As the year draws to a close, it's an opportune time to review your financial situation and ensure you meet year-end deadlines to maximize your financial benefits.
Optimizing Your Finances at Year End
IRS Publishes Clarification on SECURE Acts
The passage of the SECURE Act in 2019 and SECURE 2.0 Act in 2022 ushered in sweeping changes for taxpayers regarding retirement account distributions. These changes, including a significant modification to how certain designated beneficiaries must distribute inherited retirement accounts, are crucial for anyone possessing or inheriting a retirement account to understand.
Hitting the Essentials Before Year-End
As the year draws to a close, it’s good practice to take stock of your financial situation, finish any important financial transactions by the end of the year and begin to look ahead to the next one. It can be helpful to refresh yourself on some of the key numbers related to year-end tax planning and take a peek at how they will change next year so that you can tackle any final items for 2023 and begin to plan for 2024.
2023 Annual Limits for Tax and Wealth Planning
There are a myriad of important numbers related to personal financial and tax planning that change every year. To help ensure you are up to date with all and to hopefully simplify your individual financial planning efforts for the year ahead, we are sharing the 2023 Annual Limits Guide from the College for Financial Planning®, which outlines many of the most important numbers that may apply to you.
Proposed Changes for IRA Beneficiaries Under the SECURE Act
The SECURE Act brought significant changes to the retirement planning landscape. The wide-sweeping legislation impacted retirement plans in numerous ways, which are covered in this article.
Wrapping Up 2021 With a Bow: Year-End Planning
As we approach the hectic holiday season, we encourage you to pause and review your personal finances before we close the books on 2021.
Wealth Management Insights Video: Protecting Your Assets and the Evolving Retirement Rulebook
Scott Christianson, CFP®, discusses the SECURE Act and other changes that retirees and those planning for retirement should know.
The Gift of Charity
There are several planning opportunities for charitable giving with the remaining days in 2020 which can also be tax-savvy moves.
Update: Required Minimum Distributions Are Waived for 2020
The Coronavirus Aid Relief and Economic Security (CARES) Act waives required minimum distributions (RMDs) from retirement accounts for 2020.
Wealth Management Webinar Recording: Strategies for Now and Later
On June 22, members of our wealth management team revisited timely strategies regarding retirement, charitable and estate planning.
Wealth Management Strategies for Now and Later
Executive Vice President, Mary Lago, CFP, CTFA, discusses strategies clients can employ for their long-term financial health.
The SECURE Act Creates Significant Changes for Retirement Plans
In one of the most significant retirement legislation changes in a decade, the President and Congressional leaders recently approved a bill that will have an impact on certain retirement funds.