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As a result, financialadvisors should start honing the services Gen X members will likely benefit from the most, including retirement planning, estate and taxplanning and mortgage refinancing. They also make up the second biggest client base for financialadvisors after baby boomers.
Welcome to the 412th episode of the FinancialAdvisor Success Podcast ! Anjali is the Founder of FIT Advisors, an RIA based in Torrance, California (but works virtually with clients nationwide) and oversees $65 million in assets under management for 45 client households. Welcome everyone! Read More.
In recent years, financialadvisors have increasingly embraced taxplanning as a core element of delivering value to clients. While common wisdom suggests that only CPAs, EAs, or attorneys are authorized to give tax advice, this is only strictly true in limited contexts, such as in promoting abusive tax shelters.
Welcome to the 421st episode of the FinancialAdvisor Success Podcast ! Daniel is the CEO of WMGNA, a hybrid advisory firm based in Farmington, Connecticut, that oversees approximately $270 million in assets under management for 200 client households. Welcome everyone! My guest on today's podcast is Daniel Friedman.
Welcome to the 443rd episode of the FinancialAdvisor Success Podcast ! Griffin is the owner of GK Wealth Management, an RIA based in Reno, Nevada, that oversees $200 million in assets under management for 450 client households. Welcome everyone! My guest on today's podcast is Griffin Kirsch. Read More.
But there is another group of investors who swear by their financialadvisors. They credit their financial stability and success to their guidance. So that naturally brings up some questions – Should you hire a financialadvisor or trust your instincts, go solo, and save money? No problem!
humansvsretirement.com) Peter Lazaroff on what you need to know when choosing a financialadvisor. podcasts.apple.com) Retirement Retirement is a great time to do some creative taxplanning. readthejointaccount.com) Taxes What you need to know about paying taxes on your crypto trading.
As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end taxplanning can lead to significant savings and set you up for financial success in the new year. Find your next taxadvisor at Harness today.
Welcome to the 432nd episode of the FinancialAdvisor Success Podcast! Seth is the founder of Heartwood FinancialPlanning, an advisory firm affiliated with PlanMember Securities Corporation that is based in Fresno, California, and oversees approximately $100 million in assets under management for 850 client households.
RIA Edge Podcast: Schwab’s Jalina Kerr on How Resilient RIAs Can Turn Market Volatility Into Growth RIA Edge Podcast: Schwab’s Jalina Kerr on How Resilient RIAs Can Turn Market Volatility Into Growth Jalina Kerr of Charles Schwab shares how the most adaptive firms are expanding beyond portfolio management, into areas like estate and taxplanning.
To prepare for these events, you must have enough assets—or access to enough assets—to survive, recover, and move on. In addition to these universal crises, ultra-high net worth (UHNW) individuals may face unique financial risks that can affect their overall net worth and the value of their investment portfolios and/or businesses.
If you've heard of a DAF and are curious about incorporating it into your giving and taxplanning strategy, this article is for you. Key Takeaways: Contributions to a donor-advised fund reduce your tax bill in the year your contribution is made. What is a Donor Advised Fund?
While most taxpayers dont need to worry about estate and gift taxes, having significant assets can make them a challenge. Also, like most UHNW individuals, you may have income from several sources like investments, real estate, and business interests that may require special taxplanning. And, if the U.S.
Estate planning is one of the most important steps in securing your financial legacy, but its also among the most complex. Understanding how assets will be distributed, navigating tax implications, and aligning these decisions with your personal goals can feel overwhelming.
This structured method minimizes financial risk and maximizes efficiency by focusing resources on the most critical goals before addressing less pressing needs. Benefits of Waterfall Wealth Management Managing significant assets can be complex. Strategic long-term planning – Provides a roadmap for surplus wealth allocation.
Tax-loss harvesting is especially useful during volatile market conditions, as price fluctuations can create opportunities to realize losses without significantly disrupting an investor’s overall portfolio strategy. The tax treatment of this loss will depend on how long the asset has been held. Starting at $1,500 per year.
The IRS implements whats known as the wash-sale rule, which prohibits you from buying a substantially identical security within 30 days before or after the sale of a loss-producing asset. Defer income where possible Strategically timing your income can have a major effect on your tax liability. Starting at $1,500 per year.
The key differences between 83(i) and 83(b) elections While both the 83(b) and 83(i) elections are tools for managing tax liabilities on equity compensation, they serve different purposes and have distinct rules. Get started Harness makes it easy to find tax and financialadvisors best suited to your needs.
Whether clients support the policies with cash gifts or split-dollar, the discussion of options will necessarily involve a combination of insurance planning, taxplanning, income and gift tax-oriented wealth transfer planning and investment planning. See more from Charles L.
When there’s an opportunity to take advantage of current tax rates depending on your income level, conversions allow taxpayers to move money from before tax retirement accounts growing tax-deferred to after tax dollars growing tax free. Always consider the specifics of your tax situation and financial goals.
Related: Planning for Older Clients and Those with Disabilities Many GRATs include a so-called “swap” power in which the grantor is permitted to substitute assets of equivalent value with the GRAT. Prior case law in the Southern District of New York (Morales v. Quintiles Transnational Corp. 2d 369 (S.D. 1998) and Donoghue v.
