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April 16, 2024

A Tax Planning Guide for High-Net-Worth Retirees

Leave a Comment / Tax Planning, Uncategorized /

Tax planning is an essential aspect of financial management, especially for individuals who have accumulated substantial wealth over their lifetime. High-net-worth (HNW) retirees, in particular, need to pay special attention to their tax planning strategies. Planning for taxes can help them address retirement income and leave a significant legacy for their descendants with decreased concern for tax consequences.

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Is a 529 to Roth IRA Rollover Right for You? Here’s What You Need to Know

Leave a Comment / College Planning /

If you have a 529 education savings plan, it can now be converted to a Roth IRA. Both plans are funded by after-tax money. Initially, the money put into a 529 plan had to be used toward education expenses. If, for whatever reason, the money wasn’t needed for educational expenses and it was withdrawn for other purposes, you would be subject to a penalty and capital gains taxes. That is not the case anymore. After the passage of the SECURE Act 2.0, 529 plan account owners or beneficiaries can roll over 529 funds into a beneficiary-owned Roth IRA tax-free and penalty-free. Meaning, if you put money into the 529 plan and your child receives a scholarship or doesn’t attend school, the leftover money can now be rolled over into a Roth IRA.

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Taxable and Tax-Free Bonds

Leave a Comment / Investing /

Unlike corporate bonds, some bonds offer investors a tax exemption that depends on who issues the bond. In general, tax-exempt bonds fall into two categories: securities issued by the U.S. Treasury and municipal bonds (or munis), which are issued by state and local governments. The income from Treasury securities is exempt from state and local taxes but not from federal taxes. However, when investors refer to tax-exempt bonds, they are often referring to municipal bonds which are generally exempt from federal income tax (though specific issues may be taxable). Munis also may be exempt from state and local taxes for investors who live in the state in which the bond is issued, though regulations vary from state to state.

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Securities offered through LPL Financial. Member FINRA/SIPC. Investment advisory services offered through NewEdge Advisors, LLC, a registered investment adviser. NewEdge Advisors, LLC and dba Generation Wealth are separate entities from LPL Financial.

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