In a perilous economic and fiscal environment, with instability created by Trump’s trade war and publicly held debt on track to surpass the highest levels ever recorded within five years, a lot rides on how Republicans navigate tax and spending reforms in reconciliation. As lawmakers review options to balance their goals for pro-growth and fiscally responsible tax and spending cuts, we have three guidelines they should follow. First, because choosing the wrong offsets could wipe out the pro-growth effects of the bill, lawmakers should reduce spending... (More)

When I first began practicing law, I remember cautioning clients about the detriments of creating an irrevocable trust. The trust provided great benefits but came with a significant downside – irrevocability and no way to make changes should the need arise. When I left private practice, the landscape regarding planning with irrevocable trusts changed significantly. Often, I counseled that “irrevocable trusts aren’t really irrevocable” and meant it. Now Trusts and Estate practitioners have numerous options to consider if they want to change an irrevocable trust. This first part of a three-part series explores changes... (More)

Retirement can bring many changes to your life. But, unfortunately, one thing doesn’t change: You will still pay taxes. The good news: The better understanding you have of what to expect with taxes in retirement, the better your chances of reducing your tax bill. I am not a CPA, so I don’t give tax advice. But I can share with you some tax topics that you should ask about the next time you meet with your tax planner or CPA, so that the two of you can discuss strategies for keeping what you owe Uncle Sam to a minimum. Here are the top 10 tax topics retirees should know about... (More)

The retirement landscape is undergoing significant transformation with the implementation of the SECURE Act 2.0, bringing several critical changes that will impact retirement plans beginning in 2025. Understanding these changes is essential for both plan sponsors and participants who want to maximize their retirement savings and ensure compliance with new regulations. The first major change coming in January 2025 is mandatory automatic enrollment and escalation for newly eligible employees. This provision requires plan sponsors to automatically enroll eligible employees into retirement plans at a default rate between 3% and 10% of their salary if they haven't made their own deferral elections or opted out. (More)