Recent changes implemented by Secure Act 2.0 provide a powerful retirement opportunity. Starting in 2024, Congress changed the way that 529 accounts work....more
Federal income tax law offers tax advantages to taxpayers that save money in specially designated accounts earmarked for future educational expenses (“529 Accounts”). In addition, federal income tax law also incentivizes...more
Thanks to changes in the SECURE 2.0 Act, saving for education can now also help save for retirement. Beginning in 2024, the beneficiary of a 529 education savings plan account may roll certain excess account assets directly...more
Beneficiaries of qualified tuition programs under Section 529 of the Internal Revenue Code (“529 accounts”) will have a new opportunity starting January 1, 2024. Under SECURE Act 2.0 (the “Act”), 529 account beneficiaries...more
The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more
Section 529 college savings accounts are used for tax-free education investments. When considering whether to create a 529 account, there generally is some apprehension that the person you are saving for won’t pursue a...more
As the year is drawing to a close, we offer you some general advice regarding year-end planning and updated inflation-adjusted figures for 2023. Annual Exclusion Gifts - In 2022, the annual exclusion amount is $16,000...more
For many students, this time of year signals the end of their high school careers and the beginning of the transition to college. With that transition, students and their families must address difficult issues, including how...more
Earlier this month, New Jersey joined the list of states with an ABLE Plan. An ABLE account is a special tax-favored disability savings account designed to help individuals living with a severe disability save and manage...more
Based on changes implemented by the Tax Cuts and Jobs Act, this is an update on a previous post written by Eileen Y. Lee Breger in May 2017, “Families Can Use a Tax-Advantaged ABLE Account to Save for Disability Expenses.” ...more
So you have an estate plan? Good for you. You funded it? Even better. But have you updated it and your will in the last year? If you haven’t, your loved ones or favorite charities may be in for an unpleasant surprise. Your...more
Although the Achieving a Better Life Experience Act (or ABLE Act) was signed into law on December 19, 2014, many states have been waiting to offer ABLE accounts authorized by the Act until the IRS published regulations. The...more