For most parents, sending their child to college is at the top of the wish list. A college education can open doors to many opportunities and help your child compete in today’s competitive job market—but that diploma doesn’t come cheap.
Once you turn 70 ½, the IRS mandates that you take a Required Minimum Distribution (RMD) from your retirement accounts. There are various stipulations with taking RMDs, but we’re here to take you through it.
If a child has earned income, money received from someone else can be used to fund an IRA. It doesn’t matter if the child is a teenager with some part-time income or a graduate with a full-time job. The only stipulation is that your child must have earned income — not investment income — that was at least equal to the amount of the contribution. A W-2 from an employer would show proof of income. Alternatively, if the child earned income from non-W-2 sources (babysitting, shoveling snow, etc.), be sure to keep precise records of how much they made.
Please join us in welcoming our new Wealth Planning Lead Advisor, Clayton Boone! Clayton brings more than ten years of experience in the areas of asset management, wealth management, and institutional sales and will be heading up our client experience initiatives. Previously, Clayton held positions in the investment management industry where he oversaw key accounts, sales […]
If you purchased a new home in 2018, file your residential homestead exemption application by April 30, 2019, to effectively remove part of the value of your property from taxation and lower your taxes. In addition to the $25,000 exemption that all homestead owners receive, those age 65 or older qualify for a $10,000 homestead […]
According to the Austin Board of Realtor’s Year End 2018 report, the median price for single-family homes increased annually by 3.6%, reaching $310,400 in the Austin/Round Rock area. Kevin P. Scanlan, 2019 Austin Board of REALTORS® president, said this past year “was the highest-grossing year on record. For the first time, the median price for […]
Overall spending on graduation gifts in 2018 was $5.2 billion, with an average gift purchase of $102.51. According to an annual survey on graduation gift spending, graduates will soon have wallets filled with gift cards and cash of that amount—often spent on items that won’t serve them long term. Consider a gift with greater longevity […]
For your Austin Asset advisor, maximizing the tax efficiency of your portfolio isn’t an annual practice, but an ongoing activity. We review our diversified taxable portfolios regularly for tax-loss harvesting opportunities and, using your up-to-date tax information, make the best decisions for you and your portfolio. There’s still time to make a regular IRA contribution […]
Our CEO, Eric Hehman, sat down with Tab Schadt, CEO of DoubleHorn, to discuss best practices in wealth management and our growth over the past 30 years. Listen and hear about Eric’s recently published book, Success and Succession, in which he outlines the complexities of leadership transition and strategies for its success.
As 2018 comes to a close, we want to make you are prepared and positioned for a wonderful year ahead. If you have not done so already, please post an electronic copy of your 2017 tax return to your secure investment portal. Tax planning is an integral part of our service offering, and we work […]