Wealth Management Center
Preserving and enhancing wealth for the future with financial-planning experts Bill Cass and Chris Hennessey
November 5, 2019
Some key changes for Social Security are planned for 2020 and will impact millions of retirees as well as current workers paying into the system.
ADVISOR-ONLY WEBCAST SERIES
November 5, 2019
Year-end planning strategies
Bill Cass, CFP®, Director Wealth Management Programs at Putnam
Chris Hennessey, Lawyer and CPA, Putnam Business Advisory Group
Gauge your tax bracket to drive tax planning at year-end
There is one important number for investors to know that can drive tax planning strategies at year-end: Their marginal tax bracket.
At year-end, consider lumping charitable gifts
With new limits to tax deductions under tax reform, investors may consider lumping charitable gifts into one year to achieve a tax deduction.
Year-end deadline approaches for opportunity zone tax break
Under a program created by the Tax Cuts and Jobs Act, investors can receive a tax break on capital gains if they invest those gains in an opportunity zone.
Captive insurance may be a useful tool for business owners
A captive insurance program can help a business manage risk by establishing its own insurance company to address certain known risks.
Open enrollment presents opportunity to change Medicare options
Open enrollment provides an opportunity to talk about health-care cost planning with investors as they consider Medicare options.
Retirement plans may not be out of reach for small businesses
Many small business owners may not realize that Internal Revenue Service offers a tax credit for the costs of establishing workplace retirement plans.
Planning strategies to prepare if taxes move higher
As the federal budget deficit rises, it is likely that investors will see taxes move higher in the future.
Last two years of high school are crunch time to prepare for college
Families with college-bound students focus more intently on the future when their child enters the last two years of high school.
Planning for college can begin as early as freshman year in high school
Even for students just settling in to high school, it is not too early to start planning for college.
A 529 college savings plan can be flexible as situations change
A 529 college savings plan is flexible and the account owner can make changes to investments and beneficiaries over time.
Packing for college? Remember the legal documents
Parents of college-bound children may want to consider preparing certain legal documents before their child leaves for school.
Back to school: Time to spend or save?
Families will spend record levels as their children head back to school this year. But the school season may also be a time to focus on saving.
Proposed bill represents landmark changes to retirement savings
The Senate is considering a bill that represents the most comprehensive changes to retirement savings since the Pension Protection Act of 2006.
The IRS is revising Form 1040 again
Less than a year after restructuring tax Form 1040, the Internal Revenue Service (IRS) is changing the document again.
Create a checklist for when a family member passes away
Most families do not want to think about losing a loved one. But creating a checklist for family members may help them navigate a difficult situation.
Certain trusts may help lift the weight of a state tax burden
With tax deductions limited under tax reform, taxpayers in high-tax states may consider using incomplete non-grantor trusts to plan for state income taxes.
Strategies to preserve step-up in cost basis under new tax landscape
The focus in estate planning has shifted to income taxes, including strategies for the step-up cost basis, a planning consideration to manage capital gains.
Same-sex couples face challenges in financial planning
While progress has been made on marriage equality, same-sex couples may continue to face obstacles to saving and other financial planning issues.
Is the stretch IRA doomed?
With sweeping retirement legislation garnering massive support in Congress, concerns about the future of the stretch IRA have resurfaced.
More colleges offer tuition deals for out-of-state students
Some families that once felt that they had no control over college costs, are finding that many colleges offer tuition deals.
Preserving open space may deliver a tax break
Land designated with a conservation easement, including preserving open space, can offer tax advantages to a property owner.
Tax season planning under the TCJA
A new perspective on tax deductions
Optimize the small-business tax deduction
Estate planning considerations before the law sunsets
New strategies emerge for Roth conversions
Tax rates lowered, deductions limited in tax law
The tax reform law lowers tax rates and imposes new limits on many deductions.
Many deductions changed in new tax law
The standard deduction doubles while some popular tax deductions are limited or eliminated by tax reform.
Estate planning remains vital
Despite higher exclusion levels for federal estate taxes, estate planning remains vital for taxpayers.
Tax reform creates new deduction for small businesses
Understanding the new 20% deduction for business income is key for small business owners.
New tax law influences individual planning
Individuals may consider various strategies for charitable giving and financial planning in the new tax environment.
$30T in wealth transfer creates opportunity
Advisors may consider expanding their value proposition and professional network to grow their business.
Top strategies for advisors when heirs inherit wealth
Learning about an investor's family can help advisors connect with the next generation.
Social strategies for meeting the next generation
Start with social media and expand to social events to reach out to the next generation of clients.
Use family meetings for more effective wealth transfer
Hosting a family meeting can help investors and their children focus on values, planning issues, and philanthropy.
College savings plans offer tax advantages
Explore tax-advantaged savings when planning for college.
Chris Hennessey is Professor Emeritus of Law at the Babson College School of Executive Education and member of the Putnam Investments Business Advisory Group. His opinions do not necessarily reflect those of Putnam Investments.