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Financial Planning

Is your Financial Advisor Putting your Best Interests First? By Eric Zeitlin

Posted March 20, 2024

Under current law, financial advisors and brokers are bound by a “suitability” standard that requires them to recommend investment products deemed “appropriate” for a client’s defined need and objective. This standard of care does not rise to the level of a fiduciary, who is legally and ethically obligated to put their client’s best interests ahead […]

Changes to the Electric Vehicle Tax Credit in 2024 By Scott Montgomery

Posted March 12, 2024

Individuals will find it easier and faster to claim tax credits of as much as $7,500 for new electric vehicle purchases in 2024. However, fewer cars qualify for the credit this year due to more stringent requirements concerning the manufacturing and assembly of batteries and other vehicle components. The clean vehicle tax credit, introduced by […]

What to Do When Retiring During Times of Economic Uncertainty By Brendan T. Hayes

Posted March 7, 2024

The COVID pandemic created a prolonged period of economic uncertainty that has left an indelible mark on individuals and businesses across the globe. While it is natural to become anxious and question whether you are fully prepared for the current period and any challenges that may arise in the future, you should focus your attention […]

It’s Never Too Early for Business Owners to Plan their Exits By Eric P. Zeitlin

Posted February 28, 2024

One of the biggest challenges entrepreneurs must confront is how and when they will exit the businesses they spent most of their lives building. After all, business owners view their companies as extensions of their personal identities. They neither have the desire nor the time to think about what will happen if and when they […]

There is Still Time for Trusts to Reduce 2023 Tax Liabilities By Robert Mark Weiss, CFA

Posted February 7, 2024

With 2024 well underway, certain calendar-year trusts and estates still have a small window of opportunity to reduce their 2023 income tax liabilities and those of the trusts’ beneficiaries provided they act before March 6, 2024. Under a special IRS rule, trustees have 65 days after the start of a new year to distribute trust […]

Social Security Announces Significant Cost of Living Increase for 2024 By Lee F. Hediger

Posted January 16, 2024

The nation’s 71 million recipients of Social Security and/or Supplement Security (SSI) benefits are seeing those payments rise by 3.2 percent in 2024, a sharp contrast to last year’s 8.7 percent increase. According to the Social Security Administration, the 2024 cost-of-living adjustment (COLA) represents an additional benefit of $50 per recipient each month. The Social […]

Are You Prepared for Sunsetting Tax Provisions? By Sean Deviney, CFP®*

Posted January 11, 2024

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 reassess their existing estate plans to maintain long-term tax efficiency. Failure to engage in planning now can result in potentially higher taxes on income and long-term capital gains and undue […]

What is Tax-Loss Harvesting? By Todd A. Moll, CFP®, CFA

Posted December 19, 2023

While investors welcome market gains, they should not overlook the substantial tax liabilities their positive performing investments may incur when the time comes to sell. Generally, investors are subject to capital gains tax as high as 37 percent when they sell non-retirement investments, real estate or other appreciating assets. However, it is possible for investors […]

What is a Financial Plan? By Lee F. Hediger

Posted September 13, 2023

A financial plan is a written document that lays out your future financial, business and lifestyle goals and maps out comprehensive strategies for achieving them. Contrary to popular belief, financial planning is not just for the wealthy. Instead, it is a critical planning tool that can help individuals at all income levels make informed financial […]

Don’t Forget Taxes on Social Security Benefits in Retirement By Lee F. Hediger

Posted August 1, 2023

Too often, individuals planning for their golden years forget to consider the federal taxes they will need to pay on their Social Security benefits. Unfortunately, these oversights can take a considerable bite out of one’s expected income in retirement. Generally, if the income you rely on in retirement comes from sources other than Social Security, […]

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