Time to Read: 6 Minutes When planning for expenses in retirement, it’s easy to begin thinking about travel and vacations while overlooking one significant expense – taxes. In Nationwide’s 2021 Retirement Income Survey, 41% of retirees surveyed reported wishing they had been better prepared for taxes leading up to retirement. Tax laws change frequently, and
Time to Read: 10 Minutes Section 529 plans are arguably the best college savings vehicle around. In this article, we will cover what 529 plans are, why they make such great college savings accounts, and how high net worth investors can take advantage of 529 plans for their estate planning tax benefits. Introduction to 529 Plans
Time to Read: 8 Minutes One of the most fulfilling roles as an advisor at BWM Financial is helping our clients use their money as a tool to do the things in life they enjoy most. For many of our clients, that means developing creative, tax-efficient strategies for making life changing gifts to their loved
Time to Read: 10 Minutes Business owners are often very focused on day-to-day planning for growth – and with good reason. But no matter what state you are at, whether you are just starting your business or you are starting to think about planning an exit, there are strategies and structures that can help
California Business Owners and Real Estate Investors A new state law was just passed that could reduce your overall tax bill more than 3%. This update provides insight regarding a big tax break for our clients who own Limited partnership interests Units in an LLC with multiple owners; or S-Corporation shares. You may know
Time to Read: 7 Minutes Maximizing retirement savings and devising strategies to keep taxes low are the cornerstones of building wealth. But with relatively low limits on 401(k) savings, how should high earners invest excess cash? There’s an extremely productive strategy that can turn your 401(k) into a vehicle for saving above the income limits and creating tax-free
Time to Read: 6 Minutes Charitable giving may already be a part of your annual tax and estate planning. But if you are over age 70 ½ and have an IRA, you can donate directly from the IRA, satisfy your Required Minimum Distribution, and reduce your taxable income. It’s called a Qualified Charitable Distribution (QCD), and
Time to Read: 10 Minutes The Biden administration has proposed various tax reforms impacting wealthy Americans. Specifics are sparce, and the proposals are often, perhaps intentionally, opaque. But, given that the President’s political party holds a slim majority in the Senate and could implement many of these changes on its own (through the reconciliation process), we need to
Time to Read: 9 Minutes Many charitable individuals want to know the most tax-efficient strategies for donating to their favorite causes. In Part 2 of a 7-part series, “Tax-Saving Strategies for High Earners,” we evaluate the unique tax benefits of a Donor-Advised Fund (DAF), a charitable giving account designed to help taxpayers receive large
Time to Read: 5 Minutes One year into the pandemic, Americans are continuing to strike a balance between staying safe and handling their day-to-day responsibilities. One major challenge we all face this time of year (pandemic or no pandemic) is filing our taxes on time. On March 17, less than one month until Tax