Mackenzie Richards, CFP®, CPWA®

I recently attended the Financial Planning Association of New Jersey Spring Conference last week with Keynote speaker Jeffrey Levine. Some of the sessions covered: - Tax planning for Financial advisors, including Top 10 common IRA mistakes - Artificial Intelligence in Finance - Client communication - Estate planning for multinational clients - And more. The event was great for networking with peers, building relationships, and gaining knowledge on relevant topics that can make us better financial planning practitioners P.S. Shout out to Jeffrey Levine for attending with a broken thumb and all. I even got a selfie with him and the thumb! #financialplanning #taxplanning #IRAs #FPA

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Managing taxes is always top of mind for us. For those looking to stay ahead, increasing your tax deductions can make a significant difference. Charitable donations are a key area, and we dive deep into federal tax deductions in our latest episode of SK Wealth Management, LLC Solutions & Knowledge podcast. Here's a noteworthy update for Massachusetts residents: starting last year, you can claim deductions for charitable contributions on your state income tax returns without itemizing on your federal returns. This is particularly helpful if you're subject to the state's new Millionaire Tax, which adds a 4% surtax on income over $1M. This change is great for anyone experiencing a one-time significant income event, like a cashless exercise of stock options or selling a business.

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Do you live or work in Massachusetts, or own a business there and are expecting some long-term capital gains? In addition to regular income tax, the state imposes an additional 4% surtax on taxable income over $1 million. Check out this article which provides examples of the impact of this tax that went into effect back in January 1, 2023, and outlines ways to minimize or avoid it altogether.

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Truly efficient tax planning requires thinking several years in advance - we're playing chess, not checkers. Here are some helpful tax tips from my colleague Bryan D'Alessandro, CFP®

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NJ Tax Tip: Did you know there's a key difference in how your retirement contributions are taxed in New Jersey? With a 401(k), you can enjoy a state tax deduction, but unfortunately, IRA contributions don't get the same break. It’s a small detail that could make a big difference in your financial planning! #taxes #newjersey #financialplanning

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When it comes to running strong retirement plan committees, Alex Ortolani writing for PlanAdvisor points out that organization, documentation, and flexibility are crucial strategies for plan sponsors and their advisers to follow. These were all highlighted during a June 7 panel at this year’s PLANSPONSOR National Conference in Chicago. Committees can vary greatly in shape and size, depending on the organization's size and needs. As Julie Doran Stewart, head of fiduciary advisory services at Sentinel Group, mentioned, success doesn't come from following a set list of procedures but from creating a process that best meets the plan sponsor's goals and adhering to it. There's more for plan sponsors regarding structuring plan committees here: https://lnkd.in/gQh4ts8N #plansponsors #plancommittees #401k #retirementplans #hr

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As you consider how you'll transfer your wealth to the next generation, it's important to discuss your plans with your family to avoid any misunderstandings. Watch this webinar live on May 22 at 3 p.m. CT or on demand after.

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Here’s something most get wrong about taxes – There’s a difference between “deferring” and “deducting” Take your 401(k) contribution as an example: -When you make a pre-tax contribution to your you’re DEFERRING taxes on that contribution. You (or your heirs) will have to pay taxes on that money at some point in the future. WHEN and HOW MUCH you pay in taxes is a matter of planning. This is a big deal because we’re in the midst of a generational wealth transfer.  Over the next 20 years approximately $84 TRILLION dollars will be transitioned. The youngest beneficiaries are likely in their 30s today. A good portion of these dollars will be passed via pre-tax accounts like IRAs and 401(k)s. The effective wealth inside of an IRA or 401K is significantly less than the balance indicates. You might inherit a $500,000 IRA from a parent, but you may end up with significantly less due to taxes. A significant amount of tax planning is required to maximize this wealth. Tomorrow's Master the Green is all about the planning required to: -Understanding the rules associated with inherited IRAs and 401(k)s -Minimizing the taxes that you have to pay on those dollars -Maximize the wealth from an inheritance If your parents are Baby Boomers, or If you've already inherited and IRA of 401(k) You won't want to miss this one ------------------------------- Hi, I’m Judd 👋 If we haven’t met, I’m an author, advisor, and I write a weekly newsletter for high achievers who’d rather be golfing. It’s called Master the Green and I publish it weekly on Wednesdays. You can subscribe using the link in my bio or ➕ give me a follow and I’ll send you an invite.

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Looking forward to 2025, it's easy to be optimistic. Meanwhile, there is a (negative) buzz within financial circles about revisions (downward) to payroll data that are about to hit the headlines. Interestingly, dated revisions throw a wrench in the merits of data dependency when it comes to economic stewardship. There seems to be a strong case for looking forward, setting a course, and creating the data upon which economic historians will be dependent.

