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In recent years, the Internal Revenue Code (IRC) has endured some drastic changes resulting from legislative action that have altered the strategies estateplanning professionals have recommended to clients. For instance, prior to the 2017 Tax Cuts and Jobs Act (TCJA), "A/B trusts" had become ubiquitous for spousal estatetaxplanning.
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estateplanning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
morningstar.com) Early in retirement is the time to do some taxplanning. nextavenue.org) Estateplanning Mistakes to avoid in your estateplanning. theretirementmanifesto.com) If you have a valuable collection you need a plan for its eventual disposition.
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This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges. Under the new law, non-spouse beneficiaries (with few exceptions) must now withdraw the entirety of an inherited IRA within 10 years of the account owner's passing rather than over their own lifetimes. Read More.
riabiz.com) A round-up of recent financial advisortech news including Holistiplan's estateplanning module. thinkadvisor.com) A year-end taxplanning checklist. (standarddeviationspod.com) The biz Fidelity is crushing it. riabiz.com) What is the target market for MAGA-centric Strive Wealth Management?
In this guest post, Kathleen Rehl, a semi-retired financial advisor and educator now focusing on her own estateplanning considerations, shares her experience with creating her "Legacy IRA" rollover to a Charitable Gift Annuity to support her chosen nonprofits after Congress passed the SECURE 2.0 But the SECURE 2.0 Read More.
kitces.com) Taxes Following the RMD rules for inherited IRAs may not be optimal. investmentnews.com) On the importance of taxplanning in the first few years of retirement. papers.ssrn.com) Four steps to create a digital estateplan. alphaarchitect.com) Charitable giving A (big) primer on charitable giving.
Also in industry news this week: With a potential SEC regulation requiring RIAs to engage in enhanced "know your customer" practices under consideration, the Investment Adviser Association is arguing for a more tailored approach to identifying risky clients and a longer implementation period to relieve the potential burden on RIAs The SEC is investigating (..)
improves on the previous iterations of planning by involving a more thorough technical analysis of a client's unique situation than it did before and drilling deeper to reveal more planning opportunities to present to clients. Specifically, Financial Advice 3.0
Beyond insurance, advisors and their clients can also consider options such as the use of corporate entities such as Limited Liability Companies (LLCs) for business interests, and estatetaxplanning tools such as Spousal Lifetime Access Trusts (SLATs) that can offer both estateplanning and asset protection benefits for married couples.
Welcome to the October 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!
million in assets to both retire and pass on a legacy interest (though many have yet to establish an estateplan), according to a recent survey. Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that affluent Americans believe they need an average of $5.5
Also in industry news this week: Backers announced the new Texas Stock Exchange, which seeks to provide companies with a lower-cost alternative to the NYSE and Nasdaq, which, if successful, could create a more competitive landscape and potentially better execution and reduced trading costs for financial advisors and their clients The American College (..)
In this guest post, Harness Tax Advisory Council member, Griffin Bridgers, J.D., covers some of the top estateplanning trends that tax advisors should be tracking during the second half of 2024. contained a number of changes relevant to estateplanning. citizens and residents. The SECURE Act 2.0
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
Informally fund nonqualified deferred compensation plans If the business has a nonqualified deferred compensation plan for key employees, it may make sense to informally fund that plan in 2023 to ensure the company has the cash flow to meet the future obligation.
As the year comes to a close, now is the time to review potential financial moves to help minimize your tax burden heading into 2025. Proactive year-end taxplanning can lead to significant savings and set you up for financial success in the new year.
While there are certainly ways to do estateplanning without a lawyer, for most people hiring an estateplanning attorney makes the most sense. Estateplans can get complex fast, and even fairly straightforward estates can feel overwhelming if you’re not trained in the area. Do your research.
Related article: Tax Benefits of a Donor-Advised Fund. Estateplanning. The end of the year is a common time to take stock of your long term estateplanning. An example of estateplanning to preserve assets for beneficiaries to consider is utilizing a Grantor Retained Annuity Trust (GRAT).
With proper planning and professional advice, you can enjoy a secure and fulfilling retirement while effectively managing your healthcare costs and ensuring peace of mind for the future. Pillar 3: TaxplanningTaxplanning is indispensable for optimizing your retirement finances and safeguarding your wealth for the future.
Navigating the complexities of estateplanning can often feel like charting through uncharted waters, especially when it comes to handling assets, taxes, and ensuring one’s legacy is preserved according to their wishes.
Estateplanning is a critical component of a comprehensive financial plan. Furthermore, estateplanning includes aspects such as tax minimization strategies, asset protection, and charitable giving. There are many different types of trusts, each designed to address specific estateplanning needs.
