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By Jimmy J. Williams, CPA/PFS, CFP® Apr 22, 2021
2 hrs ago
Big projects and changes in the operations of government are always sought by new presidents with in their first one hundred days in office. President Biden is no exception to this trend.
     However, one of the areas of change proposed by the new administration is estate taxation. Under current law, most citizensâ estates in the United States would be well under the exemption allowed of $11,700,000. For those whose estates exceed this exemption amount, the rate at which their estate value is taxed is 40%. The current law is set to âsunsetâ after 2025 and the exemption would be returned to $5.5 million which would subject many more estates to taxation.
By Jimmy J. Williams, CPA/PFS, CFP® Apr 15, 2021
4 hrs ago
It is time to file your 2020 individual income tax returns. Many people face this task with trepidation and stress. To help you focus on this important obligation of all Americans, I am providing you some simple, yet effective, strategies to reduce this process to its simplest form.
First, do not procrastinate until April of each year to begin preparing for this required activity. Too many of us dislike the process of gathering and organizing our information to perform the task of preparing our returns. Do you remember the question about tackling big projects? You know, âHow do you eat an elephant?â The answer for the previous query, as well as the approach to your organization of tax information is the same, âone bite at a timeâ.
By Jimmy J. Williams, CPA/PFS, CFP® Apr 11, 2021
Jimmy Williams
One of the most important areas of planning for a secure future is to be able to weather the storms of life without invading your long-term investments. When working with a new client, we always ask questions regarding their current monthly living needs. By monitoring and managing your basic living needs such as food, shelter, clothing, entertainment, gifts, etc., you can determine your cash needs on a monthly basis.
This is the first step to developing a cash management plan that will serve you well in life. Once you know the cash flow need for a typical month, it is critical that you expand the thought process to cover a period of 90 â 120 days. Should a catastrophic event affect your family you will be confident that you can sustain your lifestyle without negatively impacting your future by withdrawing retirement assets prematurely.
By Jimmy J. Williams, CPA/PFS, CFP® Mar 14, 2021
Jimmy Williams
Educators are challenged every day. Why would you want to make your retirement transition challenging? You have worked for 30 years educating individuals that have changed the world through your guidance. Mrs. Smith, my first-grade teacher, was the first motivational speaker I heard in my life. At six years of age, Mrs. Smith instilled in me, or perhaps I should say endowed in my mind, the mantra and belief that âI could be anything I wanted to be if I worked hard enoughâ. This wonderful lady may have known, but I certainly did not, that she was bestowing to me a lifetime adventure of learning and dreaming that would reward me in tremendous ways throughout my life.