When you gift stocks to family members, neither you nor the recipient immediately pays capital gains tax. The key is understanding how cost basis transfers and when taxes become due. This comprehensive guide explores strategies to transfer stock ownership while minimizing tax impact for both parties. Can You Gift Stocks Without Paying Capital Gains Tax?
How to Gift Stocks to Family Without Paying Capital Gains Read More »
The IRS this week announced higher federal income tax brackets, standard deductions, and retirement plan contribution limits for 2023. 2023 Marginal Tax Brackets (Married Filing Jointly) Taxable income Taxes owed $22,000 or less 10% of the taxable income $22,001 to $89,450 $2,200 plus 12% of amount over $22,000 $89,451 to $190,750 $10,294 plus 22% of amount over
New Tax Brackets And Rules for 2023 Read More »
Key Takeaways: The IRS Code Section 6621 allows quarterly review of IRS interest rates. Interest is only calculated on refunds for overpayments more than 45 days late. QPRTs and CRTs are effective strategies for wealth management in periods of high interest. The IRS announced on February 23, 2022, that interest rates would increase by 1%
What Is the IRS Interest Rate and Why Does It Matter? Read More »
You have life insurance to protect your family when you’re gone, but unfortunately, situations arise in which life insurance won’t pay out. Understanding these reasons is crucial to avoid making a mistake that could rob your family of financial security. Insurance companies run under government regulation and monitoring. They hold large capital reserves to cover
8 Reasons Life Insurance Won’t Pay Out Read More »
Key Takeaways There are five main types of power of attorney: durable, nondurable, springing, general, financial, and medical POA. A power of attorney expires immediately upon death and agents must stop acting on the principal’s behalf. Probate is required to transfer assets whether or not a will exists, with executors or administrators taking over. Continuing
Your Guide to Powers of Attorney Read More »
22% of Americans say they have less than $5,000 put away towards retirement. Yet, when asked, 40% of workers believe they will need $1 million in savings to afford retirement. It’s the American dream to spend your younger life working so that you can walk away from your job and enjoy a leisurely retirement as
How Much To Save for Retirement (Elevate Your Strategy in 2022) Read More »
67% of Americans have done nothing to prepare for their end of life, including creating an estate plan. Most people would agree with the importance of creating a care plan for their loved ones once they’re gone. Yet, for many, the idea of considering their mortality keeps them from planning for the future. If you’re
Bogart Wealth’s End of Life and Estate Planning Checklist Read More »
The year 2020 had over 60 million Americans participating in some form of 401k program. The average employee opted to add up to 9.3 percent of earnings into their retirement plan. The good news for those investors, the average plan had increases in value of up to 24 percent. Since most people put money into
8 Strategies to Maximize Your 401k Read More »
Assets vs liabilities explained for executives and high net worth families, with examples for RSUs, options, real estate, debt, taxes, and cash-flow planning.
Assets vs Liabilities: A Wealth-Building Framework Read More »
You may have no idea what to do with the money you’ve saved in your 401(k) after retirement. Nearly half of retirees intend to use their 401(k) as their primary income source during retirement, but they sometimes find that it’s not needed right away. How you use your 401(k) in retirement will vary based on
What Happens to 401(k) When You Retire? Read More »
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