Wealth Management Center
Preserving and enhancing wealth for the future with financial-planning experts Bill Cass and Chris Hennessey
Tax outlook and planning considerations
About this blog
Financial-planning experts Bill Cass and Chris Hennessey weigh in each week with a range of insights about complex financial planning needs.
William Cass, CFP®, CPWA®
Director of Wealth Management Programs for Putnam.
Lawyer and CPA, Faculty Director, Babson College School of Executive Education, is a member of the Putnam Business Advisory Group.
A glance at the House tax proposals
House Ways and Means Committee released its tax proposals totaling about $2 trillion in tax increases.
Top tax questions on the minds of financial professionals
As lawmakers debate spending bills on Capitol Hill, the leading tax questions on the minds of advisors involve proposed changes to the tax code.
College-bound high schoolers focus on a strong finish
The last two years of high school are important for college-bound students to prepare.
What high school freshmen need to know to stay on track for college
For high school freshmen with college as a long-term goal, the high school years are a critical time to focus more on preparing for college.
Is college sticker shock impacting your plans?
Some families may not fully understand the price of tuition and fees, leading them to underestimate or overestimate what will be needed. And students may be reconsidering their goal of higher education because they believe it’s too expensive.
Changes on the horizon for FAFSA
Last year, the coronavirus relief bill signed into law in late 2020 makes several changes to the FAFSA filing process in the future.
Going away to college? Consider a healthcare proxy
Families need to be aware of certain legal documents, such as a healthcare proxy, that should be in place before a student leaves for college.
Lawmakers eye paths to enhance SALT deduction
While many have called for the repeal of the cap on the state and local tax deduction, a group of lawmakers continue to debate ways to enhance the SALT deduction.
Create a checklist to stay ahead of emergencies
Families can benefit from being prepared in case of an emergency or sudden loss by creating a short-term plan with a checklist of what needs to get done.
Retiring abroad? Five things to consider
An increasing number of Americans are looking to find better scenery and quality of life by retiring abroad.
Consider a Roth IRA for summer employment earnings
Students may want to consider using a Roth IRA to save some of their summer earnings.
A financial plan can help LGBTQIA+ investors overcome challenges
Despite progress on marriage equality and workplace protections, some in the LGBTQIA+ community face challenges around finances and other legal issues.
Treasury offers more details on tax proposals
Taxpayers receive more clarity on recent tax proposals from the Treasury.
Tax-planning ideas and opportunities in the muni market
Given the possibility of higher taxes in the future, investors may consider reviewing tax planning ideas and consider opportunities in the muni market.
Identify year-round tax ideas from a 1040 form
For many, the 2020 tax filing deadline is over, and it may be time to look at the year ahead and identify year-round tax ideas from a 1040 form.
More clarity on Secure 2.0 retirement bill
A new retirement bill, known as Secure 2.0, recently passed a key House committee and will be considered by the full House at some point.
Ways to drive a 529 plan to its full potential
There are many ways that families saving for college can use a 529 plan to its full potential.
When to choose a non-hardship 401(k) withdrawal
Some 401(k) plans allow investors age 59½ to take a non-hardship 401(k) withdrawal, providing the option to transfer savings to an IRA without penalty.
White House proposes tax hikes for high earners
The administration released a new proposal including spending for education, childcare, healthcare, nutrition, and other family support as well as tax hikes for high earners.
Proposed tax hike may drive shift in business structure
A Biden administration proposal calls for a tax hike for corporations. If approved, it may impact how certain business owners structure their business.
The tax bite on retirement income may surprise retirees
Challenges can emerge for investors who have not planned for the impact of taxes on retirement income.
Tax season is a good reminder of 529 plan tax benefits
Tax season can provide a good reminder that 529 plans offer significant tax benefits for families looking for fund college education.
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.