The platform itself does not offer financial advice Scenario-Based Guide: Hypothetical Investor Examples – Scenario 1: Linda, 68 — Planning for RMDs and Legacy Background : Linda holds a significant Traditional IRA and is approaching required minimum distributions (RMDs). Find your financialadvisor matches.
In this comprehensive guide, we’ll explore proven strategies to help you minimize tax liability while staying compliant with current regulations. From maximizing deductions to managing capital gains, we’ll cover everything you need to know about smart taxplanning.
and foreign income or miscalculating the FEIE can result in audits or lost tax benefits, and it’s advisable to seek professional tax advice to avoid mistakes and optimize deductions for the best financial outcome. Get started Harness makes it easy to find tax and financialadvisors best suited to your needs.
However, if you’ve made deductible and non-deductible IRA contributions, you can’t choose to just withdraw the after-tax portion. Each time you take money out from individual retirement accounts, you won’t need to pay taxes on the proportion of nondeductible contributions to all IRA assets.
But you might consider increasing your impact by setting up a structured , long-term philanthropic plan such as an endowment. An endowment is a portfolio of assets that is invested to provide support for a cause. Donations to endowment funds are tax-deductible, giving them a place in your overall financial management and taxplan.
Creating wealth that can provide financial security for generations to come is an incredible feat, and it requires careful planning, consideration, and communication among family members. Gifting Other than transferring assets after death, the other primary way to transfer wealth is to gift portions of your estate during your lifetime.
When you have the resources to make an impact, this type of planning helps you pinpoint what you want to accomplish for your family, community, and society. Steps to Setting Up a Philanthropy Fund Taking the proper steps in the beginning can give your charitable giving plan a solid foundation. Honestly, it can be.
Each week in Weekend Reading For Financial Planners, we seek to bring you synopses and commentaries on 12 articles covering news for financialadvisors including topics covering technical planning, practice management, advisor marketing, career development, and more.
Despite removing the recharacterization safety net, the Tax Cuts and Jobs Act left intact the fundamental benefits that make Roth conversions attractive: tax-free growth potential, freedom from required minimum distributions, and tax-free qualified withdrawals.
What is a capital gains tax? When you sell an asset like a stock or a home, your gain could be taxable. The tax rate will depend on several factors, such as your holding period, type of asset, and your taxable income for the year. What is a capital gains tax? Single and married filing jointly are the most common.
A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. Heres how stepped up cost basis works on stock and other assets at death. Understanding step-up in basis at death If youve received an inheritance you may have questions about the tax treatment of certain assets.
Expertise and Experience: One of the most compelling reasons to delegate financial decisions to a professional is their expertise and experience in the field. Learn more about when you might need a financialadvisor from this helpful article on Investopedia. Yet many overlook taxplanning in their strategy.
Capital gains tax Capital gains tax is what you pay on the profits you earn from selling your capital assets. These include things like stocks, bonds, mutual funds, and other assets. Now, there are two types of capital gains – short-term and long-term, and they are taxed differently. Not so much.
While most financialadvisors are stuck in a cycle of repetitive sales calls, battling skepticism, and explaining the same things over and over again, top-performing advisors are doing something different. Over time, your content library becomes a powerful sales asset. Sounds too good to be true? Track what works.
Key Considerations Before Making a Move Before you make a tax-free transfer from your IRA, there are a few key points to consider: Why Simplicity Matters The CRT or CGA must be funded exclusively with IRA money. Mixing in other assets can complicate the tax benefits, so it ’ s best to keep it straightforward.
In this article, well explore all the details of alternative investments, the reasons behind their growth as an investment choice, and how their tax treatment differs from traditional assets. Well also go into some potential strategies to optimize tax efficiency. What Are the Tax Strategies for Alternative Investments?
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Possible Deduction: If estate tax was paid, you might be eligible for a deduction on distributions. Align Distributions with Your Goals Make inherited assets work for you: Use RMDs strategically: To build savings, reduce debt, or invest. QCDs: If 70 or older, use distributions to support charities and fulfill RMDs tax-efficiently.
Get started Harness makes it easy to find tax and financialadvisors best suited to your needs. Harness makes it easy to find tax and financialadvisors best suited to your needs. GET STARTED What are the capital gains tax changes in 2025? Starting at $1,500 per year. Starting at $1,500 per year.
For executives and entrepreneurs holding highly appreciated assets, the need for diversification becomes increasingly important. Selling stock outright, however, can incur a sizable tax billmaking it difficult to balance concentration risk with long-term portfolio preservation.
Losing a spouse is a difficult time, and navigating the complexities of inherited assets can feel overwhelming. Important Consideration: Due to the complexity of the rules and nuances, it is crucial to discuss your specific situation with a financialadvisor, estate planning attorney, and tax professional.
The bucket strategy solves this by dividing your assets based on time horizon: Bucket 1 (0 to 3 years): This is your short-term spending fund. Bucket 3 (10+ years): This is where you keep equities or real estate, assets built for growth. Roth conversion ladder Here’s a tax strategy that many overlook until it’s too late.
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