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Wealthspire Advisors

Apr 05 2022
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adjusted gross income

Adjusted Gross Income (AGI)

Financial Dictionary
What Is Adjusted Gross Income? Adjusted gross income (AGI) is one figure used in the calculation of income tax liability. It is determined by subtracting allowable adjustments from gross income. Adjusted Gross Income Calculator Your adjusted gross income is your total income, or gross, minus any eligible deductions. To find your AGI, add all forms of income together, then tax and subtract deductions from that amount. Your AGI can be zero or even negative. Use an AGI calculator to see eligible deductions and help you figure out your Adjusted Gross Income. Adjusted Gross Income Example Examples of forms of income…
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Mar 02 2022
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Meeting with a financial advisor

Selecting a Financial Advisor

By and Guides & Whitepapers
Do you know what to consider when selecting a financial advisor? It’s never too early to secure your financial future. Managing your finances can be time-consuming and complicated, especially if you experience a sudden change in cash flow, run into unforeseen tax or legal ramifications, and more. Financial planners provide many benefits, helping you: Get your finances in order and establish long-term goals. Understand your risk tolerance. Save time while planning for the future. Navigate financial rules and regulations. However, not all financial advisors are the same. Our guide, “How to Select a Financial Advisor,” will guide you through the…
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Jan 18 2022
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When Is the Right Time to Hire a Financial Advisor?

By Blog
Many people think you shouldn’t hire a financial advisor until you have accrued a great deal of assets.  However, that’s not necessarily true. In reality, it’s never too early to start securing your financial future. That said, there are certainly some milestones that strongly indicate it’s time to partner with a financial advisor and begin planning your path to long-term financial freedom. Keep reading to learn five key indicators that may mean it’s time to look for a financial advisor.  1. You have disposable income. Maybe you recently paid off your student debt or car loans and suddenly have more…
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Jan 01 2022
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account beneficiaries

Pay Attention to How Your Accounts are Titled

By Blog
Do you have sizeable jointly-held accounts with your spouse? Is your estate large enough that it could be subject to federal or state estate taxes? If you answered yes to both of these questions, then pay attention, because your Will may not do what you think it does. What’s the problem here? Your Will is not the end of the story. Your Will might only “work” if your accounts are titled properly. It’s not uncommon for us to see well-drafted Wills with solid tax planning incorporated into the estate plan. In the case of a high net worth client, this…
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Dec 14 2021
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annuity

Annuity

Financial Dictionary
What Is an Annuity? An annuity is a contract with an insurance company that guarantees current or future payments in exchange for a premium or series of premiums. The interest earned on an annuity contract is not taxable until the funds are paid out or withdrawn. Withdrawals and income payments are taxed as ordinary income. If a withdrawal is made prior to age 59½ from a qualified annuity, penalties may apply. The guarantees of an annuity contract depend on the issuing company’s claims-paying ability. Annuities have fees and charges associated with the contract, and a surrender charge also may apply…
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Dec 02 2021
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A couple reviewing their revocable trust with their Wealthspire Financial Planner.

Revocable Trusts vs. Irrevocable Trusts: What Is the Difference?

By Blog
A trust is an ideal way for individuals to transfer assets either during life or after their passing. At a basic level, a trust is a separate legal entity created to hold certain assets. Once these assets are placed in the trust, they are managed by the trustee. The trust document instructs the trustee on how to manage the trust assets and distribute them to beneficiaries. Individuals and families often use trusts for estate planning purposes, such as to avoid probate, minimize estate taxes, and seamlessly transfer intergenerational wealth.  Let’s take a look at revocable and irrevocable trusts and the…
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Sep 15 2021
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Brief Update: New Executive Order May Help Small Businesses

By Blog
Last week, President Biden announced an executive order aimed at accelerating the country’s path out of the pandemic. There are three elements in the “Protecting Our Economic Recovery” portion of the plan, each of which is expected to be fleshed out more in the future. The most notable change is an increase in the maximum amount of funding small businesses can borrow through the COVID Economic Injury Disaster Loan (EIDL) program, from $500,000 to $2 million. This program provides long-term loans from the Small Business Administration at low interest rates – 3.75% fixed for businesses; 2.75% for private nonprofits –…
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Aug 20 2021
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roth ira

What is a Mega Backdoor Roth IRA?

By Blog
Most people have heard of Roth IRAs. Those who qualify typically contribute and those who do not qualify can sometimes find a way to do so, as we explain here. In either case, you can do MORE. Take a Step Back and Understand Plan Types and Limits 2021 Retirement Plan Limits Account Type 2021 Limits IRA $6,000 50+ Catch-Up Limit $1,000 Simple IRA $13,500 50+ Catch-Up Limit $3,000 SEP IRA $58,000 401(k) $19,500 50+ Catch-Up Limit $6,500 Profit Sharing Plan $58,000 Defined Benefit Plan (Annual Limit) $230,000 Depending on your current occupational status and business structure, you may or may…
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Jul 23 2021
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401(k)

Financial Dictionary
What is a 401(k) Retirement Plan? A 401(k) is an employer-sponsored retirement plan that allows employees to defer a portion of their wages to individual accounts. Generally, contributions to the plan are made on a pre-tax basis. However, some employer-sponsored plans allow for after-tax, or Roth 401(K) deferrals. Employers may also match their employees’ 401(K) deferrals up to a certain amount. Annual contributions are typically limited up to a maximum amount allowed by the IRS. What Should I Do With My Old 401(k)? When deciding what to do with an old 401(k), there are typically four options, each with pros…
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