Planning Your Financial Future One “Step” At a Time

Tag: taxes

August 2, 2017  |  

Planning Your Financial Future One “Step” At a Time

Key Takeaways Stepping up the cost basis of your assets can be a good planning tool when determining what assets to sell in your lifetime. If possible, consider passing taxable assets with large unrealized gains to your heirs. Assets that receive no step up include those held in any retirement accounts or annuities An investor […]

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October 23, 2015  |  

Getting Charitable: The Basics of Donor Advised Funds

Key Takeaways Donor-advised funds have similar advantages to private foundations but require less time, money, legal assistance, and administration to establish and maintain. A donor can generally take an immediate income tax deduction for contributions, but may spread gifts out over months or several years. Many institutions provide these charitable vehicles. It’s that time of […]

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April 29, 2014  |  

Decanting a Trust

The Basics A trust is a legal relationship where someone (the grantor) arranges with another (the trustee) to hold property for the benefit of a third-party (the beneficiary). The grantor transfers a split ownership of property–legal ownership to the trustee and beneficial ownership to the beneficiary. The grantor names the beneficiary and trustee and establishes […]

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December 17, 2013  |  

2013 Year-End Tax Planning Considerations

As the end of the 2013 tax year approaches, set aside some time to evaluate your situation. Here are some things to keep in mind as you consider potential year-end tax moves. The tax landscape has changed for higher-income individuals This year a new 39.6% federal income tax rate applies if your taxable income exceeds […]

January 24, 2013  |  

Medicare Updates for 2013

The following is a guest post from Howard Peck of Senior Insurance Solutions. Along with the usual and customary annual Medicare cost increases, 2013 will likely be the year that two BIG Medicare issues will be bantered about and then possibly implemented as our politicians try to get a handle on the runaway costs of […]

January 14, 2013  |  

2012 American Taxpayer Relief Act

Executive Summary On New Year’s Day 2013, Congress passed a far-reaching new law intended to avert the so-called fiscal cliff. The American Taxpayer Relief Act, signed into law by President Obama on January 2, 2013, impacts every taxpayer. Not only does the new law make permanent reduced income tax rates for most taxpayers, it extends […]

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September 5, 2012  |  

Strategies for Improving After-Tax Returns

No one enjoys paying taxes. For some investors, minimizing taxes is their utmost concern. While it is never a bad thing to want to minimize the taxes you pay, investors should be more focused on maximizing their after-tax returns instead. While these two concepts seem as though they are the same thing, they are not. […]

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