provwealth
provwealth
provwealth's articles
- July 7, 2025
Individual retirement accounts (IRAs) and 401(k)s serve an important purpose in estate planning, helping individuals save during their prime earning years to provide a financially secure retirement in the future. Contributions to these plans today reduce your taxable income in the year of contribution and grow tax-deferred until you take…
- July 2, 2025
Trusts are essential to estate planning, regardless of your financial means. After all, you do not have to be a millionaire to protect your family members and plan for their continual care after you are gone. With a trust, you can help ensure that your wishes are followed, and your…
- June 30, 2025
There are times when you may find yourself short on cash to cover necessary and often significant expenses. This may include circumstances when you have unexpected medical bills and home repairs or you would like to help your child pay for graduate school or the purchase of a new home…
- June 25, 2025
High-income earners who max out their 401(k) with pre-tax dollars each year may have additional opportunities to supersize their retirement savings with after-tax contributions that can be withdrawn tax-free in the future, depending on their employer’s plan documents. Annual Pre-Tax Contribution Limits to Employer-Sponsored 401(k) Plans Each year, the IRS…
- June 23, 2025
Gone are the days when large, institutional banks and wirehouses were the only ones with pockets deep enough to arm financial advisors with the tools needed to attract and retain wealthy clients. Today, independent brokers/dealers and registered investment advisories associated with independent wealth management firms have access to a wide…
- June 16, 2025
According to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), financial abuse of Americans aged 60 and older continues to grow at an alarming rate, with total losses exceeding $28 billion. While it is common for the perpetrators of these scams and thefts to be unknown to…
- June 11, 2025
Investors with remaining balances in 529 college-savings plans may roll unused balances into tax-free Roth IRAs for the benefit of named beneficiaries without risk of penalties or income-tax exposure. This provides young people with an opportunity to start saving for their future via an investment vehicle that offers tax-free growth…
- June 10, 2025
For too long, women were socialized to believe that they were terrible with money or that financial management was a role better left to their husbands. While women have come a long way, there remains a significant gender gap in financial literacy. Ninety percent of women will need to be…
- June 9, 2025
No one wants to think about spending their golden years in a nursing home or with round-the-clock nursing assistance for basic self-care tasks, such as eating, dressing, bathing and using the bathroom. Yet, according to the U.S. Department of Health and Human Services, someone turning age 65 today has an…
- June 3, 2025
The more wealth a family acquires, the more tools they need to preserve those assets for future generations and protect them from the long arms of tax agencies in the U.S. and abroad. One such tool earning the attention of family offices and ultra-high-net-worth individuals worldwide is private placement life…