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Edward Jastrem - 2 — - 2 Donald Trump's - 2 George Gagliardi - 2 Gagliardi - 2 Roth - 2 Jastrem - 2 Jessie Casson - 1
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Westwood , Massachusetts Lexington , Massachusetts
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Search resuls for: "Heritage Financial Services"


4 mentions found


☆ How to avoid the 'survivor's penalty' before a spouse passes
  + stars: | 2024-03-18 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +4 min
Jessie Casson | Digitalvision | Getty ImagesIt's hard to lose a spouse, and a costly surprise makes it even more difficult, especially for older women — higher taxes. watch nowTypically, the surviving spouse inherits the deceased spouse's individual retirement accounts, and so-called required minimum distributions are about the same. But the surviving spouse now faces higher tax brackets, Gagliardi said. Spouses may consider partial Roth IRA conversions, which transfers part of pretax or nondeductible IRA funds to a Roth IRA for future tax-free growth, Jastrem said. Check investment accountsIt's always important to keep account ownership and beneficiaries updated, and failing to plan could be costly for the surviving spouse, Jastrem said.
Persons: Jessie Casson, Digitalvision, Edward Jastrem, —, Donald Trump's, George Gagliardi, Gagliardi, Roth, Jastrem Organizations: Getty, Centers for Disease Control, Heritage Financial Services, CNBC, Coromandel Wealth Management, Wealth Locations: Westwood , Massachusetts, Lexington , Massachusetts
☆ How to prepare for the 'survivor's penalty' before a spouse passes
  + stars: | 2023-11-11 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +4 min
Nosystem Images | E+ | Getty ImagesMany older women outlive their spouses and may not expect higher future taxes after suffering from the loss. As a result, many married women eventually face a "survivor's penalty," resulting in higher future taxes, according to certified financial planner Edward Jastrem, chief planning officer at Heritage Financial Services in Westwood, Massachusetts. watch nowTypically, the surviving spouse inherits the deceased spouse's individual retirement accounts and so-called required minimum distributions are about the same. But the surviving spouse now faces higher tax brackets, Gagliardi explained. Review investment accountsIt's always important to keep account ownership and beneficiaries updated, and failing to plan could be costly for the surviving spouse, Jastrem said.
Persons: Edward Jastrem, —, Donald Trump's, George Gagliardi, Gagliardi, Roth, Jastrem Organizations: Getty, Centers for Disease Control, Heritage Financial Services, Coromandel Wealth Management, Wealth Locations: Westwood , Massachusetts, Lexington , Massachusetts
☆ The tax extension deadline is Oct. 17. Watch out for these 3 common errors, advisors warn
  + stars: | 2022-10-05 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
If you're looking to meet the Oct. 17 tax extension deadline, make sure you don't skip key forms as you're rushing to the finish line, experts say. Furthermore, you may prevent stalled refunds and future IRS notices by filing an error-free return online with direct deposit. More from Personal Finance:As demand soars for Series I bonds, TreasuryDirect gets a makeoverThe job market is cooling but workers still have power, say economistsThe extended tax deadline is Oct. 17. These may include a W-2 from your job, 1099-NEC forms for contract work and 1099-G for unemployment income. As for write-offs, forms may include 1098 for mortgage interest, 5498 for individual retirement account deposits and 5498-SA for health savings account contributions, among others.
☆ Here's how advisors are helping clients slash their 2022 tax bill
  + stars: | 2022-10-03 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
However, lower account balances may provide two opportunities: the chance to buy more shares for the same dollar amount and possible tax savings, depending on how much you transfer. And the tax savings may be compounded for investors during lower earning years, experts say. We regularly discuss Roth conversions for retired clients who haven't started taking Social Security yet because their incomes are temporarily low. "By doing a Roth conversion this year, she'll be able to turn a hard situation into massive tax savings," he said. But depending on your taxable income, you may also benefit from a lesser-known move known as "tax gain harvesting."
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