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Estate Planning, Tax Strategy Alex Voorhees Estate Planning, Tax Strategy Alex Voorhees

Tax Planning to Maximize Your Legacy

Most individuals have planned through their estate documents to leave all their assets to their spouse and then split them amongst their children or other family members.

And while this is certainly common practice, it does not always align with their personal values for charitable giving. In fact, it’s not uncommon to see someone give 5-10% of their income every year to charity and then give 0% of their estate after they die…

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Retirement Planning, Tax Strategy Alex Voorhees Retirement Planning, Tax Strategy Alex Voorhees

The Hidden Taxes In Tax-Free States

Moving to an income tax-free state in retirement may not lead to the tremendous savings retirees expect. The question to ask yourself when considering a new location is “How is this government funding itself?”

Oftentimes, the answer in states like Texas is property taxes. For example, in several counties in Texas, the property tax rate is over 2%, whereas it might be .5% to 1% in states with income taxes…

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Tax Strategy, Investment Strategy Alex Voorhees Tax Strategy, Investment Strategy Alex Voorhees

Using Direct Indexing to Maximize Charitable Giving

Direct Indexing is an investment strategy where the investor purchases the individual stocks of an index instead of the underlying index fund itself. You may be wondering why someone would go through the hassle of owning so many stocks when the cost of index funds is so low, and they can be purchased very easily. I tend to agree that in most situations, direct indexing is not the solution.

However, there are some situations where they can provide a tremendous benefit. One of those is for investors with non-retirement investments who donate to charity…

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Tax Strategy Alex Voorhees Tax Strategy Alex Voorhees

Getting A 91% Charitable Tax Deduction In Virginia – Neighborhood Assistance Program

If you live in Virginia and are searching for charitable organizations to give to, you may want to consider the Neighborhood Assistance Program (NAP).

According to their website, “In return for [your] contributions...individuals may receive tax credits equal to 65 percent of the donation that may be applied against their state income tax liability.” That’s right - a 65% dollar-for-dollar credit on your Virginia taxes!

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Tax Strategy, Estate Planning Alex Voorhees Tax Strategy, Estate Planning Alex Voorhees

How Much Can I Give Tax-Free Every Year?

Many clients that I work with want to begin gifting to their children and grandchildren. I love helping with this transition because it allows them to see the benefits of their gift instead of waiting to pass on an inheritance until after they are gone. The gifts can also be timed to help during pivotal moments in their lives, such as weddings, down payments, and college costs.

But exactly how much can you give without incurring taxes?

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