During the current global pandemic, there’s been a rush for people to obtain insurance and update their legal documents such as Powers of Attorney, Wills and Revocable Trusts. While updating your legal documents is a smart step, people frequently forget key actions that can be critical to the implementation of your wishes for you and your loved ones. Here’s a list of eight easy estate planning tips that people frequently forget, and that subsequently can create big problems.Read More
If you have a long term care insurance policy, you know the premiums are expensive and you want assurance that the policy will pay in the terms you envision should you ever need it. Unfortunately, one simple oversight can jeopardize the integrity of your policy: missing a premium payment. Just one missed payment runs the risk of your long term care policy lapsing. Here we discuss easy to establish but essential back up measures to put in place now to protect your policy.Read More
When it comes to estate planning, it’s easy to opt for the fastest, simplest and cheapest path forward. Sometimes that includes using transfer on death (TOD) or payable on death (POD) account registrations to avoid probate and other expenses. However, there are some major pitfalls to this account registration strategy. We review the pros and cons of transfer on death accounts.Read More
The SECURE Act of 2019 imposes significant changes for inherited IRAs received from an account owner who dies post December 31, 2019.
The law previously allowed beneficiaries of inherited IRAs the ability to ‘stretch’ IRA distributions over their lifetime. This helped to reduce the tax burden of inherited IRA distributions by potentially extending distributions over many years, particularly for younger individuals.
The passing of the SECURE Act dramatically limits the ability to defer distributions from inherited IRAs received from a decedent who dies as of January 1, 2020 or later. The new law requires all inherited IRA assets to be distributed within 10 years of the IRA owner’s death, with a few exceptions, including for minor children.Read More
At SageVest Wealth Management, the financial success of our clients is our number one priority. Our repeatedly recognized investment management and financial planning services are personalized to reflect your specific needs, as an individual, a family, or business owner. We place great importance on establishing a relationship with you, our client, always placing your best interests at the forefront of our recommendations.Read More
Have you ever contemplated helping out a family member or someone you love financially with a gift or loan? While it’s wonderful to be able to help a loved one, especially if they’re in need, it’s important to ensure that you’re financially able to do so. Furthermore, the gift or loan must be appropriately structured for tax and family reasons. Here’s what you need to know about family gifts and loans.Read More
First established in the 1930s, Donor Advised Funds (DAFs) have become increasingly popular in recent years. By 2017, there were 463,622 individual Donor Advised Funds in the US, holding more than $110 billion in assets . Giving from DAFs now accounts for around 8.3% of all individual gifting in America today .
For clients intent on sharing wealth through a planned giving strategy, or for those seeking to optimize charitable deductions following tax reform, a Donor Advised Fund can be a useful tool. SageVest Wealth Management discusses the basics of Donor Advised Funds (DAFs).Read More
As if financial decisions aren’t challenging enough during lifetime, they can sometimes grow even more complicated at death. This is particularly true when relationships emerge later in life and if you’re part of a blended family. Estate planning for blended families is complicated, but it’s not insurmountable. Here’s where to begin and what you need to know.Read More
SageVest Wealth Management takes a highly personalized, proactive approach towards your finances. We seamlessly integrate all aspects of your wealth management into a coordinated, comprehensive financial plan that supports your personal and life goals. We’re delighted that this true wealth management approach has been recognized with a new top financial advisor award. For 2019, SageVest Wealth Management is ranked as one of the best financial advisors in the Tri-State (DC, MD, and VA) area.Read More
Many of us are experiencing life for longer. It’s increasingly common to live 20-30 years in retirement. More of us are also experiencing a single lifestyle, either as a deliberate life choice, or as a result of divorce, widowhood, or simply relocating away from family and friends. In response to these population changes and other factors, Charles Schwab recently implemented a trusted contact option. This is an important part of your financial plan, and SageVest Wealth Management has now also adopted this approach. Below, we discuss what a trusted contact is, and why everyone needs a trusted contact.Read More