The SECURE 2.0 Act, signed by President Biden in 2022, introduced a tax-sheltered savings boost for individuals aged 60-63. Slated to take effect in 2025, eligible workers can put even more money into their retirement accounts during these critical pre-retirement years. Here’s how it works and what it could mean for you. What “Regular” Are […]

Let’s review a few basics to help protect your accounts and identity from scammers and thieves. 1. Freeze your credit reports. A credit freeze prevents unauthorized access to sensitive data in your credit files. To freeze your credit, you must contact each credit bureau individually. Innovis is a relative newcomer to credit reporting, so you […]

Losing a loved one is one of the most challenging experiences in life. Alongside the emotional toll, there are often numerous financial and administrative responsibilities to manage. Understanding the steps to take can help ease some of the stress and provide clarity during this difficult time. Here’s a guide to help you manage financial matters […]

529 plans have long been trusted tools for families to save for their loved one’s education. With tax advantages and flexibility for qualified expenses, these plans help make higher education more affordable. However, many account holders have faced a lingering concern: what happens to leftover funds if a student’s education costs are lower than expected? […]

  2024 2023 2022 2021 2020 RETIREMENT PLANS      Elective Deferrals 401(k), 403(b), etc $23,000 $22,500 $20,500 $19,500 $19,500 with over-50 catch-up $30,500 $30,000 $27,000 $26,000 $26,000 Defined Contribution Limits $68,000 $66,000 $61,000 $58,000 $57,000 with over-50 catch-up $75,500 $73,500 $67,500 $64,500 $63,500 IRAs      IRA & Roth Contribution […]

Starting in 2024, a new opportunity emerges for families of college graduates with leftover funds in their 529 plans. New rules that emerged from Secure Act 2.0 pave the way for converting up to $35,000 in unused 529 plan assets to a Roth IRA, provided the following conditions are met: Conditions for Conversion: Conversion Limitations: […]

SECURE 2.0 expands the horizons of Roth savings and creates new restrictions for high earners. Earnings Test for Catch-Up Contributions: Starting in 2026, catch-up contributions for employees earning over $145,000 (indexed for inflation) must now flow into the Roth side of their plan. Roth Options for Small Business Plans: Starting in 2023, SIMPLE and SEP […]

In a landmark move this week, Massachusetts ushered in the first substantial estate tax law changes in 20 years. “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” signed by the Governor, increased the threshold for Massachusetts residents subject to the estate tax from $1,000,000 to $2,000,000. Crucially, this alteration means that individuals passing […]

HIPAA Authorization Once your child turns 18, their health information can no longer be released to you or anyone under the Health Insurance Portability and Accountability Act (HIPAA). This is where the HIPAA Authorization comes in. This document allows your child’s medical team to provide information to the individuals named in the document. Imagine a […]

Cyber security and data protection are something that we take very seriously at Boston Standard.  We retain a firm that monitors our systems 24/7 and works continually to ensure our cyber security systems remain up-to-date.  While we work hard to keep client information safe on our end, it’s equally important that our clients do the same […]