Articles & Insights
Whether your child or grandchild is starting college now or in several years, if you are taking advantage of a 529 college savings plan, it’s important to remember which educational expenses qualify for tax-free distribution and which do not.* The IRS gives detailed guidance on qualified expenses in Publication 970. Here are a few important points.
The importance of financial planning doesn’t change at retirement
If you’re like many, you may assume that financial planning ends once you retire. After all, retirement is a major life milestone that you’ve planned and saved toward for many years, and it’s often a great relief to finally retire. But the notion that financial planning is no longer needed is mistaken and can lead to financial difficulties down the road.
By Scott Aune, Investment Manager
It's commonly assumed that higher interest rates mean lower stock prices.
By James Christy, Wealth Advisor
Corporate and Individual income tax rates may be coming down as a result of the recently-enacted Tax Reform Act, but the combined Social Security and Medicare (FICA) tax continues to go up.
Donating to charity can be good for your soul — and your tax bill
RMDs, or Required Minimum Distributions, are the minimum amounts that the federal government requires Traditional IRA (or other qualified retirement plan) holders to withdraw starting the year they turn 70 ½. Uncle Sam doesn’t let us defer taxes on our retirement accounts forever. And if RMDs are not taken, significant penalties will apply.
Many people have heard about trusts, but may not know there are several kinds of trusts, and which, if any, of these legal documents may be of value to them for their personal financial planning. It might be time to ask yourself, “Would a trust help me accomplish an important financial or estate planning objective?” Trusts can be established to address a variety of concerns, including protecting and distributing your assets, managing taxes and achieving your charitable goals. The assets in a trust are managed according to your wishes by the trustee you choose.