Category: Financial Planning

The IRS has published new regulations relevant to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. The final regs, which take effect in 2025, require many beneficiaries to take annual RMDs in the 10 years following the deceased’s death. SECURE Act Ended Stretch IRAs The genesis of the new regs dates back to the 2019 enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. One of… Read more ›

Life is unpredictable. When unforeseen events disrupt your plans, a financial safety net protects you. An emergency fund acts as a buffer against sudden expenses, providing peace of mind, financial stability and the ability to protect your lifestyle. Whether it’s an unexpected medical expense, a car repair or job loss, having a well-funded emergency reserve keeps you on the right path. Why an Emergency Fund is Essential Not all of life’s surprises are pleasant. Without an emergency fund, you might… Read more ›

“Renting is a waste of money; buying a house is the only way to go.” We’ve all heard comments like these both during our younger years when we’re presumably saving money for a down payment, but also later in life when we realize the question may not be as simple as it seems.  As one of the most prevalent misconceptions to date, the logic that buying is always the way to go has more than likely convinced someone somewhere to… Read more ›

Reema Patel, CPA, CFP®, a partner at Councilor, Buchanan & Mitchell (CBM), and Stephanie Anderson, CFA, CFP®, CDFA®, a manager of financial planning and wealth management at CBM, are scheduled to present on effective retirement planning strategies for the Greater Washington Society of CPAs (GWSCPA). Their session, which will be offered virtually, is scheduled on Thursday, August 22 from 11 am to 12 pm EDT. Reema and Stephanie are both CERTIFIED FINANCIAL PLANNERSTM who collaborate with clients to pursue their… Read more ›

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. Here are several important changes that went into effect in 2024: Pension-Linked Emergency Savings Accounts (PLESAs) More than half of U.S. adults would turn to borrowing when confronted by an emergency… Read more ›

Embarking on a journey toward higher education is an exciting endeavor for young adults. For some, college is the first step of adulthood, living on their own and discovering a new world of opportunities. Over the past few decades however, the cost for this journey to self-discovery has gotten expensive. According to a report from U.S. News, college tuition has risen more than 125% over the last two decades. It is becoming increasingly imperative for parents and students to create… Read more ›

Debora E. May, co-founder and senior advisor of May Barnhard Investments, CBM’s fee-only wealth management subsidiary, was recognized in Bethesda Magazine’s Readers’ Picks as a finalist in the Top Financial Advisors category. Read more on the MBI website. Councilor, Buchanan & Mitchell (CBM) is a professional services firm delivering tax, accounting and business advisory expertise throughout the Mid-Atlantic region from offices in Bethesda, MD and Washington, DC.

Stephanie Anderson, CFA, CFP®, CDFA®, has joined Councilor, Buchanan & Mitchell (CBM), a full-service tax, accounting and advisory firm, as a manager of divorce financial planning and wealth management, bringing more than 30 years of experience collaborating with clients on financial planning, strategy and wealth management. She takes a comprehensive and holistic approach to help clients confidently navigate all of life’s transitions–including divorce–and achieve their unique set of goals. “On behalf of our team, we are delighted to welcome Stephanie,”… Read more ›

With the 2024 tax year right around the corner, there’s good news coming from the IRS. According to a recent announcement from the tax agency (Notice 2023-75), there will be increases to retirement plan contributions next year due to inflation adjustments. Here’s a rundown of some of the changes: Contributions to 401(k) and 403(b) Plans. Taxpayers will be able to contribute up to $23,000 in 2024, up from $22,500 in 2023. The catch-up contribution amount for those age 50 and… Read more ›

Successful investments can be extremely profitable. But the stocks with the greatest potential tend to be the riskiest. And underlying risks aren’t always obvious. In fact, there are several different types of risks for investors to consider, based on your portfolio’s asset allocation. Here are six ways to review and calculate the risk of an investment before you decide to put down your money: 1. Market risk. This is the risk that the price will decline due to market factors… Read more ›