In this edition of Next Nest, the Carlsons’ son and his fiancée deal with working remotely during COVID-19 and leaving their NYC apartment to quarantine at the family’s beach house. Sate income taxation rules are complex, and the increase in the out-of-state-remote workforce has highlighted further complications. If the above scenario sounds familiar to you, then you are not alone.
The TCJA quietly added a provision to tax certain ‘carried interests’ at a higher tax rate. That addition—Internal Revenue Code Section 1061 (IRC 1061)—taxes certain carried interests at the ordinary income tax rate. Simply stated, carried interest is the right for the manager of a private investment fund to share in a fund’s profit.
Fairman Group Family Office is excited to congratulate Jason McWilliams for earning his CFP® and welcome Eriona Howard, Matthew Ohenrich, Samuel Mullen, and Damaya Ennis to our team! Learn more about them here.
There are many factors to consider when saving for future education costs—the time between now and when the funds are needed, risk tolerance of the investor, investment preference, and individual tax situation. It may be obvious, but we always recommend saving for education as early as possible in a child’s life, so that there’s a more sizable time horizon for the money to grow.
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