Estate Planning and Taxes - Financial Advisor Source

Making Estate Planning More Tax Efficient And Equitable For Beneficiaries By NOT Just Splitting The Assets Evenly

Nerd's Eye View

AUGUST 7, 2024

Traditionally, people tend to think of their estate as comprising one big 'pot' of assets, focusing on the sum of all the assets rather than on each individual asset itself.

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Holistiplan Launches Estate Plan Document Extraction Tool (And More Of The Latest In Financial #AdvisorTech – November 2024)

Nerd's Eye View

NOVEMBER 4, 2024

This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)

Estate Planning

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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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Webinars

Back to Basics with Reconciliations

Less Stress, More Success: Accounting Best Practices & Processes for 2025

Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

MORE WEBINARS

Tax and Estate Planning Under a New Presidential Administration

NAIFA Advisor Today

OCTOBER 25, 2024

A change in presidential administrations often brings changes that can significantly impact tax and estate planning. As we approach the sunset or possible extension of the Tax Cuts and Jobs Act (TCJA), financial professionals must prepare for what may be a new era of tax policy.

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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

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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.

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Remember the Benefits of Estate Planning

Integrity Financial Planning

OCTOBER 23, 2023

Estate planning can be difficult to think about, let alone plan for. Maybe you’ve avoided putting together a concrete plan because you don’t want to think too far into the future when it’s time to pass on what you have. Or maybe you don’t think an estate plan is necessary because you’re not rich enough to warrant one.

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Utilizing Swap Powers In Irrevocable Trusts To Add Flexibility And Income Tax Efficiency

Nerd's Eye View

AUGUST 21, 2024

Irrevocable trusts lie at the heart of a variety of estate planning strategies, as gifts to irrevocable trusts can allow for the transfer of assets outside of an owner’s estate for estate tax purposes with more structure than an outright gift. the assets' original owner).

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Choosing the Right Trustee for Your Estate Plan

Carson Wealth

MAY 23, 2024

One of the most important decisions you’ll make when designing your estate plan is who to name in the various fiduciary roles: trustee, personal representative, executor and agent. The post Choosing the Right Trustee for Your Estate Plan appeared first on Carson Wealth.

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Updating Your Physician Estate Plan

Your Richest Life

AUGUST 11, 2023

Your estate plan is the comprehensive guide to your wealth and property when you pass away or become incapacitated physically or mentally. it’s important that you update your estate plan to reflect those changes. As a physician, there are a few other areas to pay attention to when you’re working on your estate plan.

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Estate Planning 101

Integrity Financial Planning

AUGUST 28, 2022

Understand the basics first, and then create an estate plan. Wills and trusts are both important estate planning tools with important differences. If you don’t, these assets will likely be paid to your probate estate, possibly triggering income tax. Unfortunately, costly mistakes are all too easy to make.

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Life Insurance for Business and Estate Planning

Carson Wealth

SEPTEMBER 27, 2023

For individuals, a permanent life insurance plan can play a key role in estate planning by helping reduce estate taxes. 1,2 Some states have an estate tax as well, and they may have a lower threshold for when the tax applies. Estate Taxes.” Estate & Gift Tax FAQs.”

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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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6 Items to Put on Your Estate Plan Checklist

Integrity Financial Planning

MAY 23, 2023

An estate plan is a legal document that outlines a person’s wishes for the distribution of their assets and property after their death. It is essential to create an estate plan to ensure that your family and loved ones are taken care of in the event of your passing. Contact us today to get started!

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Personal finance links: a psychological decision

Abnormal Returns

APRIL 10, 2024

humansvsretirement.com) Estate planning Why you should update your estate plans periodically. obliviousinvestor.com) Estate planning should most importantly include talking about it. cntraveller.com) How Social Security fits within your retirement plan. That doesn't mean they are easy to hold.

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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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Maximizing Wealth with Estate Planning: A Free Webinar

NAIFA Advisor Today

APRIL 12, 2024

Understanding the intersection between financial assets and estate planning is extremely important for maximizing wealth and enhancing asset protection. Join us on Wednesday, May 1, 2024, from 12:00 pm to 1:00 pm Eastern for an in-depth webinar that focuses on aligning your clients' financial assets with their estate planning goals.

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Tax Experts Discuss Estate-Planning Considerations for Financial Advisors

Wealth Management

APRIL 26, 2023

An overview of some of the important estate-planning proposals included in the 2024 Greenbook.

Estate Planning

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The Benefits & Purpose of a Trust in Estate Planning

Carson Wealth

OCTOBER 25, 2023

If your net worth plus the death benefit of life insurance policies you own exceeds $13 million, putting your assets in specific types of trusts can be helpful for federal estate tax issues. But for most Americans, federal estate taxes will not be a major concern. This is especially true when you have a blended family.

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Who Needs Estate Planning?

Carson Wealth

NOVEMBER 5, 2022

Estate Planning isn’t fun to think about. But estate planning is so much more than terminal actions – it helps set a stage for a rich life while protecting against unnecessary taxes and family feuds. . Who needs estate planning? Estate Planning in Your 20s . Craig Lemoine, Ph.D.,

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Six Reasons Tax Season Should Also Be Estate Planning Season

Wealth Management

MARCH 10, 2023

Helping improve your clients' estate plans can ensure their financial wellness for generations to come.

