by Almega Wealth Management | Oct 1, 2023 | Advanced Planning, Financial Planning, Tax Planning
529 plans have long been recognized as a valuable tool for saving for higher education expenses. However, there is a lot more to these tax-favored accounts than meets the eye. In this comprehensive guide, we delve into the advanced 529 planning strategies and...
by Bryan Wisda, CFP® | Sep 13, 2023 | Advanced Planning, Financial Planning, Retirement Planning, Tax Planning
The intricacies of retirement planning and wealth management often introduce several provisions and rules that many may find complex. One such provision is the ‘Rule of 55,’ a rule that pertains to early withdrawals from one’s 401(k) account. This...
by Bryan Wisda, CFP® | Apr 26, 2023 | Retirement Planning, Tax Planning
Required Minimum Distribution rules for 401k accounts must be paid attention to if you’re nearing retirement. If you’re nearing retirement age, you’re probably familiar with the concept of Required Minimum Distributions (RMDs). RMDs are the minimum...
by Bryan Wisda, CFP® | Mar 12, 2023 | Advanced Planning, Tax Planning, Wealth Transfer
With the signing of the SECURE ACT 2.0, anybody over the age of 70 1/2 may fund a Charitable Remainder Trust with a QCD of up to $50,000. A QCD is short way of saying Qualified Charitable Distribution. A QCD allows people to donate up to $100,000 from their IRA each...
by Bryan Wisda, CFP® | Mar 1, 2023 | Advanced Planning, Financial Planning, Tax Planning
If you are still working in your 70s, there is way to avoid having to take required minimum distributions (RMD) from your IRA. Once you reach the magical age when you have to start taking required minimum distributions, currently 73 (going to age 75 in 2033), you are...
by Bryan Wisda, CFP® | Nov 16, 2022 | Advanced Planning, Tax Planning, Wealth Management, Wealth Transfer
The IRS has announced the 2023 Gift & Estate Tax Limitations. Gift Tax: In 2023 an individual may give $17,000 to another person ($34,000 per couple) without needing to file a gift tax return. This is an increase of $1,000 from 2016. Estate Tax: The Estate Tax is...
