provwealth
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provwealth's articles
- May 28, 2025
The death of a spouse can be one of the most devastating events in an individual’s life. Not only must surviving spouses cope with the emotional, mental and physical turmoil of their crushing grief, but they will also face a tsunami of legal and financial decisions, including the responsibility to…
- May 27, 2025
A growing movement of investors aspires to work for shorter periods, supercharging their savings and investing during their early years and enabling them to retire at a younger age than the generations before them. This strategy, referred to as Financial Independence, Retire Early (FIRE), may sound like a good plan,…
- May 20, 2025
As college graduates embark on their professional careers, they should consider the following savings strategies to help prepare them for a sound financial future. Like most things in life, the earlier you start planning and preparing, the more likely you will achieve your goals. Employer-Sponsored Savings Plans While retirement may…
- May 15, 2025
Many of the provisions contained in the current tax law are set to expire on Dec. 31, 2025, signaling an immediate need for individuals to assess their existing estate plans to maintain long-term tax efficiency. Whether or not the current administration extends these laws, engaging in planning now can help…
- May 13, 2025
Peer-to-peer mobile payment processing apps, such as Cash App, PayPal and Venmo, have made it easy for people to send and receive money with the click of a button. However, whether you are a business accepting these forms of payments or a consumer paying for products and services or splitting…
- May 6, 2025
If you are turning 60 to 63 years of age in 2025 or later, you have a unique opportunity to supercharge your retirement savings with new, more substantial catch-up contributions. Background Historically, the tax laws cap the annual contribution limits to 401(k), 403(b) and other qualified retirement plans. They also…
- April 29, 2025
You have many options when it comes to saving for retirement. You may contribute pre-tax dollars to a workplace 401(k) plan or traditional IRA, potentially reducing your current taxable income today and deferring taxes until you make required minimum withdrawals in retirement. Depending on your income, you may also put…
- April 13, 2025
Effective Jan. 1, 2025, the federal estate tax exemption increased to $13.99 million, or $27.98 million for married couples filing joint tax returns. This means that individual taxpayers can transfer up to $13.99 million in assets to their heirs (or up to $27.98 million for married couples filing jointly) during…
- April 11, 2025
Equity markets offer investors numerous opportunities to build wealth, but they also entail significant risks, including market volatility. While stock prices may rise and fall for various reasons, extended periods of uncertainty can roil markets and prompt investors to make rash financial decisions based on emotions rather than facts. The…
- April 10, 2025
In 2019, the IRS reassured ultra-high-net-worth families that any gifts they make between 2018 and 2025 to remove assets from their taxable estates under the generous but temporary provisions of the Tax Cuts and Jobs Act (TCJA) would not lose those tax benefits when the estate-tax lifetime-exclusion reverts to its…