Wealth Management Center

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


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Reasons why a grandparent-owned 529 plan may make sense

May 20, 2024  |  College Savings

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.

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Reasons why a grandparent-owned 529 plan may make sense
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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

Reasons why a grandparent-owned 529 plan may make sense

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.

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Decision made: Why 529 plans are a popular choice for education savings

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.

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IRS allowing heirs to skip RMDs in 2024

IRS allowing heirs to skip RMDs in 2024

Heirs with inherited retirement accounts can skip taking RMDs this year without penalty under IRS guidance.

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Consider a reset of college savings with a 529 plan

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.

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Consider tax planning beyond the filing season

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.

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Harnessing the power of step-up in cost basis

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.

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Deciding how to pass wealth to heirs

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.

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Consider the options before taking action on company stock

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.

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Taxes in retirement may surprise retirees

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.

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Current administration eyes tax hikes for high earners

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.

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State mandates drive business owners to explore retirement plans

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.

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Growing number of single households face unique challenges

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.

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Looking beyond the basics of HSAs

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.

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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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Retirement planning for the end of the year

The fourth quarter is an opportune time to take inventory of retirement accounts and review actions such as required minimum distributions and planning strategies before year-end.

Prepare clients for year-end planning

Gifting, required retirement distributions, and charitable donations are among many planning actions that need attention by the end of the year.

There's still time to implement tax-smart strategies

Determining an individual's tax bracket will drive which tax-smart strategies to implement, including managing income, capital gains and losses.

Some estate-planning benefits may be lost if not used

Investors may want to explore gifting and other estate-planning strategies to take advantage of tax benefits that may be limited.

Debt ceiling debate and federal budget on Capitol Hill agenda

As Congress faces a December deadline for the federal budget, the debt ceiling debate was moved up sooner than expected.

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.