Lesser Known Provisions of the SECURE Act

What younger investors need to know. The SECURE Act passed into law in late 2019 and changed several aspects of retirement investing. These modifications included modifying the ability to stretch an Individual Retirement Account (IRA) and changing the age when IRA holders must start taking requirement minimum distributions to 72-years-old.1,2 While those provisions grabbed the […]

4 Ways to Reduce or Eliminate Probate Costs When Setting Up Your Estate

Leave more for your beneficiaries and charities? By Cornerstone Wealth Management Probate costs will reduce estate size. Attorneys fees, court costs, other professional fees and expenses can result in shrinking an estate by up to five percent (5%). For example, with an estate valued at $1 million, settlement costs can be as much as $50,0001. […]

Is the right time to Roth it?

For some, the recent tax reforms indicate, yes. For others, not so fast. By Cornerstone Wealth Management Can federal income tax rates get lower than they are today? Given the national debt and the outlook for Social Security and Medicare, it is hard to imagine that rates go much lower. In fact, it is more […]

A Good Problem: How to Handle a Financial Windfall

What do you do with sudden money? Provided by Cornerstone Wealth Management Imagine getting rich, quick. Liberating? Yes of course. Frustrating and challenging? Most likely. Sudden money can help you resolve retirement saving or college funding goals, and set the stage for your financial independence. On the downside, you’ll pay higher taxes, attract more attention, […]

When Is Social Security Income Taxable?

To find out if this tax applies to you, look closely at two factors. Provided by Cornerstone Wealth Management Your Social Security income could be taxed. That may seem unfair or unfathomable. Regardless of how you feel about it, it is a possibility. Since 1984, Social Security recipients have had to contend with this possibility. […]

When to Ignore the Crowd and Shun a Roth IRA

‘Stealth’ taxes and financial aid implications are among the factors savers should consider when switching accounts The following article is Courtesy of Laura Saunders and The Wall Street Journal, and makes some very good points on why funding a Roth Conversion could have a negative impact to an overall financial plan. For many of our […]

Tax Changes Around the Home

How the Tax Cuts & Jobs Act impacted three popular deductions. Three recent tax law changes impact homeowners and home-based businesses. They may affect your federal income taxes this year. The SALT deduction now has a $10,000 yearly limit. You can now only deduct up to $10,000 of some combination of (a) state and local […]