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This month's edition kicks off with the news that digital estateplanning platform Wealth.com has raised a whopping $30 million in Series A funding, following on the heels of Vanilla's follow-on $20M capital round just a few months ago – which on the one hand reflects the anticipated enthusiasm for solutions that can help advisors efficiently (..)
Estateplanning 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.
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.
We will cover qualification criteria, documentation requirements, and practical strategies to implement throughout the year. We will cover qualification criteria, documentation requirements, and practical strategies to implement throughout the year. Travel, meals, and supplies must directly relate to legitimate business activities.
This is the time to do comprehensive financial planning: retirement planning, investment planning, taxplanning and estateplanning. Discuss more advanced estateplanning, charitable planning and special family issues.
Incomplete taxdocumentation: Waiting for essential taxdocuments, such as W-2s, 1099s, or other forms, is a common reason to file for a tax extension. Unexpected life events: Unforeseen circumstances, including illness, bereavement, or other emergencies, can disrupt tax preparation.
Depending on a firms tech strategy, she wrote, advisors may have to log in to the CRM, custodian, portfolio accounting, planning software, taxplanning software, estateplanning software, social security maximizer software, etc.,
This flexibility allows for more sophisticated estateplanning strategies and continued tax-free growth throughout retirement. The mechanics of recharacterization required careful documentation through IRS Form 8606 , along with coordination between financial institutions handling the movement of funds.
Your business advisory team may consist of: a business broker or M&A advisor, accounting and tax advisors, and transaction/M&A attorney. On the personal side, your financial advisor , estateplanning attorney, and CPA/tax advisor should be involved throughout the process. You may need audited financial statements.
Whether you’re planning for an upcoming liquidity event , such as an IPO, or you’re interested in bringing more sophistication to your overall tax strategy, Harness Tax offers a range of services to meet your needs. We’ll provide a shortlist of tax experts who specialize in your profile and needs. How does it work?
It details your current money situation and financial system, including investing, saving, retirement, and estateplanning. So, what is a financial plan, in simple terms? Plan for taxes Yup, taxes! Taxes are annoying, but they’re certainly not going away anytime soon.
The Challenge: Tax Firms and CPAs Struggle to Expand Client Relationships Today, there is a significant opportunity for tax practices and CPAs to expand and deepen their tax-client relationships by offering more valuable, long-term services, including comprehensive taxplanning.
estateplanning has escaped the tax bombs Democrats wanted to drop. With Joe Biden’s Build Back Better (BBB) collapsed, it’s back to rational planning concepts, like the intentionally defective […]. It looks like U.S.
Each retirement plan may have its own rules regarding when and under what circumstances NUA is allowed. We recommend reviewing your plan’s documentation or consulting with the plan administrator to understand the specific triggering events. What Are The Risks of NUA?
Check-In On Your EstatePlan. It’s really easy to put off estateplanning. With so many other responsibilities and commitments, your estateplan may not even be on your mind. But proper planning for your children, dependents and loved ones is an important task. Set New Goals (Personal and Financial).
It’s important to note that tax advisors include three types of tax professionals : Certified Public Accountants (CPAs) Enrolled Agents (EAs) Tax Attorneys All three may offer different fee structures depending on the services offered and their firm’s unique expertise.
While it may seem like a luxury that is only available to the wealthy, anyone is capable of building an effective financial plan and putting it into action. Without effective personal financial management, you risk losing money to poor budgeting, poor taxplanning, or even just to inflation.
presidential election, we have grappled with the lack of clarity regarding the details of new tax legislation. The outcome of the tax reform debate is likely to impact how we advise clients on taxplanning, estateplanning and a host of other topics. Since last year’s U.S.
Preferably someone holding stock options (ISOs or NSOs) with limited understanding of the tax implications of their holdings,” Kelley explains. Onboarding tax clients with ease “Client onboarding is pretty quick with Harness. His team consists of Gabe, from the Harness Concierge team , and Francis, a senior tax associate at Harness.
They make it simple to donate to your favorite charity, and handle obtaining your taxdocumentation as well. If you want to donate a certain amount to charity over a period of time, a donor-advised fund allows you to take the entire donation as a tax deduction in the first year, but then contribute to the charity over time.
In fact, I’m one of the oldest of the millennial generation and I need help from my advisor with all of the following: Retirement planning. Taxplanning. Real estate. College planning for my kids. Long-term care planning. Estateplanning. Life insurance. Reassurance .
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
The per-hour fee structure is often used by financial advisors offering advice on estateplanning; debt management; tax strategies; and Social Security claiming strategies. Our network of financial advisors is here to help with your unique financials, from startup equity taxplanning to comprehensive financial planning.
