Monthly Archives: April 2019

Legislative Updates: First Quarter 2019

RETIREMENT ENHANCEMENT AND SAVINGS ACT & THE GOVERNMENT SHUTDOWN

As 2018 drew to a close, there seemed to be a real possibility that meaningful retirement legislation would be signed into law. After the November midterms, the prospects for passage of the Retirement Enhancement and Savings Act (RESA) legislation improved. Yet in late December, the stalemate over funding for a border barrier and the failure to reach a spending agreement eliminated the chances for a continuing resolution and resulted in the government shutdown. Another piece of legislation that will need to be reintroduced is the Receiving Electronic Statements To Improve Retiree Earnings (RETIRE) Act, which was designed to amend the Employee Retirement Income and Security Act (ERISA) and the Internal Revenue Code (Code) to allow plan documents required for participants, beneficiaries, and other individuals to be delivered electronically. Read more »

Tax Surprises? Here’s Why and What You Can Do About Them

That howling wind-like sound you heard at midnight on Monday, April 15 was accountants across the country exhaling at the end of what has been one of the most trying tax seasons many CPAs have ever worked through. The 2018 tax season has been particularly hard on accountants because, in addition to all of the data gathering and return preparation work that they do every year, this year many of them have had to serve another role: the bearer of really bad financial news. Taxpayers across the country have been surprised with their tax obligations under the Tax Cuts and Jobs Act and it is likely their CPAs who are explaining this system to folks for the first time. Today’s post will focus on some of the root causes of these tax surprises and propose a solution or two for those who owe more than expected.

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What do you do when your adult children can’t stand on their own financial feet?

I recently wrote a blog post about some of the challenges parents face when allocating money between spending on their children and saving for their own retirement. In this post, we’ll look at a specific scenario that we see fairly often as financial planners: clients with adult children who have not successfully launched their own financial lives. This picture can be painted with many different brushes — in some instances, parents may be helping children through a temporary bind as they fall on hard times, or in some cases, the adult child has been sheltered from real-world economic decisions and is facing a steep learning curve — but at the end of the day, the analysis is the same: how is the extra support for children impacting the parents’ ability to maintain their own lifestyle? Read more »

Does my child need this? Helping parents with the difficult challenges that arise when it comes to kids and spending

The recent college admission scandal has brought to light a subject many financial planners are all too familiar with: parents will sometimes go to ridiculous lengths to support their children. While the headlines may be dominated by the Hollywood names involved in college admission schemes, parents taking unreasonable financial risks for their children is an issue lurking just beneath the surface in many families. Read more »

Arnerich Massena’s Katherine Fox Featured in Portland Business Journal’s Estate and & Charitable Planning Guide

Arnerich Massena’s philanthropic advisor, Katherine Fox, introduces Portland Business Journal readers to the idea of philanthropic advising in an article that recently appeared in the Journal’s Estate & Charitable Planning Guide. In “Deepening Relationships Through Philanthropic Advising,” Katherine Fox discusses why this service is important and how it can fulfill clients’ long-term needs. “Our belief in the power of philanthropy led us to create our newest service offering: comprehensive philanthropic advising focused on empowering our clients to become more effective, educated, and engaged donors,” she notes in the article. “As advisers with a deep knowledge of the principles that guide effective non-profits and extensive experience conducting due diligence on a wide variety of organizations, our skill set makes us uniquely positioned to help clients access and evaluate the non-profit landscape within their chosen issue area.” Read more »