Wealth Management Center
Preserving and enhancing wealth for the future with financial-planning experts Bill Cass and Chris Hennessey
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Heirs still waiting for clarity on 10-year rule
June 7, 2023 | Estate and Wealth Transfer
Although the Treasury Department issued proposed regulations for the new 10-year rule in February 2022, heirs are still waiting for final clarification.
Tax outlook and planning considerations
- Client seminar – Distribution planning under the SECURE Act (ppt)
- Understanding charitable giving strategies (pdf)
- 10 Roth IRA strategies
- Converting a traditional IRA to a Roth IRA (pdf)
- Apply a net operating loss to a Roth IRA conversion (pdf)
- Top questions from advisors about taxes
- Direction of estate taxes among top advisor concerns
- Client seminar – Tax strategies for the current landscape (ppt)
Resources
More resources to address all aspects of financial planning
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- Estate and Wealth Transfer
- Insurance/Risk Management
- Investments
- Retirement/Income
- Taxes
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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.
Chris Hennessey
Lawyer and CPA, Faculty Director, Babson College School of Executive Education, is a member of the Putnam Business Advisory Group.
ADVISOR-ONLY WEBINAR SERIES
March 15, 2023
Ideas to engage clients during tax season
Bill Cass, CFP®, CPWA®, Director Wealth Management Programs at Putnam
Chris Hennessey, Lawyer and CPA, Putnam Business Advisory Group
Heirs still waiting for clarity on 10-year rule
Although the Treasury Department issued proposed regulations for the new 10-year rule in February 2022, heirs are still waiting for final clarification.
College grads: Consider financial actions for your next steps
Building a solid financial strategy may be the most important first step to help college grads achieve their dreams.
Keys to saving taxes with a domicile change
Considerations when relocating and establishing a new domicile to try to save on taxes.
Decision made: Why 529 plans are a popular choice for college
A growing number of families are using 529 plans to save for college.
Birthdays may signal time to take financial action
In addition to birthdays and life changes, such as retirement, age milestones are meaningful for financial planning.
As FAFSA rules change, more grandparents may save in 529 plans
More grandparents may consider funding a 529 plan for their grandchildren as financial aid rules change.
Couples have unique option to plan for risk of future higher estate taxes
The expiring tax law provides a planning dilemma and opportunity for high-net-worth households concerned about the future of federal estate taxes.
Tax planning is a focus for all seasons
Staying focused on tax planning can help individuals find ways to improve their tax situation throughout the year.
Examining ways to fix Social Security
The latest projections about Social Security indicate the trust fund will be able to pay timely benefits until 2034 when the fund will be depleted.
There is still time to try to save on taxes before the filing deadline
With the April 18, 2023 tax-filing deadline approaching, it’s not too late to consider some strategies that could reduce taxable ...
Planning considerations for a divorce
Divorce can be overwhelming on an emotional level as well as when dealing with planning issues such as taxes, property division, and custodial arrangements.
Leading tax questions on the minds of advisors from our webinar
Here are some of the top tax questions asked by advisors on our recent webinar.
Soaring federal debt signals future tax increases
Given the current state of federal debt and solvency issues with entitlement programs, it is likely that revenue needs will lead to higher taxes.
Tax credits open door to new retirement plans
SECURE 2.0 provides tax credits for smaller businesses to establish workplace retirement plans.
Three ways to offset income from a Roth conversion
There may be planning opportunities to mitigate the taxes associated with a Roth conversion.
Taxpayers face challenges as tax provisions sunset in 2025
Unless Congress acts, current tax rates and most tax provisions in the tax code will sunset in 2025.
How the expiring TCJA may impact taxes in the future
Most provisions of the TCJA will expire in 2025 but taxpayers still have time to plan ahead for potential higher taxes.
Top advisor questions from our SECURE 2.0 webinar
Tax credits for start-up retirement plans, Roth strategies and easing rules around RMDs were among the top advisor questions about SECURE 2.0.
Time to prepare for tax season
Prepare in advance for tax season to make the most of your tax filing.
Ten income and estate tax planning ideas for 2023
Looking at the year ahead, individuals may want to explore opportunities to save more, reduce taxes, or revise their tax planning strategies.
SECURE 2.0 creates new backdoor Roth opportunity
Beginning in 2024, the SECURE Act allows unused funds from a college savings plan to be transferred to a Roth IRA in a form of backdoor Roth strategy.
SECURE 2.0 key provisions to impact planning
The SECURE 2.0 Act seeks to enhance retirement savings and will likely impact a variety of retirement planning and tax strategies.
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.