The final weeks of 2019 brought the second major piece of tax legislation in the past 24 months, as the SECURE Act (The Setting Every Community Up for Retirement Enhancement Act), which was passed in the House over the summer, finally made its way through the Senate and was signed into law by the President. The legislation may have significant repercussions for individuals engaged in retirement and estate planning.
Since 2006, IRA owners who are at least 70 1/2 can make a Qualified Charitable (QCD) of up to $100,000 directly from their IRA to a charity without having to include the distribution in taxable income. As a result of the late-2017 tax law passed by Congress, the Tax Cuts and Jobs Act (TCJA), the OCD strategy has become even more valuable to taxpayers.
Canal Capital is Pleased to announce that it was named to the RIA Future 50 list published by CityWire USA. The RIA Future 50 firms represent a group of finance professionals who are collectively creating this new investment landscape. They have their own unique story to tell, are driven to succeed on their own terms and, most importantly, are in charge of their own investment decisions.
One of the things we harp on at our firm is abiding by a fiduciary standard. This standard compels us to always act in the best interest of our clients. In our business, that means recommending investments that we believe will best achieve a client’s goals regardless of how transacting in those investments effects our bottom line. As professional purveyors of advice we believe it would be disingenuous, if not downright wrong, to provide anything but objective guidance. We also believe it sets us apart from large wire house brokers and advisors who are not held to that same standard. (more…)