The CARES Act implemented several measures to help Americans during coronavirus, including the ability to skip taking taxable Required Minimum Distributions (RMDs) for tax year 2020. However, the Act went into effect on March 27, 2020, after many people had already taken their 2020 RMDs earlier in the year. The IRS has since issued guidance allowing individuals to reverse their RMDs if completed by August 31, 2020.
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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.
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SageVest Wealth Management works proactively throughout the year to advise clients how taxes may impact your wealth strategies and broader financial considerations. As the year draws to a close, we focus our attention on year-end tax planning, with a reminder that some tax strategies have recently changed as a result of tax reforms.
Please contact us before December 10 to discuss any of the opportunities below. This allows adequate time for planning and implementation of appropriate tax-planning strategies.
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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.
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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 [1]. Giving from DAFs now accounts for around 8.3% of all individual gifting in America today [2].
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).
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If you’re like most people, you understand that a variety of Roth IRA and Roth 401(k) options exist and that they offer tax advantages. However, you might not understand which option is best for you, or if new lower tax rates make a Roth IRA worthy of consideration. To help you determine if a Roth makes sense as part of your wealth planning, SageVest Wealth Management provides an overview of Roth IRA and Roth 401(k) options.
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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.
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Hopefully you’ve already filed your taxes or are in the process of doing so. While it’s always important to review your tax return every year, it’s particularly important in 2019, given last year’s tax changes. Your 2018 tax return holds the answer about whether you benefited or lost out under the new tax legislation. It also offers insights into whether you’re on track for 2019, tax-wise. Considering that we’re already more than a quarter of the way through the new tax year, don’t wait any longer. Here’s what you need to know now about your taxes.
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It seems like one minute you’re proudly holding your new grandchild in your arms, and the next they’re heading off to college. As the College Board’s annual report, ‘Trends In College Pricing’ highlights, that college experience comes with a high price tag nowadays. If supporting your grandchild’s academic success is important to you, here are 6 ways you can help with your grandkid’s college costs.
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Reviewing your finances regularly helps to ensure that all your money decisions remain aligned, both with each other and with your broader life and wealth goals. If you have finance-related questions, SageVest Wealth Management is a valuable resource. Our menu of services is extensive and we can help with a wide range of wealth considerations for you and your loved ones.
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