Author Archives: Melanie Bolster
With 2025 well underway, certain calendar-year trusts and estates still have a small window of opportunity to reduce their 2024 income tax liabilities and those of the trusts’ beneficiaries provided they act before March 6, 2025. Under a special IRS rule, trustees have 65 days after the start of a new year to distribute trust […]
A power of attorney is a legal document in which you grant to someone else the authority to oversee your financial affairs and make prudent decisions on your behalf if and when you are unable to do so on your own. Those decisions could be as mundane as paying household bills during a temporary period […]
Leaving behind a lasting legacy and providing for surviving family members in the event of an individual’s death or disability takes time, patience and consideration of a broad range of non-financial issues. While there are times when an unequal division of property among heirs is preferable, consideration should be given how surviving family members will […]
After years of diligent saving, you probably built a significant nest egg to afford a comfortable retirement, but that doesn’t mean you’re ready to put your feet up and coast through your golden years. Preparing for retirement requires having a plan in place to address your spending habits, rising healthcare costs, changing tax laws and […]
Effective Jan. 1, 2025, employers must ensure their workplace retirement plans comply with the latest provisions of the SECURE Act 2.0, which aims to improve taxpayers’ retirement savings and the costs and complexities businesses incur administering those plans. Since the law’s enactment, employers of all sizes have gained expanded tax credits for establishing employee retirement […]
Employer-sponsored retirement-savings plans, including 401(k)s and 403(bs), are critical for helping businesses attract and retain skilled employees. However, due to government regulations and annual contribution limits, these qualified plans restrict highly compensated employees’ savings opportunities and their ability to build enough wealth to maintain their standard of living in retirement. To bridge this savings shortfall […]
The IRS released the retirement savings plan contribution limits for 2025, raising the cap on pre-tax contributions to employer-sponsored plans, including 401(k), 403(b) and certain 457 plans. For individual retirement plan contributions, the annual limits remain unchanged. Employer-Sponsored Retirement Plans Employees may contribute up to $23,500 via salary deferral to their workplace 401(k), 403(b) and […]
The IRS released its annual inflation adjustments to various provisions of the tax code for tax year 2025. It is important to recognize that some of these tax rates, limits and deductions available in 2025 are scheduled to expire at the end of the year under the Tax Cuts and Jobs Act (TCJA) of 2017, […]
Physicians and other healthcare providers recognize the inherent risks of their profession, including legal and financial exposure to claims of medical malpractice. However, this professional liability is merely the tip of the iceberg when considering the legal minefield all professionals must navigate when operating a business, employing staff, owning property and even driving a vehicle. […]
Social Security and Supplement Security Income (SSI) benefits will rise 2.5 percent for nearly 73 million Americans in 2025. This annual cost-of-living adjustment (COLA) translates to an average of $50 in additional monthly benefits. The annual COLA is tied to the Consumer Price Index (CPI), as determined by the Department of Labor’s Bureau of Labor […]