Connections, June 2018

Mesirow Wealth Advisors understands the challenges and pressures that individuals face when trying to manage their personal wealth, throughout the many stages and events of a lifetime. Our wealth advisors and wealth specialists have written these timely, relevant insights with you in mind. We hope you enjoy this edition.

Are you dedicated to charitable causes, but worried that you might lose your deduction?

Historically, many of our clients have claimed an “itemized deduction” on their federal tax return for their charitable gifts, resulting in a lower tax bill. However, recent legislation may impact the tax benefits of these gifts for 2018 and beyond. Read more.

Planning a Wedding? Don’t forget these critical financial planning tips.

It’s a fact; couples in the U.S. are marrying later in life, especially college educated professionals. As a result, when people make a decision to marry, both are more likely to be established and successful in their own fields, making premarital financial planning extremely important. Read more.

Tax Reform Expands the Flexibility of 529 Plans

The Tax Cuts and Jobs Act further enhanced the tax benefits available to 529 Plan owners. Beginning this year: (1) withdrawals of up to $10,000 per student from 529 Plans can now be used to provide for elementary or secondary school tuition (grades K-12), and (2) withdrawals from 529 Plans can be transferred tax free to 529 ABLE accounts. Read more

What Should I Do With My Time in Retirement?

Given increased longevity and improvements in health, today’s retirees have a greater number of lifestyle options that may be difficult to choose from. If you are interested in continuing to work in retirement there are a few things to consider. Read more.