The Tax Cuts and Jobs Act (TCJA was signed into law on December 22 2017 1, This legislation went into effect in 2018 and it impacted nearly every part of the tax code However one of its most unique features is its “sunset” in 2026 at which point most of the changes to the tax rules revert to their 2017 levels, 2026 is next year its important to remember these strategies to take advantage of them right now before they lapse An important part of your year-end planning is to evaluate your current financial situation with your Mesirow Wealth Advisor and your tax and estate professionals to see if any these opportunities apply, Take advantage of lower marginal income tax brackets, TCJA added new brackets for calculating your federal income tax Most of these brackets resulted in a lower tax rate than before with two of the brackets providing taxpayers with significant savings In 2025 taxable income between $48475 and $103 350 (single taxpayers or $96951 and $206700 (married filing jointly is taxed at a marginal tax rate of 22% In 2017 and before this income was taxed at 25…, Maximize the tax benefits of charitable giving by using a multi-year plan, When calculating taxable income you can elect to “itemize” your deductions for items like your state and local taxes mortgage interest and charitable contributions or use the “standard” deduction available to every taxpayer TCJA had two provisions that significantly affected the way you might plan your tax deductions TCJA increased the amount of the standard deduction to $15000 (single taxpayers…, Prepare for the changes to the lifetime estate tax exclusion, The Estate & Gift Tax Basic Exclusion is the amount of wealth that can be excluded from your estate when calculating whether estate taxes will be due after your death Since the federal estate tax rate can be as high as 40% it’s essential to plan your how you transfer wealth to your loved ones and charitable missions during your lifetime TCJA nearly doubled the amount of this lifetime…

Do you ever dream of receiving a financial windfall  It may seem like a fantasy but it happens more often than you might think And not unlike other financial issues having a plan will ensure you make the most of your windfall and have no future regrets, A financial windfall occurs when you suddenly receive a considerable sum of money you were not expecting be it a few thousand dollars or even millions Though it may sound like a good problem to have it can be overwhelming if you have not experienced a sudden increase in income in the past Many recipients of financial windfalls find themselves unsure of how to responsibly manage the funds Good…, There are numerous possibilities, Winning the lottery may be the first scenario that comes to mind when thinking about a financial windfall or sudden wealth Interestingly 44% of lottery winners spend 100% of their winnings within five years¹ In addition to winning the lottery there are many additional possibilities For example An unexpected inheritance from a relative  An unexpected bonus from work A settlement from a divorce or…, 1 | Be aware of common traps, Immediate gratification – buying new cars taking extravagant trips buying multiple homes etc These funds are not burning a hole in your pocket so take your time to build a plan that makes sense for your personal financial situation Gifting to family or charity without a plan – You may want to help family friends or a charity that is near and dear to your heart but being overly generous can cause…,  , 2 | Think about your personal financial goals & objectives and ask yourself these questions, What do I want my financial future to look like How long do I need or want these funds to last Do I have immediate financial needs or high interest debt I need to pay down  Do I have adequate savings or emergency funds in place Do I have college tuition to pay in the future                    Should I create an investment strategy Do I have adequate funds for retirement  , 3 |  Consult an advisor, Reach out to a financial advisor who will ask you the right questions help you define your goals & objectives and create a customized financial plan designed to meet your needs Receiving a financial windfall can be very exciting but may also be overwhelming as you determine how this sudden wealth can best be used for your family’s overall benefit Enjoy the moment but remember to strategize…

Tiffany Irving is a Senior Vice President and Wealth Advisor in Mesirow Wealth Management She specializes in working with high net worth individuals families and non-profit organizations by providing comprehensive wealth management advice and customized asset allocation strategies to help them accumulate grow protect and distribute their wealth  Tiffany draws on 25 years of experience Prior to…

Tim Joyce is Co-Chief Investment Officer of Mesirow Alternative Credit a role which involves him in all aspects of the teams investment process Tim is a voting member of the business’ Investment Committee  Prior to joining Mesirow Tim served as the Co-President of Bastion Management which became part of Mesirow in December 2024 In that role Tim led the Firm’s Business Development initiatives co-…

Tim Reimink is the Head of Asset Management for Mesirow Alternative Credit a role which involves him in all aspects of the investment financial and operational processes Tim is a voting member of the business’ Investment Committee  Before joining Mesirow Tim was a co-founder Managing Director and Chief Compliance Officer of Bastion Management II LLC where he co-headed Portfolio Monitoring and was…

Tim Strang is Senior Vice President of Acquisitions in Mesirow Institutional Real Estate Direct He oversees all aspects of the acquisition process including sourcing financial analysis due diligence and underwriting Tim has more than 20 years of real estate experience Prior to joining Mesirow in 2014 he was Vice President of Asset Management at Redwood Capital Group where he was responsible for a…

Tim Ewing is a Managing Director in Mesirow Wealth Management He is the portfolio manager for the US Micro Cap Equity portfolio Tim has 21 years of investment management experience Prior to joining Mesirow in 2003 he was a Portfolio Manager for the large balanced and small cap portfolios of Lunn Partners Asset Management where his responsibilities focused on quantitative and capital market…