The IRS recently announced 2022 retirement plan contribution and gift tax limits. These included some limits that will be increasing and some that will be remaining the same as the 2021 limits. See the changes in retirement plan and gift tax limits below. Retirement Plan Highlights The following limits are increasing for 2022: Maximum contributions for 401(k), 403(b) and eligible… Read More
Archive for the ‘ Estate Planning ’ Category
Estate Planning Documents: How to Get Started With Estate Planning
Proper estate planning helps ensure your assets’ efficient transfer to individuals and causes you care about most. There are various estate planning documents you can draft to ensure that your wishes are met and your loved ones are taken care of in the event of your passing. Here are the primary estate planning documents you should consider discussing with your… Read More
Married to an Addict – How to Protect Your Finances from Addiction
Addiction doesn’t discriminate. This insidious disease grabs ahold of the unsuspecting, brightest, strongest and most caring individuals. As you watch your loved one succumb to addiction, you try to wrap your arms around “why” and “how” this could have happened. You plead, fight, scream and cry enough to wake up a whole neighborhood. However, you are simply hoping that you… Read More
Financial Steps to Take When a Loved One Passes Away
Dealing with finances after a loved one passes only adds an extra layer of stress during an already difficult time. It may seem overwhelming if you aren’t aware of their wishes or financial situation. The steps below can help during the process. Notify Their Financial Institutions To safeguard the descendant’s assets, it’s important to notify all companies that they have… Read More
LGBTQ Financial Planning
Since 2015, same-sex couples have been able to tie the knot legally in the United States. LGBTQ couples face a unique set of financial concerns as they plan for their future. Many couples have lived unmarried for many years and are now facing the questions of whether they should get married and what the legal and financial benefits and implications… Read More
Planning for a Special Needs Child
Taking care of a special needs child can be very challenging. After juggling medical appointments, educational plans, behavioral assessments, occupational, physical, or speech therapy, parents often have little time or energy to address the financial implications of raising a special needs child. However, the financial implications are huge. One study by the Department of Agriculture suggests that a middle-income family… Read More
The Gift of Giving Through Qualified Charitable Distributions
The year-end seems to be a popular time for people to donate to their favorite charities, especially as the holidays approach. If you are looking for a way to combine both your desire to help charities and to save on taxes, then you should consider a Qualified Charitable Distribution to accomplish both goals. A Qualified Charitable Distribution (QCD) is a… Read More
How To Work With Your Financial Advisor
I consider it a wonderful privilege to stand with my clients as they make career decisions, grow businesses, have families, and set retirement goals. To get the most out of this relationship there are a few things that can be helpful: Open communication: Our job as financial advisors is to listen and guide discussion to areas that you may never… Read More