What to Do with a Large Inheritance

If you receive a large inheritance, you may not know immediately what you want to do with it. This kind of gift can be life changing. It could help you erase debts, build a safety net, start a business, start a family, live life on your own terms, help your children with one of their …

Yes, Social Security Is Taxable – But Yours Doesn’t Have to Be

As you move toward retirement, you can’t be content just to accumulate assets. You need to develop a retirement income plan that can help guide you when it comes time to turn savings into sustainable retirement income.

How Estate and Gift Taxes Can Impact Your Financial Plan

Tom Fridrich, JD, CLU, ChFC®, Manager and Senior Wealth Planner Giving something you own to someone else. It’s a simple, human act – one that seems like it shouldn’t take too much planning to do it correctly. But when does gifting become a tax issue? What do you need to consider about gifti …

What Documents You Should Provide to Your Tax Preparer

Mike Valenti, CPA, CFP®, Director of Tax Planning Tom Fridrich, JD, CLU, ChFC®, Senior Wealth Planner It’s January, so it’s officially tax season! One of the most common client questions heard by tax preparers is, “So, what do you need from me?” The short answer to that question is often, “ …

3 Nontraditional Ways to Give That Still Qualify for a Tax Deduction

Kevin Oleszewski, Senior Wealth Planner ‘Tis the season to give. In fact, 37% of charitable giving occurs during the last quarter of the year — 20% of it in December alone, according to a survey conducted by the Blackbaud Institute. And while the holidays are traditionally a time to reflect …

Considering Tax Loss Harvesting? What You Need to Know First

Kevin Oleszewski, CFP® Senior Wealth Planner As the tax year draws to a close, many high-income investors will look to reposition their portfolios to intentionally generate losses as a way to offset gains — an investment strategy known as tax loss harvesting.

To Give Now or Give Later?

Tom Fridrich, JD, CLU, ChFC®, Senior Wealth Planner    You’re in a good position in your life. You’ve built up your wealth, perhaps from a successful business or working in corporate America. You might feel it’s time to start winding down and that you’re in a place where you’re figurin …

Planning for the Rising Cost of Dependent and Child Care

Kevin Oleszewski, Senior Wealth Planner For many parents, childcare can be their biggest monthly expense, and rising inflation hasn’t helped matters. Add in the cost of caring for aging parents? You’re likely spending a fortune on care.

Tax Planning in Retirement: Strategies to Minimize Taxes When You Retire

Karl Strube, Senior Tax Planner The transition from employment to retirement can be complex. For decades, you received either a regular paycheck or earnings from self-employment, and now that will slow or stop. To compound that, you’ll be taking money out of all these accounts after putting …

Proactive Tax Planning Starts with Goals

All planning – but especially tax planning – should line up with your goals. You should never do anything solely because you’re going to get a tax benefit. Rather, you should always do things that tie back to your goals, with tax benefits being an added bonus.

Most Changes to Personal Taxes, Retirement Plans Dropped from Build Back Better Act Tax Provisions

By Jamie Hopkins In September, I covered the proposed tax plan released by House Democrats on the House Ways and Means Joint Committee, which would help pay for the $3.5 trillion Build Back Better Act through changes to corporate, personal and other taxes, as well as retirement plans.

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