Holiday Hustle Hacks FESTIVE FINANCE TIPS AND FIXES
With another holiday season right around the corner, it’s time to consider ways to avoid debt being the biggest thing under your tree this year. Here are a few ways to add frugality to your festivities and keep the Ghosts of Credit Cards Past from paying you an unwelcome visit. Seasonal Spending Shortcuts Most people know that Dec. 24 is the worst time to complete their holiday shopping, but few consider doing the bulk of their seasonal shopping in the spring or summer. Getting at least some of your shopping done early, ideally as early as the previous spring, will help you pace your purchases over a longer period, keep your budget from bursting all at once, and help you avoid a special gift ordered online from arriving late due to the Christmas crunch. Although summer is a distant memory, you can still find plenty of preseason sales and discounts (online or otherwise) in October if you act quickly! The Present of Preparedness As you gear up for holiday gift-giving, give yourself the joy of financial security in return. If you haven’t already done so, consider building an emergency fund that could ideally support you for at least three months if you experience a
drastic and unexpected decrease in income. You can save even during the holidays by putting aside one dollar for every dollar you spend on gifts. Applying this approach
will make you more financially secure in the long term and steer you toward stronger savings habits during the holidays, especially if you follow the earlier advice to shop early! Tricks for Thrifty Flying Just as you wouldn’t dare wait until the last minute to arrive at an airport and get through security, you shouldn’t procrastinate when booking a holiday-related flight. If you have yet to book your upcoming November or December trips, you should do so no later than a month in advance (if not sooner). Booking domestic flights four weeks or more in advance could save you nearly 25% on the ticket price. If you’re planning to travel overseas before the end of the year but haven’t booked your flight yet, there may be little chance of seeing similar savings. However, planning an international flight at least six months in advance will be much kinder to your budget if you plan to travel abroad again next year.
Big Bill, Bigger Breaks ESTATE EXEMPTIONS EXPLAINED
This past Independence Day considerably impacted how certain American taxpayers enjoy financial freedom.
date for these new exemption amounts, they will remain in place unless Congress later introduces legislation to lower them and the then-president approves said reductions. Additionally, the new law sustains the existing portability provision, which enables a surviving spouse to use the deceased’s tax exemptions if this election is made up to nine months after the person’s death. A word of caution: Although the law’s estate tax provision primarily affects high-income clients, the Illinois exemption is still set at $4 million . Anyone who anticipates being close to that amount is encouraged to contact us for a review of their existing plan and to make any necessary revisions. The high exemptions enacted by the One Big Beautiful Bill Act offer new tax savings and estate planning opportunities. We’re happy to answer any questions or concerns about the new law and help you chart a clear path for the future.
On July 4, President Trump signed the controversial One Big Beautiful Bill Act into law. Whether the law is truly “beautiful” is debatable, depending on your political inclinations, but it’s certainly big at nearly 900 pages. Fortunately, only one page addresses estate taxes, but its words are significant. Before the law’s passage, the federal estate, gift, and generation-skipping tax exemption of $13.99 million established in the Tax Cuts and Jobs Act in 2017 was set to expire and be reduced by approximately half in January 2026. However, that exemption will now increase to $15 million per individual at the existing tax rate of 40%. Additionally, married couples will soon be able to transfer up to $30 million to their heirs without incurring an estate tax. The new exemptions will be indexed for inflation, with adjustments based on 2025 baseline rates. Because there is no “sunset”
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