An Individual Retirement Account (IRA) is a powerful and flexible tool for individuals looking to save for retirement. These accounts can be opened directly with banks or brokers, providing a flexible option outside employer-sponsored plans. The two most common types
As your teen receives their first paycheck from a summer job, it’s a significant milestone on their journey to adulthood. This moment marks the beginning of their financial independence, and how they manage these earnings is equally critical. Guiding your
One crucial step often overlooked when planning for the future is regularly reviewing and updating beneficiary designations on retirement accounts and life insurance policies. This process ensures that your assets are distributed according to your current wishes, avoiding potential legal
Life insurance policies are a common tool corporations use to ensure financial stability and facilitate smooth transitions in the event of a shareholder’s death. However, recent legal decisions have highlighted the significant tax implications associated with these proceeds. Here’s what
Recognizing the crucial role of data in contemporary society, the investment team at Legacy has adopted a graphical approach for rapid and efficient information conveyance. Utilizing charts and graphs, we can represent large data sets, illustrate trends and changes over
Historically, distributions from inherited IRAs could be extended over the beneficiary’s lifetime, allowing the account to grow substantially, especially for younger beneficiaries. This approach facilitated significant long-term growth of the inherited IRA, given the smaller required minimum distributions (RMDs) that
Retirement planning can often feel overwhelming, especially when faced with the complexity of financial documents and IRS regulations. As you approach retirement, understanding your 401(k) distribution options is crucial for ensuring a secure financial future. In this article, we aim
Inquiries about the potential tax benefits of placing investments into a living trust are common in the trust and wealth management field. It is essential to clarify that while living trusts offer numerous advantages, income tax savings are not among
Recognizing the crucial role of data in contemporary society, the investment team at Legacy has adopted a graphical approach for rapid and efficient information conveyance. Utilizing charts and graphs, we can represent large data sets, illustrate trends and changes over
The Tax Cuts and Jobs Act of 2017 brought significant changes to the tax landscape, sparking concerns about its impact on charitable giving. Key changes included nearly doubling the standard deduction, which reduced the number of taxpayers itemizing deductions and,
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