Create a checklist to stay ahead of emergencies
Families can benefit from being prepared in case of an emergency or sudden loss by creating a short-term plan with a checklist of what needs to get done.
Families can benefit from being prepared in case of an emergency or sudden loss by creating a short-term plan with a checklist of what needs to get done.
Despite progress on marriage equality and workplace protections, some in the LGBTQIA+ community face challenges around finances and other legal issues.
Potential changes to stepped-up cost basis rules may emerge as lawmakers consider federal revenue needs.
Most advisors are closely monitoring tax policy as it is not yet clear what proposals around estate taxes will be introduced on Congress’s agenda this year.
Investors may want to consider estate planning strategies as tax provisions impacting federal gift and estate taxes will sunset after 2025.
For financial planning, year end can be an opportune time to review strategies for gifting and estate plans.
In 2020, more taxpayers may be able to take tax deductions on their charitable giving as a result of provisions in the CARES Act.
Lower asset values combined with historically low interest rates may favor certain wealth transfer strategies such as GRATs.
The pandemic highlights the importance of family communications and having legal documents in place.
Among the many provisions of the CARES Act are modifications of the rules involving retirement accounts to help both retirement savers and retirees.