Retirement Planning Secure Act Tax planning Updated for 2021

3 Strategies to Minimize Taxes on Required Minimum Distributions (RMDs)

Updated following the passing of the Secure Act. Looking for ways to minimize taxes on RMDs? For wealthy retirees, mandatory distributions from retirement accounts can cause taxes to increase sharply. As with all financial planning, to get the best results you'll want to start early. For workers with $1M+ in…

Kristin McKennaMay 20, 2020

Forbes Tax & Estate Planning Trusts Updated for 2021

Do I Need a Trust If I Have a Will?

A will and a trust are two different estate planning tools. Consider a will like a high-level set of instructions for after you pass away. You generally use a will to name the executor of your estate and guardianship for your children. Although you can leave assets to your heirs…

Kristin McKennaMarch 31, 2020

401(k) Plans Business owners Employee benefits Retirement Planning Secure Act SEP IRA Solo 401(k)Updated for 2021

3 Retirement Plans for Small Businesses: How They Compare

What's the best retirement plan for small businesses? Business owners with employees have several options: traditional 401(k) plan, SIMPLE 401(k), SIMPLE IRA, and SEP IRA are the most popular. The best option will depend on factors unique to your business such as budget, employee makeup and funding goals (for yourself,…

Kristin McKennaJanuary 7, 2020

Employee benefits Financial Planning Financial Planning for Couples Pension Retirement Planning Secure Act Updated for 2021

Should You Take a Pension or a Lump Sum?

Should You Take a Pension or a Lump Sum? Deciding between a lump sum or receiving pension benefits monthly requires careful planning and consideration. Though your personal situation and circumstance will always be the most important factor in any major financial decision, there are several key considerations to keep in…

Kristin McKennaDecember 15, 2019

Estate Planning Secure Act Trusts Updated for 2021

Should Married Couples Use Joint or Separate Trusts?

Revocable or living trusts play an important role in many estate plans. Married couples utilizing trusts in their estate plan need to consider if it's best to set up joint or separate living trusts. There are different tradeoffs which may make either a joint or separate trust a better option.…

Kristin McKennaNovember 6, 2019

Estate Planning Trusts Updated for 2021

Should I Put My Assets in a Trust?

Choosing whether to fund a trust with your assets is an important decision in the estate planning process. Since a trust is different from a will, many individuals need both. Here are three main reasons you may want to consider putting your assets in a trust. Should I put my…

Kristin McKennaOctober 29, 2019

Cash Management Home buying Real Estate Updated for 2021

Should You Pay Off Your Mortgage Early or Invest Extra Cash?

Should You Pay Off Your Mortgage Early or Invest Extra Cash? It's true: the idea of living without a mortgage payment sounds enticing. On the surface, it may also seem like a no-brainer financially...paying off debts is typically considered a positive thing. Unfortunately, many homeowners get so wrapped up in…

Kristin McKennaApril 30, 2019

Employee benefits Financial Planning Job Transition Updated for 2021

How Much Are Benefits Worth? Valuing an Employee Benefits Package

How much are your benefits worth? What programs should you participate in? Unfortunately, individuals don't always know they can or should participate and sometimes the complex nature of benefit plans can lead to costly mistakes. To help ensure you're taking advantage of the most significant financial resources your employer offers,…

Kristin McKennaDecember 16, 2018

Restricted Stock Awards Updated for 2021

What You Need to Know About Your Restricted Stock Awards

A restricted stock award is a type of stock compensation plan where individuals are granted (or may purchase) shares of company stock to be received at a later date, when vesting requirements are met. Employees must decide when to pay income tax on their restricted shares through an 83(b) election.…

Kristin McKennaSeptember 16, 2018

Brokerage Account Employee benefits Financial Planning Updated for 2021

Beware of the Deferred Compensation Plan

If a deferred compensation plan a good idea? A nonqualified deferred compensation plan (NQDC) or supplemental executive retirement plan (SERP) allows executives to defer income until a later date, therefore avoiding paying income tax until the money is paid out. While the cash is in "deferral mode," you can select…

Kristin McKennaMay 20, 2018