Investments

Including Digital Assets in Your Estate Plan

What should you know? What should your executor know?   When people think about estate planning, they may think in terms of personal property, real estate, and investments. Digital assets might seem like a lesser concern, perhaps no concern at all. But it is something that many are now considering.1 Your digital assets should not disappear into a void when you die. You can direct that they be transferred,...

Starting a Roth IRA for a Child or Grandchild

This early financial decision could prove profoundly positive over time. Do you have a child or grandchild earning some income? Indirectly, that after-school or summer job might present a savings opportunity for that teenager. You could help your child or grandchild save for future goals by assisting them to create and fund a Roth IRA. So many people wish they had begun saving for retirement sooner. Imagine how your...

How New Tax Laws Affect Small Businesses

A recap of the major changes impacting corporations and closely held firms.   The Tax Cuts & Jobs Act changed the tax picture for business owners. Whether your company is incorporated or held closely, you must recognize how the recent adjustments to the Internal Revenue Code can potentially affect you and your workers. How have things changed for C corps? The top corporate tax rate has fallen. C corps...

The Different Types of IRA’s

This popular retirement savings vehicle comes in several varieties.     What don’t you know? Many Americans know about Roth and traditional IRAs, but there are other types of Individual Retirement Arrangements. Here’s a quick look at all the different types of IRAs:  Traditional IRAs (occasionally called deductible IRAs) are the “original” IRAs. In most cases, contributions to a traditional IRA are tax deductible: they reduce your taxable income,...

Financing a College Education

A primer for parents and grandparents.   A university education can often require financing and assuming debt. If your student fills out the Free Application for Federal Student Aid (FAFSA) and does not qualify for a Pell Grant or other kinds of help, and has no scholarship offers, what do you do? You probably search for a student loan. A federal loan may make much more sense than a...

Legislative Insider – Spring 2018

Tracking legislation that may impact your business, your estate, your retirement or your wallet.     Recent Developments   Tariffs on imported metals, Chinese imports. The federal government has officially imposed excise taxes of 25% on foreign steel and 10% on imported aluminum. Some nations are initially exempt from these tariffs. Testifying before the Senate Finance Committee on March 22, U.S. Trade Representative Robert Lighthizer said steel and aluminum...

A New Day for 529 Plans

Federal tax reforms lead to new possibilities for these education savings accounts.   Do you have a 529 college savings plan? Have you thought about opening a 529 plan account? If the answer to either question is “yes,” you should know about two major changes that broaden the possibilities for 529 plans. They may give your family some new options. You may be able to pay K-12 tuition with...

Are Financial Advisory Fees Tax Deductible?

In some cases, they may be.  Read on. Do you itemize your tax deductions? Then you might have a chance to partly or fully deduct the cost of the advisory fees you pay for the investment, legal, and tax advice you receive.   Under federal tax law, you may deduct “investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable...

Why Having a Financial Professional Matters

A good professional provides important guidance and insight through the years. What kind of role can a financial professional play for an investor? The answer: a very important one. While the value of such a relationship is hard to quantify, the intangible benefits may be significant and long lasting. A good financial professional can help an investor interpret today’s financial climate, determine objectives, and assess progress toward those goals....

How the Tax Reforms Will Take Effect

Some of the impact of the Tax Cuts & Jobs Act will be felt later than January 1.   President Donald Trump signed the Tax Cuts & Jobs Act into law on December 22, and on January 1, some key details of the Internal Revenue Code will abruptly change.1 There will be night-and-day change, both figuratively and literally. On January 1, the federal estate tax exemption will double; the...