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taxation benefits

Taxation of Benefits When States of Employment and Domicile Differ

By Blog
For many, working in one state and living in another is a common situation. For example, a 2017 report cited by the New York Times estimates that over 300,000 people commute from New Jersey to New York each day. For those commuters, filing an income tax return in both states each year is the norm. The typical process is to withhold and pay tax in the state where you work while you also file in your resident state and claim a credit for taxes paid to the non-resident state. For those who cross state lines to work, there is also…
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donor advised funds investing

What Should I Do With My Old 401(k)?

By Blog
It’s a question that comes up often – what should I do with my old 401(k)? There is no one-size-fits-all answer, and responses provided by financial advisors will be increasingly scrutinized if the Department of Labor’s (DOL) fiduciary rule is enacted. The rule mandates that advisors providing retirement advice act in the best interest of the client, which is called a fiduciary responsibility. The purpose is to protect retirement funds from professionals looking to profit at the expense of investors’ interests and ensure that the advice investors receive is right for them. Wealthspire Advisors, which has been a fiduciary since…
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Understanding the Proposed Regulations for FLPs and Family Businesses

By and Blog
If you’re a family business owner or you created a family limited partnership (FLP), you may be wondering about the proposed Treasury Regulations that were released earlier this month.  You may have even tried to read an article or two on the topic.  If you’re wondering whether you should care about the proposed regulations and why, please read on. Background Valuation discounts for transfers of business interests between family members can be a powerful gift and estate tax planning tool.  Most discounts relevant to this discussion can be put into two general classifications: (1) lack of control, and (2) lack…
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property ownership

Basics of Property Ownership

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The way in which you hold title to your assets can have a major impact on your estate plan. Different property ownership types grant various levels of authority to titleholders and dictate what happens after an owner passes away. Two common types of ownership are “tenants in common” (TIC) and “joint tenants with rights of survivorship” (JTWROS). Tenants in Common, Joint Tenants with Rights of Survivorship and Tenants by the Entirety Individuals who own property as TIC own a percentage of the property. These percentages can be equal or unequal. When one tenant dies, her percentage interest would generally pass…
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401k contributions

What is a Revocable Trust?

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A Revocable Trust – sometimes referred to as a “Living Trust” – is a lifetime trust that can be amended or revoked at any time during the creator’s life. The creator (or “grantor”) of the trust typically also serves as trustee and is also a trust beneficiary during his or her life. At the grantor’s death, the terms of the Revocable Trust direct how the grantor’s assets are to be distributed, essentially acting as a substitute for the Will. Nonetheless, the grantor still executes a Will. This is because the grantor may have failed to transfer title of certain assets…
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end life planning

The Basics of Estate Planning

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Lifetime and testamentary planning Contrary to popular belief, estate planning typically involves more than just signing a Will. It generally involves two sets of considerations: lifetime planning and testamentary planning. Lifetime planning may involve choosing decision-makers to make health or financial decisions on your behalf should you become incapacitated. For higher net worth individuals, lifetime planning may also involve establishing tax-efficient gifting strategies during life. A testamentary plan, on the other hand, will designate the individuals or charities who are to inherit your assets at death, and in what capacity (e.g., outright vs. in trust). In addition, a testamentary plan…
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female advisors

Planning Considerations for Millennials

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Below, I explore some common planning considerations and issues that I encounter on a regular basis when working with clients and prospects in my generation, as well as steps that our firm has taken to better serve Millennial clients. Common Planning Considerations for Millennials Saving philosophy.  Many Millennials believe they are too young to have to worry about saving, which often reflects a belief that building retirement savings requires large financial sacrifices.  This is not true.  Education about the power of compounding over long periods of time can provide confidence that taking small steps, starting now, may be all that is…
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behavioral finance

Our Habits Matter

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My five month old daughter is just beginning to understand the concept of cause and effect. She is learning that when she shakes her rattle it will make a sound and that when she giggles mommy and daddy will make a big fuss. In these small ways she is starting to form her first conceptions about the world around her. These initial observations will create the foundation for the development of her very first habits. While we have more control over our actions than a five month old, the reality is that our habits evolve in exactly the same way. When we observe…
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