Strategy Guide
Life Events Financial Guide
Every major life event has tax and financial implications that are easy to overlook in the moment. These are the checklists we walk clients through when things change.
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Getting married
Marriage changes your filing status, may change your bracket, and may surface planning opportunities (or penalties).
- Update W-4 withholding at both jobs
- Compare "married filing jointly" vs. "married filing separately" in edge cases
- Update beneficiaries on retirement accounts, life insurance, bank accounts
- Consolidate or separate banking intentionally, not by default
- Review health insurance options — one spouse's plan may beat combining
Becoming a parent
New parents unlock several tax benefits AND gain new planning obligations.
- Apply for the child's SSN immediately (required for dependent claim)
- Child Tax Credit — up to $2,000 per qualifying child under 17
- Dependent care FSA or Child & Dependent Care Credit — don't choose both without modeling
- 529 college savings plan — start small, start early, compound for 18 years
- Update estate plan: guardianship for minor children, beneficiary designations
Buying a home
Homeownership creates deductible interest (if you itemize) and a lifetime capital gains exclusion when you sell.
- Mortgage interest deductible if total itemized > standard deduction
- Property tax deductible up to $10K SALT cap
- Keep closing statement + records of major improvements (basis adjusts your gain on sale)
- Section 121 exclusion: $250K/$500K capital gain exclusion on primary-residence sale after 2 years of ownership + use
Starting or changing jobs
Job transitions are one of the highest-ROI tax-planning moments because withholding + contributions reset.
- Roll over old 401(k) to new employer's plan or to an IRA — don't cash out
- Review new W-4; adjust if you had tax due / large refund last year
- Coordinate new benefits enrollment (health, HSA, FSA, 401(k) match, RSUs)
- Don't miss the 401(k) match — it's an immediate 100% return on your contribution
Divorce
Divorce is tax-intensive. Poor planning can cost both parties substantially.
- Filing status change year of divorce (must file single/HoH even if divorce was Dec 31)
- Alimony under current rules is NOT deductible to payer / NOT taxable to recipient
- Division of retirement accounts requires QDRO (Qualified Domestic Relations Order)
- Transfer of home — basis follows the transferred spouse; consider timing of sale
- Update beneficiaries, wills, powers of attorney
Retirement
The retirement transition is the single biggest tax-planning moment of most people's lives. Key timing and structural decisions:
- Social Security timing — claim at 62, 67, or 70? Math varies by health + spousal benefits
- Required Minimum Distributions begin at age 73 (current law)
- Medicare enrollment at 65 — miss the window and face permanent premium surcharges
- Roth conversions in low-income years between retirement and RMDs
- Move from accumulation to distribution — tax efficiency matters more than ever
Inheritance or large windfall
Inherited assets generally receive a "stepped-up basis" — enormous tax benefit. But decisions about what to sell, what to hold, and how to deploy cash have major downstream consequences.
- Inherited IRAs — distribution rules differ for spouses vs. non-spouses, pre-2020 vs. post-2020
- Step-up in basis erases built-in capital gains on inherited taxable assets
- Estate tax — currently $13.99M federal exemption (2025) per individual
- Florida has no state estate or inheritance tax
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