This article is a high-level overview of the various estateplanning techniques and considerations when using revocable living trusts from the perspective of a wealth advisor (e.g. The US has 50 states – each with their own tax laws and estateplanning opportunities. States have their own estatetax laws.
This is the time to do comprehensive financial planning: retirement planning, investment planning, taxplanning and estateplanning. Discuss more advanced estateplanning, charitable planning and special family issues.
A financial advisor can help with maximizing your retirement income through taxplanning After retirement, your income sources may become limited to pensions, Social Security benefits, and investment income. A financial advisor can craft tax-efficient withdrawal strategies to minimize the tax burden on your retirement income.
The post Part 1: The Tools of the Tax-Planning Trade appeared first on Yardley Wealth Management, LLC. Part 1: The Tools of the Tax-Planning Trade Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome.
The post Part 1: The Tools of the Tax-Planning Trade appeared first on Yardley Wealth Management, LLC. Part 1: The Tools of the Tax-Planning Trade. Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome.
Here are some examples of one-time and ongoing services you can offer clients under the fee-for-service model: One-Time Services Ongoing Services Comprehensive Financial Plan Ongoing Financial Planning Second Opinion Engagement Advising on Held-Away Accounts Student Loan Analysis TaxPlanning Portfolio Tax Efficiency Review EstatePlanning Housing (..)
Choosing whether to fund a trust with your assets is an important decision in the estateplanning process. A will and a trust are two different estateplanning tools. Limiting access can provide estatetaxplanning benefits for some). Discuss your estateplan in detail with your attorney.
Maryland is the only state that imposes both estate and inheritance taxes. These state taxes range from 0.8% all the way up to 20%, and can apply to estates with assets as low as $1 million. Washington, for example, which has no state income tax, does impose an estatetax of 10 to 20 percent on estates with assets of $2.2
Only 26% of Americans have an estateplan. If you’re thinking, “But my clients are high-net-worth…many more have an estateplan.” These numbers show an opportunity for tax practices to build deeper, meaningful relationships with their clients, helping them to navigate some of life’s most challenging financial decisions.
Part 3: Tax-Wise Financial Planning In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing. But taxplanning isn’t just for your investments. But we can weave each event into the tax-planning fabric of your financial life.
Part 3: Tax-Wise Financial Planning. In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing. . But taxplanning isn’t just for your investments. Each can translate into tax-planning challenges and opportunities: .
It’s a simple, human act – one that seems like it shouldn’t take too much planning to do it correctly. But when does gifting become a tax issue? What do you need to consider about gifting as it relates to your overall estateplan? Taxes on Giving??? Why do you have to pay taxes on money you’re giving away?
This tax benefit is scheduled to sunset at the end of 2026. Taxplanning for 2026 Depending on your situation, income, and goals, your planning options will vary. As with anything in taxplanning, it’s important not to let the tax-tail wag the dog.
Part 2: Tax-Wise Investment Techniques In our last piece, we introduced some of the tools of the tax-planning trade. In other words, your tax-planning techniques matter at least as much as the tools. Tax breaks come and go, and are beyond our control. Remember, your goal is to minimize lifetime taxes paid.
Part 2: Tax-Wise Investment Techniques. In our last piece, we introduced some of the tools of the tax-planning trade. These include tax-sheltered accounts for saving toward retirement, healthcare, and education, as well as tax-efficient tools for charitable giving, emergency spending, and estateplanning. .
TaxPlanning: Optimize tax efficiency through strategies such as retirement contributions, tax-deferred accounts, and deductions and credits. EstatePlanning: Draft essential documents such as wills, trusts, and powers of attorney to ensure the orderly transfer of assets.
The following areas are among the most vital to discuss with high-net-worth clients: EstatePlanning. To ensure your wealth benefits loved ones, you should prepare your estate and determine how to distribute your assets. Estateplanning for high-net-worth individuals is also significant because recent developments in U.S.
Holistic Financial Management Beyond investment advice, financial advisors offer comprehensive services such as taxplanning, estateplanning, and risk management. This support can be important in maintaining discipline and making rational decisions amidst market fluctuations.
From financial plans to home remodeling, it’s common to be tempted to DIY your way there. Financial planning can be complicated. Have you thought about taxes or estateplanning or when to withdraw and from where? Here’s what you’ll learn on today’s show: Why shouldn’t you plan retirement by yourself? (0:12)
Blind Spot 3: Inadequate estateplanning In today’s age, where 60 is the new 50 and people are more active and health-conscious than ever before, it is common to think that estateplanning can wait. You can also consider using Roth accounts to optimize taxplanning in retirement.
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