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Preserving and enhancing wealth for the future with financial-planning experts Bill Cass and Chris Hennessey
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Year-end ideas for gifting and estate plans
December 2, 2020 | Estate and Wealth Transfer
For financial planning, year end can be an opportune time to review strategies for gifting and estate plans.
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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.
Year-end ideas for gifting and estate plans
For financial planning, year end can be an opportune time to review strategies for gifting and estate plans.
Four tax planning considerations for year-end
While tax rates are historically low, investors may want to review several tax planning considerations before year end.
Year-end planning ideas under the CARES Act
As investors prepare for year-end planning, they may want to consider tax-smart strategies under the CARES Act.
Post-election outlook for taxes, planning: Webcast
Amid uncertainty following the 2020 elections, market volatility is likely to continue: Webcast
Five key changes proposed by Secure Act 2.0
The House last week introduced a bipartisan bill, known as Secure Act 2.0, to expand retirement plan participation and savings.
Retirement savings tax advantages may change under Democratic proposals
Some tax proposals introduced by the Democratic presidential campaign may cause changes to retirement savings accounts.
Change in administration may mean tax changes
With uncertainty around the upcoming elections, it is not clear what types of tax changes may be implemented under a new administration.
Video: Consider a Roth to prepare for future taxes
With the possibility of future higher tax rates, investors may want to consider strategies that can be implemented now such as a Roth IRA conversion.
Video: Tax rates may rise in the future
With the current economic pressures, some investors may be focusing on the tax landscape and the possibility of higher tax rates
Putnam pros discuss taxes in the run-up to the election
Putnam's wealth management professionals share their views on taxes, the markets, fiscal policy, and the November election.
Key changes for charitable giving in 2020
In 2020, more taxpayers may be able to take tax deductions on their charitable giving as a result of provisions in the CARES Act.
Pandemic could reduce Social Security benefits
The pandemic is taking a broad economic toll causing many workers to earn less which could reduce Social Security benefits in the future.
Using a 529 plan when college is remote
Families may consider using funds from a 529 plan to cover qualified expenses even if their child is studying remote this fall.
Strategies during a college gap year
While college students may decide to take a gap year, families can continue to plan for the completion of the college program.
Back-to-school planning during the pandemic
While navigating the changing back-to-school landscape , families can still focus on planning and saving for the future.
Use high school years to implement a road map to college
Consider creating a plan to prepare for college during the high school years.
Pandemic underscores need for college checklist
This fall, preparing a college checklist may be more important than ever as the ongoing pandemic is affecting how colleges re-open.
Planning as the pandemic response evolves
The federal response to the pandemic continues to evolve, creating considerations for financial planning.
RMD waiver expanded for all investors in 2020
The IRS released new guidance that expanded the RMD waiver for use by all investors in 2020.
Small-business owners need to act soon on loan program
There is still funding available loans under the Paycheck Protection Program (PPP), but small-business owners need to apply before June 30, 2020.
As the pandemic weighs on the economy, make sure assets are protected
Given the economic downtown , it’s even more important for investors consider a plan to make sure assets are protected.
Congress extends loan forgiveness for small business PPP
Congress last week passed legislation to extend the timeline and requirements for loan forgiveness under the PPP program.
Retirement planning for the end of the year
The fourth quarter is an opportune time to take inventory of retirement accounts and review actions such as required minimum distributions and planning strategies before year-end.
Prepare clients for year-end planning
Gifting, required retirement distributions, and charitable donations are among many planning actions that need attention by the end of the year.
There's still time to implement tax-smart strategies
Determining an individual's tax bracket will drive which tax-smart strategies to implement, including managing income, capital gains and losses.
Some estate-planning benefits may be lost if not used
Investors may want to explore gifting and other estate-planning strategies to take advantage of tax benefits that may be limited.
Debt ceiling debate and federal budget on Capitol Hill agenda
As Congress faces a December deadline for the federal budget, the debt ceiling debate was moved up sooner than expected.
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.