Live from Heckerling: 2023 Estate and Tax Planning Developments
Wealth Management
JANUARY 8, 2024
What were the significant tax and non-tax issues of last year? Speakers at Heckerling discuss tax planning, estate planning and philanthropy cases.
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The Best Of Weekend Reading 2024: Top 24 Articles You Might Have Missed
Nerd's Eye View
DECEMBER 30, 2024
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 (..)
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Book of Secrets on the Month-End Close
Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments
Trending Sources
Tax Advice Restrictions For Financial Advisors: How To Offer Tax Planning And Remain In Compliance
Nerd's Eye View
NOVEMBER 30, 2022
Taxes are a central component of financial planning. Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estate planning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
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Personal finance links: a worthy goal
Abnormal Returns
NOVEMBER 6, 2024
podcasts.apple.com) Taxes A year-end tax planning checklist. kindnessfp.com) How to think about taxes in early retirement. marknewfield.substack.com) How to look for holes in your financial plan. contessacapitaladvisors.com) Four steps to an estate plan.
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Build (Customized) Flexible Estate Planning Strategies In A Constantly Changing Political Landscape
Nerd's Eye View
APRIL 5, 2023
In recent years, the Internal Revenue Code (IRC) has endured some drastic changes resulting from legislative action that have altered the strategies estate planning 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 estate tax planning.
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Adviser links: losing focus
Abnormal Returns
NOVEMBER 11, 2024
riabiz.com) A round-up of recent financial advisortech news including Holistiplan's estate planning module. thinkadvisor.com) A year-end tax planning checklist. (standarddeviationspod.com) The biz Fidelity is crushing it. riabiz.com) What is the target market for MAGA-centric Strive Wealth Management?
10 High-Income Tax Planning Strategies to Complete Before 2025: A Year-end Checklist
Harness Wealth
NOVEMBER 12, 2024
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 tax planning can lead to significant savings and set you up for financial success in the new year. Find your next tax advisor at Harness today. Starting at $2,500.
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Personal finance links: an essential skill
Abnormal Returns
SEPTEMBER 4, 2024
morningstar.com) Early in retirement is the time to do some tax planning. nextavenue.org) Estate planning Mistakes to avoid in your estate planning. theretirementmanifesto.com) If you have a valuable collection you need a plan for its eventual disposition.
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Save on Taxes with These 5 Year-End Financial Tips
MainStreet Financial Planning
NOVEMBER 8, 2024
As December unfolds, it’s easy to overlook year-end tax planning amid the holiday hustle. However, dedicating a few moments now can lead to significant savings come tax season. To help you retain more of your hard-earned money and reduce your tax liability, consider these five strategic moves before the year concludes.
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“Legacy IRA” Rollover To A Charitable Gift Annuity: Using This New Tax-Advantaged Opportunity To Help Clients Achieve Charitable And Retirement Goals
Nerd's Eye View
AUGUST 23, 2023
However, the caveat with current CGAs has been that they could only be funded with after-tax dollars before the donor’s death, meaning that if an individual only had tax-deferred funds (e.g., Second, they reduce the donor's tax bill in the year the CGA is created by excluding the amount contributed to the CGA from taxable income.
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What Is the Most Important Component of Your Estate Plan as a Christian?
Cornerstone Financial Advisory
MARCH 14, 2025
As a Christian, your estate plan should represent your dedication to financial stewardship according to Scripture. W hat important factors should Christians consider when estate planning? W hat important factors should Christians consider when estate planning?
What is a Stepped Up Basis? Cost Basis of Inherited Stock and Other Assets
Darrow Wealth Management
JANUARY 16, 2025
A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. Understanding step-up in basis at death If youve received an inheritance you may have questions about the tax treatment of certain assets. This increases the tax basis, which determines capital gains or losses when the asset is sold.
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Weekend Reading For Financial Planners (August 10-11)
Nerd's Eye View
AUGUST 9, 2024
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 (..)
Weekend Reading For Financial Planners (June 22-23)
Nerd's Eye View
JUNE 21, 2024
million in assets to both retire and pass on a legacy interest (though many have yet to establish an estate plan), 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
Using A Testamentary Charitable Remainder Unitrust (T-CRUT) To Give Twice To Both Loved Ones And Charitable Organizations
Nerd's Eye View
JANUARY 31, 2024
This shift has led financial advisors to explore new strategies for mitigating the resulting tax-planning challenges. This allows the account to grow on a tax-deferred basis, with income to beneficiaries being taxed when distributions are made.
