Category: Financial Planning

Estate planners often tout the virtues of owning property jointly — and with good reason. Joint ownership generally offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of all the implications. Title Wording Matters – Joint Ownership in Estate Planning Joint ownership requires interests in property by more than one party. The type of joint ownership depends on the wording of the title to… Read more ›

If you’re looking for money to buy a new car or pay off some bills, your 401(k) plan may seem like a pot of untapped gold. The temptation to tap your retirement funds often comes when you switch jobs and must decide how to handle your account. But in most cases, breaking into a retirement plan early is a mistake that will just melt away your savings. Unfortunately, many people make the unfortunate decision to “cash out” their retirement accounts… Read more ›

A PDF copy of this article about teaching financial responsibilities to children can be found by clicking here.  Giving to our children comes naturally. As with any other family practice, our spending habits serve as a role model for our children. The conflict here generally comes with wanting to demonstrate our love through spending and at the same time teach appreciation, respect and responsibility in financial matters. The teaching and understanding of financial responsibilities starts at home. How comfortable is… Read more ›

PDF: Washingtonian Magazine Recognizes Debbie May’s Financial Expertise for the Ninth Time Debora E. May, CPA, CFP®, CDFA®, Executive Vice President at Councilor, Buchanan & Mitchell, P.C., director of the firm’s divorce, litigation, wealth management and financial planning practice, and chief investment officer at May Barnhard Investments (MBI), the firm’s financial advisory subsidiary, has been recognized by Washingtonian Magazine as a top financial advisor in the Washington, DC metropolitan region. May has been recognized nine times by Washingtonian over the… Read more ›

Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs Act (TCJA), Biden has promised a progressive approach to taxation, focused primarily on increasing the burden on businesses and high-income individuals. Of course, his odds… Read more ›

by Abbie Niehoff, MPS, Divorce Financial Specialist, Councilor, Buchanan & Mitchell, P.C.  One of the most beneficial conversations you can have with your significant other is about money. As a divorce financial professional, I have seen numerous couples who ended their marriages for a plethora of reasons – one of the most common being money and the problems that arise from the lack of communication about their money. If they had a conversation early on in their relationship setting the… Read more ›

On July 23, Richard Morris, Director of Tax Services, and Senior Investment Advisor, Alex Seleznev collaborated on an article for Harness Wealth on the topic of tax planning during a time of stock market volatility. Among the topics covered are what to avoid with regards to investments and how to handle Roth IRAs. Click here to read the full article.

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. RMD Relief Specifically, the CARES Act waives the 10% early distribution penalty for CRDs taken between January 1, 2020, and December 31, 2020. Under the law, the waiver applies to CRDs made to an individual: • Who’s… Read more ›

In an era of uncertainty, you can count on one thing: Time marches on. While you can’t beat Father Time, you can prepare for these age-related tax and financial planning milestones as you and your loved ones grow older. Age 0-23: Beware of the Kiddie Tax The so-called “kiddie tax” rules can potentially apply to your child’s (or grandchild’s) investment income until the year he or she reaches age 24. Specifically, a child’s or young adult’s investment income in excess… Read more ›

January 29, 2020 (Bethesda, MD & Washington, DC) – Debora May, CPA, CFP®, CDFA® and Wendy Moyers, CFP®, CDFA®, respectively Executive Vice President and Senior Financial Advisor at Councilor, Buchanan & Mitchell, P.C., have been recognized by Washingtonian Magazine as top financial advisors in the Washington, DC metropolitan region. This is the eighth such recognition for Ms. May and the first for Ms. Moyers. Winners are selected through a peer review process managed and administered by Washingtonian Magazine. Debora May, CPA,… Read more ›