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It's Financial Friday 💲 A must read if you/your parents live in Pennsylvania! 🌟 Understanding Pennsylvania Inheritance Tax: What You Need to Know 🌟 Navigating the world of inheritance taxes can be complex, especially with varying laws from state to state. If you have assets in Pennsylvania or are a beneficiary of an estate in this state, it’s crucial to understand the specifics of Pennsylvania’s inheritance tax. Here’s a quick overview: 🔍 What is Inheritance Tax? Inheritance tax is a tax imposed on individuals who inherit property or assets from a deceased person. Unlike estate taxes, which are levied on the deceased's estate, inheritance taxes are paid by the beneficiaries. 📜 Pennsylvania Inheritance Tax Rates: 🔹 0% for transfers to a surviving spouse, charitable organizations, and certain government entities. 🔹 4.5% for transfers to direct descendants (children, grandchildren) and lineal heirs. 🔹 12% for transfers to siblings. 🔹 15% for transfers to other heirs, including nieces, nephews, and friends. 💡 Key Points to Remember: Exemptions: Transfers to spouses and charitable organizations are exempt from inheritance tax. Due Date: The tax is due within nine months of the decedent’s death, with a discount available if paid within three months. Joint Property: The entire value of jointly owned property may be subject to tax unless the surviving owner can prove their contribution to the purchase. 📈 Planning Ahead: Gifts: Consider making gifts during your lifetime, as Pennsylvania does not impose a gift tax. However, gifts made within one year of death are subject to inheritance tax. Trusts: Establishing trusts can help manage and potentially reduce inheritance tax liabilities. 👨‍👩‍👧‍👦 Why It Matters: Understanding inheritance tax is essential for estate planning and ensuring your loved ones are not burdened with unexpected taxes. Proper planning can help preserve your estate’s value and provide peace of mind. 💬 Let's Connect: Have questions about estate planning or inheritance taxes? Feel free to reach out or comment below. Together, we can navigate these complexities and secure a brighter future for your beneficiaries. Anthony Petsis & Associates, Inc. Tony Petsis Alexander Petsis, CFP® ChSNC® Marc R. Butler Osaic #EstatePlanning #InheritanceTax #FinancialPlanning #PennsylvaniaLaw #TaxTips #WealthManagement

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Do you need a speaker to discuss tax-efficient charitable giving techniques – including DAFs, trusts, QCDs, CRTs, CLTs, and foundations? Many people who are charitably inclined don’t understand the most tax-efficient ways to give to charities. Learn why you should always think about giving away highly-appreciated assets to charity instead of cash. We will review the best use of Donor-Advised Funds and explain why a Qualified Charitable Distribution from your IRA might be beneficial. We will also go over some techniques to save significant taxes when selling a business or investment property and create an income stream for you and your family. Visit https://lnkd.in/eMQtpKNb to learn more about other topics we can cover, and to set up an appointment to discuss these or other topics for your organization! #financialadvisor #collegeplanning #financialspeaker

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You Are a CPA in Pennsylvania. Your Smart, You Work Hard and Your Clients Rely on You For Your Expertise and Sound Judgment. Your Clients Want More Than Tax Preparation. They Hire You to Help Them With Tax Planning. You May Recommend Contributing to Their IRA, Monitoring Their Company Retirement Plan, an Investment That Creates Tax Free Income, a Gift to Their Favorite Charity, Creating their Estate Plan and Protecting Their Net Worth. If You Are Looking for a Cost-Effective Portfolio Investment Management Solution For Your Clients. The Investment Advisor Can Help. We Provide Personalized Investment Advice, We Collaborate With You as Their Tax Advisor and Include Your Recommendations.    You Know Taxes, We Know Portfolio Investment Management. Together, We Can Help Improve Your Client’s Life. To Explore How We Can Work Together Call: Louis Wolkenstein Managing Principal The Investment Advisor 877-414-9021 #cpa #enrolledagent #taxes #investmentmanagement #portfolio #taxplanning #retirementplan #retirementplanning #corporations #partnerships #subschapters #nonprpofit #501c3 #llc #pc #llp #401k #403b #sep #simple #keogh #profitsharing #ira #employeeeducation #adminstration #tpa #thirdpartyadministrator  #employeebenefits #smallcompany #midsizecompany #estateplanning #gifting #charitablecontribution #assetprotection #networth #costeffective #personalized #collaborate #income #taxfreeincome #taxdeferred #pittsburgh #philadelphia #pennsylvania             

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As Thanksgiving approaches, families gather to celebrate gratitude. But it's also an opportune moment for a crucial conversation: discussing finances with aging parents. As financial professionals, we've seen too many families postpone this "Money Talk." Sound familiar? Don't wait. Your parents will appreciate your concern, and addressing this now can benefit everyone in the long run. Here's our guidance to navigate this important discussion: 1️⃣ Timing is Key: It's easier to discuss personal finances when there's no immediate pressure. 2️⃣ Set the Right Tone: Frame the conversation around helping them maintain independence, not taking control. 3️⃣ Come Prepared: Familiarize yourself with their potential concerns–healthcare costs and living arrangements. 4️⃣ Use 'I' Statements: "I want to make sure I understand your wishes." To some, that sounds better than, "You need to tell me about your finances." 5️⃣ Start Broad: Begin with general questions before diving into specifics. 6️⃣ Be Patient: This may not be a one-and-done conversation. It may take several talks to build an understanding. 7️⃣ Recognize Their Experience: Acknowledge the wisdom they've accumulated over the years. 8️⃣ Suggest a Family Finance Day: Propose a day where the family openly discusses financial matters, making it a normal topic. Remember, the goal is to help your parents feel supported, not scrutinized. Every family's situation is unique, and there's no one-size-fits-all approach. For personalized strategies, our team can help guide these sensitive conversations. #FamilyFinances #RetirementTalk #ElderCare

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I am very pleased to share my recent article on retirement planning! #TeppWealthManagement

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The last of my 3-part blog series on values clarification was just posted this morning titled, "What are Best Practices in Values Clarification?". There are links to the first two articles in the very first paragraph if you missed it! Financial Professionals, do you do values clarification with your clients? What method have you used and how has it worked for you? https://lnkd.in/gHSUsuGT #financialplanning #financiallifeplanning #financialadvisors #values #behavioralfinance #financialwellness

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