Qualified tuition programs, also called 529 plans, are tax-advantaged plans designed to encourage saving for future education costs. These plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code (surprise!). Speaking of surprises, 2025 research shows that 52 percent of Americans don’t know what…
Fairness isn’t always about equal shares – it’s often about what makes sense based on each person’s needs and circumstances. Sometimes one child needs more financial support or hands-on help. Other times, it’s about who’s better equipped to take the reins. At the end of the day, the goal is to land on a solution that allows…
Clarify which donations are tax-deductible. Understand 501(c)(3), churches, schools, and other exempt organizations. Know what qualifies for your tax deduction.
Parenting can be a challenge. You know this if you have lived through the “terrible twos.” If you haven’t yet had that experience, the “terrible twos” is a colloquial term for a phase of childhood typically starting around 18 months and lasting until around age 3 or 4. Your daily mantra for this stage is,…
An asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis resets this value to the asset’s fair market value at the time of the owner’s death. For example, if a family home was purchased for…
Real estate valuations have garnered increased attention in tax reporting over the last several years, driven by fluctuations in property prices and heightened oversight around how those values are reported. Whether a property is held for personal or operational use, an investment, or development, how it’s valued can directly impact taxable income, balance sheets, and…
Thinking about one’s own mortality is no one’s favorite way to pass the time. Yet if you own any stuff or love anyone, it is something you will eventually have to consider. You work hard to provide a home, a living, a fulfilling present, and a secure future for yourself and your family, so it…
As we approach 2025, future tax policy is bracing for change. With election results determined, policy shifts will begin to take shape as the new administration takes over. Any potential policy changes will provide a modified framework for strategic decisions on a forward-looking basis. However, wealth transfer planning for individuals still requires thoughtful consideration because it…
Whether it’s a cherished family home, vacation house, or a portfolio of investment properties, inheriting property often precipitates unexpected financial responsibilities. Understanding the nuances of estate and inheritance tax well in advance of property acquisition is essential to mitigate potential financial burdens. Too often, estate planning can be an afterthought, prompting a complex and stressful…
“Carol Page” got a call from the bank-an IRA from her deceased father was found and paperwork needed to be signed. But before the money was made available, a snag was discovered-her mother was named as the beneficiary, and unfortunately, her mother had recently died. The bank explained that now Page had to work with…