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Timely advice & commentary about investing, taxes, financial planning and more.


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By Washington Trust / January 20, 2021
2020 is now, thankfully, history. While the human toll from COVID-19 has been staggering, the economic damage has not been as great as initially feared. The Federal Reserve now forecasts that full year 2020 GDP will have declined by 2.4% from 2019 , less than the drop in 2008 during the Great Recession.

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By Washington Trust / January 20, 2021
Though vaccines have been approved and are being distributed, the pandemic seems far from over. Legislation signed into law on New Year’s Eve included some COVID-19 related provisions. But despite the fact that the pandemic is not over, most of the pandemic-related tax provisions that benefited our clients last year have ended.

By Washington Trust / October 15, 2020
The so-called “Kiddie Tax” is a tax imposed on a child’s unearned income. Generally, a “child” means someone under 17 years old (or under 24 if certain criteria are met) and “unearned income” means income derived from sources not related to employment, including investments.

By Washington Trust / October 15, 2020

We will join the chorus and state the obvious. Unless you survived the flu epidemic of 1918, 2020 is a year unlike any experienced in our lifetime. The U.S. economy suffered its steepest downturn on record due to the COVID-19 pandemic when Q2 GDP plummeted at a 31.4% annualized rate, following a Q1 decline of 5%. Consumer spending plunged 33% during the second quarter.1 Except for government spending, other economic sectors shrank drastically as well.


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By Washington Trust / July 20, 2020
The U.S. is suffering its worst economic downturn since the Great Depression with GDP estimated to have plunged at an annualized pace in excess of 30% in the most recent quarter after a 5% drop in Q1. The velocity of the decline is as stunning as its magnitude. This recession was, of course, self-imposed as much of the economy was shutdown beginning in March to halt the spread of COVID-19.

By Matthew S. Blank, CFA® / April 20, 2020
Economic forecasts for 2020 have been upended as public health concerns prompted the shutdown of large parts of the U.S. economy in order to prevent rapid transmission of COVID-19. 2019 had concluded on a very healthy note as GDP grew at a 2.1% pace in the final quarter and 2.3% for the year.1 A continuation of moderate growth seemed probable in 2020. If you recall, January and February economic data were solid, characterized by strong employment and a robust housing sector.

By Kimberly I. McCarthy, Esq. / April 20, 2020
As you undoubtedly have heard, in light of COVID-19, Congress passed legislation at the end of March which (among other things) waived all RMDs for 2020. This waiver applies to traditional IRAs, Roth IRAs, inherited IRAs, and 401(k) plans.

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By Washington Trust / January 14, 2020
2019 was icing on the cake to a decade that began with trepidation coming out of the financial crisis and the Great Recession but proved to be extremely rewarding for U.S. investors.

By Washington Trust / January 14, 2020
In a surprise move, the SECURE Act passed as part of the massive end-of-year spending bill that was required to avoid another government shutdown. While there are several positive provisions, Congress paid for the SECURE Act with a very substantial negative provision: eliminating the “stretch” for inherited IRAs and retirement accounts. For most beneficiaries other than surviving spouses, the new rules require that the entire IRA/retirement plan balance be paid out within 10 years.

By Washington Trust / January 14, 2020
The SECURE Act made many sweeping and significant changes for retirement plans, including IRAs. With regard to IRAs, the major changes impact the IRA rules after age 70 and after death.

The opinions expressed in this blog are those of the author and may not reflect those of Washington Trust Wealth Management. The information in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Any opinions expressed herein are subject to change at any time without notice. Any person relying upon this information shall be solely responsible for the consequences of such reliance. Performance is historical and does not guarantee future results.

Such information does not constitute legal or professional advice as all situations are unique and are based on individual facts and circumstances.

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