March 27, 2020
Over the last several days, the IRS has rolled out new deadlines and information for taxpayers in response to the COVID-19 pandemic. Please see the updates regarding 2019 federal income tax return deadlines below. Federal Tax Filing and Payment Federal income tax return filing and payment deadlines for the 2019 tax year have been extended 90… Read more »
March 12, 2020
As our parents age, one of the many factors we need to consider as adult children is their finances and if they’re vulnerable to financial exploitation. After all, many cases of financial exploitation have a root cause in impaired decision-making abilities. Poor decision-making is a consequence of cognitive decline among seniors; even very subtle age-related… Read more »
March 6, 2020
As we prepare for the upcoming tax season here are a few reminders. 1099 Delivery Reminders • Realized gain/loss (cost basis) and IRA distribution details are included on your 1099 tax documents coming directly from TD Ameritrade. Please provide your 1099s to your tax professional for preparing your 2019 tax return. • Clients who have… Read more »
February 4, 2020
For many families with seniors in high school, this time of year is the beginning of college decision time! While it is an exciting time for the student, it can also be a large financial decision for the family. Whether you have kids heading to school next fall for the first time or kids currently… Read more »
January 17, 2020
The SECURE Act (Setting Every Community Up for Retirement Enhancement) became effective on January 1, 2020, and it could have a significant impact on your retirement asset distributions and taxes paid on those distributions. Here are the top five things to know about the SECURE Act: The act increased the required minimum distribution (RMD) age… Read more »
December 23, 2019
As a new year approaches, now is a good time to review the upcoming changes across a number of areas that affect financial planning. IRA and retirement plan contribution limits, Medicare premiums, and Social Security cost of living adjustments are all experiencing changes for the 2020 calendar year. We’ve compiled the specifics here, to help… Read more »
November 26, 2019
When we talk about estate planning with clients, the topic of prenuptial agreements is one that is coming up more frequently. Whether it’s for themselves as they prepare for a second marriage or for adult children who stand to inherit a sizable estate in the future, clients wonder if this is a document they should… Read more »
November 11, 2019
As the end of the year approaches, it is the perfect time to review your current Medicare plan and determine if any changes need to be made. Most people will make changes based on an increase in premiums or co-pay amounts, but changes could also be a result of the network of providers changing for… Read more »
November 8, 2019
Mortgage refinances (or “refis”) are on the rise again as rates continue to drop to near all-time lows. At the time of this blog post, 30-year fixed rate loans are hovering in the mid-3% range. There are a variety of reasons to consider refinancing including: lowering your interest rate, reducing your monthly payment, accessing equity in… Read more »
November 7, 2019
Earlier this year, we blogged about the importance of creating a lasting and impactful charitable giving plan. In Minnesota, there’s one day devoted to putting that plan into action: Give to the Max Day. It seems like the entire state turns its attention to charitable giving on our “online giving holiday,” which lands on November… Read more »