A major dilemma with navigating the divorce process is that it forces a person into an extremely emotional and gut-wrenching situation, and yet also requires extremely logical decision making to avoid major financial and legal mistakes. A quote by Winston Churchill – who was in the thick of trying to save his country while under … Continued
From setting allowances to extending shared credit, parents must contend with constant challenges related to how money affects their children. But challenges are also opportunities, and most money matters involving children have the potential to provide useful learning experiences. Take, for example, the basic issues surrounding credit and debt. Since even young children can use … Continued
The new tax law has brought about significant financial changes and opportunities for individuals and families, not least of which is the substantial increase in the estate and gift tax Lifetime Exemption amount. This amount has essentially doubled overnight, to a newly available $11.2 million per person in 2018 ($22.4 million for married couples). As … Continued
It is estimated that the newly passed tax law could result in a reduction of billions of dollars in charitable giving starting this year. Although the long-standing charitable deduction methodology was preserved, overall giving could be significantly hindered due to the new higher standard deduction reducing the number of tax payers who itemize on their … Continued
For entrepreneurs in Silicon Valley, particularly first-time founders who bootstrapped their start-up, mediocre credit scores can be a painful fact of life. Perhaps company expenses were paid with personal credit, or, in the early days, a paycheck was passed on while bills piled up at home. Educational debt can also have served to lower credit … Continued
The “Tax Cuts and Jobs Act of 2017” (TCJA) was signed into law on December 22nd and, while it will take some time to fully absorb its many impactful provisions, some key areas for planning clearly exist in this New Year. Probably the most significant change for many private taxpayers is the substantial expansion of … Continued
As year-end approaches, it is time to review strategic planning opportunities with your trusted advisors. As we await the outcome of the tax reform bill, it is a good time to start the dialogue and prepare to act. With that in mind, here is a list of end-of-the-year financial tasks for your consideration. Tax-Loss Harvesting … Continued
Earmarking the family home — or some portion of it — to fund a Charitable Remainder Trust (CRT) can satisfy philanthropic intent, reduce personal taxes, and generate long-term income. For those with certain needs and desires — coupled with the right set of circumstances and capabilities — this approach could be a better alternative than … Continued
Many years ago, I was meeting with some new clients: a married couple in their 50’s with several million dollars in assets. They’d provided copies of their brokerage account statements for two IRAs and a joint account for me to review. I asked if they’d done any estate planning and they enthusiastically answered, “Yes!”, clearly … Continued
Every parent can probably remember being asked when they were expecting, “Are you hoping for a boy or a girl?” The quick answer, of course, is that you are hoping for a child that is healthy. Raising and caring for a child with special needs can be extremely rewarding, but it can also present greater … Continued