This Recent Legislation Simplifies Balancing Retirement Savings with Student Loan Repayments

The SECURE 2.0 Act is designed to simplify the process of managing student loans while simultaneously contributing to retirement savings. Curious about whether you're affected? Discover more in our latest blog post this week.

Have Unused 529 College Savings? Roll Them Into a Roth in 2024

In 2024, the SECURE 2.0 Act brings significant changes to the world of retirement savings and college savings accounts that could substantially impact your family's financial future. Read more…

3 Ways To Benefit By Incorporating Charitable Giving Into Your Estate Plan

You are likely well aware of the tax benefits that come from donating to charity during your lifetime—donations to charity are tax-deductible. But you may be surprised to learn about the numerous benefits that are available when you incorporate charitable giving into your estate plan.

As with donating to charity during your lifetime, dedicating a portion of your estate to a charitable cause can reduce the taxable value of your estate. You can also receive significant tax savings by naming your favorite charity as the beneficiary of your IRA, 401(k), or other retirement accounts.

And if you have highly appreciated assets like stock and real estate that you want to sell, you can even set up a special type of charitable trust that can not only help you avoid both income and estate taxes but also create a lifetime income stream for yourself and your family, all while supporting your most beloved charitable cause.

The SECURE Act’s Impact On Estate and Retirement Planning—Part 2

In the first part of this series, we discussed the potential ramifications the SECURE ACT has for your estate and retirement planning.

Here, we’ll cover the SECURE Act’s impact on your financial planning for retirement, offering strategies for maximizing your retirement account’s potential for growth, while minimizing tax liabilities and other risks that could arise in light of the legislation’s legal changes.

The SECURE Act’s Impact On Estate and Retirement Planning—Part 1

On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect, and it represents the most significant retirement-planning legislation in decades.Indeed, the changes ushered in by the SECURE Act have dramatic implications for both your retirement and estate planning strategies—and not all of them are positive. While the law includes a number of taxpayer-friendly measures to boost your ability to save for retirement, it also contains provisions that could have disastrous effects on planning strategies families have used for years to protect and pass on assets contained in retirement accounts.

Given this, if you hold assets in a retirement account you need to review your financial plan and estate plan as soon as possible. To help you with this process, here we’ll cover three of the SECURE Act’s biggest changes and how they stand to affect your retirement account both during your lifetime and after your death. Next week, we’ll look more deeply into a couple of additional strategies you may want to consider.