Financial Planning

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Do You Need a Revocable Trust?

There are two basic estate planning tools to direct the distribution of your assets after death. The most basic option is to use a will that details the disposition of your property. Assets held in joint tenancy or accounts naming a beneficiary will not be controlled by a will, but other accounts, property, and personal [...]

By |2022-07-01T10:49:53-05:00July 1st, 2022|Financial Planning|

Roth Conversion as an Estate Planning Tool

A Roth conversion allows an investor to convert a portion of a pre-tax Individual Retirement Account (IRA) into a Roth IRA. Income taxes are due on the conversion amount. However, all future growth in that account is tax free. In addition to Roth conversions with IRAs, some 401(k) plans allow for after-tax contributions inside the [...]

By |2022-07-01T10:40:36-05:00January 14th, 2022|Financial Planning|

Tax Numbers For 2022

The IRS has released its annual inflation adjusted tax numbers for 2022. Below we have highlighted some of the most relevant updates for tax brackets, retirement contributions, and estate and gifting limits, as compared to 2021 figures. Individual Income Taxes Income Tax Brackets – Single Tax Filer 2022 2021 10% Up to $10,275 Up to $9,950 [...]

By |2021-12-16T13:50:14-05:00December 16th, 2021|Financial Planning, Retirement|

Tax Numbers for 2021

The IRS has released its annual inflation adjusted tax numbers for 2021. Below we have highlighted some of the most relevant updates for tax brackets, retirement contributions, and estate and gifting limits, as compared to 2020 figures. Individual Income Taxes Income Tax Brackets – Single Tax Filer 2021 2020 10% Up to $9,950 Up to $9,875 [...]

By |2021-12-13T17:06:34-05:00November 24th, 2020|Financial Planning|

Estate Planning: Protection During Your Life

The topic of estate planning naturally leads to thoughts of how property and assets will be distributed after death. A visit with an estate planning attorney may begin with a discussion on establishing or updating a will or trust. A will outlines your wishes for probate assets, not held in a trust, to be distributed [...]

By |2020-11-24T15:16:51-05:00October 13th, 2020|Financial Planning|

Can a Greek Paradox Inform Thinking on Financial Planning?

The Ship of Theseus There is an ancient thought experiment centered on The Ship of Theseus. Greek Historian and writer Plutarch paints the scene based on Theseus, the King and founder of Athens. After many famous conquests on a ship, Theseus returns to Athens, where his ship becomes a museum piece. In the coming years, [...]

By |2020-11-24T15:11:49-05:00September 14th, 2020|Financial Planning, Investment|

The SECURE Act and Your Retirement

The SECURE Act and Your Retirement As part of the approval of a recent spending bill, the House and Senate have also approved the SECURE (Setting Every Community Up for Retirement Enhancement) Act. In general terms, the goal of the legislation is to expand and preserve retirement savings programs. All changes became effective on January [...]

By |2020-11-24T15:11:55-05:00January 3rd, 2020|Financial Planning, Retirement|