02.03.22

Minimizing Taxes on Employer Stock in Your 401(k) Plan
Colin O’Neill

If you are approaching retirement and your 401(k) plan contains significant holdings in appreciated employer stock, you may be able to minimize your tax liability related to that stock. This strategy, which takes advantage of the net unrealized appreciation (NUA) rules, is not right for everyone, but it is worth exploring before you start withdrawing […]

01.12.22

Worried You Do Not Have Enough To Retire? Consider Working a Little Longer
Maureen Callahan

If you are concerned about funding your retirement, consider working a little longer. A recent study confirms what financial advisors have been saying for years: Extending your work life — even for a short time and even at a reduced salary — can have a major impact on your desired lifestyle once you do retire. […]

12.16.21

Welcome to the Gig Economy! Now, Calculate Your Taxes

One of the most dramatic effects of COVID-19 on the U.S. economy is the increase in popularity of “gig” or freelance work. Gig workers include those performing essential jobs, such as delivering groceries to socially-distancing consumers. Others used their specialized skills to develop consulting and other independent businesses. According to the independent talent provider MBO […]

11.22.21

A Look at the Roth IRA Five-Year Rule
Tanya Gierut

The Roth IRA can be an attractive retirement savings vehicle due to the benefits they offer. Contributions are nondeductible on your income tax return, but qualified withdrawals of both contributions and earnings are tax-free and there are no required minimum distributions during the owner’s life. To ensure that withdrawals are tax- and penalty-free, it is […]

10.26.21

Estate Tax Planning in 2021: Uncertainty Abounds but Options Still Exist
Adam J. Pechin

Currently, U.S. citizens and non-U.S. citizens domiciled in the U.S. are entitled to an $11.7 million gift and estate tax exemption and are subject to a maximum marginal gift and estate tax rate of 40%. And while the gift and estate tax exemption is scheduled to drop to approximately one-half the current amount on January […]

09.08.21

Is Your Revocable Trust Fully Funded?
Jeffrey R. Green

If your estate plan documents make use of a revocable trust, also known as a “living trust,” you need to ensure that the trust is fully “funded.” When properly structured, revocable trusts can provide significant benefits, including the ability to avoid probate of the assets they hold and facilitate management of your assets in the […]

08.05.21

RMDs Are Back: Here Is How To Soften the Tax Blow
Dan Newman

To provide some relief during the COVID-19 pandemic, the CARES Act suspended required minimum distributions (RMDs) from traditional IRAs and employer-sponsored retirement plans for 2020. No such relief is available in 2021. Therefore, many retirees will need to take taxable RMDs by the end of this year. Fortunately, a couple of strategies are available to […]

06.14.21

So You Have Dipped Into Savings…What To Do Next With Your Retirement Account
Eileen Cozzi

Tapping an IRA, 401(k) plan or other tax-deferred accounts to pay current expenses can derail your retirement savings plan. Therefore, it should be viewed as a last resort. Unfortunately, many people reached that point in 2020 or earlier this year due to COVID-19’s financial impact. If you withdrew or plan to withdraw tax-deferred savings as […]

05.20.21

Three Tips for Making Retirement Less Taxing
Jacqueline N. Janczewski

Recent retirees are often surprised by the size of their tax bills. As they soon learn, income taxes during retirement can be significant. However, with some tax planning before retirement, it is possible to soften the blow. Here are three tips to consider implementing. Create a Bucket List This is not the kind of bucket […]

04.13.21

Family Businesses: Choosing the Right Exit Strategy  
Frank L. Washelesky

If you own a family business, it is likely one of your largest assets and it might be the most difficult to monetize. How you handle it can have a significant impact on your overall retirement and estate plans. There are a number of different exit strategies for a family business, including transferring to the […]