Wealth Management Center
Preserving and enhancing wealth for the future with financial-planning experts Bill Cass and Chris Hennessey
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Harnessing the power of step-up in cost basis
April 17, 2024 | Estate and Wealth Transfer
For those looking to efficiently transfer wealth, here are some considerations and strategies when planning for step-up in cost basis.
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)
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More resources to address all aspects of financial planning
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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
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
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.
Spouses have more flexibility when inheriting IRAs
The tax code gives preference to spousal beneficiaries with more choices and potentially more advantageous tax treatment of required distributions.
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.
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 ...
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 ...
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 ...
Key tax figures for 2024
In reviewing tax and financial plans, taxpayers will want to consider key tax figures that are changing in 2024.
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.
Consider the ripple effects of a Roth conversion
Here are several considerations including possible impacts on future taxes for individuals considering a Roth conversion.
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.
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.
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 ...
Year-end planning review checklist
This checklist for year-end planning may help advisors identify ways to minimize taxes and other potential benefits.
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.