Latest news with #EvercoreWealthManagement
CNBC
3 days ago
- Business
- CNBC
Trump's ‘big beautiful bill' slashes this tax break for high earners in 2026
President Donald Trump's "big beautiful bill" enacted trillions in tax breaks that could benefit wealthy Americans — but some will see a smaller deduction for charitable gifts starting in 2026, experts say. When you itemize tax breaks, you can claim the charitable deduction, depending on earnings and type of asset given. But Trump's spending package added two key changes for itemizers. Starting in 2026, there will be an itemized charitable deduction "floor," which only allows the tax break once it exceeds 0.5% of your adjusted gross income. The new legislation also caps the benefit for filers in the top 37% income tax bracket, beginning in 2026. More from Personal Finance:How to avoid the 45.5% 'SALT torpedo' under Trump's 'big beautiful bill'Student loan borrowers — how will the end of the SAVE plan impact you? This is the 'No. 1 reason' to buy the early boarding upgrade, expert says These changes require "proactive planning" for 2025 while the more generous charitable deduction is still available, according to certified financial planner Edward Jastrem, chief planning officer at Heritage Financial Services in Westwood, Massachusetts. For example, some clients may consider "bunching" multiple years of donations into 2025 via a donor-advised fund, he said. This offers an upfront deduction and works like a charitable checkbook for future gifts. Trump's legislation also added a new charitable deduction for non-itemizers who donate cash starting in 2026. That tax break is limited to $1,000 for single filers or $2,000 for married couples filing jointly. If 2025 gifts aren't time sensitive, you can claim the benefit by holding the donation until January, Jastrem said. Justin Miller, partner and national director of wealth planning at Evercore Wealth Management, said the changes in Trump's new legislation could be significant for top earners. For example, if your adjusted gross income is $1 million, which is the 37% tax bracket, and you donate $100,000 to charity in 2025, the charitable deduction could save you $37,000, he wrote in a LinkedIn post last week. By comparison, the same $100,000 gift may only be worth $33,250 in 2026 under the two new provisions enacted via Trump's legislation, he said. Here's how it works: The 0.5% floor cuts the $100,000 gift by $5,000 to $95,000. The second new provision reduces the $95,000 donation by 2/37, which is $5,135.13. When added together, the limitations drop the deduction to $89,864.87. That figure multiplied by the 37% bracket is about $33,250, which is $3,750 less than $37,000. "Many people, even those making $1 million, care about [saving] $3,750," Miller told CNBC. "Especially if it's a very simple solution of giving that money away this year ... versus next year." Miller also recommends using a donor-advised fund in 2025 to "front load the next three to five years" of charitable donations. In many cases, higher earners already have these accounts set up, so they can easily fund them by year-end, he said.
Yahoo
02-06-2025
- Business
- Yahoo
Evercore Wealth Management Expands San Francisco Office with Appointments of Ryan Fox, Flavia Araujo Trento, Brandon Frandsen and Winnie Yam
NEW YORK, June 02, 2025--(BUSINESS WIRE)--Evercore Wealth Management today announced the expansion of the firm's San Francisco office with the appointment of Ryan Fox, Flavia Araujo Trento, Brandon Frandsen and Winifred (Winnie) Yam. All four join Evercore from Silicon Valley Bank, a division of First Citizens Bank, and earlier worked at Northern Trust. "This is an exciting development for our firm," said Chris Zander, CEO of Evercore Wealth Management and Evercore Trust Company N.A. "Our new colleagues have substantial experience providing comprehensive wealth management solutions to ultra-high-net-worth families, entrepreneurs and executives in technology and other high-growth sectors. They will partner with our Evercore teams in San Francisco and Menlo Park to serve clients and their families." Jon Kropf, who joined Evercore Wealth Management and Evercore Trust Company in January 2025 as head of the San Francisco office, added, "Ryan, Flavia, Brandon and Winnie are accomplished wealth management professionals and complementary team players. We are pleased to integrate them into our distinctive culture and platform. They bring technical expertise and exemplary client relationship skills and will contribute to the continued growth of our firm." Ryan Fox, partner and portfolio manager, worked as a private wealth advisor at Silicon Valley Bank. He was previously a senior portfolio manager at Northern Trust and Highmark Capital Management. Mr. Fox earned a B.A. from Boston College. Flavia Araujo Trento, partner and portfolio manager, was a private wealth advisor at Silicon Valley Bank. Previously, she was a portfolio manager at Northern Trust and Highmark Capital Management. Ms. Trento earned a B.A. from the University of California at Berkeley and an MBA from the UCLA Anderson