Updated for 2021 Archives | Page 3 of 8

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

Asset Management Brokerage Account Diversification Investing Tax planning Updated for 2021

Tax-loss Harvesting After a Downturn in the Stock Market

Tax-loss harvesting is the process of selling an investment at a loss to offset other gains or carry the loss forward to future years. It's the ultimate silver lining: using the recent losses in your investment account to your advantage. During widespread selloffs, most equity positions have lost value relative…

Kristin McKennaMarch 30, 2020

Debt Management Forbes Interest rates Mortgages Real Estate Updated for 2021

With Mortgage Rates So Low, Is Now a Good Time to Refinance?

With 30-year fixed mortgage rates currently averaging below 3%, it might make sense for homeowners to consider refinancing. Depending on several factors, such as your current interest rate and age of your existing mortgage, refinancing could mean a lower monthly payment and big savings over the life of the loan.…

Kristin McKennaMarch 26, 2020

Cash Management Current events Debt Management Home buying Interest rates Investing Mortgages Real Estate Updated for 2021

Is Refinancing Your Mortgage Worth It? Here’s How Much You Could Save

How much can refinancing your mortgage save you? Mortgage rates are currently very low - the average 30-year mortgage is now below 3%. It might make sense for homeowners to consider refinancing. How much could you save from refinancing your mortgage? Here's how to tell if refinancing your mortgage is…

Kristin McKennaMarch 2, 2020

Brokerage Account Inheritance Tax planning Updated for 2021

What is a Step-up in Basis? Calculating Cost Basis of Inherited Stock or Other Assets

A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. A step-up in basis could apply to stocks owned individually, jointly, or in certain types of trusts, like a revocable trust. Sometimes called a loophole, the step-up cost basis rules are…

Kristin McKennaFebruary 24, 2020

401(k) Plans Business owners Employee benefits Retirement Planning 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