As we fast approach the end of 2024, tax planning becomes critical. One strategy that doesn’t always get the attention it deserves is tax loss harvesting. While the term might sound technical, the concept is simple, and when applied correctly, it can yield significant benefits. Let’s break down tax loss harvesting, why it matters, and…
For many of us, the end of the year is often a mad dash for charitable giving. Before you write that check this December, take time to reflect on how you will gift, the timing, and who will gift alongside you to make your donation most meaningful. There are many ways to give, including the…
It may be hard to believe, but December 31 will be here soon. Now is a great time to review your finances and implement smart tax planning to reduce your tax bill potentially. Here are seven essential strategies to consider. 1. Tax-Loss Harvesting Tax-loss harvesting involves selling investments that have lost value to offset capital…
Many long-term financial plans involve setting a target for a total amount of savings. Sometimes, this target is framed as multiples of income, and other times as a general round number. These goals are helpful in the accumulation phase of our lives, but it is also financially prudent to estimate what your spending might be…
Staying current on the evolving tax landscape is crucial for effective financial planning. Download our Annual Tax Planning Guide and Year-End Planning Checklist to help keep you informed and on track about current tax and legal regulations.
Since 2003, HSAs have grown in popularity for savings and qualified medical expenses. Contributions are deducted on a pre-tax basis directly from your paycheck, avoiding federal taxes on both the money invested and the growth of the investment.
Long-term care (LTC) refers to a range of services intended to meet the personal and health care needs of individuals over an extended period. These services can be necessary for anyone who has a chronic illness, disability, or cognitive impairment, such as dementia. As life expectancy increases and medical advancements continue, more people are likely…
Healthcare expenses are projected to be the highest spending category in retirement, with a report from the Employee Benefit Research Institute estimating that a 65-year-old couple may need $383,000 in savings to cover their medical costs. It is essential to have a solid plan in place due to the increasing healthcare costs and longer life expectancy.1 …
When the foundation of a structure becomes unstable, everything built on top must adjust or risk collapse. This principle is not only true in construction but also in financial and estate planning. In the United States, financial and estate planning is deeply intertwined with legal and tax codes, which form the foundation for achieving our financial…
As we approach the 2024 U.S. Presidential election, the markets have already shown signs of reacting to the evolving political landscape.
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