What does the climate look like for investing in 2023? Last year was challenging for almost all asset classes, with persistent inflation leading to rising interest rates and a slowing housing market. The war in Ukraine also added to instability, while past winners in cryptocurrency and tech stocks lagged.
Watch our recording of First National Corporation’s wealth advisor Alex Oliver, CFP, webinar for his annual recap and themes to watch for in the new year.
CASH BALANCE PLANS FOR SMALL BUSINESS OWNERS
THURSDAY, FEBRUARY 23, NOON – 1 PM EST
Retirement plan contributions have been the most straightforward way for a high-income business owner to defer income taxes. While cash balance pension plans have steadily increased in popularity since 2010, the 2019 SECURE Act moved the deadline to the company’s tax filing deadline to implement a cash balance plan for the previous year. This gave business owners with steady profits extra time to evaluate their options. If you are a business owner who has consistently maxed out your 401(k) deferrals and looking for one last way to lower your 2022 tax burden, you won’t want to miss this one!
STRATEGIES FOR SECURE 2.0, MA’S MILLIONAIRE TAX, AND THE EXPIRING TAX CUTS AND JOBS ACT – Click to Register or receive a recording
THURSDAY, MARCH 16, NOON – 1 PM EST
An update to the 2019 SECURE Act passed in December 2022 as part of a larger government spending bill. Several changes included delayed Required Minimum Distribution ages, 529 rollovers to Roth IRAs, and various updates to how employer sponsored retirement plans are administered. Last year also saw the passage of the 4% surcharge in Massachusetts on families earning over $1 million. Finally, the Tax Cuts and Jobs Act is set to expire after 2025, which would raise federal income taxes and lower estate tax exemption amounts. In this presentation, we will look to discuss the relevant considerations around all of these legislative updates for our clients.
BUILDING GENERATIONAL WEALTH AND LEAVING A LEGACY – Click to Register or receive a recording
THURSDAY, APRIL 6, NOON – 1 PM EST
As the baby boomers continue to age and as we continue to deal with a global pandemic, the need for a comprehensive estate plan has never been more important. Proper steps need to be taken to ensure that your spouse or heirs can settle your estate as smoothly as possible. Additionally, there are thousands of tax dollars at stake when considering how much your heirs or favorite charities will be left with. Having no plan will ensure that the state and federal governments grab a significant share of your estate, while strategies that come with little or no cost will ensure your assets are handled in the manner that you wish. Join Alex Oliver as he outlines his favorite strategies that can range from short term logistical fixes to multi-decade tax mitigation ideas.