Your article was successfully shared with the contacts you provided. Minimizing taxes on clients’ investments is far from a cut-and-dried matter. Decisions around Roth IRA contributions and conversions, for example, come with a number of factors for advisors and clients to consider. There’s both “an art and a science...

The Art and Science of Tax Planning for Retirement

Estate planning, a comprehensive process of managing and distributing one’s assets and wealth during life and after death, involves legal, financial, and personal considerations to ensure that individual wishes are carried out effectively. It encompasses a range of strategies and documents aimed at minimizing taxes, avoiding probate, and facilitating the transfer of assets to intended beneficiaries in accordance with personal preferences. Effective estate planning involves careful evaluation of individual circumstances, including family dynamics, financial goals, and healthcare preferences, to create a structured plan that meets both current and future needs.

Estate planning – A Fascinating Comprehensive Guide

SmartAsset

Planning for retirement can be both exciting and challenging. Figuring out how much you can realistically spend each year is a key piece of that puzzle. For example, a 62-year-old with $800,000 in savings and a monthly Social Security benefit of $2,600 can reasonably expect an annual income of $63,200 in retirement. Figuring out how […] The post I’m 62, Have $800,000 and Will Receive $2,600 Monthly from Social Security. What's My Retirement Budget? appeared first on SmartReads by SmartAsset.

I'm 62, Have $800,000 and Will Receive $2,600 Monthly from Social Security. What's My Retirement Budget?

Many seniors are unsure about their tax responsibilities. Particularly concerning Social Security income. It's commonly questioned when they may stop filing taxes on these benefits. Those whose sole income is Social Security likely don't need to file a federal income tax return. Senior citizens, especially, have distinct guidelines to consider....

When Are Senior Citizens Exempt from Filing Taxes on Social Security Income?

The Motley Fool

If you don't know the rules, it could cost you thousands in taxes and fees later on.

3 New Required Minimum Distribution (RMD) Rules Everyone Needs to Know About in 2024

GOBankingRates

Saving for retirement is non-negotiable and a 401(K) is an excellent tool for building a sizable nest egg and securing your financial future. However, too much of a good thing has its downsides, and...

I’m a Retirement Expert: Why You’ll Regret Putting Too Much Money in Your 401(K)

A living trust can simplify the inheritance process and provide much-needed privacy for some individuals.

3 Benefits of Using a Living Trust to Pass an Inheritance to Your Family

FinanceBuzz

Now is the time to make sure your tax return for 2025 is better than it was this year.

9 Things You Can Do Right Now for a Bigger Tax Return in 2025

Converting a large sum like $865,000 to a Roth IRA is a strategic move for long-term tax benefits – including tax-free retirement income and eliminating required minimum distributions (RMDs) –  but it often comes with a hefty upfront tax bill. The transition from a traditional IRA or 401(k) to a Roth IRA means paying taxes […] The post I Want to Convert $865k to a Roth IRA. How Do I Avoid Paying Taxes? appeared first on SmartReads by SmartAsset.

I Want to Convert $865k to a Roth IRA. How Do I Avoid Paying Taxes?

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Total Apex Sports & Entertainment

The global economic collapse is adversely affecting relationships. Some zodiac signs are struggling to pick partners who will stand by them when they are financially unstable. The zodiac greatly affects people’s character. However, it isn’t the only thing you should consider when choosing a lover. Select someone who is understanding and you are compatible. This might be time-consuming but it is worth it. Which reliable zodiac signs are ideal to start a long-term relationship with?

4 Zodiac Signs Who Always Stand Up For Their Partner

For some, it makes sense to convert retirement savings to a Roth IRA. Check out a few factors to consider if you want to do it after retirement.

Does It Really Make Sense to Convert Retirement Savings to a Roth IRA in Retirement?

Fox Business

Senate Democrats said they are coming up with a "menu" of tax proposals for 2025 as they prepare for the expiration of the 2017 Tax Cuts and Jobs Act.

Senate Democrats plan for a 'tax Armageddon' in 2025

Kentucky State

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Northern Kentucky Tribune

Kentucky’s medical cannabis program has taken significant steps toward ensuring those with qualifying conditions have access to medical cannabis as soon as possible, said Gov. Andy Beshear this week.

State to open licensing applications for medical cannabis businesses beginning July 1

Financial Regulation News

The U.S. Treasury Department and the Internal Revenue Service (IRS) are looking to close a major tax loophole exploited by large, complex partnerships. © Shutterstock The Treasury estimates that this initiative could raise more than $50 billion in revenue over 10 years – and potentially much more. The new guidance will also complement the IRS’s […]
The post Treasury and IRS propose rules to close major tax loophole appeared first on Financial Regulation News.

Treasury and IRS propose rules to close major tax loophole

Kiplinger

Irrevocable trusts can be set up so that the trust maker no longer pays income taxes, and the taxes are instead paid by the trust. What are the pros and cons?

Should You or the Trust Pay a Trust's Income Taxes?

Whether you’re taking the first steps to increase your wealth or protecting the assets you’ve accumulated, our advice to grow your wealth will help you flourish.

11 Ways to Grow Your Wealth

Roboadvisors and automated investing platforms have revolutionized the financial industry by providing investors with accessible, affordable, and efficient ways to manage their investments. These platforms leverage advanced algorithms and technology to offer personalized investment advice and portfolio management services without the need for human intervention. This automation allows investors to benefit from professional-grade investment strategies and portfolio management at a fraction of the cost of traditional financial advisors.

Roboadvisors and Automated Investing Platforms – Top Ten Things You Need To Know

Stacker

Benzinga explains the benefits of Roth retirement accounts and the differences between products.

Suze Orman says you should be putting 'every single cent' into a Roth retirement account — if not, you are making a mistake

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. KEY POINTS. Health savings accounts (HSAs) offer...

I Dare You to Find Me a Retirement Account That Has More Benefits Than This One

Business Insider

To give your grandkids money without clearing out your 401(k), considering saving for their education, or making them your life insurance beneficiary.

8 ways to give your grandkids money without sacrificing your retirement savings

NewsBreak

Tax planning – A Must Read Comprehensive Guide

Tax planning, a strategic approach to managing financial affairs, encompasses a range of techniques aimed at minimizing tax liabilities while complying with legal obligations. It involves...

Tax planning – A Must Read Comprehensive Guide

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