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How Beneficiaries Can Determine IRA Basis

Tracking IRA basis is critical for avoiding double taxation of assets, but this can be especially difficult for those who inherit retirement accounts. Reviewing the decedent's Form 8606 is an important first step, and other tax forms can also provide valuable information if this form cannot be found. To read the full article in Kiplinger, click: How Beneficiaries Can Determine IRA Basis. ...

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Grappling with the College Debt Burden

Some baby boomers are taking out loans or using their retirement savings to help fund their children's education. This, in turn, is contributing to the significant debt burden facing some families headed by people over 60. To read the full article in Think Advisor, click: Grappling with the College Debt Burden. ...

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How to Know if Retirement is Right for You

CPAs explain key factors to consider when moving to life’s next chapter. The calendar says it may be time to retire, but how do you know if you are emotionally ready to take that step? The decision to retire is intensely personal, according to Michael Goodman, CPA,PFS, president and principal of Wealthstream Advisors Inc. of New York City, who often counsels individuals on their retirement plans. To read th ...

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Advisers Can Offer Lifeline to Older Out-of-Work Clients

More than half of older workers experience an involuntary job loss between age 50 and when they retire, an analysis found. Advisers should support clients by showing empathy, assisting with short-term planning, and helping them tap into home equity if necessary. Financial advisers are a valuable resource during trying times, and are in a unique position to help clients navigate the situation while minimizin ...

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Reboot, Rewire or Retire? Personal Experiences with Phased Retirement and Managing a Life Portfolio

In addition to healthy financial portfolios, clients can benefit from "life portfolios" that can promote well-being and provide purpose in retirement. Life portfolios should address factors such as where retirees will live, their health needs, and the people who can give them support and companionship. Use The Adviser's Guide to Retirement and Elder Planning: Practical Retirement Planning to explore more pl ...

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Aging and How it Affects Advisor Practices

In this video, Martin Shenkman, CPA, PFS, and Hugh Magill of Northern Trust, discuss issues that may arise as a result of longer life expectancies and an aging client base. Among other things, they discuss healthcare spending and the changing nature of estate planning. To read the full article in Wealth Management, click: What to Focus on When You Have Older Clients. ...

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Potential 2019 Tax Changes Your Wealthy Clients Need to Know About

The Tax Cuts and Jobs Act has provided certain advantages for clients, including a 20% deduction for qualified business income and a higher standard deduction. But a cap on deductions for state and local taxes and a different method for determining inflation adjustments could create challenges. "The TCJA has given wealthy taxpayers some interesting changes to their return," noted Scott Kadrlik, CPA, PFS. To ...

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Why Digital Retirement Tools are Targeting Younger Clients

Millennials are using TDFs more than others. Digital firms are paying attention. Some of the leading RIAs, asset managers and TAMPs updated their retirement packages with new tools to track target-date funds and savings statistics, ultimately giving clients more sophisticated information about their retirement options. To read the full article in Financial Planning, click: Why Digital Retirement Tools are T ...

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Where Should Rich Clients Retire?

If your clients are super wealthy and want to avoid a big tax bill, they’re better off retiring in Michigan than in Maryland. The IRS collects around $18 billion in estate taxes annually, according to the agency. To read the full article in Financial Planning, click: Where Should Rich Clients Retire? ...

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How Tax Reform is Changing Clients’ Financial Plans

CPA financial planners name charitable giving, business structure and estate plans as the areas of clients' financial plans they have had to adjust most frequently after passage of the law known as the Tax Cuts and Jobs Act. Planners can tap into their technical expertise to evaluate how different tax strategies would align with a client's overall financial picture, said Robert Westley, CPA/PFS. Ultimately, ...

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Trim Tax Tabs with These Year-End Moves: Tax Strategy Scan

With the year coming to a close, Kiplinger offers last-minute tips for retirees to enhance their tax savings this year. Clients nearing retirement will need to revise their tax-saving strategies, as some tax breaks are no longer available and replaced by new ones, thanks to the new tax law, according to Kiplinger. For example, these clients should consider running the numbers based on standard deduction and ...

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Yes, Clients Should Pay Off Their Mortgages Before Retiring

Clients will be better paying off their mortgage before the retirement date to get rid of the feeling of having a debt burden. Carrying no mortgage debt into retirement will also give clients guaranteed return and greater flexibility in their budget. And about that tax deduction, it is not enough of a reason to keep a mortgage. To read the full article in FinancialPlanning, click: Yes, Clients Should Pay Of ...

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Is Diversity the Key to the Succession Plan Challenge?

Some wealth management firms are finding that solutions to two of the industry’s big stumbling blocks—succession planning and diversity—may be intertwined.  Indeed, a link between the two emerged when firms began to diversify their advisor staffs, according to executives. To read the full article in FinancialPlanning, click: Is Diversity the Key to the Succession Plan Challenge? ...

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Beware of Hidden Taxes in Retirement: Retirement Scan

Retirees may face a more complicated tax situation than when they were still working.  For example, a portion of their Social Security benefits may be taxed at the federal level if their combined income, which is their adjusted gross income, plus any non-taxable interest and 50% of their benefits, exceeds a certain limit.  Their retirement benefits may also be subject to state income taxes.  Those who reach ...

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Mortgage Advice it Might be Best to Ignore

One rule of thumb that’s commonly incorporated into financial plans assumes clients will have paid off their mortgage before entering retirement. Not only does it ease cash-flow concerns for initial retirement years, but it can also create a sense of calm as clients become debt free. To read the full article in FinancialPlanning, click: Mortgage Advice it Might be Best to Ignore. ...

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The Worst Retirement Advice I Ever Gave

Five years ago, I made the biggest mistake of my career.  I gave some untimely advice to a new client and quickly realized the full impact our work can have on our clients’ lives—not just on their wallets. To read the full article in FinancialPlanning, click: The Worst Retirement Advice I Ever Gave. ...

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Is Diversity the Key to the Succession Plan Challenge?

Some wealth management firms are finding that solutions to two of the industry’s big stumbling blocks—succession planning and diversity—may be intertwined.  Indeed, a link between the two emerged when firms began to diversify their advisor staffs, according to executives. To read the full article in FinancialPlanning, click: Is Diversity the Key to the Succession Plan Challenge? ...

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