The Future Of Financial Advice: How Tech and Approaches In 2030 Will Differ From Today
Nerd's Eye View
JANUARY 8, 2024
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
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Wealth.com Raises $30M To Provide Estate Documents To Advisors’ Clients (And More Of The Latest In Financial #AdvisorTech – October 2024)
Nerd's Eye View
OCTOBER 7, 2024
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!
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Adviser links: the RMD mentality
Abnormal Returns
AUGUST 5, 2024
kitces.com) Taxes Following the RMD rules for inherited IRAs may not be optimal. investmentnews.com) On the importance of tax planning in the first few years of retirement. papers.ssrn.com) Four steps to create a digital estate plan. (riabiz.com) The SEC Onsite SEC examinations are ramping up. forbes.com)
Your 2025 Tax Extension Guide: When, Why, and How to File for More Time
Harness Wealth
MARCH 6, 2025
As is traditional, the 2025 IRS tax filing deadline is April 15th. In this guide, well explore the 2025 tax extension process, the reasons for requesting an extension, and how a tax advisor from Harness can help you. Table of Contents What is a tax extension? Why do I need a tax extension? This is not the case.
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How Advisors Can Help (Not-So HNW) Clients Maximize Asset Protection By Assessing Strategies, Tools, And Education
Nerd's Eye View
SEPTEMBER 6, 2023
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 estate tax planning tools such as Spousal Lifetime Access Trusts (SLATs) that can offer both estate planning and asset protection benefits for married couples.
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Weekend Reading For Financial Planners (June 8-9)
Nerd's Eye View
JUNE 7, 2024
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 (..)
Personal, estate, and business tax planning strategies for 2023
Nationwide Financial
MARCH 6, 2023
Even if a client believes they would not be subject to estate or gift tax under current law, you may want to re-examine the value of their assets to determine whether they exceed a lower exemption amount. Tax season has begun, and it’s not too early to think about planning for the 2023 tax year.
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Alternative Investments Explained: What Are They, And How Are They Taxed?
Harness Wealth
FEBRUARY 4, 2025
However, unlike stocks and bonds, alternative investments, or alts as theyre commonly known, have unique tax treatments and complex reporting requirements that investors should carefully consider before investing. Well also go into some potential strategies to optimize tax efficiency. How Are Alternative Investments Taxed?
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Estate Planning: 2024 Trends for Tax Professionals to Watch
Harness Wealth
JULY 29, 2024
In this guest post, Harness Tax Advisory Council member, Griffin Bridgers, J.D., covers some of the top estate planning trends that tax advisors should be tracking during the second half of 2024. contained a number of changes relevant to estate planning. citizens and residents. The SECURE Act 2.0
Major Tax Changes Are Coming in 2026. Are You Ready?
Darrow Wealth Management
JULY 1, 2024
The 2017 Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the tax code, impacting every taxpayer and business owner. Here’s a summary of the major tax law changes coming in 2026 and some steps individuals and business owners can take to prepare. For some, this may lead to more taxes paid on capital gains.
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Incorporating Equity Compensation into a Multi-Generational Wealth Transfer Plan
Zajac Group
NOVEMBER 7, 2024
One of the most important aspects of developing a thorough estate plan is tax planning, as this has the potential to diminish the impact of your gifts and your loved ones’ inheritances. Let’s take a look at the tax impact and other considerations of each. million before triggering federal estate taxes).
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7 Financial and Tax Planning Optimizations to Complete Before 2023
Harness Wealth
DECEMBER 8, 2022
Not only was the stock market fairly volatile, but there were also atypical tax regulation changes. Tax-loss harvesting. Paying taxes on investment gains can be a financial burden, but tax loss harvesting can reduce your bill. You can claim as much capital loss as your realized capital gain plus $3,000.
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Why Should I Hire a Financial Advisor? 5 Benefits of Financial Advice
Carson Wealth
JANUARY 8, 2025
Holistic Financial Management Beyond investment advice, financial advisors offer comprehensive services such as tax planning, estate planning, and risk management. This support can be important in maintaining discipline and making rational decisions amidst market fluctuations.