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The Basics of Estate Planning

Validea

JULY 10, 2023

In this episode, we take a high-level look at estate planning. We cover wills, living wills, powers of attorney and the other most important documents should be put in place, the importance of trusts, the estate tax, intergenerational planning and a lot more.

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6 Important Components of Estate Planning

James Hendries

OCTOBER 11, 2022

Basic estate planning is something that everyone should do, regardless of your age, marital status, the value of your assets, and if you’re a parent or not. This statistic illustrates that more Americans should consider estate planning to help ensure their assets transfer quickly to their heirs. Gallop, May 2021.

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The HSA ‘Deathbed Drawdown’: Making Tax-Efficient Distributions Of Large Balances (When There Isn’t Much Time)

Nerd's Eye View

FEBRUARY 15, 2023

Health Savings Accounts (HSAs) feature useful tax advantages that make them a popular savings vehicle. One possible outcome of ‘superfunding’ an HSA, however, is that the account owner may not actually use up all of their HSA funds over their lifetime, which can have significant tax consequences. Read More.

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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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Good Estate Planning Never Goes Out of Style

Wealth Management

SEPTEMBER 24, 2024

Don’t let the uncertainty about future tax policy interfere with taking action to meet your client’s goals.

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When Should You Have an Estate Plan?

Carson Wealth

NOVEMBER 28, 2022

Estate planning touches two critical aspects of our lives: It can direct the distribution of property while providing a structure of guardianship and care for ourselves as well as those we love and care for. But many people feel like estate planning happens when you’re older, and that’s a misconception.

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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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A Hidden Tax: Does Your State Have Its Own Estate or Inheritance Tax?

Financial Symmetry

MARCH 18, 2024

In the realm of estate planning, many people in the United States have heard of the estate tax but think it does not apply to them, instead seeing it as an issue for the “1 percenters.” They are partially correct … Continued The post A Hidden Tax: Does Your State Have Its Own Estate or Inheritance Tax?

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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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Estate Planning in this Economic Climate

Park Place Financial

NOVEMBER 29, 2022

Estates Estate Planning in this Economic Climate Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. If you are in the middle of estate planning , consider the following strategies to develop a sound plan amidst widespread economic challenges. . Create a Trust . Charitable Remainder Unitrust .

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3 Celebrity Estate Planning Slipups Clients Can Learn From

eMoney Advisor

NOVEMBER 10, 2022

That occasion marked an agreement with the IRS on a $156 million value on Prince’s real estate and recordings for the artist who died in April 2016—without a will. What can we learn from celebrity estate planning disasters like this? Such cautionary tales prove the value of proper planning. It turns out, plenty.

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6 Things You Should Know to Create a Robust Estate Plan

WiserAdvisor

APRIL 19, 2024

While a financial plan focuses on managing your finances during your lifetime, an estate plan is essential for determining the fate of your assets after you pass away. Estate planning involves the transfer of your assets to your heirs in the event of your passing.

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Estate Planning Strategy: Leveraging CFP® Certification Expertise

International College of Financial Planning

OCTOBER 26, 2023

The Imperative of Estate Planning: Not Just for the Affluent Often, there’s a prevailing misconception that estate planning is a luxury reserved for the wealthy elite. Real estate planning is a crucial undertaking that every adult and family should prioritize.

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Ensure your Clients' Estate Plans are SECURE

Advisor Perspectives

JUNE 1, 2023

Provisions of the SECURE Act may require advisors to revisit estate plans for clients who aren't utilizing their RMDs or who have qualified assets intended for the next generation. Some clients may benefit from strategies for using life insurance to maximize the value of qualified assets while minimizing their tax burden.

Estate Planning

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Estate Planning in a Spooky 2024 Landscape

Wealth Management

OCTOBER 2, 2024

Five ways to turn potential tax scares into sweet savings.

Estate Planning

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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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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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Adviser links: helping clients feel secure

Abnormal Returns

FEBRUARY 19, 2024

obliviousinvestor.com) Estate planning Changing an estate plan takes time. wealthmanagement.com) Do your clients have a digital estate plan? thinkadvisor.com) How tax treatment differs across states for 529-to-Roth IRA rollovers. thinkadvisor.com) How to research a Social Security question.

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Master the Family Meeting for Estate Planning Success

eMoney Advisor

FEBRUARY 22, 2023

And if they’re unprepared—or worse, if the family estate planning strategies are less than buttoned up—how will that affect your practice down the line? To start the conversation with clients preparing to transfer wealth, you can simply say: “Tell me about who in the family was involved in the development of your estate plan.”

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What Estate Plan Documents Do I Need?

Carson Wealth

JANUARY 3, 2023

Many people believe, incorrectly, that estate planning is for older, ultra-wealthy people. But the simple truth is: If you have property, you need an estate plan. Your estate plan is the key to ensuring your wishes are carried out after you die or you’ve become incapacitated and can’t make decisions on your own. .

Estate Planning

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The 5 Most Common Estate Planning Myths

Park Place Financial

SEPTEMBER 8, 2022

ESTATES The 5 Most Common Estate Planning Myths Schedule a Complimentary Financial Review CLICK HERE TO SCHEDULE. Estate planning is a crucial component of financial preparation for many individuals, as it enables their wealth to have a lasting and meaningful impact on their loved ones.

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