Can You Break an Irrevocable Trust?
Irrevocable trusts are powerful tools for long-term care planning and asset protection, but what happens when you need to access those locked-away assets?
Our latest article, Can You Break an Irrevocable Trust?, dives deep into the options available if you find yourself in this situation. Learn about key topics like:
The strict limitations on accessing the trust principal
The grantor's rights to trust income
Pros and cons of adding a gifting provision to your trust
Revoking a trust – Full or partial
Changing the trust investment objective to generate more income for the grantor
Tax trap of realized gains within grantor irrevocable trusts
Whether you’re planning your estate, serving as a trustee, or navigating Medicaid rules, this comprehensive guide is packed with expert insights you shouldn’t miss.
Mandatory 401(k) Roth Catch-up Details Confirmed by IRS January 2025
IRS Issues Guidance on Mandatory 401(k) Roth Catch-up Starting in 2026
Starting January 1, 2026, high-income earners will face a significant shift in retirement savings rules due to the new Mandatory Roth Catch-Up Contribution requirement. If you earn more than $145,000 annually (indexed for inflation), your catch-up contributions to 401(k), 403(b), or 457 plans will now go directly to Roth, rather than pre-tax.
The IRS just released guidance in January 2025 regarding how the new mandatory Roth catch-up provisions will work for high-income earners. This article dives into everything you need to know!
Inherited IRA $20,000 State Tax Exemption for New York Beneficiaries Under Age 59 ½
Have you or someone you know recently inherited an IRA in New York? There’s a tax-saving opportunity that many beneficiaries overlook, and we’re here to help you take full advantage of it.
Did you know that if the decedent was 59 ½ or older, you might qualify for a $20,000 New York State income tax exemption on distributions from the inherited IRA—even if you’re under age 59 ½? This little-known benefit could save you a significant amount on taxes, but navigating the rules can be tricky.
Topics covered:
🔹 The $20,000 annual NY State tax exemption for inherited IRAs
🔹 Rules for New York beneficiaries under age 59 ½
🔹 How this exemption can impact the 10-Year Rule distribution strategy
🔹 How tax exemptions are split between multiple beneficiaries
🔹 What if one of the beneficiaries is located outside of NY?
Trump Tariffs 2025 versus Trump Tariffs 2017 to 2020: The Stock Market Reaction
President Trump just announced tariffs against Canada, Mexico, and China that will go into effect this week, which has sent the stock market sharply lower. I have received multiple emails from clients over the past 24 hours, all asking the same question:
“With the Trump tariffs that were just announced, should we be going to cash?”
A Complex Mess: Simple IRA Maximum Contributions 2026 and Beyond
Prior to 2025, it was very easy to explain to an employee what the maximum Simple IRA contribution was for that tax year. Starting in 2025, it will be anything but “Simple”. Thanks to the graduation implementation of the Secure Act 2.0, there are 4 different limits for Simple IRA employee deferrals that both employees and companies will need to be aware of.
Rules for Using A 529 Account To Repay Student Loans
When the Secure Act passed in 2019, a new option was opened up for excess balances left over in 529 accounts called a “Qualified Loan Repayment” option. This new 529 distribution option allows the owner of a 529 to distribute money from a 529 account to repay student loans for the beneficiary of the 529 account AND the beneficiary’s siblings. However, this distribution option is not available to everyone, and there are rules and limits associated with these new types of distributions.
Tax Filing Requirements For Minor Children with Investment Income
When parents gift money to their kids, instead of having the money sit in a savings account, often parents will set up UTMA accounts at an investment firm to generate investment returns in the account that can be used by the child at a future date. Depending on the amount of the investment income, the child may be required to file a tax return.
Do You Have Enough To Retire? The 60 Second Calculation
Do you have enough to retire? Believe it or not, as financial planners, we can often answer that question in LESS THAN 60 SECONDS just by asking a handful of questions. In this video, I’m going to walk you through the 60-second calculation.