(Click here for Blog Archive)(Click here for Blog Index) (Presentations in this Blog were created using the Loan-Based Split-dollar System and Wealthy and Wise®) Blog #221 follows up on Blog #220, which described coupling Premium Financing with Wealthy and Wise® to produce a powerful wealth planning concept called “Zero EstateTax.”
Related article: Tax Benefits of a Donor-Advised Fund. Estateplanning. The end of the year is a common time to take stock of your long term estateplanning. An example of estateplanning to preserve assets for beneficiaries to consider is utilizing a Grantor Retained Annuity Trust (GRAT).
Do so before year-end and plan for next years RMD now. TaxPlanning Take advantage of any last minute items that might help your 2024 tax bill. EstatePlanning Do you have a trust and will? Double check your retirement plan and insurance beneficiaries. Harvest losses in taxable accounts.
Step-Up in Basis (EstatePlanning for Alternative Investments): When heirs inherit alternative investments, the cost basis is ‘stepped up’ to the fair market value at the time of the original owner’s death, eliminating any unrealized capital gains. What tax forms do alternative investments require?
Navigating the complexities of estateplanning can often feel like charting through uncharted waters, especially when it comes to handling assets, taxes, and ensuring one’s legacy is preserved according to their wishes.
In this guest post, Harness Tax Advisory Council member, Griffin Bridgers, J.D., covers some of the top estateplanning trends that tax advisors should be tracking during the second half of 2024. contained a number of changes relevant to estateplanning. citizens and residents. The SECURE Act 2.0
Estateplanning is a critical component of a comprehensive financial plan. Furthermore, estateplanning includes aspects such as tax minimization strategies, asset protection, and charitable giving. There are many different types of trusts, each designed to address specific estateplanning needs.
This article is a high-level overview of the various estateplanning techniques and considerations when using revocable living trusts from the perspective of a wealth advisor (e.g. The US has 50 states – each with their own tax laws and estateplanning opportunities. States have their own estatetax laws.
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. Let’s take a look at the tax impact and other considerations of each. . Are You in the Process of Building Your EstatePlan?
Choosing whether to fund a trust with your assets is an important decision in the estateplanning process. A will and a trust are two different estateplanning tools. There are no changes to the tax treatment of these assets. Limiting access can provide estatetaxplanning benefits for some).
The following areas are among the most vital to discuss with high-net-worth clients: EstatePlanning. To ensure your wealth benefits loved ones, you should prepare your estate and determine how to distribute your assets. Estateplanning for high-net-worth individuals is also significant because recent developments in U.S.
TaxPlanning: Optimize tax efficiency through strategies such as retirement contributions, tax-deferred accounts, and deductions and credits. EstatePlanning: Draft essential documents such as wills, trusts, and powers of attorney to ensure the orderly transfer of assets.
Do so before year-end and plan for next year’s RMD now. TaxPlanning Talk to your CPA now about your 2023 taxes and whether there’s anything you can do before year-end to help your tax bill. EstatePlanning Do you have a trust and will? Harvest losses in taxable accounts.
This creates a protective barrier between the assets and potential threatsa reliable solution to one of estateplanning’s most significant challenges: avoiding the time-consuming and potentially expensive probate process. The protective power of trusts extends far beyond probate avoidance.
Terms like “estateplanning” and “wealth transfer” provide little shelter from a painful reality—a large portion of what we do as advisors focuses on the issues associated with our clients’ mortality. This may generate an immediate federal gift tax liability. Dire Call: Helping When It Is Most Needed. Thu, 06/02/2016 - 13:56.
They can also help with taxplanning, ensuring that the transfer of assets is done in a way that minimizes tax liability for both the estate and the beneficiaries. Professional advisors and estate planners can also help navigate complex legal and financial issues related to inheritance. These are: 1.
A tax advantaged asset Death benefit Taxplanning needs Cash value growth Cash value liquidity benefits #2 Use a realistic (low) crediting rate in the illustration The assumed interest rate in an illustration is what is driving the long term performance. BOBBY SAMUELSON: Illustrations are a distraction.
Some platforms, such as Harness, maintain networks of vetted tax advisors with expertise in a variety of fields, making it easy to get introduced to specialists when needs arise. Some tax advisors specialize in taxplanning, while others may concentrate on auditing, financial consulting, or simply annual tax filing.
However, it’s important to keep proper documentation and ensure that the charitable organization you donate to is eligible for tax deductions. State Residency and Domicile: Where you live can have a significant impact on your taxes.
For corporations, Trumps proposal includes a corporate tax rate reduction from 21% to 20%, with an additional cut to 15% for companies engaged in manufacturing in the U.S. This initiative aims to provide more tax relief to U.S.-based Proper documentation of losses can help reduce taxable income and avoid overpayment.
This creates a protective barrier between the assets and potential threatsa reliable solution to one of estateplanning’s most significant challenges: avoiding the time-consuming and potentially expensive probate process. The protective power of trusts extends far beyond probate avoidance.
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