Since the late 1980s, 529 plans have been a valuable tool to tax-efficiently fund a college education. However, it’s important to note that these plans are no longer limited to higher education costs: thanks to the Tax Cuts and Jobs Act of 2017, 529 plans can now be used to finance the cost of K–12 private school costs as well.
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At RVP, we believe the best investors are the most disciplined investors, and that a well-defined financial plan — often codified in a formal investment policy statement — is the foundation of a good strategic asset allocation plan. Experience has shown us that a good strategic asset allocation is the key to prudent decision-making, which can, in turn, support performance over the long run.
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Nobody can reliably predict how markets will perform in the next six, 12, or 24 months. However, we have a very good sense of how markets grow and function over longer periods of time, and this long-term perspective is central to our work developing portfolios on behalf of our clients. As advisors, our objective is to build portfolios that allow our clients to capture the market’s long-term trajectory while managing short-term risk.
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Updating the tax code is a major priority for both President Biden and congressional Democrats. At the moment, there are three separate tax and economic bills that have been introduced in Congress — each with the ability to impact a significant portion of the existing tax code.
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As wealth advisors, it’s critical that we understand our clients and their lives. After all, we need to understand long-term goals to make sound recommendations today.
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Hackers and those that commit cybercrimes are becoming more and more sophisticated. We understand the importance of protecting your family and financial assets from cybercrime. We work with Fidelity because of their commitment to fighting cybercriminals and their leadership role in keeping financial accounts safe.
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As we’ve covered in previous articles, closed-end funds (CEFs) are an oft-overlooked corner of the capital markets. Maury Fertig recently joined the popular financial podcast “Money Life with Chuck Jaffe” to talk about opportunities and challenges in the CEF market, including:
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On October 26th, we held a webinar to discuss the 2020 election and what the results could mean for year-end tax planning. As we discussed during the webinar, year-end planning during an election year requires us to work within the boundaries of existing laws while also trying to determine what the future could hold.
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A closed-end fund (CEF) is a type of Registered Investment Company, similar to a mutual fund. Like most mutual funds, these funds hold a portfolio of underlying stocks, bonds, and other securities. However, there are two important distinctions that make these funds unique.
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If you are over the age of 72 and have a traditional IRA or qualified employer retirement plan, you must take Required Minimum Distributions (RMDs) each year. Failure to do so can result in a 50% “excess accumulation” tax penalty on the amount that was not distributed; in other words, if your RMD is $50,000, the tax penalty is $25,000.
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