Jeffrey

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 […]

Will Estate Taxes Go Away?

October 19th, 2017|

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

President Trump and Republican legislators recently submitted their “Unified Framework for Fixing Our Broken Tax Code.”  In it, they proposed to condense tax brackets, lower corporate tax rates, and generally, “make America great again.”  As with nearly every tax plan, this one is also designed […]

Yes Millennials, You Too Need An Estate Plan

October 17th, 2017|

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

Generally described as the generation born after 1980 but before 2000, you Millennials are a large generation who are changing the game in many ways.  That said, you also continue the folly of your previous generations by failing to prepare for your own incapacity or […]

National Estate Planning Week is October 16-20th

October 16th, 2017|

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

Once again, it’s National Estate Planning Awareness week, a concept led by the National Association of Estate Planners and Councils.  In support of this effort we will be bringing you various planning and organization ideas to help you understand what estate planning is, and why […]

Families Must Discuss Their Legacy Plans, Especially Those That Have Family Businesses

September 22nd, 2017|

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

Perhaps one of the most difficult, and consequently most overlooked, issues for financial planning involves sharing plans with loved ones.  Whether it’s the older generation wanting to share details of what the younger generation may inherit, or if it’s a younger generation concerned about the […]