How to Take Advantage of Catch-up Contributions

January 10, 2024
Financial planning concept, to represent catch-up contributions and limits for 2025 and beyond.

When the SECURE 2.0 Act was enacted in 2022, it brought a lot of changes to affect financial planning strategies. One of the big additions allowed taxpayers to change their retirement plans by allowing for catch-up contributions starting in 2025.… Read Now >>

What is the NIIT and How Might it Affect Your Taxes?

January 3, 2024
Newton's cradle, abstract tax planning concept for NIIT.

Is the net investment income tax (NIIT) relevant to your financial situation? This is an important tax to understand when it comes to your overall financial planning and specific tax planning throughout the year. NIIT Basics The NIIT is a… Read Now >>

Is Your 2024 Financial Plan Ready?

December 27, 2023
2024 financial plan, calendar concept

Happy holidays from Illumination Wealth! We wish everyone the best as we prepare to ring in the New Year. Whether you are ready for 2024 or not, it is here. It’s time to make sure your 2024 financial plan is… Read Now >>

Philanthropic Planning: The Tax Advantages of Charitable Remainder Trusts (CRTs)

December 18, 2023
Trail of coins, concept representing charitable remainder trust (CRT).

If you’ve been following the Illumination Wealth Blog this month, you will have discovered our article series on philanthropic planning. We are covering different charitable giving strategies. You can share your wealth to support the charities you care about most,… Read Now >>

Philanthropic Planning: The Benefits of Donor-Advised Funds (DAFs)

December 13, 2023
Stack of coins, representing financial benefits of Donor-Advised Fund (DAF)

We are continuing our year-end article series focused on charitable giving and philanthropic tax planning. The proper strategies can enable you to make a bigger difference through charitable donations, while also benefitting you from a tax perspective. Check out our… Read Now >>

Philanthropic Planning: Maximize Capital Gains by Gifting Appreciated Stock

December 6, 2023
Businesswoman reviewing financial portfolio, representing gifting appreciated stock.

Charitable giving can be a smart financial strategy from a tax perspective, and you can also do a lot of good by supporting your favorite charitable organizations. Last week, we discussed some general charitable gifting strategies. [Click here to read… Read Now >>

Philanthropic Planning: A Comprehensive Guide to Charitable Giving Strategies

November 29, 2023
Helping hands, charitable giving concept

Over the next four weeks, we will be diving into the topic of philanthropic planning. We will be covering important topics related to charitable giving, different types of gifting strategies, and of course, the specific financial benefits that come with… Read Now >>

Year-End Financial Review for Business Owners

November 15, 2023
Two young business owners, representing year-end financial review and planning for business owners.

Last week on the Illumination Wealth Blog, we provided some year-end financial review and tax planning tips for individuals and families. [Click here to read full article.] In this article, we will turn our focus to business owners and entrepreneurs.… Read Now >>

Year-End Financial Review for Individuals

November 8, 2023
Father and son fishing, representing personal priorities and year-end financial review for individuals and families.

2023 is almost over. As the year comes to an end, it’s the perfect time to review your finances and adjust your financial plan for 2024 and beyond. In-depth financial reviews should happen at least once a year, and there’s… Read Now >>

The Gift of Giving: Introducing Children to Charitable Giving

November 1, 2023
Family at Christmas, concept of charitable giving and family gifting during holidays.

Last week, we talked about the gift of giving during the holiday season. The article was all about teaching financial literacy to your children and grandchildren, as well as using this time with family to discuss important estate planning issues.… Read Now >>