Wealth Management Archives - Page 2 of 2

6 Options for Easing the Impact of the Massachusetts Millionaire’s Tax

Written by: Jonathan Hitter, CPA, MST, CGMMA In the November 2022 General Election, Voters approved an amendment to the Massachusetts Constitution, nicknamed the ‘Millionaire’s Tax.’ Starting in 2023, an additional 4% income tax will be placed on any ‘portion of…

Take Control of Your Legacy: Planning for Generational Wealth Transfer

The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these generations will transfer $72.6 trillion in assets to heirs and $11.9 trillion to charities through…

IRS Announces Retirement Plan Contribution Limits for 2023

Written by: Jonathan Hitter, CPA, MST, CGMA On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are…

Which Type of Life Insurance is Right for You?

Written by: William Cooper, CPA Ask ten people whether you need life insurance, and you’ll likely get ten different answers. “Life insurance is a waste of money.” “Life insurance is only necessary for people with young children.” “Life insurance is…

Funding a Buy/Sell Agreement with Life Insurance

Written by: David Cooper, CPA Any time multiple owners in a business are active in day-to-day operations, the business owners should have a buy/sell agreement. A buy/sell agreement is a binding contract between co-owners that controls when owners can sell…

Under-withholding: Why You Owe So Much in Taxes

Written by: Michael Cooper, CPA Have you ever received a surprise income tax bill? You’re not alone. According to an analysis of IRS data, just over one-fifth (21%) of U.S. taxpayers owe the IRS money each year. And while owing…

It’s Time to Re-examine the Pros, Cons of Cryptoassets

Written by: Jonathan Hitter, CPA, MST, CGMA From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end…

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Massachusetts Millionaires Tax: Planning for High-Income Taxpayers

Written by: Jonathan Yorks, CPA When Massachusetts voters head to the polls this November, one hot button issue on ballots will be the so-called “Massachusetts Millionaire Tax.” This surtax on high-earning taxpayers in the state faces criticism from business leaders…

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Making a Family File

One of the most difficult things for a family to deal with after the death of a loved one is sorting through the endless paperwork needed to get the estate in order. It is important that your documents are in…

Category: Wealth Management (page 2)