Kilee Bomgardner, CFP, CAP, AWMA of Janney Montgomery Scott LLC

The estate and gift tax exemption limit is currently at a historic high but due to “sunset” on December 31, 2025. Read more about some strategies and considerations to take advantage of this unique opportunity.

Window of Opportunity: Leveraging the Estate and Gift Tax Exemption In 2024, the estate and gift tax exemption is $13,610,000 per person ($27,220,000 for married couples), the highest it has ever been. The estate and gift tax exemption is set to “sunset” on December 31, 2025 to the prior estate tax exemption of $5,000,000 for individuals ($10,000,000 for married...

It’s that time of year again! Start cleaning out your shoe closets and let me know if you have any new/gently used shoes you’d like to donate to a wonderful organization Soles4Souls. I can come pick up donations from anyone in the greater Pgh area.

The shoe drive at Sharon Community Presbyterian Church of Moon Township runs from March 10-24.

Please message me if you have any questions 😊

If you participate in a 401(k), or other qualified retirement plan that lets you invest in your employer’s stock, consider the tax deferral opportunities of net unrealized appreciation (NUA). Learn more:

Tax Deferral Strategies for Employer Stock in a Qualified Retirement Plan When you receive a distribution from your employer’s retirement plan, in general, the distribution is taxed as ordinary income. The most common way to avoid immediate taxation is to roll the plan assets over to an IRA. However, when you receive distributions from the IRA, they will be taxed as ord...

When it’s time to complete your tax forms, review this checklist with steps to help ensure a stress-free tax filing experience and also to help maximize your tax planning.

5 Simple Steps to Prepare for Tax Filing Whether your contribution is pre-tax or post-tax, any earnings you get on your investments are tax-deferred until withdrawal. If your employer matches contributions, contribute at least that percentage of your paycheck. Otherwise, you’re passing on money that could be invested for you.

Happy Presidents' Day! May the dedication of the leaders who shaped our nation inspire us all.

If you’ve maximized your traditional retirement contributions but want to save more for retirement, cash value life insurance can offer both financial security and a tax-deferred way to accumulate additional funds. Read more and learn if this strategy could be right for you.

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Wishing you a day filled with love, joy, and cherished moments with those who are special in your life. Happy Valentine’s Day.

Involving family members in your estate planning can help avoid surprises, lead to better financial planning, and help develop a long-lasting family legacy. Read more on how to get started:

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Would you like to contribute to a Roth IRA, but your income exceeds the applicable income limits? Learn about how you can use a backdoor Roth strategy in this article.

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Late posting this (thanks to the flu) but I am very blessed to be a part of the Women of Wealth study group. A few weeks ago, we held a day-long offsite meeting to share best practices on new client onboarding, marketing, process management, etc.

Thank you to Melissa Migliaro for being our special guest and offering her expertise on all-things marketing. And thank you to Christine Brookins for hosting us at the beautiful CNX HQ building!

As Gen Z enters adulthood, their differing values, behaviors, and perspectives will inevitably shape their relationship with money. Read more about these defining characteristics and important considerations Gen Z should think about with their financial planning, and how parents can assist.

Generation Z: Different Values, Behaviors, and Perspectives Much has been written about the Millennial generation—those born between 1981 and 1996. Often mistakenly perceived as isolated and disengaged, these tech-savvy information sharers are in fact a globally aware, highly empathetic, and cause-driven generation, with a strong collective social conscien...

If you missed our presentation—not to worry! Access the recording now to hear from Janney’s Investment Strategy Group on what to expect for the economy and markets in 2024.

Watch the video here: https://bit.ly/3O80Olq

All Janney clients who are registered users of Online Access have access to a Document Vault, a secure and frictionless place to store and access your financial, household and personal documents.

Check out this list of documents that could be helpful to store in the Document Vault.

Document Vault Checklist Determine which documents should be stored in the document vault. Stay organized by keeping your documents in one safe place.

Today, we remember and reflect on the legacy of Martin Luther King Jr. May it inspire us to create positive change and build a more harmonious and inclusive world.

Fun evening of team bonding at the Penguins game last night (despite the loss)!

Are you behind or not sure where to start with estate planning? Check out this article for some tips and a few ideas that may help reduce estate and inheritance taxes.

Estate Planning for Procrastinators Although it's recommended that estate planning techniques be put in place long before someone dies, there are a few ideas in the estate planner’s toolkit that may help reduce the tax bill.

Find yourself a colleague who turns into a friend that you can volunteer with.

It was a chilly one this morning, but Larissa and I had a blast passing out potatoes for the Greater Pittsburgh Community Food Bank!

