Beware the pitfalls of the portability rule
Re-marriage can present a challenge for portability rule.
Putnam Wealth Management
Preserving and sustaining wealth for the future
Clients need help with complex financial planning matters such as efficient wealth transfer, tax and inflation risk, and sustainable income in retirement. Financial-planning experts Bill Cass and Chris Hennessey weigh in each week with a range of insights, tips, and legislative updates.
Posts by: Chris Hennessey
Planning Idea
Consider trusts for asset protection
Investors often think of trusts as a way to transfer wealth or avoid probate. But certain trusts can be used for asset protection.
Social Security strategies for singles
With life expectancy at an all-time high and fewer public pensions available, Social Security may become more important as a source of retirement income.
Tax advantages of college savings plans
As college costs continue to rise, it's more important than ever for families to understand the tax advantages of saving.
Planning Idea
Help keep estate plans on track with these strategies
With the establishment of a historically high $5 million federal estate tax exemption (indexed for inflation), many taxpayers believe they do not have to plan for their estates. But...
Changes in tax thresholds impact 2015 planning
Most tax thresholds for income, estate, and gift taxes saw changes for 2015. In addition, the federal estate and gift tax exemption rose to $5.43 million, taking inflation into...
2015 tax rates, schedules, and contribution limits
Taxpayers may want to save more for retirement in 2015. The Internal Revenue Service announced higher contribution limits for 401(k)s. The deferral (contribution) limit for employees who participate in...
Charitable rollover, other tax breaks could make a comeback
A provision to make tax-free donations to charity from an IRA, tax deductions for certain college expenses, and dozens of other tax breaks known as “tax extenders” could be...
Planning Idea
There’s still time to undo a Roth conversion
It’s not too late for taxpayers to “undo” a Roth IRA conversion. The deadline to recharacterize — or reverse — the conversion is October 15. It’s an opportune time...
Consider the tax code when examining losses
Following the August earthquake in Northern California, individuals and businesses may be assessing their current insurance coverage. Regardless of whether people are insured for natural disasters, differences exist in...