Wealth Management Center

Preserving and enhancing wealth for the future with financial-planning experts Bill Cass and Chris Hennessey


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Ten income and estate tax planning ideas for 2024

February 21, 2024  |  Taxes

Taxpayers may want to consider these income and estate tax planning strategies to save more and try to reduce taxes.

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Ten income and estate tax planning ideas for 2024
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ADVISOR-ONLY WEBINAR SERIES

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November 9, 2023

Top year-end planning considerations

Bill Cass, CFP®, CPWA®, Director Wealth Management Programs at Putnam
Chris Hennessey, Lawyer and CPA, Putnam Business Advisory Group

Ten income and estate tax planning ideas for 2024

Ten income and estate tax planning ideas for 2024

Taxpayers may want to consider these income and estate tax planning strategies to save more and try to reduce taxes.

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Rising debt may drive future higher taxes

Rising debt may drive future higher taxes

At some point, the debt trajectory will drive discussions on Capitol Hill to increase revenue, which could result in higher taxes.

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How to avoid a misstep with a backdoor Roth contribution

How to avoid a misstep with a backdoor Roth contribution

It is important to note there are some potential mistakes to be avoided when executing a backdoor Roth strategy.

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Early preparation may help taxpayers glide through tax season

Early preparation may help taxpayers glide through tax season

Looking back may be the first step in moving forward on filing taxes for 2023. Some key tax documents have already ...

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There is still time for sole proprietors to fund a retirement plan for 2023

There is still time for sole proprietors to fund a retirement plan for 2023

There is still time for sole proprietors to establish a retirement plan for 2023. And this year, some individuals may ...

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What's in store for SECURE 2.0 this year

What's in store for SECURE 2.0 this year

The SECURE 2.0 Act, signed into law in late 2022, was a follow-up to the original SECURE Act passed in ...

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Key tax figures for 2024

Key tax figures for 2024

In reviewing tax and financial plans, taxpayers will want to consider key tax figures that are changing in 2024.

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There is still time to make the most of charitable giving

There is still time to make the most of charitable giving

It is important to review charitable giving plans before year in order to meet deadlines for certain strategies.

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Consider the ripple effects of a Roth conversion

Consider the ripple effects of a Roth conversion

Here are several considerations including possible impacts on future taxes for individuals considering a Roth conversion.

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Estate planning actions to consider before year-end

Estate planning actions to consider before year-end

As year-end approaches, there are several strategies for investors to consider as they review their tax and estate planning.

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Seven year-end planning ideas for retirement savings

Seven year-end planning ideas for retirement savings

There are several planning ideas for retirement savings at year end that may help taxpayers avoid costly mistakes and improve tax efficiency.

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Year-end planning ideas for 2023 to lighten the tax burden

Year-end planning ideas for 2023 to lighten the tax burden

As year-end approaches, there may be steps taxpayers can take to better manage their current tax bill or to hedge ...

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Year-end planning review checklist

Year-end planning review checklist

This checklist for year-end planning may help advisors identify ways to minimize taxes and other potential benefits.

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Changes to key figures for Social Security, Medicare in 2024

Changes to key figures for Social Security, Medicare in 2024

Recently announced key figures for Social Security and Medicare for 2024 include changes to benefit amounts and premium costs.

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Open enrollment presents opportunity to change Medicare plans

Open enrollment presents opportunity to change Medicare plans

Medicare holds an open enrollment period that allows participants to sign up or make changes to existing plans, which could result in cost savings.

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Unraveling the 10-year rule

Unraveling the 10-year rule

The SECURE Act 10-year rule set new guidelines for distributing inherited retirement accounts and has impacted retirement planning.

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Exploring changes in retirement legislation with SECURE Acts

Exploring changes in retirement legislation with SECURE Acts

Explore six changes to retirement from the passage of the SECURE Acts and get essential insights to enhance your retirement planning.

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Consider looking close to home when seeking a loan

Consider looking close to home when seeking a loan

An interfamily loan may be a viable alternative to a current mortgage for family members looking to buy a home.

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Consider these ways to shield assets from litigation

Consider these ways to shield assets from litigation

An asset protection strategy should be part of any financial plan to protect assets from creditors and litigation.

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Key FAFSA changes will impact student aid

Key FAFSA changes will impact student aid

Important changes to the FAFSA filing will take effect this year and impact student aid levels for some families.

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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.