Demystifying the Gift Tax

Understanding the Federal gift tax is essential for sound financial planning. This article aims to explain key concepts, debunk some common misconceptions, and outline some practical strategies for those who wish to incorporate gifting into their financial plan.  A gift is a transfer of property. The IRS considers a gift to be any transfer of cash…


Secure Act 2.0 – Tax Planning Opportunities Related to Delayed Required Minimum Distribution Requirements

Those who reach age 72 in 2023 or beyond now have more time to opportunistically take distributions from their tax-deferred accounts in efforts to minimize their tax liability over their retirement years.1  For those who will turn 72 in 2023-2031, RMDs must begin at age 73; for those who turn 72 in 2032 or later, Required…


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Best Practices for Year-End 2020

As we approach the end of the year, it is prudent to review your situation and make sure that you have taken advantage of all that you can from a financial planning standpoint before December 31st, as well as be sure you are positioned well for the year ahead.  With that in mind, here are…


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CARES Act: IRA and Retirement Plan Provisions

There are several provisions in the CARES Act, which was signed into law on March 27, 2020, that provide flexibility to retirement account owners. In a previous blog post, we discuss the suspension of Minimum Distribution Requirements for 2020.  But perhaps the most significant change to IRAs under the CARES Act was the establishment of…


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CARES Act: Changes to Minimum Distribution Requirements for 2020

Included in the CARES Act, which was signed into law on Friday, March 27th, 2020, are provisions related to tax-deferred retirement plans/IRAs and minimum distribution requirements for 2020. Specifically, regardless of your age, all minimum distribution requirements from tax-deferred retirement plans and IRAs have been suspended for 2020.  Of course, you can take withdrawals if…


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The SECURE ACT’s “10-Year Rule” for Inherited IRAs

On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law.  The broad intent of the legislation is to make it easier for families to save more for retirement, but it also includes several unfavorable provisions intended to offset the loss of tax revenue likely to result…