A trust is a legal vehicle that protects your assets that contains instructions for your assets when you die or become incapacitated. When you set up a trust, you transfer assets from your name into your trust’s name while you still retain control of the assets until you die. Trusts can hold many different assets, such as cash and bank …
Helping Your Heirs While Helping Others
A charitable remainder trust (CRT) can be a highly effective financial and estate planning tool. The CRT can allow you to: avoid capital gains taxes on highly appreciated assets, however when income is distributed to the income beneficiaries it is taxable; receive an income stream based on the full, fair market value (FMV) of those assets; receive an immediate charitable …
Year-end Tax Planning for High-Net-Worth Individuals
As the year’s end approaches, High-Net-Worth Individuals (HNWIs) must prepare for one of the most critical monetary tasks: year-end tax planning. Due to the nature of their holdings and dynamic financial situation, HNWIs often grapple with complex tax management issues. With astute planning, mitigating significant tax liability may be possible. First, comprehensive tax planning involves critically reviewing current income and …
Fed’s Core Inflation Focus vs. Retirees’ Real World
On September 13, 2023, it was announced that August saw inflation record its biggest monthly increase for all of 2023 as energy prices rose significantly. Specifically, the Department of Labor reported that the Consumer Price Index (CPI), which measures costs across a broad array of goods and services, rose 0.6% for the month, and was up 3.7% from a year …