Financial advisers frequently help clients plan for important life and financial milestones years in advance. Such events might include college education, major purchases, retirement, or even a sudden illness or death in the family. Life can be unpredictable, but proactive planning can bring peace of mind and prevent financial plans from being derailed. The value of forward-looking preparation in the face of uncertainty also extends to tax planning. For example... (More)

The end of the year is a time to reflect on the past and make positive changes moving forward. It’s also a time when many generous Americans think about giving back to the causes they care most about. But amid the holiday season's crunch, many donors fail to make a thoughtful plan for their philanthropy. They may see a cause their friends and family are supporting and quickly volunteer to open their wallets — and though any act of generosity is commendable, donors... .(More)

As lawmakers prepare for the debate over the expiration of the 2017 Tax Cuts and Jobs Act (TCJA), they may face increasing pressure to offset the cost of lowering tax rates by changing other parts of the tax code. One potential option to raise additional revenue to cover the cost of the TCJA’s reforms—like lower rates, a larger standard deduction, and a larger child tax credit—would be to repeal the head of household filing status. When filing their tax returns, US taxpayers choose among five filing statuses to determine... (More)

Perhaps your daughter recently got married and you want to help her and her husband start their new life. Or maybe they suddenly find themselves in need of financial assistance and turn to you for help. Fortunately, the IRS allows you to give away a certain amount of assets – from real estate and stocks to cold hard cash – free of taxes every year. In 2024, you can give away up to $18,000 per individual and not have to pay taxes on the transfer. (More)