Did You Know…?

Posted on January 22, 2018 by The Weekly Commentary

The annual limit for gifts (to family members or other individuals) in 2018 has been raised to $15,000. Such gifts are free of income taxes for both the person giving the gift as well as the person receiving the gift.

Tax Tips you can use

Speaking of gifts, one the best gifts to consider is a gift to your child to jump start your child’s Roth IRA. The maximum Roth IRA contribution equals $5,500 per year. A gift of $11,000 would fund both 2017 and 2018 Roth contributions. Assuming your child is age 25, this $11,000 could grow to equal $165,700 at age 65, if it averages 7% per year. The entire $165,700 can be withdrawn at that time TAX-FREE.

Disclosure: 7% rate of return is used for illustrative purposes only. There is no assurance this rate of return will be achieved. Investments are not FDIC insured and may lose money.

Valley National Financial Advisors, and its family of companies, has been in the Lehigh Valley since 1985. The company is independent and locally owned. As a respected and trusted organization, our relationships with many clients and their families transcend generations. We have the expertise to provide clients with financial strategies to effectively manage their existing assets and to provide for the eventual transfer of their wealth.

Our one-stop service model includes: Financial Planning – Investment Management – Estate Planning – Retirement Planning – Education Planning – Tax Planning & Preparation – Insurance Planning – Trust Services, offered as a Trust Representative Office of National Advisors Trust Company, FSB – ExecutiveEdgeTM, Personal Financial Planning for Corporate Leaders. Our services are provided by a team of objective professionals and managed by one contact person – your personal financial advisor.

Valley National Financial Advisors is proud home of the Lehigh Valley’s most CFP® – Certified Financial Planner Professionals^TM. Among other honors, Valley National has been voted Best Financial Planner in the Lehigh Valley seven times by the readers of Lehigh Valley Magazine, and ranked among FA Magazine’s Top RIAs and AdvisorOne’s Top Wealth Managers.

For more than years, our firm has been devoted to helping our clients to achieve their hopes, dreams and aspirations. This requires a delicate balance between the science of financial planning and the art of understanding the feelings and emotions of our clients and their families.

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