Jeffrey

Summer Savings Strategies: Accidents Can Happen—Make Your Wishes Known

May 30th, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

If you’ve had any sort of medical procedure recently, you were likely asked whether you had a health care directive or a living will. If you don’t already have a directive in place, you should strongly consider getting one. Doing this is an important […]

Tax Tip Tuesday: Second Verse, Not The Same As The First

April 17th, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

Today is the last day of tax season.  You may be happy that a refund is coming, or you may be steamed at the amount of taxes you had to pay.  Regardless, the experience you had for the 2017 tax season likely will be […]

Tax Tip Tuesday: Higher Income Means More Taxes

April 10th, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

While the new tax laws for 2018 have lowered income tax rates generally, there’s still some bites of the apple that Uncle Sam plans to take from higher income earners. While many tax thresholds are indexed for inflation, like the AMT tax exemption, taxes […]

Tax Tip Tuesday: Watch Out for Tax Scams

February 27th, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

Unfortunately, identity theft and consequential tax refund kidnapping continues to rise during tax season. Once again the IRS has declared identity theft as the biggest risk to taxpayers. Also increasing are email schemes to swindle refunds and filing information. In 2016, the IRS reported […]

State and Local Tax Deductions Limited by the New Tax Act

January 23rd, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

The Tax Cuts and Jobs Act has been touted as a way to help taxpayers keep more of their money and to make the tax filing system easier. However, with a big change in the deductibility of state and local taxes (“SALT”), there are […]

Mortgage Interest Deductions Changing for 2018 and Beyond

January 18th, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

As part of the Tax Cuts and Jobs Act (“Act”), the ability to deduct mortgage interest was one of the few deductions left standing.  However, the deduction did take a few hits.  Under the Act, interest on newly acquired mortgages is only deductible up […]

The New Year Brings Big Changes to Estate Tax Rules

January 10th, 2018|

By Jeffrey R. Wolfe, Senior Vice President, Manager of Wealth Planning Strategies

Happy New Year!  And what a new year it has been already.  First, the annual gift tax exclusion (the amount you can gift tax-free each year) has increased from $14,000 to $15,000 per person.  Thus, you can give up to $15,000 per person to […]

Year-End Financial To Do: Consider Having a Family Meeting About Finances

December 13th, 2017|

By Jeffrey R. Wolfe, Vice President and Manager, Wealth Planning Strategies

It’s the holiday season and it may be a time that you rarely get to see all of your loved ones at once.  It’s important to share quality time with them, of course, but it may also be a key opportunity to have what many […]

Year-End Financial To-Do: Making Annual Gifts

December 5th, 2017|

By Jeffrey R. Wolfe, Vice President and Manager, Wealth Planning Strategies

At year end, many enjoy giving gifts to loved ones. For those that may face a potential federal or state estate tax, making annual gifts may help save on those taxes in the long run. Under federal law, every person can gift up to $14,000 […]

National Estate Planning Week: Looking Ahead

October 20th, 2017|

By Jeffrey R. Wolfe, Vice President and Manager, Wealth Planning Strategies

As we wrap up National Estate Planning Awareness week, we look toward the future.

This week the IRS announced the annual gifting limits increase $1,000 to $15,000 per person per year. This means a married couple may gift up to $30,000 per person with […]