Financial Resources & News

Maximizing Impact: The Benefits of Year-End Charitable Gifting

Imagine all the peopleSharing all the worldYou You may say I'm a dreamerBut I'm not the only oneI hope someday you'll join usAnd the world will live as one John Lennon - Imagine On this GivingTuesday, many people can use help this year given the geopolitical events around the world and here in the U.S. as people are still trying to deal with the impact of inflation. Reimagine a world built upon...

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Charitable Giving Strategies

By: Arash Navi, CPA, CFP®, Wealth Manager America has been recognized as the most generous country in the last decade according to the Charities Aid Foundation’s World Giving Index.1  Charitable giving is deeply ingrained in American culture, reflecting the spirit of philanthropy and the desire to contribute to the greater good. Americans don’t just donate money to charities but 42% also...

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The GRAT Advantage: Strategies for Smart Estate Planning

When it comes to effective estate planning and wealth transfer strategies, Grantor Retained Annuity Trusts (GRATs) stand out as one of the best tools. They were popularized by the Walton family (best known for founding the retailers Walmart and Sam's Club) as a way to get around owing the IRS millions in taxes. This strategy has been used by many other notable individuals like Phil Knight, the...

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5 Ways to Provide for Grandkids That are not Related to College

By:  Paul Horn, CFP®, CPWA® Senior Financial Planner Most of our clients as they get older want to begin to think of ways that they can take care of their grandchildren. Most commonly the discussion revolves around opening 529 plans and saving for college. Below are five alternatives that are worth considering if you are trying to take care of grandkids: Pay for their first car. Another large...

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Tis the Season for Tax-Friendly Giving Strategies

You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give. You might consider a more strategic approach to charitable giving, possibly as part of your year-end tax...

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Business Owner Year-End Tax Planning

By:  Michael Allbee, CFP®, Senior Portfolio Manager There are many tax strategies available for business owners, but it requires proper planning throughout the year. Here are some things to consider as we approach the year-end to minimize your tax liability. Take advantage of the expiring “Tax Cuts and Jobs Act” (TCJA) bonus depreciation In 2017, the TCJA made it so business owners could...

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Gifting Assets from the Estate (Estate Planning Series Part IV)

By:  Henry VanBuskirk, CFP®, Wealth Manager (This is part 4 of a four-part estate planning series) In the previous posting, we discussed how Mark Zuckerberg of Meta Platforms, Inc. had the same strategies available, that you have available in order to reduce or possibly eliminate your estate tax bill.  In this final part of the estate planning series, we would like to review how gifting...

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The Best Strategies for your Required Minimum Distributions

By:  Henry VanBuskirk, CFP®, Wealth Manager The current rule states that you must take your first Required Minimum Distribution (RMD) by April 1st of the year after you reach 72 and annually thereafter by December 31st of each year. When the SECURE Act became law on December 20, 2019, the RMD age was pushed back from age 70.5 to age 72.  Plans affected by RMD rules are: 401(k) plans, 403(b)...

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Take Advantage of These Charitable Giving Perks Before They Expire

By:  Michael Allbee, CFP®, Senior Portfolio Manager Did you miss out on #GivingTuesday? You still have time to take advantage of two temporary perks for cash gifts to charities before they expire at year-end. The first perk for those that itemize deductions, allows 100% of cash gifts (including by check, credit card or debit card) to be deductible in 2021 (this also applied for 2020)....

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