April 16, 2024
Tips for Leveraging 529 Education Savings Plans
A 529 Education Savings Plan can be a great way to save for your children's or grandchildren’s education. Below are some of the key benefits of a 529 plan:
- Some states allow a tax deduction from (or credit against) state taxes for all or part of your contributions and will not pay any federal tax on earnings as long as the proceeds are used for a qualified education expense.
- The account owner maintains control of the account and determines the amount and timing of distributions.
- There are no income limits, and 529 plans have no time or age limits on contributions or withdrawals.
Read more about the benefits of a 529 plan.
April 11, 2024
Window of Opportunity: Leveraging the Estate and Gift Tax Exemption
Consider the planning strategies outlined in this article to take advantage of the current estate and gift tax exemption before its sunset at the end of 2025.
April 02, 2024
We’re very excited to announce our founding partner, Doug Velnoskey, has been named a Forbes Best-In-State Wealth Advisor for 2024. This is the 5th year in a row Doug has been honored by Forbes and their partner, Shook Research. Please join us in congratulating him on this important achievement!
Forbes Best-in-State Wealth Management Teams ranking was developed by SHOOK Research and is based on in-person, virtual and telephone due diligence meetings and a ranking algorithm that includes: a measure of each team’s best practices, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. SHOOK’s research and rankings provide opinions intended to help investors choose the right financial advisor and team, and are not indicative of future performance or representative of any one client’s experience. Past performance is not an indication of future results. Neither Forbes nor SHOOK Research receive compensation in exchange for placement on the ranking.
March 19, 2024
Maximize Long-Term Care Benefits Using an Existing Annuity
Long-term care (LTC) insurance is a critical consideration within our team's unique financial planning process. We believe discussing the potential adverse impacts in retirement without LTC insurance present us the significant opportunity to deliver a holistic and comprehensive financial plan.
If you have a pension benefit with your employer, an often-overlooked provision of the Pension Protection Act allows you to gain valuable tax benefits by replacing an unneeded annuity with one that offers long-term care coverage. Several benefits can include:
- Tax-deferred growth
- New features/better rates
- Legacy planning
If you find yourself in this situation, you can learn more about annuity exchanges and if this solution would fit your circumstances in the article below. If you want to discuss the specifics of your plan, let's connect!
March 13, 2024
Tax Deferral Strategies for Employer Stock in a Qualified Retirement Plan
Coordinating your tax planning between accounts you have with an employer sponsored plan and your other invested assets is critical. It's also a significant part of our team's unique financial planning process. If you participate in a 401(k), or other qualified retirement plan that lets you invest in your employer’s stock, consider the tax deferral opportunities of net unrealized appreciation (NUA). Learn more in the article below:
March 13, 2024
Simple Safeguards: How to Protect Yourself from Identity Theft and Cybercrime.
Janney has once again invited retired FBI Special Agent, Jeff Lanza to present his popular webinar on how to protect yourself from the latest trends in identity theft and cybercrime. You won’t want to miss this valuable program!
Featuring Jeff Lanza, Retired FBI Special Agent
March 05, 2024
Simple steps to prepare for tax filing
As part of our team's comprehensive and holistic approach, we work hand in hand with our clients' CPAs and other tax advisors to address their tax planning. Now that we're a little under 6 weeks away from Tax Day, when it’s time to complete your tax forms, this checklist with steps can help ensure a stress-free tax filing experience and also assist you in maximizing your tax planning. If you're seeking additional guidance for your specific situation, connect with us!
March 01, 2024
The Velnoskey Wealth Management Group is pleased to announce Devin P. Velnoskey has successfully completed and passed the Certified Exit Planning Advisor curriculum and earned his CEPA®️ designation.
The CEPA®️ program is designed to educate advisors of many disciplines in the Value Acceleration Methodology™️ and its impact on business owners and their families. Devin will use his new knowledge to work more closely with our business owner clients and referrals to counsel them in strategic exit planning while connecting them to our group's large network of credentialed professionals including value growth advisors, family enterprise advisors, business valuation experts, business brokers, CPAs, corporate and estate attorneys, insurance professionals, as well as investment banking and private equity resources, who can assist business owners in value creation and growth today to prepare them for their destiny and greatness in their "third act" of life.
Please join us in congratulating Devin on this achievement!
March 01, 2024
Consider a Backdoor Roth if You Make Too Much to Contribute to a Roth IRA
If your income is too high for a Roth IRA, consider this backdoor strategy, which allows you to convert from a traditional IRA to a Roth—despite IRS-imposed income limits.
February 20, 2024
Using Life Insurance as a Retirement Planning Tool
Asset location is just as important as asset allocation when considering cash flows for retirement planning. If you’ve maximized your traditional retirement contributions but want to save more for retirement, cash value life insurance can offer both financial security and a tax-deferred way to accumulate additional funds. The article below provides more information on this strategy and if it could be right for you. If you're curious where you stand when it comes to your personal asset location strategy, connect with our team!
February 13, 2024
A Family Conversation on Estate Planning
Here at the Velnoskey Wealth Management Group, our unique financial planning process is well tailored to family wealth conversations and intergenerational wealth transfers. We focus on involving family members early in our process, particularly in estate planning to help avoid surprises. We believe this leads to better financial planning and helps families develop a long-lasting legacy. You can read more about family planning conversations in the article below. If you're seeking a partner to help lead the conversation in your family, let's connect.
February 01, 2024
Tax Information & Forms
Be sure to check out our 2023 Client Tax Resources for updated mailing schedules, resources, and tax forms as you prepare for upcoming tax deadlines.
January 30, 2024
Consider a backdoor Roth if you make too much to contribute to a Roth IRA
Have you ever heard someone use the term "backdoor Roth" and wondered what they were talking about? At a basic level, it allows you to contribute to a Roth IRA when your income exceeds the applicable income limits. If you'd like to learn more about how you can use a backdoor Roth strategy check out the article below or reach out to our team.
January 23, 2024
Look Out For These Top Tax Scams When Filing Your Taxes
With tax scams tending to spike from December through April, check out this list of the IRS' “Dirty Dozen” tax scams and some tips on how to stay protected including:
- Never give out information, especially your Social Security number, to someone claiming to represent the IRS.
- Be wary of emails and texts that may be scams to steal personal information.
- Avoid ads touting refunds, which can be based on inaccurate information related to eligibility for and computation of the credit.
Read more:
January 11, 2024
We have exciting news to share!
The Velnoskey Wealth Management Group has been named to the Forbes 2024 Best-In-State Wealth Management Teams list for the 2nd year in a row!
This award is a direct representation of the hard work, dedication, and passion of our amazing team. We are honored to be recognized again and give special thanks to all our clients who place their trust and confidence in us daily. We appreciate you!
#financialadvice #wealthmanagement #forbes2024 #team
January 09, 2024
Estate Planning for Procrastinators
Are you behind or not sure where to start with estate planning? You're not alone! Check out this article for some tips and a few ideas that may help reduce estate and inheritance taxes. If you are looking for some guidance on strategies or perhaps a reference from our network of excellent attorneys, please reach out to us.
January 03, 2024
Outlook 2024
Outlook 2024 offers the Janney Investment Strategy Group’s baseline forecasts for the economy and equity and fixed income markets in the coming year.
December 26, 2023
Cash Balance Plans: An Overview
As the year draws to a close, retirement plan considerations can be top of mind for business owners. The array of options available can be overwhelming. A cash balance plan could be a consideration. Click on the article below and access the accompanying PDF to learn about the potential for accelerated retirement savings and significant tax benefits of a Cash Balance Plan.