529 plans vary per state, but they often offer many benefits. This includes potential tax deductions for contributing to the 529 plan sponsored by the state you are a resident of. Virginia, specifically, offers up to a $4k state income tax deduction per 529 account, per account owner, per beneficiary — The top marginal income tax rate in Virginia is 5.

There are endless combinations of investment strategies and products when it comes to building an asset allocation. The obvious questions are always: how to select the best strategies/products, and how to manage them. I want to focus on the “how to manage them” part. Many people prefer to simply invest their savings in low cost, passive exchange-traded funds (ETFs), or mutual funds; parking them there as broad diversification to the equity markets.

As a Private Wealth Advisor, it’s my job to ensure our high-net-worth clients aren’t over-exposed to risk in their portfolios. It’s very easy to get in a position of taking too much risk. For example, a human tendency known as recency bias can drive you to chase higher returns, especially during long bull markets. The problem is, you could be gambling on your future and not even realizing it.

[Estate Planning Sidebar: Right now, the federal estate tax exemption—the amount of your gross estate at death not subject to federal estate tax—is at an all-time high. In 2022, it’s $12.06M for individuals and $24.12M for married couples. The Tax Cuts and Jobs Act (TCJA) of 2017 doubled the federal estate tax exemption, but only for a limited number of years.

The federal government sets a lifetime estate tax exemption amount that can be gifted during life or at death free of taxes. If the value of your gross estate exceeds the exemption amount in the year you pass away, your estate may be subject to estate taxes. Amounts above the exemption will be subject to a 40% tax (as of current law).

When you’ve grown significant wealth over the years and you want to use it to make a positive impact on the world, there are much more effective ways to do that than simple “checkbook giving” to your favorite charities. Each method of charitable giving has its own benefits and setbacks, rules and regulations, so it’s important you see all your options and understand why it’s worth considering one over another.

A SLAT is an irrevocable trust where one spouse (aka “Donor Spouse”) makes a gift into the trust that: Benefits the other spouse (aka “Non-Donor Spouse”), and Removes those gifted assets from their combined estates

What is tax-loss harvesting? Tax-loss harvesting is the practice of selling a security that has experienced a loss and replacing it with a very similar security. The idea is that you will be able to apply these losses against any realized gains or income on your tax return to help lower your tax bill while maintaining an optimal asset allocation. Losses can be indefinitely carried forward and applied to offset future realized gains until they are exhausted.