Wealth Management Center
Preserving and enhancing wealth for the future with financial-planning experts Bill Cass and Chris Hennessey
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Final regulations deliver clarity on 10-year rule
July 24, 2024 | Retirement/Income
With final regulations announced, heirs now have clarity on the 10-year rule for distributions from inherited retirement accounts.
Tax outlook and planning considerations
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More resources to address all aspects of financial planning
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 Planning at Franklin Templeton.
Chris Hennessey
Lawyer and CPA, Faculty Director, Babson College School of Executive Education.
ADVISOR-ONLY WEBINAR SERIES
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
Final regulations deliver clarity on 10-year rule
With final regulations announced, heirs now have clarity on the 10-year rule for distributions from inherited retirement accounts.
New ways to avoid early withdrawal penalties from retirement accounts
IRS recently provided details on new provisions to avoid the early withdrawal penalty from retirement accounts.
A marriage may end but not Social Security benefits
If they meet certain requirements, a divorced individual can receive Social Security benefits similar to a married spouse.
Planning moves to take the sting out of the 3.8% surtax
A rising number of US taxpayers are subject to an investment income surtax, introduced a decade ago in federal legislation. Here are some strategies that may help mitigate the impact of the tax.
Six things to know about Social Security survivor benefits
For married couples, it is important to understand the rules for claiming Social Security survivor benefits in order to plan ahead.
Financial planning strategies for newlyweds
Here are some financial planning considerations and steps newlyweds may want to take after the wedding.
Advisors' top 529 questions, answered
Many families think about college savings during the month of May and seek to learn more about 529 plans.
Reasons why a grandparent-owned 529 plan may make sense
Grandparents may want to explore funding a 529 plan for their grandchildren. Here are some considerations such as the impact on estate plans and student aid.
Decision made: Why 529 plans are a popular choice for education savings
For families saving for college, 529 plans remain popular. Here are some key facts about 529 plans.
IRS allowing heirs to skip RMDs in 2024
Heirs with inherited retirement accounts can skip taking RMDs this year without penalty under IRS guidance.
Consider a reset of college savings with a 529 plan
Considering the broader tax benefits, 529 plans may be a more tax-efficient way to save for college than custodial accounts.
Consider tax planning beyond the filing season
With tax season over, some taxpayers may want to forget about taxes until next year but there may be advantages to focusing on taxes beyond the filing season.
Harnessing the power of step-up in cost basis
For those looking to efficiently transfer wealth, here are some considerations and strategies when planning for step-up in cost basis.
Deciding how to pass wealth to heirs
Potential changes in estate and gift tax laws are causing some individuals to review plans and choose how to pass wealth to beneficiaries.
Consider the options before taking action on company stock
For individuals considering a distribution or rollover it is important to understand the options around company stock in a retirement plan.
Taxes in retirement may surprise retirees
Individuals saving for retirement may overlook state taxes which can mean a larger tax bill in retirement than expected.
Current administration eyes tax hikes for high earners
Treasury report offers a look at potential policy items such as tax hikes that could be proposed in the future.
State mandates drive business owners to explore retirement plans
With more states requiring workplace savings plans it may be an opportune time for businesses to establish their own retirement plans now.
Growing number of single households face unique challenges
Without additional resources single households may be more vulnerable to financial shortfalls, making financial planning particularly important.
Looking beyond the basics of HSAs
In order to take advantage of the tax benefits, it is important to take a deeper look at HSAs and understand how they work.
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.
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.
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.