August 2024 - Newsletter - Paramount Wealth Management

August 2024 – Newsletter

Are Your Important Documents Secure and Accessible?

Pop quiz: In an emergency, could your loved ones find your current will and power of attorney? If you had to evacuate your home, could you quickly get your hands on your passport, deeds, and keepsakes? Are your documents in a watertight, fireproof safe, or scattered around unprotected?

WHAT YOU’LL FIND INSIDE:

ARE YOUR IMPORTANT DOCUMENTS SECURE AND ACCESSIBLE?
CALENDAR
GIFT TAX EXEMPTION REDUCTION?
FUN FACT

It’s not enough to have the right documents – it’s also crucial to have them updated, neatly stored and accessible. Read on for five tips that can help you keep important files safe and handy.

Calendar

September 2 – Paramount office and the financial markets closed for Labor Day.

September 16– 3rd quarter estimated tax payment due, if required

Will The Sun Set On Estate And Gift Tax Exemptions In 2026?

High-net-worth individuals and families who benefit from the historically high federal estate and gift tax exemption may soon see it reduced by half. Favorable increases in the estate and gift tax exemption created by the Tax Cuts and Jobs Act of 2017 (TCJA) are scheduled to sunset at the end of 2025 along with other changes the law made, including an increase in the standard deduction and the charitable giving deduction, as well as reductions in individual income tax rates.

With so many tax provisions scheduled to revert back to pre-TCJA levels in under two years, consider moves you might need to make to minimize your tax burden and support your financial goals.

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Fun Fact

Did you know…

Until the U.S. Federal Reserve was created in 1908, individual banks could create their own money.

Source: firmex.com

The Paramount Wealth Management Team

420 South Brown Street
Jackson, MI 49203
517-787-4444
517-795-2530 (F)
www.paramountwealth.com

Don Hershberger CFP®, AIF®, CRC®, Founder and President, PWM, was named on the 2023 Forbes Top Wealth Advisor Best-in-State list. 2023 Forbes Top Wealth Advisors Best-In-State, developed by Shook Research, is based on the period from 6/30/2021 to 6/30/2022 and was released on 4/4/2023. 39,007 nominations were received and 7,321 advisors won. Neither Raymond James nor any of its advisors pay a fee in exchange for this award. More: https://go.rjf.com/3KsXbF7. Please see https://www.forbes.com/lists/best-in-state-wealth-advisors/?sh=181ba856ab97 for more info.

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