Wealth Management Center

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


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February 14, 2019

Planning ideas for tax season

Bill Cass, CFP®, Director Wealth Management Programs at Putnam
Chris Hennessey, Lawyer and CPA, Putnam Business Advisory Group

Open enrollment presents opportunity to change Medicare options

Open enrollment presents opportunity to change Medicare options

Open enrollment provides an opportunity to talk about health-care cost planning with investors as they consider Medicare options.

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Retirement plans may not be out of reach for small businesses

Retirement plans may not be out of reach for small businesses

Many small business owners may not realize that Internal Revenue Service offers a tax credit for the costs of establishing workplace retirement plans.

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Planning strategies to prepare if taxes move higher

Planning strategies to prepare if taxes move higher

As the federal budget deficit rises, it is likely that investors will see taxes move higher in the future.

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Last two years of high school are crunch time to prepare for college

Last two years of high school are crunch time to prepare for college

Families with college-bound students focus more intently on the future when their child enters the last two years of high school.

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Planning for college can begin as early as freshman year in high school

Planning for college can begin as early as freshman year in high school

Even for students just settling in to high school, it is not too early to start planning for college.

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A 529 college savings plan can be flexible as situations change

A 529 college savings plan can be flexible as situations change

A 529 college savings plan is flexible and the account owner can make changes to investments and beneficiaries over time.

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Packing for college? Remember the legal documents

Packing for college? Remember the legal documents

Parents of college-bound children may want to consider preparing certain legal documents before their child leaves for school.

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Back to school:  Time to spend or save?

Back to school: Time to spend or save?

Families will spend record levels as their children head back to school this year. But the school season may also be a time to focus on saving.

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Proposed bill represents landmark changes to retirement savings

Proposed bill represents landmark changes to retirement savings

The Senate is considering a bill that represents the most comprehensive changes to retirement savings since the Pension Protection Act of 2006.

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The IRS is revising Form 1040 again

The IRS is revising Form 1040 again

Less than a year after restructuring tax Form 1040, the Internal Revenue Service (IRS) is changing the document again.

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Create a checklist for when a family member passes away

Create a checklist for when a family member passes away

Most families do not want to think about losing a loved one. But creating a checklist for family members may help them navigate a difficult situation.

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Certain trusts may help lift the weight of a state tax burden

Certain trusts may help lift the weight of a state tax burden

With tax deductions limited under tax reform, taxpayers in high-tax states may consider using incomplete non-grantor trusts to plan for state income taxes.

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Strategies to preserve step-up in cost basis under new tax landscape

Strategies to preserve step-up in cost basis under new tax landscape

The focus in estate planning has shifted to income taxes, including strategies for the step-up cost basis, a planning consideration to manage capital gains.

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Same-sex couples face challenges in financial planning

Same-sex couples face challenges in financial planning

While progress has been made on marriage equality, same-sex couples may continue to face obstacles to saving and other financial planning issues.

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Is the stretch IRA doomed?

Is the stretch IRA doomed?

With sweeping retirement legislation garnering massive support in Congress, concerns about the future of the stretch IRA have resurfaced.

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More colleges offer tuition deals for out-of-state students

More colleges offer tuition deals for out-of-state students

Some families that once felt that they had no control over college costs, are finding that many colleges offer tuition deals.

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Preserving open space may deliver a tax break

Preserving open space may deliver a tax break

Land designated with a conservation easement, including preserving open space, can offer tax advantages to a property owner.

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Four reasons to convert a custodial account to a 529 plan

Four reasons to convert a custodial account to a 529 plan

There are several reasons why parents decide to liquidate a custodial account and use the assets to fund a 529 college savings plan.

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When a defective trust may be effective

When a defective trust may be effective

A so-called defective trust may help business owners transfer wealth to other family members during their lifetime in a tax efficient manner.

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Will Social Security be solvent when it is time to collect?

Will Social Security be solvent when it is time to collect?

A new report found that the cost of Social Security is projected to exceed its income in 2020 and the trust funds are projected to be depleted in 2035.

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Three planning considerations now that tax season is over

Three planning considerations now that tax season is over

Now that the first tax season under tax reform is in the books, what are some tax planning considerations for the rest of the year.

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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.