With tax scams tending to spike from December through April, check out this list of the IRS' “Dirty Dozen” tax scams and some tips on how to stay protected including:

- Never give out information, especially your Social Security number, to someone claiming to represent the IRS.
- Be wary of emails and texts that may be scams to steal personal information.
- Avoid ads touting refunds, which can be based on inaccurate information related to eligibility for and computation of the credit.

Read more:

Look Out For These Top Tax Scams When Filing Your Taxes Be hyper-alert for fake communications from those posing as the IRS agents, which arrive in the form of an unsolicited text (smishing) or email (phishing) to lure you to provide valuable personal and financial information that can lead to identity theft. The IRS will never send taxpayers an email ab...

We hope your New Year is safe, joyful, and prosperous.

Don’t forget to register for our exclusive presentation to hear Janney’s Investment Strategy Group’s insights on what’s next for the economy and markets in the coming year.

Register Here: https://bit.ly/3ty7fab

There are several advantages to using 529 Plans to help fund a grandchild’s education, including:

- Contributions are treated as gifts, which removes assets from your estate, providing potential tax benefits.
- Allows for tax-deferred growth as all earnings are withdrawn tax-free when used for permitted education purposes.
- You maintain control of the assets, unlike other types of gifts, as funds can only be used according to the will and direction of the account holder.

Read more about these advantages and other considerations when using 529 plans to help fund education for the next generation and see if this solution is right for you.

529 Plans: A Tax-Efficient Way to Fund Your Grandchildren’s Education When grandparents are given the gift of grandchildren, they are often filled with the desire to do anything they can to help, financially and beyond. In fact, according to the AARP, grandparents spend approximately $179 billion on their grandchildren every year.

The Federal Reserve has made significant progress in bringing down inflation while maintaining growth in the U.S. economy. Can it continue in 2024? Join our exclusive presentation to learn more.

Register Here: https://bit.ly/3TppIjZ

Did you know you can save on taxes while supporting your favorite charities and causes? Learn more about several tax-smart strategies when giving charitable gifts.

Tax-Smart Charitable Gifting Strategies While each of us has our own very personal motivations for and approach to giving, collectively Americans continue to be the world’s most charitable nation. In 2021 alone, annual charitable gifting in the United States totaled $484.85 billion (with gifts by individual comprising 67% of the total)....

Happy Hanukkah! We hope your celebrations are full of peace and light.

There are many options for charitable giving, from direct contributions of cash and property, to donor-advised funds, foundations, and charitable trusts. Read more about your options.

Discover the Emotional and Fiscal Benefits of Philanthropy Giving back to enrich one’s community can be one of the most rewarding experiences for both the donor and recipient. According to Giving USA, Americans gave $484.85 billion to charity in 20211. While the act of philanthropy can yield heartwarming results, there also can be lucrative benefits to gi...

Join our exclusive presentation to hear Janney’s Investment Strategists’ views on the current state of the economy and markets, their outlook for 2024, and what you should know about the potential impact on your portfolio strategy.

Register Here: https://bit.ly/3uMCxKD

As the year draws to a close, it's important to consider tax planning strategies to minimize your tax burden and maximize your savings. Here are a few key considerations:

- Explore Roth conversions to take advantage of lower tax rates.
- Take your required minimum distributions (RMDs) from retirement accounts.
- Consider charitable giving to avoid capital gains tax and claim a tax deduction.
- Make qualified charitable distributions (QCDs) directly from your IRA to a qualifying charity.
- Keep tabs on proposed tax legislation and update your estate plan accordingly.

Read this article for additional strategies to consider before the beginning of 2024.

9 Considerations for 2023 Year-End Tax Planning Despite the challenging environment, you are still able to and should focus on traditional year-end income tax planning. While many issues are out of our control, our tax situation is not one of them. Here are several things to consider before the beginning of 2024.

Today we give thanks for our clients, colleagues, family, and friends. Wishing you a happy Thanksgiving.

The physical, financial, and emotional strain of assisting a loved one with social or health needs can have substantial impact on the caregiver. In this article, learn how long-term care planning can help.

Long-Term Care: Impact on Family Caregivers When you are young and healthy, it is difficult to imagine a day when you may need longterm care (LTC). This may include receiving help at home with basic daily activities such as bathing, dressing, and eating; community services like adult day care and transportation; or ongoing care in a nursing h...

The possibility of experiencing a long-term care event later in life is a real concern for retirees and their families. Read more for some tips on how to start the conversation with your parents and how to prepare for the costs.

Having a Long-Term Care Conversation with Aging Loved Ones As your parents age, there’s a significant chance they will need long-term care. According to the Department of Health and Human Services, more than half of Americans turning 65 this year will develop a disability serious enough that they will need help with the basic activities of daily living. M...