How Estate and Gift Taxes Can Impact Your Financial Plan
Carson Wealth
FEBRUARY 29, 2024
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 estate plan? Taxes on Giving??? Why do you have to pay taxes on money you’re giving away?
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Planning Details for NUA: A Tax-Saving Strategy
Fortune Financial
JULY 28, 2022
When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). . However, the tax deferral benefit comes at a cost tradeoff. Almost every dollar distributed from a pretax retirement account will be taxed at ordinary income tax rates.
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Demystifying Deathbed Taxes: Essential Strategies for Effective Estate Planning
Ballast Advisors
SEPTEMBER 5, 2024
Navigating the complexities of estate planning 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. However, there are nuances to consider.
Take Advantage of These Tax Strategies Before the Year Ends
Integrity Financial Planning
NOVEMBER 14, 2023
We’re coming up on the end of the year, and while it’s a time to take a break and enjoy the holiday season, it’s also a good time to consider tax strategies that may benefit you. Gift Tax Exemptions Each year, you can give up to $17,000 to any number of people tax-free.
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2 Key Benefits of Living Trusts
Darrow Wealth Management
JANUARY 29, 2024
There are no tax benefits during life nor are there any adverse tax implications. This article is a high-level overview of the various estate planning techniques and considerations when using revocable living trusts from the perspective of a wealth advisor (e.g. Other living trust benefits State estate tax planning.
The 5 Pillars of Retirement Planning You Should Be Aware of
WiserAdvisor
MARCH 13, 2024
Investment planning also plays a crucial role in tax optimization, enabling you to minimize tax liabilities and maximize after-tax returns. Additionally, tax-loss harvesting, and other tax-optimization strategies can further improve the tax efficiency of your investment portfolio, thereby enhancing overall returns.
Tax Advisor Q&A: How to Build Better Tax Client Relationships Through Life Event Planning
Harness Wealth
SEPTEMBER 18, 2024
Only 26% of Americans have an estate plan. If you’re thinking, “But my clients are high-net-worth…many more have an estate plan.” 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.
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52 Part 1: The Tools of the Tax-Planning Trade
Yardley Wealth Management
FEBRUARY 1, 2022
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.
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Part 1: The Tools of the Tax-Planning Trade
Yardley Wealth Management
FEBRUARY 1, 2022
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.
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Identifying the four stages of transition for widows
Million Dollar Round Table (MDRT)
JULY 21, 2022
This is the time to do comprehensive financial planning: retirement planning, investment planning, tax planning and estate planning. Discuss more advanced estate planning, charitable planning and special family issues.
Part 3: Tax-Wise Financial Planning
Yardley Wealth Management
MARCH 1, 2022
The post Part 3: Tax-Wise Financial Planning appeared first on Yardley Wealth Management, LLC. 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. Life happens. You buy a business.
Part 3: Tax-Wise Financial Planning
Yardley Wealth Management
MARCH 1, 2022
The post Part 3: Tax-Wise Financial Planning appeared first on Yardley Wealth Management, LLC. 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. . Tax-Planning Possibilities.
Why Do I Need an Estate Planning Attorney?
Carson Wealth
FEBRUARY 13, 2023
While there are certainly ways to do estate planning without a lawyer, for most people hiring an estate planning attorney makes the most sense. Estate plans can get complex fast, and even fairly straightforward estates can feel overwhelming if you’re not trained in the area. Do your research.
Should I Put My Assets in a Trust? Top 3 Benefits of Living Trusts
Darrow Wealth Management
OCTOBER 1, 2024
Choosing whether to fund a trust with your assets is an important decision in the estate planning process. A will and a trust are two different estate planning tools. There are no changes to the tax treatment of these assets. Limiting access can provide estate tax planning benefits for some).
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Do You Still Need A Financial Advisor After You Retire?
WiserAdvisor
AUGUST 31, 2023
A financial advisor can help with maximizing your retirement income through tax planning 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.
Estate Planning: A Key Part of Any Financial Plan
Harness Wealth
JUNE 23, 2023
Estate planning is a critical component of a comprehensive financial plan. Furthermore, estate planning includes aspects such as tax minimization strategies, asset protection, and charitable giving. There are many different types of trusts, each designed to address specific estate planning needs.
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