Financial Planning

The IRS Will Tax Less of an Estate in 2023

By |2022-11-16T11:54:21-05:00November 16th, 2022|Estate Planning, Financial Planning|

In 2012, the American Taxpayer Relief Act (ATRA) established, for the first time, a permanent estate tax and gift tax exemption. The exemption is the amount an individual can pass on at death without paying estate taxes. The legislation set the exemption at $5 million per person, indexed for inflation. Five years later, Congress decided the exemption was not large [...]

2023 Retirement Plan Contribution Limits

By |2022-11-14T14:22:37-05:00November 14th, 2022|Financial Planning, Retirement|

Worried about saving enough for retirement? You can put away more next year. The IRS has just announced the new retirement plan contribution limits for 2023. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan increases to $22,500, up from $20,500. For individuals 50 and older, the catch-up contribution [...]

Social Security Announces 8.7% Cost of Living Adjustment for 2023

By |2022-10-13T14:53:58-04:00October 13th, 2022|Financial Planning, Retirement|

As expected, the Social Security Administration has announced that the 2023 Cost of Living Adjustment (COLA) will be the largest COLA in 42 years, brought on by rampant inflation not seen in more than four decades. Social Security benefits increase automatically if the Consumer Price Index (CPI-W) which measures price inflation for urban workers is more in the third quarter [...]

It’s Time to Tackle the Year-End Financial Checklist

By |2022-10-11T08:51:24-04:00October 11th, 2022|Financial Planning|

Here we are again in the final quarter of the year when thoughts turn to Thanksgiving and Christmas and… reviewing your financial house. Oh, that’s not on your list? Well, let’s put it there because financial issues cannot be on automatic pilot. Things change and you need to keep current. Here are 16 items you need to review before the [...]

Gifting Just Got More Generous for 2023

By |2022-10-05T13:40:28-04:00October 5th, 2022|Estate Planning, Financial Planning|

If you’ve been gifting money each year to people you love, or using gifting as a planning tool, it’s about to get even better. In 2023, the amount you can give away takes a healthy jump and as long as your generosity doesn’t exceed the limit, you should stay off the IRS radar. In 2023 the new annual exclusion moves [...]

Medicare Part B Premiums Will Go Down in 2023

By |2022-09-28T10:23:26-04:00September 28th, 2022|Financial Planning, Retirement|

In a world where the price of everything is going up, Medicare recipients get a price cut beginning January 1, 2023. The Centers for Medicare and Medicaid Services (CMS) just announced that the monthly premium for Medicare Part B, which covers doctor visits, diagnostic tests, and other outpatient services, is decreasing $5.20 per month to $164.90. That’s good news in [...]

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