While there has been no action yet on the fiscal cliff, high-income earners are wise to prepare for higher taxes, fewer or capped deductions, or all of the above. The window of opportunity to take advantage of tax strategies while tax rates remain historically low is narrowing, so now is the time to contact clients
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
President Obama’s decisive re-election this week brought some clarity to investors, but the critical issues of averting the impending fiscal cliff and resolving the debt ceiling remain before Congress. While uncertainty surrounds the resolution of these issues, certain programs and tax increases will move forward. Taxes will rise for some The re-election of President Obama
Join Putnam’s tax, investment, and financial-planning experts for a look at the likely consequences of the looming fiscal cliff. Moderated by Wealth Management Strategist William D. Cass, CFP, the conference call will feature Michael J. Atkin, Fixed Income Portfolio Manager, and Christopher P. Hennessey, lawyer and CPA, Putnam Business Advisory Group. Date: Wednesday, November 7, 2012
While estimates may have decreased due to the Great Recession, baby boomers are still likely to inherit trillions of dollars as wealth is transferred from the previous generation. In fact, a 2010 study by MetLife estimated the boomer generation will inherit $8.4 trillion (based on 2007 data). Indeed, on a historical basis, inheritances or gifts
According to a Pew Research Center poll, 29% of parents with grown children had a child move back home in recent years, primarily due to economic conditions. At the same time, about 10 million boomers care for an elderly parent, according to a 2011 study by the MetLife Center for Long-term Care. Living situations have
This election season has re-energized the debate about the tax code and how to make it more effective. In general, most proponents of “tax reform” call for simplification through a combination of fewer (and presumably lower) marginal tax rates and an elimination or sharp reduction in tax preference items. To understand the evolution of the
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),
As Congress prepares for its August recess, the Democrat-led Senate and Republican-led House are unveiling proposals to address the expiring Bush-era tax cuts. While both political parties appear to be sensitive to the potentially damaging impact of the so-called “fiscal cliff” in 2013, there are some key differences on how each would address the issues.
While most clients have an understanding of asset allocation, many are not aware of the term asset location. This refers to how client assets are held based on the tax characteristic of the underlying account — taxable, tax deferred, and tax free. Since taxes always pose a risk to clients’ wealth and the prospect exists