The final quarter may be the busiest time for financial planning as clients focus on preparing for 2013. This year in particular has presented many challenges for clients as they try to grow and protect assets in the face of uncertainty around taxes and fiscal policy. Some key end-of-year strategies for consideration include: Contact clients
Many older investors choose to satisfy their required minimum distributions (RMDs) by making withdrawals from retirement accounts annually in December. That makes now a good time to contact clients and help them stay on track. The Internal Revenue Service has specific rules for taking RMDs. In fact, the penalty for not taking a required distribution
With 79% of workers surveyed by the Employee Benefit Research Institute indicating they will rely on Social Security as a source of retirement income, clients will probably want to calculate the benefit. Many workers understand the rules about collecting Social Security and have identified the age at which they can receive their full retirement benefit.
Now is a great time to review Roth IRA conversions that occurred during 2011 within your book of business, and, if appropriate, contact clients to confirm they would like to keep the conversion in place. Roth IRA owners who converted accounts in that period have until October 15, 2012 (the tax filing deadline plus extension),
Finding the ideal place to retire means weighing many pros and cons. The size of the tax bite can vary greatly by state. Use this interactive graphic to see how the states measure up. Click on the map below to launch the interactive graphic. All data is current as of 10/21/11 and is subject to
When reviewing retirement assets, you may want to discuss the net unrealized appreciation rule (NUA) if your client owns appreciated company stock in a qualified 401(k) plan. Clients may not realize they may benefit from the tax flexibility provided by the rule. Presenting this alternative can differentiate you from other advisors or investment firms who
Today more and more households are headed by a divorced or single individual. Because most rules involving retirement, insurance, income taxes, and estate taxes differ because of marital status, there are unique challenges that may arise for these individuals. There are some strategies that may be useful for divorced and single individuals as they navigate
Unmarried couples have unique financial planning considerations because the rules involving retirement, insurance, income taxes, and estate taxes differ from those that apply to married couples. Fortunately, planning strategies may be used to deal with varying limitations or exclusions. Retirement. Beneficiary designations are critical for unmarried couples because they cannot take advantage of rules governing
The number of non-traditional households in the United States — those headed by divorced or never-married individuals — is on the rise, and awareness is growing about financial planning challenges that are specific to them. Some of these challenges may include the following: Unmarried couples are not afforded automatic protections such as legal and property
It is never too early in the year to talk to your clients about making donations to charity. In fact, the tax benefits may never be better than those available in 2012. Under pressure to solve the federal budget deficit, leaders on Capitol Hill are eyeing a range of tax reform proposals. In addition, many