Tax efficiency inside of your wealth management solution. While you can’t control the tax laws, understanding them may help save you money now and over multiple years.

The IRS on Wednesday issued the 2020 retirement plan contribution limits, annual inflation adjustments for many tax provisions as well as the 2020 tax rate tables for individuals and estates and trusts. These adjusted amounts will be used to prepare tax year 2020 returns in 2021.

The Tax Act of 2017 increased the standard deduction and many people who itemized deductions in the past will now be better off taking the standard deduction. For the charitably inclined, a strategy we have been discussing with our clients is to bunch charitable gifts. While this can be a good strategy, there are limitations.

When it comes to your estate planning and inheritance preparation, avoiding probate is always in your family’s best interest.

Owning company stock inside your employer retirement plan, e.g., 401(k), can be a great employee benefit. At retirement, assuming the tax-deferred value of your company stock has grown, you may want to consider a frequently underused strategy called Net Unrealized Appreciation (NUA).