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While House Republican lawmakers approved a Senate-passed budget outline, "the details still need to be ironed out," according to Ed Slott of Ed Slott & Co., and the "actual tax and spending provisions are as yet unknown." But generous gift and estate tax exclusions as well as standard deductions would likely continue, Slott said.

Industry veterans Ed Slott and Ric Edelman are counseling advisors and their clients to stay the course after markets plunged Thursday on news that President Donald Trump imposed tariffs of at least 10% on all imports. "On days like this — and [Thursday’s] may be a record decline — it’s best to do nothing," Slott of Ed Slott & Co., told ThinkAdvisor in an email.

With the imminent return to the White House of Donald Trump, the tax outlook is coming into focus. And the nation’s wealthiest taxpayers, who were facing a halving of the lifetime estate and gift tax exemption (currently $13.6 million) at the end of 2025, may have dodged a bullet.

Parents with leftover money in college funds can now move them to retirement accounts—maybe even their own. But should they?

Financial advisors are well aware of the tax rules that affect retirement withdrawals, required minimum distributions, Roth conversions and rollovers. Clients, though, can often make major wealth-killing mistakes when managing their retirement savings.

America’s IRA Expert Releases New Best-Selling Retirement Planning Book That Includes Secure Act 2.0 Updates; Hosts Live Virtual Book Launch...

When it comes to teens and money, there is often a disconnect. Overall, teenagers are taking a greater interest in their long-term financial health — although far fewer understand basic retirement planning. A majority, or 83%, of 13- to 18-year-olds, said they had already thought about their retirement, according to the results of a survey from Junior Achievement and MissionSquare.

Advisors have two years to make big tax-saving moves for their clients, says Ed Slott. After that, a legislative window could close that opportunity forever.

The Roth IRA is the ultimate financial gift for retirees and their beneficiaries. Roth individual retirement accounts have no lifetime required minimum distributions, so you’ll never have to worry about paying higher future tax rates on those funds.

New rules for inherited IRAs could leave some heirs with a hefty tax bill. In the first quarter of 2023, Americans held more than $12 trillion in IRAs. If your parents saved diligently throughout their lives, there’s a good chance you’ll inherit some of that money.