Taylor’d Finance Blog
Welcome to my blog! I’m Taylor Ledbetter, a Paraplanner and Wealth Advisor at Jessup Wealth Management. I joined the team in July 2020 as a financial planning intern. By 2021, I graduated from Wright State University with double Bachelor’s Degrees in Financial Services and Accounting and an Associate’s Degree in Business Administration from Sinclair Community College.
This blog aims to dissect relevant financial planning topics and educate readers. I put a lot of thought into providing insights and strategies to help you enhance your financial lives. Whether you’re looking to optimize your investments, plan for retirement, or manage your budgets, I’m here to guide you toward achieving your financial goals.
The Tax Cuts and Jobs Act (TCJA) of 2017 significantly changed the federal estate and gift tax exemption. The exemption amount went from $5,490,000 in 2017 to $11,180,000 in 2018. This limit is indexed for inflation and currently sits at $13,610,000 in 2024.
Employers that offer a 401(k)-retirement plan may also allow employees to invest their account in their employer's stock. Over time, as the employer's stock does well, employees may find themselves with a large portion of their retirement portfolio invested in their company's stock.
The IRS has modified the 10-year distribution rule for inherited IRAs starting in 2025. Before 2020, IRA owners could leave their accounts to their kids or grandkids, and heirs could stretch RMDs over their lifetime. In December of 2019, the SECURE Act imposed a new requirement that inherited IRAs would have to be depleted by the end of the 10th year of the original account owner’s date of death.
When you quit your job, you may leave behind a 401(k) that you are unsure what to do with. You may be able to leave your account with your old employer, depending on the balance. Alternatively, you may roll over the money from the old 401(k) into your new employer’s plan or an individual retirement account (IRA). You can also withdraw some or all the money, which may lead to serious tax consequences.