Amplify Your Giving: Using QCDs for Tax-Efficient Charitable Contributions
Giving to charity is about more than just supporting the causes that matter to you—it's also an opportunity to align your generosity with smart tax planning. For those aged 70½ or older, using a Qualified Charitable Distribution (QCD) is a highly effective way to give while minimizing tax liabilities. Not only can QCDs help fulfill your Required Minimum Distribution (RMD) obligations, but they also allow you to give directly from your IRA in a tax-efficient way. Are there any charities you like giving to more than the IRS?
7 Tips for Making the Best of Your Retirement Years
Retirement is not just a significant milestone, but when approached the right way, your next decade can be your best decade. While many of us look forward to our retirement years, retirement can also bring uncertainty about how to fill the days meaningfully. Making the most of your retirement involves more than just financial security; it’s about enjoyment, staying active, and living life to the fullest. Here’s some tips for creating a fulfilling and balanced retirement.
Understanding RMDs: Key Updates and Future Changes
The rules governing Required Minimum Distributions (RMDs) have seen significant changes with the passage of the SECURE Act in 2019 and the SECURE Act 2.0 in 2022. These updates aim to provide greater flexibility and benefits for retirees, but they also introduce new requirements and considerations. Here’s a detailed look at the recent changes and upcoming modifications.
Spread the Warmth: Reasons to Give Back This Summer
As the sun shines brighter and the days grow longer, summer emerges as the perfect season to spread warmth beyond the weather.While many associate this time of year with vacations and relaxation, it also presents a critical period for charitable organizations facing heightened demands. Hospitals, blood banks, and youth support programs require increased support, as do homeless and pet shelters during this time.
Retirement: The Next Best Decade
When discussing getting older too often we hear things like “your best years are behind you”, or “with age comes aches and pains” and many other getting older catch phrases. As we step into the next decade, retirement is undergoing a transformative evolution. No longer confined to a static period of rest after a lifetime of work, the upcoming decade promises to redefine retirement as a dynamic phase filled with opportunities for growth, exploration, and fulfillment.
The Economics of Happiness: Can Money Buy True Joy
Money is often touted as a means to achieve happiness, yet the relationship between wealth and well-being is far more complex than a simple cause-and-effect equation. While financial stability undoubtedly contributes to a sense of security and comfort, the pursuit of material wealth alone does not guarantee lasting happiness.
Giving Back on Valentine's Day: Charitable Ways to Spread Love
Valentine's Day often conjures images of romantic dinners, heartfelt gestures, and exchanging tokens of affection with a sweetheart. However, according to a 2023 article by the Pew Research Center, “The majority of single adults are not interested in being struck (or even grazed) by Cupid’s arrow” (5 facts about single Americans for Valentine’s Day | Pew Research Center). For those individuals who find themselves unattached on this day of love, there are many opportunities to embrace the holiday in a profoundly meaningful manner.
Unlocking Generosity: Gifting to Family with Strategic Charitable Planning
Expressing love through financial support is a powerful gesture, but understanding the tax implications is crucial. Gifting money to family members goes beyond material presents, offering financial assistance and security. In this article, we'll delve into the nuances of charitable planning and the tax considerations that accompany it.
Mastering High Net Worth Financial Planning: The Unique Challenges of Wealth
In today's ever-evolving financial landscape, the importance of financial planning cannot be overstated. It serves as a cornerstone for safeguarding one's financial well-being against life's uncertainties. However, for individuals and families with substantial wealth and complex financial needs, standard financial planning often falls short. This is where High Net Worth Financial Planning steps in to offer tailored solutions.
Maximizing Tax Benefits Through Charitable Planning - A Retirees Take on Charitable Giving
In the world of finance, philanthropy often takes a back seat to discussions of wealth accumulation and investment strategies. However, as my encounter with corporate responsibility at a Fortune 100 Company taught me, charitable planning should be a fundamental part of our financial journey. In this article, we'll explore the concept of charitable planning, its significance, and how it can be leveraged to maximize tax benefits.
Optimized Benefits of Grandparents Funding a 529 Plan for Their Grandchildren: Smart Tax Planning for the Future
When it comes to securing a bright future for our children, grandparents can play a significant role. One powerful way they can contribute is by funding a 529 plan, an educational savings account with numerous benefits. In this blog post, we will delve into the advantages of grandparents funding a 529 plan for their grandchildren. We will also explore what happens to excess funds within the plan and the potential opportunities with new rule changes taking into effect in January 2024.
Maximizing Your Charitable Giving: 5 Expert Tips
Charitable giving is one of the most common goals for households with wealth, both pre and post-retirement. A thoughtful charitable giving strategy couples charitable giving desires with a plan around giving that takes into account tax efficiencies, the timing of donations, and the impact of these contributions. To help you plan better in fulfilling your charitable giving desires, we will discuss a few tips to help achieve these goals.
Charitable Giving: The Donor Advised Option
Because we partner with both Charles Schwab Charitable and Fidelity Charitable, we can help determine whether a donor advised fund would be an appropriate option.
Beware of Scammers
Especially with the pandemic, scams are on the rise. Very often, senior citizens are targets for fraud and with that in mind it we thought that it would be important to round up the most common retirement scams that you should be on the lookout for.
Video FAQ: An Overview of Gift Taxes for 2021
Yes, there is a federal tax on gifts. Here, we explore three ways to avoid certain gift taxes.
The Beginning of Unemployment
Since March 23rd, the S&P500 is up 27% when unemployment grew by 17 million in March. An example of how the stock market & the economy are different.