Proactive Income Tax Planning
Like most election cycles, there has been a lot of talk about the direction of income taxes. While the results of the Senate race will not be known until January, we know that neither party…
Understanding New Jersey Millionaire’s Tax
The long-rumored Millionaire’s Tax in New Jersey is now law. After many tries the tax was approved effective January 1, 2020 via a vote in New Jersey’s legislature in late September. It’s estimated that the…
Required Minimum Distributions (RMD) Holiday in 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 eliminated the need for retirement account holders to take Required Minimum Distributions (RMDs) for this year. This RMD holiday for 2020 is very unique…
Having a Bias Can Affect Financial Decisions
Behavioral finance is the study of how people make financial decisions. We are all affected by different biases that impact our decision-making on a daily basis. It’s important to examine and raise awareness of a…
Understanding the Stimulus Package
The Senate and House of Representatives approved a $2 trillion stimulus package named the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 crisis – the largest emergency package of its…
SECURE Act – Revisiting Your Estate Plan
The SECURE Act, which passed in December, made the most pronounced changes to retirement accounts in a long time. Those changes also have a ripple effect that has us revisiting our clients’ estate plans. Under previous…
SECURE Act – A Major Piece of Retirement Law Change
Today, Congress passed the SECURE Act (Setting Every Community Up for Retirement Enhancement) which has been in the works for a number of years and is the first major piece of retirement law change in…
The Increased Gift Exemption Amount
One of the major changes in the 2017 Tax Cuts and Jobs Act (TCJA) was an increase in the estate and gift exemption, which is the amount that one can gift during their life or…
Retirement Identity – Do You Know Yours?
Imagine yourself at a cocktail party. A new acquaintance asks you what you do for a living. And the answer is, “Nothing.” You’ve recently retired and carefree days—along with a growing sense of idleness—have replaced…
The Gap Years – Tax Planning Opportunities in Retirement
We often refer to the years between retirement and when an individual turns 70 years old as the gap years in retirement. The point from which you stop earning employment income until you turn age…