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Tax Planning

Health Savings Account Contribution Limits Increase in 2025 By Lee F. Hediger

Posted September 17, 2024

The IRS recently announced the 2025 contribution limits individuals with high-deductible health plans (HDHPs) may contribute to their workplace health savings accounts (HSAs) to help pay for rising healthcare expenses. HSAs are triple-tax-advantaged accounts that eligible workers may fund with pre-tax dollars and withdraw tax-free when used to cover a broad range of qualifying healthcare […]

IRS Again Delays RMDs for Inherited IRA By Robert Mark Weiss, CFA

Posted July 26, 2024

In April 2024 the IRS again granted taxpayers another year of relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. The SECURE Act, signed into law in 2019 and amended in 2022 under SECURE Act 2.0, introduced a requirement that certain […]

Do Foreign Persons Have U.S. Estate Tax Responsibilities? By Melvin Perez, CFP®

Posted July 9, 2024

It is no secret that the U.S. tax code is complicated. For foreign persons, compliance with U.S. tax laws is particularly onerous, especially when considering that different rules apply for income and estate tax purposes, and neither depends on an individual’s immigration status. For income tax purposes, the U.S. presumes foreign persons to be nonresident […]

Potential Tax Efficiency through Private Placement Life Insurance By Eric P. Zeitlin

Posted May 2, 2024

The threat of tax increases and a reduction to the federal estate tax exemption is something high-net-worth families must consider when planning for wealth preservation. One strategy investors and family offices are increasingly relying on to prepare for an eventual shift in tax policy is private placement life insurance (PPLI). The traditional goal of life […]

UPDATED Timing Social Security Benefits By Lee F. Hediger

Posted March 26, 2024

If you turned 62 this year, congratulations! You may be eligible to begin collecting Social Security benefits. However, the longer you wait to start claiming benefits, the higher the monthly payout you will receive. For example, by waiting until you reach your full retirement age (FRA), as defined by the Social Security Administration (SSA) based […]

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 […]

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