Wealth Management Center

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


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

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

June 26, 2019

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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ADVISOR-ONLY WEBCAST SERIES

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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

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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Fewer estates taxed under tax reform, but state taxes still a concern

Fewer estates taxed under tax reform, but state taxes still a concern

Under tax reform, the federal estate tax applies to fewer estates, yet more than a dozen states have estate or inheritance taxes.

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Congress considers proposals to enhance retirement accounts

Congress considers proposals to enhance retirement accounts

Changes to retirement accounts could be on the horizon as Congress considers legislation to enhance 401(k) plans and other retirement accounts.

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Investors face more challenges generating retirement income than saving

Investors face more challenges generating retirement income than saving

For investors preparing for retirement, it may be more difficult to distribute retirement income than to accumulate.

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It is not too late to fund a SEP IRA

It is not too late to fund a SEP IRA

Small businesses and freelance workers seeking a retirement savings strategy may consider the advantages of a SEP IRA.

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New strategies emerge for Roth conversions

New strategies emerge for Roth conversions

Under tax reform, taxpayers can still act on Roth conversions, but the option to recharacterize - or undo the conversion - is no longer available.

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Estate planning considerations before the law sunsets

Estate planning considerations before the law sunsets

Estate planning remains an important part of financial planning and here are some considerations before the estate tax law sunsets.

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Optimize the pass-through business tax deduction

Optimize the pass-through business tax deduction

Small business owners may want to consult with an advisor or tax expert to review the pass-through business tax deduction introduced by tax reform.

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A new perspective on tax deductions

A new perspective on tax deductions

Many popular tax deductions were limited or eliminated under tax reform and investors may want to consider strategies to mitigate the impact.

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Small-business deduction rules finalized

Small-business deduction rules finalized

The Treasury and Internal Revenue service recently finalized the rules for claiming the small business deduction, introduced by the Tax Cuts and Jobs Act.

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The 1040 tax filing this year can reveal opportunities for planning

The 1040 tax filing this year can reveal opportunities for planning

This is the first year of tax filing since tax reform and some taxpayers may find their 1040 filing indicates opportunities for planning.

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Form 1040 gets an overhaul under tax reform

Form 1040 gets an overhaul under tax reform

Tax reform resulted in broad-based changes to the tax code as well as changes to the Form 1040 and other tax forms.

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Will individuals pay more or less taxes for 2018?

Will individuals pay more or less taxes for 2018?

Taxpayers will be calculating taxes under the new tax law for the first time for 2018 and learning whether they will owe more or less taxes this year.

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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.