Annuities

Today we are going to explore some strategies tailored specifically to W-2 employees to minimize their tax burden while maximizing their financial health. Navigating the realm of taxation can often feel like a daunting task. However, there are several straightforward methods available to employees to actively lower their taxable income, thereby retaining more of their hard-earned dollars.

Today we’ll be discussing donor advised funds and qualified charitable distributions, which are two popular methods of charitable gifting. If you are one of the many individuals that donate to charity on a regular basis, you may find yourself wondering what your options are outside of the usual cash donation. Donor Advised Funds and Qualified Charitable Distributions are two methods of charitable giving that allow an individual to be strategic and thoughtful about how and when their donations are made.

Indexing is a term that is thrown around a lot in the investment space. Admittedly, I forget that this is a finance term that not all investors fully grasp or understand. So, what is an index fund?

People I speak with have often thought a lot about leaving an inheritance. I encourage all my clients to check their beneficiaries, make an estate plan, and review and revise it, as necessary. However, it’s not as often that I have a conversation with someone planning to be on the other side of those estate plans. Although many of us may find ourselves as the beneficiary of an inheritance at some point in our lives, it’s less common to have a plan for that event.

In July 2024, the IRS finalized regulations regarding required minimum distributions for inherited retirement accounts, providing crucial clarifications on the provisions established by the SECURE Act 2.0. This legislation significantly reshaped retirement savings laws, particularly concerning how distributions are managed for beneficiaries of retirement accounts inherited in 2020 or later, especially non-spousal ones. I’m Elizabeth Hutton, Vice President and Certified Financial Planner at Howe & Rusling. In today’s Street$marts we will tackle the implementation of the 10-Year Rule, which mandates that most non-spouse retirement account beneficiaries must fully deplete the inherited account within ten years of the original account holder’s death.

When it comes to saving for college, parents and guardians often search for tax-advantaged options that offer flexibility and growth potential. One of the most popular vehicles for this purpose is the 529 College Savings Plan. Introduced in 1996, 529 plans provide families with a tax-efficient way to invest money for education expenses. In this guide, we’ll dive deep into what 529 plans are, how they are taxed, key strategies to consider, how to change beneficiaries, and how withdrawals are taxed. Personally, I’m a fan of 529 plans. I have three New York 529 plans, one for each of my three boys.

One of the questions we get here often is about the differences between bond funds and individual bonds. While both are a great way to add some fixed income exposure to your portfolio, you’ll want to understand six key differences between the two so you can decide which is the right investment tool for you.