Explore

What to Expect With Your Inherited IRA

When it comes to inherited IRAs, there are certain withdrawal rules that are important to understand, and the IRS has recently clarified their position in Notice 2023-54. The 10-Year Rule was put into place with the Secure Act of 2019, stating that certain heirs must deplete their inherited retirement accounts within a ten-year period. In this article, we discuss to whom the 10-Year Rule applies, how Notice 2023-54 affects the 10-Year Rule, and other factors to be aware of as they relate to required minimum distributions (RMDs) on inherited IRAs.

What Is the Great Wealth Transfer?

How to Take Advantage of Tax-Loss Harvesting

Tax-loss harvesting is both simple and complex. On the surface, it is as simple as sell your losers and take the tax write-off. But it can also get complex, requiring an appreciation of market volatility, correlation between different stocks, and the trickier parts of the tax code as it relates to Wash Sales. In this article, we take a look at these different areas and examine those situations where proactive tax-loss harvesting can be particularly powerful.

Gifting Appreciated Assets to Your Parents Can Make More Tax Sense Than Gifting Them to Your Children

Many are familiar with the concept of gifting to younger generations as an appealing and tax-efficient method of transferring assets, while keeping those assets in the family but out of the taxable estate of the person making the gift, the “gifter.”

However, upstream gifting, a strategy in which the younger generation gifts appreciated assets to the older generation, can capture significant tax savings as well, often more than traditional gifting.

How to Zone In on the QOZ Tax Benefits

With the unprecedented decade-long run in US stocks and real estate, prices look to be returning to more normalized growth rates. We are now seeing increasing numbers of clients choosing to ring the register and cash in at least some of those monster gains. But what about the taxman? He will want his cut of those gains. Here we examine an increasingly popular way to reduce the tax take on those gains by re-investing them (or part thereof) in a Qualified Opportunity Zone.

 

What You Should Know About Vesting Your RSUs

Restricted Stock Units (RSUs) are a common way for employers, particularly in the technology industry, to attract and retain talent. For the employee, understanding the tax implications of RSUs is vital in maximizing the value of this form of compensation.

Here we look at the key tax considerations for RSUs. If you are interested in the tax treatment for Employee Stock Purchase Plans (ESPP) or for stock options such as Non-Qualified Stock Options (NSOs) or Incentive Stock Options (ISOs), stayed tuned for our subsequent blog posts covering these topics.

See-Through Trusts for Retirement Accounts

A comprehensive estate plan should ensure that the correct beneficiaries are designated on an individual’s retirement accounts. Clients with revocable trusts have an additional factor to consider regarding whether their trust should be named as beneficiary.

Overview of the Basis Step-Up

The tax concept of basis and how it applies to transferring an asset is an important consideration when thinking about your estate plan. Transferring an asset at the wrong time can result in a significant increase in tax liability. Proper planning around basis can avoid these pitfalls and maximize your tax savings.

From 'Build Back Better' to 'Inflation Reduction'

Sell Your Highly Appreciated Assets Tax-Efficiently