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WALSH & ASSOCIATES BLOG

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…
Inheriting an individual retirement account can be a very fortunate thing, if done correctly. The majority of us are left to our own devices when preparing for retirement, so the additional income from an inherited IRA can provide some relief. But be forewarned, inherited IRAs come with a lot of rules – more than your own IRA. It is important…
The Early Retirement Option (ERO) for Illinois teachers was allowed to automatically expire on July 1 of 2016. The ERO was an option that allowed qualified TRS teachers to retire before age 60 without reducing their benefits. To qualify, a TRS member had be age 55 or older with at least 20 (but no more than 35) years of service.…
Long-term care is certainly a significant concern for people over age 65. According to the U.S. Department of Health and Human Services, 70% of those over age 65 will need some type of long-term care services during their lifetime. More than 40% will require care in a nursing home for some period of time. For a normally healthy and active…
What is a RMD? When you hit the age of 70 ½ , you are required by the IRS to withdraw funds from your traditional individual retirement accounts (IRAs) and qualified plans such as 401(k)s. This mandated withdrawal is known as a Required Minimum Distribution, or RMD. One of the possible benefits of having an IRA is that the money…
Contact: Michael Walsh 941-952-1188 This email address is being protected from spambots. You need JavaScript enabled to view it.     MICHAEL WALSH ATTENDS NATIONAL FINANCIAL SERVICES SYMPOSIUM Sarasota, FL— November 11, 2016 — Michael Walsh from Walsh & Associates recently attended LPL Financial’s annual ADVocate RIA Symposium, an invitation-only event focused on best practices in the growing registered investment advisory (RIA) field. Michael Walsh is on the RIA platform of LPL, a leading…
Until now, if you took a distribution from your employer sponsored plan, such as an IRA or 401(k), with the intention of making a 60-day rollover, but missed the deadline, the tax impact could be devastating. In most cases, the rollover would become invalid and you end up with a distribution that counts as a taxable event. But in a…
Escheatment is the process by which a state government assumes ownership of unclaimed or abandoned accounts. Its intended purpose was to help handle situations in which the owner of an account had died and had no heirs or beneficiaries – but it has evolved into something more complicated. After a specified period of inactivity, which for many states is only…
Risk and investing go hand in hand – no matter how safe you think your investments may be. A good investor will try to minimize their risk as much as possible without also reducing their potential rewards – but even the wisest investors must face the occasional downfall. What exactly is risk? It is any uncertainty in your investments that…
When saving for your child or grandchild’s college education, there are several types of education savings accounts to choose from. Three of the most popular college savings accounts are Uniform Gift to Minors Act (UGMA)/ Uniform Transfer to Minors Act (UTMA) accounts, 529 College Savings Plans, and Coverdell Education Savings accounts. Each type has specific rules, laws and taxes associated…
For most people, a living trust can be a helpful estate planning vehicle with numerous benefits – including avoiding probate court at death and incapacity. But if not careful, a small mistake can keep your trust from working the way it was intended. These mistakes can lead to costly probate proceedings or even a transfer of your estate to the…
When giving to a charity, you want to be smart and effective with your charitable contributions. One way to do that is by using a donor advised fund (DAF). A donor advised fund is a charitable investment vehicle that is sponsored by a public charity. One potential benefit of a DAF – your charitable contribution is eligible for an immediate…
While you may think all ties have been severed between you and your ex, one link may still exist – and that’s your Social Security benefits1. Depending on if you meet the 5 necessary criteria, you may be entitled to up to half of your ex’s benefits if they are higher than your own. Choosing to take your benefits as…
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