School of Management. She holds the chartered financial analyst and certified private wealth advisor certifications. Brandon Frandsen, managing director and wealth & fiduciary advisor, worked as a senior wealth strategist at Silicon Valley Bank. He previously was with Northern Trust, Wells Fargo and Andersen Tax. He earned a B.S. from Westminster University and an M.A. at the University of Notre Dame's Mendoza College of Business. Winnie Yam, director and wealth & fiduciary advisor, worked as a private wealth advisor at Silicon Valley Bank and Northern Trust. She earned a B.A. from San Francisco State University and holds the certified financial planner certification. About Evercore Wealth Management Evercore Wealth Management LLC, a subsidiary of Evercore Inc., serves high-net-worth families, foundations and endowments across the United States, delivering customized strategic wealth planning, investment management and trust and custody services. The firm manages $13.6 billion in client assets as of March 31, 2025. Additionally, Evercore Wealth Management offers personal trust and custody services to its clients through its Wilmington, Delaware-based affiliate Evercore Trust Company N.A., a national trust bank regulated by the Office of the Comptroller of the Currency. More information about planning, investing and personal fiduciary services at Evercore Wealth Management and Evercore Trust Company N.A. can be found at View source version on Contacts Media Contact:Aline SullivanLexicon Associates, for Evercore Wealth Management and Evercore Trust 203.918.3389 Investor Contact:Katy HaberHead of Investor Relations & ESGInvestorRelations@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
02-06-2025
- Business
- Business Wire
Evercore Wealth Management Expands San Francisco Office with Appointments of Ryan Fox, Flavia Araujo Trento, Brandon Frandsen and Winnie Yam
NEW YORK--(BUSINESS WIRE)--Evercore Wealth Management today announced the expansion of the firm's San Francisco office with the appointment of Ryan Fox, Flavia Araujo Trento, Brandon Frandsen and Winifred (Winnie) Yam. All four join Evercore from Silicon Valley Bank, a division of First Citizens Bank, and earlier worked at Northern Trust. 'This is an exciting development for our firm,' said Chris Zander, CEO of Evercore Wealth Management and Evercore Trust Company N.A. 'Our new colleagues have substantial experience providing comprehensive wealth management solutions to ultra-high-net-worth families, entrepreneurs and executives in technology and other high-growth sectors. They will partner with our Evercore teams in San Francisco and Menlo Park to serve clients and their families.' Jon Kropf, who joined Evercore Wealth Management and Evercore Trust Company in January 2025 as head of the San Francisco office, added, 'Ryan, Flavia, Brandon and Winnie are accomplished wealth management professionals and complementary team players. We are pleased to integrate them into our distinctive culture and platform. They bring technical expertise and exemplary client relationship skills and will contribute to the continued growth of our firm.' Ryan Fox, partner and portfolio manager, worked as a private wealth advisor at Silicon Valley Bank. He was previously a senior portfolio manager at Northern Trust and Highmark Capital Management. Mr. Fox earned a B.A. from Boston College. Flavia Araujo Trento, partner and portfolio manager, was a private wealth advisor at Silicon Valley Bank. Previously, she was a portfolio manager at Northern Trust and Highmark Capital Management. Ms. Trento earned a B.A. from the University of California at Berkeley and an MBA from the UCLA Anderson School of Management. She holds the chartered financial analyst and certified private wealth advisor certifications. Brandon Frandsen, managing director and wealth & fiduciary advisor, worked as a senior wealth strategist at Silicon Valley Bank. He previously was with Northern Trust, Wells Fargo and Andersen Tax. He earned a B.S. from Westminster University and an M.A. at the University of Notre Dame's Mendoza College of Business. Winnie Yam, director and wealth & fiduciary advisor, worked as a private wealth advisor at Silicon Valley Bank and Northern Trust. She earned a B.A. from San Francisco State University and holds the certified financial planner certification. About Evercore Wealth Management Evercore Wealth Management LLC, a subsidiary of Evercore Inc., serves high-net-worth families, foundations and endowments across the United States, delivering customized strategic wealth planning, investment management and trust and custody services. The firm manages $13.6 billion in client assets as of March 31, 2025. Additionally, Evercore Wealth Management offers personal trust and custody services to its clients through its Wilmington, Delaware-based affiliate Evercore Trust Company N.A., a national trust bank regulated by the Office of the Comptroller of the Currency. More information about planning, investing and personal fiduciary services at Evercore Wealth Management and Evercore Trust Company N.A. can be found at
