfolio is the best response to such volatility. But there may be something else you can do: Use falling prices as an investment opportunity. Think long term Although overall stock prices have historically risen over time, […]

08.07.19

Assess Life Insurance Needs
James V. Petitpren, II

If your family relies on your income, it is critical to consider having enough life insurance to provide for them after you pass away. But, too often, life insurance is an overlooked aspect of personal finances.