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Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments
The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial
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Will Inflation Hurt Stock Returns? Not Necessarily
Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on
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Maximize Your Charitable Impact with These Four Strategies
As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There
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Why an Estate Plan Needs a Lifetime Approach
The right estate plan is a group of small plans that all work together in order to create a comprehensive plan for your business, your family and your life depending on your unique situation. Don’t make the mistake of putting off your estate planning until it’s too late, as it could create additional confusion or frustration for your loved ones.
An attorney is an essential part of your estate planning process. The right lawyer will help you craft a plan for where you’re at now so that it can also evolve over the course of your life as needs change.
There are two primary components of your main plan; a death plan or estate plan including your trust documents and your will and other relevant materials. Many people who think of the term estate planning are referring to this portion. However, it’s equally important to have a lifetime plan as well.
Your trust or will may not be able to accomplish your lifetime goals as successfully without other components. Controlling your wealth and maintaining your lifestyle is important for any different situation. You may also be concerned, if you are married, about maintaining your spouse’s lifestyle in the event that you pass away. There are many different tools for doing this such as retirement plans, irrevocable life insurance trusts, and other strategies. You may also wish to make gifts to charity as well and to plan ahead carefully for any wealth that will be inherited by your family.
Ready to talk about putting together an estate plan or revising an existing one? Make sure you have outside counsel. With changing laws and individual needs, an attorney can help you navigate this process successfully.