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IL: 815-748-2130 • FL: 941-952-1188






WALSH & ASSOCIATES BLOG

The IRS has released a new rule that will simplify the method for estates to obtain an extension of time to make the estate tax portability election.  Known as Revenue Ruling 2017-34, this new rule will ease up on surviving spouses who failed to take advantage of their deceased spousal unused exclusion amount (DSUE) in a timely manner.  Background on…
Though oddly named, a QTIP trust is used by many wealthy couples to protect their assets and provide for the surviving spouse. The catchy QTIP acronym stands for Qualified Terminable Interest Property, which is property in a decedent’s estate that can still qualify for the estate tax marital deduction (with certain restrictions). QTIP can also be property that is given…
The Department of Labor’s Fiduciary Rule will officially kick into effect on June 9, 2017, with full implementation by January 1, 2018. As of June 9, all advisors to retirement investors must adhere to “impartial conduct standards”, meaning they must give investment advice that is in the best interest to the client, charge for reasonable compensation, and make no misleading…
Before diving in, we’ll start with the basics of a health savings account, or HSA. A health savings account offers those who have health insurance with high deductibles the chance to save pretax funds to use for medical expenses. If there are any unused funds in the HSA at the end of the year, they roll over to the next…
In today’s high-tech world, technology has produced a new form of property that we need to think about in our estate documents. Digital assets are now an essential part of the estate planning process, but some people may still overlook them! It’s important to not only remember your digital assets when working with your estate planner, but also understand the…
Some potential charitable donors are faced with quite the dilemma: how to give to charity while still maintaining wealth and financial security for their own family. The concern is that a substantial charitable gift could end up depriving their family members of funds they may need for future emergencies. But the longer the potential donor stalls, the longer their charity…
According to conventional, or modern, financial theory, people are generally rational and predictable investors. Some popular conventional finance theories are the Capital Asset Pricing model, which explains the relationship between systematic risk and expected return, and the Efficient Market Hypothesis, a theory that claims it is impossible to beat the market because stocks always trade at fair value. And while…
Free Financial Planning Classes – Money Smart Week 2017 You can’t afford to miss this opportunity! As proud participants in this year’s Money Smart Week, Walsh and Associates will be offering free courses on four different personal finance topics. Money Smart Week is coordinated by the Federal Reserve and Northern Illinois University – taking place April 22nd through April 29th…
For those of you who have 529 plans, you may be asking how your contributions to the plan will affect your tax return. While for the most part they’re relatively low-maintenance, there are definitely a few times when your 529 plan could come into play during tax season. What to Do with Your 1099-Q? Let’s say you took a distribution…
American Opportunity Credit The American Opportunity credit gives students the chance to reduce the cost of attending college. Students must meet several requirements to be eligible for the credit. To be eligible for the credit, the student must be enrolled at least half time, for at least one semester in designated tax year, and be working towards a degree. If a…
Americans are an incredibly charitable group. According to a 2015 study done by The Giving Institute1, Americans donated $373 billion to charitable causes, and $268 billion of that was given by individuals. To benefit these charitable individuals, the IRS provides a charitable contribution deduction. But be aware, there are some very specific stipulations that must be followed, or your charitable…
Our Spring 2017 class lineup is here! We’re excited to offer ten free classes to the community on popular personal finance topics. Classes will be held Monday through Friday, March 20th to the 31st. According to the 2015 National Capability Study1 by the FINRA Foundation, nearly two-thirds of Americans could not pass a basic financial literacy test, meaning they could…
For some, planned giving can be an important component of their estate plan. Planned giving is the practice of making a substantial charitable gift part of a donor’s estate plan, which can either be distributed during the donor’s lifetime or after their death. Often times, smart planned giving involves combining a few different vehicles, such as a donor advised fund,…
Towards the end of 2016, the IRS announced it’s 2017 income and contribution limits for qualified plans and IRAs. Due to a low rate of inflation and a minimal increase in the cost-of-living index, most of the key limits remain unchanged. As in the past two years, the 2017 employee contribution limit for 401(k)s, 403(b)s and other government plans has…
If you don’t rely on it already, Medicare will eventually be a big part of ensuring that your healthcare costs are covered in your retirement. Health care can be one of the largest expenses in retirement – according to a study done by the Employee Benefit Research Institute (EBRI) in October of 2015, the average retired couple will need $259,0001…
While many options that allow you to defer income or speed up deductions have a December 31st deadline, there are still a few exceptions. With traditional IRAs and Roth IRAs, you actually have a total of 15 months to make a contribution for the current tax year. That means in 2016, you can make a contribution all the way up…
Planning for retirement is a fantastic idea, and the earlier you begin to do so, the better. But with all the different investment vehicles for you to choose from, it can be hard to narrow them down to find the perfect fit. These days, two of the most common defined contribution plans are IRAs and 401(k)s – both of which…
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Florida Location

address2350 Fruitville Rd
       Suite 201 Sarasota, FL
phone Phone: 941-952-1188
fax Fax: 941-952-1184

Illinois Location

address1325 Sycamore Rd
      Suite 201 Dekalb, IL
phone Phone: 815-748-2130
fax Fax: 815-748-3401