Mathew J. Ryan, MBA, CFP®, EA

The Mega Backdoor Roth is a great way for higher-income earners to take advantage of Roth-like benefits through their employer retirement plan. There are many aspects to consider before attempting to incorporate this strategy into your savings goals.

Many times, umbrella coverage is overlooked. Unlike homeowner, auto, and health insurance, umbrella policies are not required by law. However, this does not make umbrella liability coverage any less important. The best part is that umbrella coverage is cost-effective and relatively inexpensive!

A couple of withdrawal strategies that should be considered are the Roth conversion and harvesting of capital gains. Both strategies involve the recognition of income, though the tax impact is quite different.

To qualify for a 1031 exchange, a few characteristics must be met. First, the property that you are selling (known as the relinquished property) and the property that you are purchasing (known as the replacement property) must be what the IRS deems “like-kind.”

Tax planning will always be at the forefront of comprehensive financial planning. Taking steps throughout the year can not only ensure you are not faced with a tax surprise at filing time,

Suffice it to say there are ample estate planning techniques to help reduce your gross estate amount before death. Portability can play an important role in your estate planning.

The decision on how to structure your business can be an arduous process. If this process becomes too cumbersome, consider speaking with your financial advisor to get their input and loop in an attorney when needed.

Are changes to the SECURE Act on the way? It is important to be at the forefront of what is on the table so proper due diligence can be taken in advance of any enactment of proposed acts.

When it comes to tax law and estate planning regulations, Congress is, if nothing else, unpredictable. While the Build Back Better bill appears to be dead in its current state, another bill will soon follow, offering up its own set of planning challenges.

Dealing with Medicare-related items can be difficult. If the burden of handling the process alone feels daunting, do not hesitate to reach out and work with your financial and tax advisors.

Invariably, the end goal is to lower the overall value of your estate to limit your estate tax liability. There are several ways in which to reduce your taxable estate.

For those unfamiliar with the Backdoor Roth IRA, this strategy entails making nondeductible contributions to an IRA and subsequently converting those assets to a Roth IRA.