One of the recent changes in approaching retirement has been a shift from a complete exit of the labor force to a partial one. Retiring for many may mean the freedom to work only the amount of time they want, and for work to become an optional part of their lives. This may be because…
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Can No Tax Liability Suddenly Become Big Tax Liability?
When the Tax Cuts and Jobs Act of 2017 was passed, one of the benefits for wealthier families was the doubling of the federal gift and estate tax exemption. With inflation adjustments, it’s currently $11.58 million per individual, which means a married couple could transfer over $23 million without incurring a federal gift tax in…
Reaction to Reality: Should I Reassess My Risks?
We all have a renewed sense of just how fragile we are, and are evaluating the steps we can take to reduce that fragility. In terms of family financial security, one could consider: More insurance (life, long-term care, or disability insurance); More savings in tax-preferred retirement accounts to protect against running out money. Portfolio changes…
Are Movie Theaters Coming Back?
The adage “absence makes the heart grow fonder” doesn’t just apply to people. During the pandemic crisis we’ve all had to forego many routine experiences that we may have taken for granted, not have realizing how much we’d miss them when they are gone. People are anxious to see movies on the big screen again,…
Charitable Giving During a Crisis
Americans have been noted to be the most generous on the planet in terms of charitable giving, and that generous nature has inspired us many times over when we face and overcome crises as a community. The Federal government is also trying to promote charitable giving, and has added incentives beyond what is generally provided…
The SECURE Act
With only a few days remaining in 2019, Congress passed the groundbreaking SECURE Act, which affected many changes to the retirement planning landscape, most notably the elimination of the traditional “stretch IRA.” As many estate and financial planning professionals know, the stretch IRA is an invaluable tool that allows non-spouse beneficiaries of retirement plans (401(k),…
Thinking Creatively In a Crisis
The safety of our people is extremely important, and we urge all necessary precautions be taken to protect against the threat of the coronavirus. The difficulties from the pandemic goes across all creeds and wealth levels. It has shown us some of the best of humanity through the extraordinary efforts of first responders and charities.…