William Blair Private Wealth Management

Tax-Free Distributions for Inherited Roth IRAs ?? If you inherited a Roth IRA from someone other than your spouse, generally you must withdraw all assets from the account within 10 years of the original owner’s death. The withdrawals of contributions and earnings are typically tax-free if the account was opened for at least five years. If you inherited a Roth IRA from your spouse, you can treat the account as your own.

Congratulations to the 15 William Blair wealth advisors who were named to Barron's 2025 Top-In-State list! Representing the firm's offices in Georgia, Illinois, and Maryland, the advisors named to the list are: David J. Brown (Chicago) John Cimaroli (Chicago) Matt Clark (Baltimore) John Cultra (Chicago) Dan Grant (Chicago) Tony Hoban (Chicago) Steven Jesanis (Chicago) Laura Linger (Chicago) Brian Marshall (Chicago) Thomas Marx (Chicago) Cam McKinney (Chicago) Jackie Moss, CFA (Chicago) Patrick Rule (Chicago) Craig Savage (Atlanta) Tom Wilson, Jr. (Chicago) Learn more about the recognition: https://lnkd.in/g8ZqGV48

529 Plans: What you might need to report on your 2024 Tax Return ?? If you took a withdrawal from a 529 plan last year and did not use the distribution for qualified educational expenses, it is considered a taxable withdrawal and must be reported. However, if you used the distribution on qualified educational expenses, you do not need to report that activity on your tax return. Contributions of up to $18,000 for individuals ($36,000 for married couples filing jointly) qualify for the 2024 annual federal gift tax exclusion. There is also a five year front-load option of up to $90,000 per individual ($180,000 for married couples filing jointly) that is not subject to gift tax (but must be reported on your tax return). Additionally, you may be able to receive a tax deduction on your state income tax return for your 529 contributions. Many states, including Illinois, allow you to claim the contribution as a deduction (up to certain limits).

When selling a business, owners often focus on closing the deal. For decades, William Blair has been a trusted advisor, guiding founders through transformative wealth events. Our checklist helps with what shareholders should review before and after a transaction: https://lnkd.in/g2RDd9UA

David Dreifuss and Matt Clark have been named to Financial Planning's Top 40 Advisors Under 40 list, recognizing the industry's top-producing wealth advisors younger than 40 years old. Clark was named to the national list and Dreifuss was named to the regional list. "Congratulations to these committed next-generation wealth advisors on receiving this honor,” said Ryan DeVore, head of William Blair Private Wealth Management. “David and Matt are next-generation leaders in our industry and demonstrate William Blair’s continued legacy of providing thoughtful financial guidance to valued clients across generations.” Learn more about the recognition here: https://lnkd.in/g7UVR5C8

Long-term capital gains brackets have shifted upwards! For 2025, a single taxpayer will be taxed 15% on long-term capital gains beginning at $48,351 to $533,400 (and married couples filing jointly beginning at $96,701 to $600,050). Beyond these limits, investors are charged 20% on long-term capital gains.

We are excited to share that Forbes magazine has ranked 13 William Blair colleagues in its 2025 best-in-state women wealth advisors list. Representing the firm’s offices in Georgia, Massachusetts, New York, and Illinois, the advisors honored are: Kim Tyson Chenevey (Atlanta) Barbara Cummings (Boston) Eve Ellis, CFP?, CIMA? (New York City) Elinor Escamilla, CFA (Chicago) Jill Arkwright Harvey,CFA (New York City) Monica Kaminski, CFA (Chicago) Louise Lane (Chicago) Laura Linger (Chicago) Loui Marver (Chicago) Carlette McMullan (Chicago) Jackie Moss, CFA (Chicago) Geralyn Sullivan (Chicago) Linda Sutkin (New York City) Learn more: https://lnkd.in/gyitXiD6

There’s still time to contribute to your 2024 IRA! The deadline for 2024 IRA contributions is April 15, 2025. The IRA contribution limit for 2024 is $7,000 ($8,000 for those age 50 and over). Your future self will thank you!

New this year, you can now contribute up to $23,500 to a 401(k) – a $500 increase from 2024. Those aged 50 and over may contribute an additional catch-up contribution of $7,500 for a total of $31,000. Those aged 60-63 are entitled to an enhanced catch-up contribution of $11,250 for a total of $34,750. For Traditional and Roth IRAs, the contribution limit remains the same from 2024 at $7,000. Those age 50 and over may contribute an additional $1,000 for a total of $8,000.

Our tax reference guide for income earned in 2025 and tax returns filed in 2026 is now available! Review for the latest information on tax rate schedules, exemptions, and contributions to savings plans: https://lnkd.in/gxtpRfdD