What Happens to Your Tax Liability With Proper Financial Planning? When we think about managing our finances, it’s impossible to ignore the impact of taxes. Taxes are integral to our financial lives, affecting everything from our income and investments to estate planning and retirement. The decisions we make in our financial planning have direct consequences…
Planning for Medicare and adequate healthcare coverage is central to retirement planning. Often, unknown Medicare surcharges lurk for those over certain income thresholds. This post discusses those fees, thresholds, and your options for reducing them. What is a Medicare Surcharge? Medicare surcharges (also known as income-related monthly adjustment amount or IRMAA) increase the premiums paid…
Last month, we discussed creating your philanthropic philosophy – a personal, repeatable framework to guide charitable giving. This month, we’ll cover the Qualified Charitable Distribution (QCD). This gifting strategy ensures that you apply your philanthropic philosophy in the most tax-efficient way. If you want to sit back and watch me walk through this, along with…
What to do With Inheritance What to do With Inheritance: It’s Practice and Emotional Sorting out what to do with inheritance dollars often involves a combination of emotional fortitude and practical strategy. In this video, I share some key questions, the financial implications for planning, and share several resources to learn more as you determine…
As we inch toward April 18th, it’s a good time to remember the essentials of a tax return review. Whether you prepare them yourself or work with an accountant, reviewing last year’s returns is a great idea to help ensure you implement planning opportunities early in 2023. Checklists Here are two very helpful checklists I’m…