A 529 plan may be part of a strategy to utilize tax-advantaged savings to meet the rising cost of college.
Wealth Management resources
Putnam offers a wealth of resources to help you engage clients in meaningful conversations that can lead to useful solutions for them and business-building opportunities for you.
Wealth Management Spotlight:
Intergenerational Wealth Transfer
With rising costs and the planning time needed to prepare for college, some parents and students may wonder if a college degree is worth the investment.
When wealth transfer fails from one generation to the next, a communications failure may be one of the leading causes.
As trillions of dollars are expected to move from boomers to the next generation, advisors may consider using social strategies to meet the entire family.
Only a small percentage of heirs stay with the financial advisor used by their parents, making it critical for advisors to connect with the next generation.
In a new wave of wealth transfer, $30 trillion is projected to move to the next generation over 30 years, leading some advisors to rethink their businesses.
U.S. debt is at its highest level in decades which could drive tax policy changes as lawmakers seek to increase federal revenue.
When the tax landscape is unclear, flexibility can be important. For investors with irrevocable trusts, some states give trustees more flexibility with decanting.
In an uncertain policy environment, it may make sense for investors to also consider tax diversification when planning for retirement income.
A strategy that allows investors to make an IRA-to-HSA transfer may be used only once in a lifetime.